Reply
Established Contributor
Ulan
Posts: 790
Registered: ‎09-09-2008

Re: BoA: Received 'invitation' to upgrade to signature visa

At least it's an opt-in. My bank sent me al letter that I would get a new card with a new number because of an upgrade to a Visa Signature. I would have to call them if I didn't want the card.
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008

Re: BoA: Received 'invitation' to upgrade to signature visa

[ Edited ]

creditwherecreditisdue wrote:

The "upgrade" is from the :"Platinum" benefits to the "Signature" benefits. (Also from CL to NPSL.)

 

Reference:

 

     http://usa.visa.com/personal/cards/benefits/index.html

 

It really is an upgrade. Something I'd consider, txjohn. Time to move some of those CL's off your CBR! 


 

I understand the "jargon" difference, and the "OPEN" vs. "REVOLVING.  But no-preset spending limit is almost a deceptive practice.  It just means the limit is hidden and semi-secret....but we all know that a limit exists.

 

I'm not sure what/why the OP needs to move the CL off their CR.  What is the advantage here?  FICO will still factor CL by using high balance against balance anyway, as I understand the signature/npsl deal.

 

I can see swapping if the benefits or terms are better in someway or provide some value that represent an advantage that can/will be used.  But I'm not sure I understand at this point what significant advantages there are.  My World MC and BoA Rewards Visa seems to have all the benefits provided that the link to "Signature" show. 

 

IMO :smileyhappy: 

Message Edited by txjohn on 01-21-2010 05:13 AM

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Established Contributor
Ulan
Posts: 790
Registered: ‎09-09-2008

Re: BoA: Received 'invitation' to upgrade to signature visa


txjohn wrote:
FICO will still factor CL by using high balance against balance anyway, as I understand the signature/npsl deal.

I think the older TU FICO model that you can buy does it this way (lenders get a different one). The newer FICO models disregard Signature cards in debt ratio calculations.

 

But yes, the main benefits of a Signature card are for the bank itself. They usually get higher merchant fees.

Regular Contributor
anevilpetingzoo
Posts: 114
Registered: ‎03-12-2009

Re: BoA: Received 'invitation' to upgrade to signature visa

I called up the CSR and had my plat plus upgraded to the Visa Signature.  It offers a rewards program, and I've been looking for a Signature to replace another card charging me a yearly fee.  I use the Sig mostly for the warranty registration service.

 

I asked the CSR if my old credit limit would be the reported limit for the Signature card, not my past high balance.  He told me it would report the old limit... We shall see... 

Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009

Re: BoA: Received 'invitation' to upgrade to signature visa


anevilpetingzoo wrote:

I asked the CSR if my old credit limit would be the reported limit for the Signature card, not my past high balance.  He told me it would report the old limit... We shall see... 


Don't be too surprised when this turns out not to be true. It's a NPSL card.

Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009

Re: BoA: Received 'invitation' to upgrade to signature visa


Ulan wrote:

txjohn wrote:
FICO will still factor CL by using high balance against balance anyway, as I understand the signature/npsl deal.

I think the older TU FICO model that you can buy does it this way (lenders get a different one). The newer FICO models disregard Signature cards in debt ratio calculations.


I just wanted someone else to say it...


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+