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New Member, Have a lot to learn.
I have had the same experience with Bank of America Signature Card.
They will not report the credit limit. I have tried numerous times, they will report the limit and the next month it’s back to -0-.
The CSR’s insist that it will not affect the credit report. However, it does affect your utilization on the card and the total utilization of debt to credit ratio on my Equifax Report.
In my opinion, reporting -0- does indicate that even if you have a $1.00 balance, you are using 100 % of your credit limit on this card.
What say you? Any comments or suggestions.
babumax wrote:
It is a World card .. But why would Equifax be telling me that my credit use ase is 22k higher than my available credit ?
Timothy
Equifax places the Signature Card under “Revolving” accounts. So says my report.
I understand what you are saying about FICO substitutes High Balance in lieu of credit limit for scoring purposes My question is: if the credit limit shows -0- instead of being left blank or N/A is in the credit limit field, does FICO still use the high balance theory?
The debt to credit ratio showing a much higher percentage bothers me a little. My concern would be as to how other Issuers view this when evaluating your credit worthiness. In other words would this be a cause for adverse action with current creditors?
Cleanmachine wrote:
Timothy
Equifax places the Signature Card under “Revolving” accounts. So says my report.
I understand what you are saying about FICO substitutes High Balance in lieu of credit limit for scoring purposes My question is: if the credit limit shows -0- instead of being left blank or N/A is in the credit limit field, does FICO still use the high balance theory?
The debt to credit ratio showing a much higher percentage bothers me a little. My concern would be as to how other Issuers view this when evaluating your credit worthiness. In other words would this be a cause for adverse action with current creditors?
Timothy
Many thanks for your fast response and insight on this matter.
Had the card for about a year. It’s only been in the last few months when they stopped reporting the credit limit that it has been caused of concern for me, especially since it moved my overall utilization so high.
As you suggest, it may not cause any adverse action.