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Established Contributor
eddie84
Posts: 612
Registered: ‎05-28-2013
0

BofA Visa Signature doesn't report credit limit

Will this hurt my score in any way?  They're the only one that doesn't report the limit since they categorized it as "flexible spending account" and not a charge card.  The only thing they report is the balance on the account and I don't want my util to be over 10%.

 

Sorry if this has been asked already.

9/21/14 EQ 704 | AmEx Platinum NPSL | Discover it $11k | BofA Travel Rewards Visa Sig $7k | Citi Platinum Select AAdvantage WMC $10k | Barclaycard Arrival+ WMC $9.7k | Jared/Kay $5.1k | Chase Sapphire Preferred $5k | BofA Cash Rewards Visa Sig $5k | DFS $5k | PayPal SC $5.6k | PayPal Credit $6.5k | Citi Diamond Preferred MC $4.7k | BofA Better Balance Rewards MC $7k | Chase Freedom Visa $4k | Zales $5k | US Bank Visa Platinum $3k | Bloomingdale's $3k | Amex Hilton HHonors $2k | Macy's $2.5k | Amex Delta SkyMiles $1k | Chase Amazon $800
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09Lexie
Posts: 26,593
Registered: ‎09-13-2012
0

Re: BofA Visa Signature doesn't report credit limit

It's ok, it has been asked already. :smileytongue: since it reports like a charge card, util in this card will not hurt your FICO. If you needed the CL to report then it will hurt you. Your choices are to change it to the Plat which reports the CL or use it as your daily spend since whatever you let show isn't factored in your FICO.
Established Contributor
eddie84
Posts: 612
Registered: ‎05-28-2013
0

Re: BofA Visa Signature doesn't report credit limit

[ Edited ]

Ok, cool.  Thank you Lexie... you're the best! :smileyhappy:

9/21/14 EQ 704 | AmEx Platinum NPSL | Discover it $11k | BofA Travel Rewards Visa Sig $7k | Citi Platinum Select AAdvantage WMC $10k | Barclaycard Arrival+ WMC $9.7k | Jared/Kay $5.1k | Chase Sapphire Preferred $5k | BofA Cash Rewards Visa Sig $5k | DFS $5k | PayPal SC $5.6k | PayPal Credit $6.5k | Citi Diamond Preferred MC $4.7k | BofA Better Balance Rewards MC $7k | Chase Freedom Visa $4k | Zales $5k | US Bank Visa Platinum $3k | Bloomingdale's $3k | Amex Hilton HHonors $2k | Macy's $2.5k | Amex Delta SkyMiles $1k | Chase Amazon $800
Moderator
09Lexie
Posts: 26,593
Registered: ‎09-13-2012
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Re: BofA Visa Signature doesn't report credit limit

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HiLine
Posts: 3,172
Registered: ‎10-19-2012
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Re: BofA Visa Signature doesn't report credit limit

It may hurt a little bit. What gets reported instead of the credit limit is the high daily balance, which is usually smaller than the credit limit. FICO uses high daily balance to substitute for credit limit in calculating credit scores if the card is a flexible limit account. As a result, utilization will be higher than if the credit limit were reported. If you want to minimize or eliminate the disadvantage, you should charge a lot to the card until the balance reaches the credit limit, then pay down the balance. This is what I did with my BofA BankAmericard Travel Rewards Visa Signature card.

Established Contributor
eddie84
Posts: 612
Registered: ‎05-28-2013
0

Re: BofA Visa Signature doesn't report credit limit

Thanks for the input.  I was thinking just that (use it until it almost maxed out and then pay it off).

9/21/14 EQ 704 | AmEx Platinum NPSL | Discover it $11k | BofA Travel Rewards Visa Sig $7k | Citi Platinum Select AAdvantage WMC $10k | Barclaycard Arrival+ WMC $9.7k | Jared/Kay $5.1k | Chase Sapphire Preferred $5k | BofA Cash Rewards Visa Sig $5k | DFS $5k | PayPal SC $5.6k | PayPal Credit $6.5k | Citi Diamond Preferred MC $4.7k | BofA Better Balance Rewards MC $7k | Chase Freedom Visa $4k | Zales $5k | US Bank Visa Platinum $3k | Bloomingdale's $3k | Amex Hilton HHonors $2k | Macy's $2.5k | Amex Delta SkyMiles $1k | Chase Amazon $800

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