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Chase with zero limit ???

Regular Contributor

Chase with zero limit ???

So chase started to report , but under limit it says ZERO, why is that? it reports the balance right but not the limit? how to fix this?

Thanks.


Starting Score: TU 715 EQ 704
Current Score: TU 715 EQ 704
Goal Score: 760-780


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Message 1 of 20
19 REPLIES
Frequent Contributor

Re: Chase with zero limit ???

is it a visa signature or a world mastercard credit card?

amazon
Message 2 of 20
Regular Contributor

Re: Chase with zero limit ???

 

VISA


Starting Score: TU 715 EQ 704
Current Score: TU 715 EQ 704
Goal Score: 760-780


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Message 3 of 20
Frequent Contributor

Re: Chase with zero limit ???

visa signature cards and world mastercards are known not to report a limit on credit reports except your high balance.

amazon
Message 4 of 20
Regular Contributor

Re: Chase with zero limit ???

can i do something about it ? call chase? anything?


Starting Score: TU 715 EQ 704
Current Score: TU 715 EQ 704
Goal Score: 760-780


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Message 5 of 20
Valued Contributor

Re: Chase with zero limit ???

Nope. Visa Signature and World MC are no pre-set spending limit card. You can go over the credit limit with these cards.

Message 6 of 20
Regular Contributor

Re: Chase with zero limit ???

i was told my CL was 5K by the csr, what you mean by no pre-set limit? did you mean i wont be declined if i ever needed to go over 5k?


Starting Score: TU 715 EQ 704
Current Score: TU 715 EQ 704
Goal Score: 760-780


Take the FICO Fitness Challenge
Message 7 of 20
Valued Contributor

Re: Chase with zero limit ???

 


danisgods wrote:

i was told my CL was 5K by the csr, what you mean by no pre-set limit? did you mean i wont be declined if i ever needed to go over 5k?


Visa signature & World MC work like this.

You have a pre defined CL, upto which you use it like a regular credit card ie you can revolve the balance

If you go over the limit, its upto the issuer that he may or may not approve your charges (read that as your cutoff CL is set a bit above your disclosed CL)

You will not be charged a over the limit fee (this is different from regular visa/master cards)

Now the amount that you over shot your CL by can not be revolved so with your 5k CL, lets say your charged 5500, your minimum will be the normal minimum due + 500$ (the amount you over shot your CL)

 

Hope this clarifies the whole thing for you.

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Message 8 of 20
Super Contributor

Re: Chase with zero limit ???

The only thing you can do is a product change.  I had that to happen to me with the BOA Signature card.  I PCd to the BOA AMEX and my limit is reporting.   Maybe Chase will allow you to PC.

Message 9 of 20
Frequent Contributor

Re: Chase with zero limit ???

Said it before, and Ill say it again..... I think the "Flexible Spending Card" deal is a sham. I think it benifits them in that they dont have to reserve the cash of your credit line, and at the same time you dont get the advantage of having the CL report.

 

That high balance stuff dosent work either. The The CRA's do not report your high limit into your CL factor as near as I can tell.

 

I jucied a signature card almost all the way up, and didnt see an increase in my score whatsoever.

 

You would think that having an extra $8000 report on your CL would move the numbers a little.

 

For me it didnt.

 

But I really cant complain too much, I have the cards when I need them....... I guess lol.

Scores: EQ (FICO) - 730 | EX (FICO) - 722 | TU (FICO) - 713 - 06/25/2014



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Message 10 of 20