Credit Cards

[hardworkrebuilding]

So I was gonna try a CSR to see if my wife's Sig Visa could report her limit, but the online chat was unavailable. So I started thinking... why don't I just do a balance transfer (or 2) and max out her card, let the statement cut, and pay it off? I would transfer from one or two of my cards which I would be PIF anyhow.  Is this acceptable? I've never done a balance transfer before. Can I transfer from my individual acct to her acct (which I'm an AU on)? She's got a 7500 limit, highest reported balance was 3400 a few months ago. Stays paid off most of the time. I figured this could be done easily. I've read that, while the CSR might tell you it could be reported, in fact, it may not.  But the highest balance would report (until the next CLI).

edited due to poor sentence structure, will probably edit again when I see the thing I missed this time when I'm checking to see if anyone has any input because my email notification isn't working most likely due to operator error and run-on sentences

[YahComb]

You don't need to let the statement cut with the new high balance. Just make sure you don't pay it off until the day after the transaction that gets you to whatever balance you want posts. then you can still pay it down before the statement and have the new high balance report.

[FutureBillionaire]

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YahComb wrote:

You don't need to let the statement cut with the new high balance. Just make sure you don't pay it off until the day after the transaction that gets you to whatever balance you want posts. then you can still pay it down before the statement and have the new high balance report.

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Good info here.  Thanks.

[hardworkrebuilding]

Thanks for the reply. Had the wife call BofA today. CSR transferred her to what sounds like a knowledgeable "credit specialist".  He confirmed to her she could NOT have her limit posted.  The way BofA views the Sig Visa (because you can exceed the limit, well beyond the limit as he told my wife) they will not report the suggested limit.   He did offer to PC her to a platinum which would report the limit.  So, I now have 2 questions:

1) how do cards such as the AMEX charge and Bof A Sig Visa which only report current bal and highest past bal affect utilization?  Is the highest past bal used in place of the limit for the calculation?

2) Do other banks report their Sig Visa the same way?   I have a Chase Marriot Reward Premier Sig Visa.  I've only had it a couple months and haven't check to see how it reports.

[jsucool76]

1.charge card balances only affect utilization on TU98 and prior, which almost no lenders use. AFAIK if you have a visa sig/world mc that lists no CL and just reports as a flexible spend account, the balance gets factored into utilization, which is why people get upset when limits don't report. However, in a manual review, (such as on a recon) an underwriter may consider your high balance as a limit on cards that don't report limits.

2.some banks report limits on WMC/siggys, others don't. It is up to the lender to decide.

[daybreakgonesXe]

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hardworkrebuilding wrote:

Thanks for the reply. Had the wife call BofA today. CSR transferred her to what sounds like a knowledgeable "credit specialist".  He confirmed to her she could NOT have her limit posted.  The way BofA views the Sig Visa (because you can exceed the limit, well beyond the limit as he told my wife) they will not report the suggested limit.   He did offer to PC her to a platinum which would report the limit.  So, I now have 2 questions:

1) how do cards such as the AMEX charge and Bof A Sig Visa which only report current bal and highest past bal affect utilization?  Is the highest past bal used in place of the limit for the calculation? Some scoring models use the highest past balance in place of the limit to calculate utilization, other scoring models view it very similar to a AMEX charge card, which leaves it out of the utilization calculations. Which ones use which method, I forgot

2) Do other banks report their Sig Visa the same way?   I have a Chase Marriot Reward Premier Sig Visa.  I've only had it a couple months and haven't check to see how it reports. All the other banks I know of report the signatures, or will at least post the limit as per request. BofA is the only one who doesn't like to report them.

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[HiLine]

http://helpdesk.blogs.money.cnn.com/2011/11/21/what-if-a-credit-card-doesnt-report-my-credit-limit/

This article should be informative.

[hardworkrebuilding]

Nice quick read.  I suppose I could pull my yearly free 3 bureau reports and see if Chase is reporting the limit on my MRP Siggy. Thanks for  the replies. I am porbably goona do the balance transfer(s) to my wife's BofA Siggy to gget that high balance on there. It's a good card, I don't really see any need to PC to one with less benefit.

[HiLine]

You can perhaps request a PC to the World Mastercard, alternatively. You could also buy gift cards for stores that you frequent.

I went the high balance building route, enhanced by an international flight purchase.

[ccnewcc]

I don't get why ppl like their CLs to report soo much.

Not reporting/flex spend accounts/hidden TLs are a benefit.  Take the benefit.  Be happy with the benefit.  IMO.  lol!