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.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO