01-14-2009 08:57 AM
01-14-2009 09:08 AM
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.
01-14-2009 09:15 AM - edited 01-14-2009 09:18 AM
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)
01-14-2009 09:18 AM
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.
01-14-2009 09:26 AM
Here's Psychic's thread discussing this. Actually, it has been discussed alot.
01-14-2009 09:47 AM
Since I still can't get these to post correctly, I will send links to photobucket
TU reports as OPEN account under the terms as well as EQ
EX reports as REVOLVING with no limit, which can hurt.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.