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Established Member
angel1208
Posts: 22
Registered: ‎03-29-2007
0

BOA Visa Signature Good or Bad???

I received a Visa Signature card in the mail today, saying my Platinum card had been upgraded to this no preset limit card.

 

Months ago there was a thread about this saying that no preset limit was not so great as it affected UTI by lowering available credit lines (not sure if I'm phrasing that right but most of you understand what I mean).

 

Anyway this is my largest CL at 9600 with balance at 3700.  I really don't want it reporting that my balance is my credit limit.

 

Does anyone know how BOA is reporting this?  I haven't called them yet to ask, wanted more info first, also if they are no longer reporting credit line should i ask to just keep my Platinum acct and who should I ask to talk to?

Lots of questions I would appreciate any thoughts.

Frequent Contributor
ocheosa
Posts: 372
Registered: ‎06-15-2007
0

Re: BOA Visa Signature Good or Bad???

[ Edited ]

angel1208 wrote:

I received a Visa Signature card in the mail today, saying my Platinum card had been upgraded to this no preset limit card.

 

Months ago there was a thread about this saying that no preset limit was not so great as it affected UTI by lowering available credit lines (not sure if I'm phrasing that right but most of you understand what I mean).

 

Anyway this is my largest CL at 9600 with balance at 3700.  I really don't want it reporting that my balance is my credit limit.

 

Does anyone know how BOA is reporting this?  I haven't called them yet to ask, wanted more info first, also if they are no longer reporting credit line should i ask to just keep my Platinum acct and who should I ask to talk to?

Lots of questions I would appreciate any thoughts.


 

The signature visa reports the high balance as credit limit. If 3700 was your highest balance, you are sitting at 100% util. So you might want to balance transfer 4-5k to your bank account then turn around and pay it off. Unfortunately you get nailed for the 3% fee, but its the only way I know of to quickly give the account a large high balance. Depending on when your next statement drops.


Maybe someone else has a better suggestion.

Message Edited by ocheosa on 07-18-2009 07:05 PM
01/04/10 TU 778 EQ 731
08/05/09 TU 762 EQ 722
02/12/09 TU 722 EQ 704 EX 690
EQ sensitive to inqs & student loan.
Valued Contributor
Scamp
Posts: 2,791
Registered: ‎03-18-2007
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Re: BOA Visa Signature Good or Bad???

angel, ocheosa is likely correct in how it will report and affect your util.

 

However, your best bet probably is just to call BofA and tell them you don't WANT a Sig card and to please product change you back to a regular CC.  This will confuse them no end, so be prepared to explain about the lack of reported credit limit adversely affecting your scores, and to possibly having to just nicely insist that you do know what you're doing and to please product-change you back to a regular CC.

 

If the frontline CSR's can't help, check the Backdoor Numbers and get one of there Credit Analyst types to help you straighten it out.

_____________________________________________________________________________
It's never too late to become the person you might have been. ~George Eliot

02/12/09 EX: 701 / 02/08/10 EQ: 719 / 02/08/10 TU: 723

Backdoor Numbers, Credit Scoring 101, Understanding Your FICO Score PDF
Frequent Contributor
ocheosa
Posts: 372
Registered: ‎06-15-2007
0

Re: BOA Visa Signature Good or Bad???

Great suggestion Scamp. I thought of the same thing, but since BOA is also known for whacking limits, you've gotta tread cautiously these days.

01/04/10 TU 778 EQ 731
08/05/09 TU 762 EQ 722
02/12/09 TU 722 EQ 704 EX 690
EQ sensitive to inqs & student loan.
Established Member
angel1208
Posts: 22
Registered: ‎03-29-2007
0

Re: BOA Visa Signature Good or Bad???

Thanks for that advice, it is about what I had figured.  I guess I was hoping that in the months since I first heard about this that maybe BOA had decided to report it differently - especially since I didn't ask for the change.

 

After reading all the negative info and feelings on the forums about BOA and their decision to change all their rates from fixed to variable I am more inclined  to think about BTing to another card.

Established Member
angel1208
Posts: 22
Registered: ‎03-29-2007
0

Re: BOA Visa Signature Good or Bad???

One more question......for the credit gurus... if they report CL as high balance........ is it current high balance or highest balance ever?
Frequent Contributor
ocheosa
Posts: 372
Registered: ‎06-15-2007
0

Re: BOA Visa Signature Good or Bad???


angel1208 wrote:
One more question......for the credit gurus... if they report CL as high balance........ is it current high balance or highest balance ever?

 

not a guru, but do have a BOA sig visa - answer is highest balance ever.
01/04/10 TU 778 EQ 731
08/05/09 TU 762 EQ 722
02/12/09 TU 722 EQ 704 EX 690
EQ sensitive to inqs & student loan.
Valued Contributor
Scamp
Posts: 2,791
Registered: ‎03-18-2007
0

Re: BOA Visa Signature Good or Bad???


angel1208 wrote:
One more question......for the credit gurus... if they report CL as high balance........ is it current high balance or highest balance ever?

It should be your highest balance ever.  Some folks have nerves of steel and arrange a cash advance of  most of their limit, hang on to it until that high balance posts, then PIF right away, in order to get a high balance reported that's close to their real, unreported limit.

 

_____________________________________________________________________________
It's never too late to become the person you might have been. ~George Eliot

02/12/09 EX: 701 / 02/08/10 EQ: 719 / 02/08/10 TU: 723

Backdoor Numbers, Credit Scoring 101, Understanding Your FICO Score PDF
Frequent Contributor
ocheosa
Posts: 372
Registered: ‎06-15-2007
0

Re: BOA Visa Signature Good or Bad???

[ Edited ]

Scamp wrote:

angel1208 wrote:
One more question......for the credit gurus... if they report CL as high balance........ is it current high balance or highest balance ever?

It should be your highest balance ever.  Some folks have nerves of steel and arrange a cash advance of  most of their limit, hang on to it until that high balance posts, then PIF right away, in order to get a high balance reported that's close to their real, unreported limit.

 


Hi Scamp. Not a cash advance - different (higher rates). BOA will allow a BT to bank account at 3%.

Message Edited by ocheosa on 07-18-2009 07:31 PM
01/04/10 TU 778 EQ 731
08/05/09 TU 762 EQ 722
02/12/09 TU 722 EQ 704 EX 690
EQ sensitive to inqs & student loan.
Established Member
angel1208
Posts: 22
Registered: ‎03-29-2007
0

Re: BOA Visa Signature Good or Bad???

Scary thought that but I suppose it is doable, at least the highest balance was more than the current balance but still puts the UTI too high.

 

Do you suppose the Credit Analyst would tell you if by requesting to change back to the Platinum card that would predispose them to CLD or RJ?


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