Credit Cards

[Socalsd]

I have a Chase card with a 10,000.00 limit, on my 3 Fico scores it does not show a credit limit reported.   Does this hurt my Fico score?  All of my other cards show a limit.

[stef37]

If it is a signature card, it will probably mess with your Experian report only. It seems TU and EQ are not affected, but  EX is another story. I lost 20 points on it when I let a balance report and my FICO went up on EQ and TU.

You can call chase if you would prefer the limit to report if you need it to help with utlization. Tell them you want the NON signature version.  They are easy to get them switched over if you want to. If your not really needing the CL for UTL, then it's probably not worth the bother to mess with.

[Socalsd]

Hi thanks for the response.  I am not sure what you mean by signature and non signature card.   Could you advise.

[oracles]

i agree with stef, however i think you should definitely call and get in converted to a non signature card and have the cl included in your UTIL%.

Signature cards, the credit limit is not reported to the CB's

Non-signature cards - the credit limit is reported and it is included in your total credit limit of all cards, therefore affecting yout UTIL%. Utilization is very important in your score. I do believe it counts for 35% of your fico score. Ideally you want your util% to be under 9%. (util% is total balance divided by total credit limit)

Message Edited by oracles on 01-14-2009 12:18 PM

[stef37]

Does the front of your card say visa signature on the front of it?

Mine do/did. One I switched over and no longer has it on there when they changed it.

Signature cards have no pre-set spending limit. Well, they other a limit, but you are allowed to go over that but must pay the extra in full by the next statement.

Some  visa signature and world MC do not report a credit limit to the bureau's and should report as open ended accounts. I will dig up the thread to see how they actually report, since I have a different pc at the moment.

[stef37]

Here's Psychic's thread discussing this. Actually, it has been discussed alot.

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&message.id=127547&query.id=28653...

[stef37]

Since I still can't get these to post correctly, I will send links to photobucket

http://i219.photobucket.com/albums/cc188/velvet70611/ChaseFreedomonTU.jpg

TU reports as OPEN account under the terms as well as EQ

 http://i219.photobucket.com/albums/cc188/velvet70611/ChaseFreedomonEQ-1.jpg

EX reports as REVOLVING with no limit, which can hurt.

http://i219.photobucket.com/albums/cc188/velvet70611/ChaseFreedomonEX.jpg