@severine wrote:I was looking over my Discover FICO report this morning and noticed that BoA does not report the CL of my Cash Rewards Visa. Does this mean that that amount isn't factoring into my total CL on my credit report? Is there any way to change this, or does it not really matter?
If its a signature card, the CL is not reported. BoFA is about the only bank who does not report limts of siggy's. Most any other lender does.
Starting Score: 770
@severine wrote:I have the signature cash rewards one...
You can call and have them downgrade your card via a Product change to a Platinum version if you want the CL to report...
@severine wrote:Hmmm, ok, this is interesing, thanks! Not sure if it's that big of a deal to me to request a change. What might be their logic behind this?
The signature cards are NPSL which allow you to spend past your account CL. The Visa Signature cards were VISA's answer to an AMEX like card which only reports the high balance rather than the CL. Over time though customers feedback was pretty negative as these cards CL's were not included in utilisation, so utilisation calculations were purely based on high balance which can be good or bad depending on your credit profile. If you need the CL to be taken in to account for util, PC to a platinum version of this card, if you have have high credit limits and don't need the CL to report or simply dont care, leave it as it is. FWIW I think Bank of America are just behind the times!
@CreditMuppet wrote:
@severine wrote:Hmmm, ok, this is interesing, thanks! Not sure if it's that big of a deal to me to request a change. What might be their logic behind this?
The signature cards are NPSL which allow you to spend past your account CL. The Visa Signature cards were VISA's answer to an AMEX like card which only reports the high balance rather than the CL. Over time though customers feedback was pretty negative as these cards CL's were not included in utilisation which can be good or bad depending on your credit profile. If you need the CL to be taken in to account for util, PC to a platinum version of this card, if you have have high credit limits and don't need the CL to report or simply dont care, leave it as it is. FWIW I think Bank of America are just behind the times!
previous poster imostly right but wrong on a key point. Fico scores takes visa signature card utilization into account. But when no limits show, it uses the high balance as the credit limit in util calculations. Many if not most visa sig now report limits. Bofa just hasn't caught up.
LIMITS IN CARD DESCRIPTIONS
@Crashem wrote:
@CreditMuppet wrote:
@severine wrote:Hmmm, ok, this is interesing, thanks! Not sure if it's that big of a deal to me to request a change. What might be their logic behind this?
The signature cards are NPSL which allow you to spend past your account CL. The Visa Signature cards were VISA's answer to an AMEX like card which only reports the high balance rather than the CL. Over time though customers feedback was pretty negative as these cards CL's were not included in utilisation which can be good or bad depending on your credit profile. If you need the CL to be taken in to account for util, PC to a platinum version of this card, if you have have high credit limits and don't need the CL to report or simply dont care, leave it as it is. FWIW I think Bank of America are just behind the times!
previous poster imostly right but wrong on a key point. Fico scores takes visa signature card utilization into account. But when no limits show, it uses the high balance as the credit limit in util calculations. Many if not most visa sig now report limits. Bofa just hasn't caught up.
Sorry, fixed my post, I did mention the high balance was reported but failed to clarify that it was included in utilisation calculations. Thanks for the reminder crashem! and BTW every time I look up on every forum, there you are 