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08-09-2010 12:35 AM
your platiinum card was converted to a signature card, just like mine. i noticed the change on my transunion report a few days ago. two months ago, bofa notified all of their customers of this product change.
This would suck, since this is the card I let report each month, and it has a $20K CL
Issuers love to convert platinum cards into signature cards for CL's above $5k, as it gives them higher merchant fees. But yes, I feel your pain. I had to get a CU card with a higher limit in order to escape the "small special niche card reporting hell" that makes keeping the credit score in green territory quite a pain.
So now that I understand better what this is all about, I'm wondering why this didn't happen to me. Never received any notification from BofA, no dropoff of CL on my report. CL is $20,300. But it's not platinum, just gold. Does that make a difference? Thanks.
08-10-2010 05:39 PM
fyi update. Got a new card from BOFA. This card was not upgraded to a signature card as I previously believed this could have been the case. The card is the BankAmericard Cash Rewards CC and the limit is still the same. So this card for me, an AU, does not report the CL's! This could be specific to au's only ,i don't know. I was going to ask the ex to do a product change ( a BOFA product that will report the CL) but that's a little bit much to ask. Still helps with my history b/c it's older than any of my own cards.
08-10-2010 08:07 PM
My account was changed to a BankAmericard Cash Rewards Signature Visa card.
08-11-2010 04:29 PM
bakalao2k is right. it is a signature card. duh, just peeled the activation sticker off and clearly written right on the card "signature card". I didn't activiate it when I wrote earlier. blonde moment.
08-12-2010 06:02 AM
Ohhhh this explains a lot. I had a Bofa Financial rewards platinum card and this month it is being converted to the Cash rewards card mentioned above. I have a 10k limit, and run a lot of money through this card, but generally stay around 20-30% util.
So now this card doesnt report 10k as limit, but the high balance only....no wonder my score took a 27 point hit three days ago. I was trying to figure out what caused it and I couldn't....no big balance increases, no new accounts...
If I'm understanding this correctly, the BankAmericard Cash Rewards is a "signature" card so it doesnt report the total CL? So it is lowering overall available credit and messing with debt/credit ratio?
08-12-2010 06:22 AM
Since a CL is not reported, utilization calculation now will be scored using high balance instead. Our high balance is only 2400 bucks, so all I have to do to is go and buy something expensive close to statement cut date, then return it, but make sure the high amount gets posted with the CRA's !! Four pairs of Jimmy Choos should do the trick...
08-12-2010 10:51 AM
I still don't remember getting notified about the product change (and haven't gotten new card yet). But, in the process of switching my 'reporting' credit card from my BoA Plat Plus to my Chase, just in case...
08-16-2010 12:58 PM
FWIW, I just did a 3-in-1 report pull from CreditSecure and my BoA TL is still showing a CL for all three CRAs. Hoping that maybe they're not converting everyone to Signature card....
08-17-2010 09:58 AM
It appears as though the BofA sig card is being reported as a credit card with the a limit to EX and as a flexible spending credit card minus a limit to EQ and TU.