How is Chase with Product Change?

[Dawn]

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pdxuser wrote:

What's wrong with signature cards?

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The "Signature" and "World" cards are strange beasts.  They frequently catch you off guard if you don't know their habits. 

They are "flexible spending" accounts known for their "no pre-set spending limits."  They combine the features of a "revolving" card (up to the limit) and an "open" card that allows you to charge beyond that limit, but you must pay that part of the balance that is over the limit, as well as the minimum amount due on the revolving part, as of the next due date.

Some CCCs report them as "Open" and others report them as "Revolving" but don't report a limit.  Both have the potential for causing scoring problems related to utilization. 

Usually the "Open" reporting prevents the card from being factored into revolving utilization ... but not always. I need a "revolving" card for credit mix, so the "Open" reporting on mine was not acceptable for me.

When reported as "Revolving" without a limit reported, FICO looks at the high balance on the account when determining what to factor into utilization.  It is real easy to appear "maxed" out under these circumstances.  If the consumer has high enough CLs on other cards to cover the utilization of the Signature or World card ... all is well.  If they don't, they take a score hit.

When you ask the CCC to report the limit, they may do so, and it may update at the CRAs, but drop off the next time the regular update occurs.  I don't like roller coasters ... so I got rid of mine. I'm still waiting to see how DH's is working out.

[pdxuser]

Thanks, that sounds similar to Amex Green. I don't like the idea of surprises from my credit card. I probably won't ever have an Amex just because of FRs. I'm sure I could survive one just fine, but still, I'd prefer a card that doesn't surprise me with a cold probe in the rear.

I'm starting to think I'll live my life with three boring credit union cards filed away in a drawer, each only used every 60 days for a utility bill. But that drawer will be inside a fabulous house with a fabulous mortgage rate, so I won't mind.

Still, I want pretty cards to flash around and feel important with. Is there a rewards card that gives points toward vanity, self-worth and fulfillment? I might keep that one in my pocket.

PS: Apropos of nothing, but I don't think it's worth its own thread: what is HRT? It's not in the abbreviations list. I think it has something to do with being out-of-control with new credit offers, because it's often used in reference to the Sleigh Center, which was another term I had trouble with until I found it written on the door to a very festively named psychiatric ward.

[Anonymous]

hvt = harsh verbal therapy. pray you are never subjected to this harshest of scorne. amnesty international is looking into it's use and application for such minor offenses as responding to pre-approved app's and seeking cli's on existing accounts. i've said too much, forget wer ever had this conversation.....

[pdxuser]

Ah, ok, it must have been a spelling error. At least I hope it is, because the only R adjective I can think of isn't pretty.

[Anonymous]

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pdxuser wrote:

Ah, ok, it must have been a spelling error. At least I hope it is, because the only R adjective I can think of isn't pretty.

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you must be refering to the infamous amex fr. heaven help us if the two treatments are ever adminsitered at the same time.

[haulingthescoreup]

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@pdxuser wrote:

PS: Apropos of nothing, but I don't think it's worth its own thread: what is HRT? It's not in the abbreviations list. I think it has something to do with being out-of-control with new credit offers, because it's often used in reference to the Sleigh Center, which was another term I had trouble with until I found it written on the door to a very festively named psychiatric ward.

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Well, funny you should ask, because here is my all-time favorite example of HVT, and it's by the founder of the Sleigh Center himself:

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&message.id=22650&query.id=75959#M22650

[Anonymous]

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krystofur wrote:

The only strange thing is that when we log on to Chase on-line, it still (3 months later) shows us both accounts.  They show the same info, except for (1) account number and (2) no statements are generated for the old account.

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Same here, a year after the switch.

I had the United MileagePlus card (Chase bought First USA) and changed to Chase Freedom Platinum Signature.  At the time I didn't know what a Signature card was; if I had I never would have switched to that card.

So what is the name of the card I should ask for that (a) keeps my account history (b) keeps my accumulated rewards (c) has the same rewards program 3%/1% (d) always reports as a revolving credit card (e) always reports a credit limit??? What is the name of this beast??

[Dawn]

masdeocho ... I'm not sure what the "internal" name for that card is ... but they were certainly more familiar with the Visa "non-signature" version than the MC version.

I just had to insist that the version of the Freedom MC card that I wanted was the identical card to the one I had  ... but without the "no preset spending limit." I even pointed out to her that the rates and terms associated with the online application for my original World card, specifically spelled out that there was a Platinum version available for people who did not qualify for the "no preset spending limit" version.

If you look at the Chase web-site and check the Learn More link for the Chase Freedom Visa Signature card, you can find the rates and terms sheet for it.

It shows:

Over-the-Credit-Limit fee

None for Signature; $39.00 for Platinum.

and says:

Before we approve you for a credit card, we will review your credit report and the information you provide with your response to confirm that you meet the criteria for this offer. Based on this review, you may receive a Platinum card with different benefits and without the no pre-set spending limit feature, or you may not receive a card.

I think Psychic's Freedom (non-signature) card is the Visa Platinum.  Maybe you can get him to call Chase and ask for the exact name?

Message Edited by Dawn on 02-25-2008 11:17 AM

[Anonymous]

TUVM Dawn.  I guess this means a hard inq.

[Dawn]

I don't think there should be a hard inquiry ... it is a product trade to the same type of account ... same type of rewards  ... not a new application.  But I haven't pulled any kind of reports yet to see how things are going down.

It's worth asking the CSR when you try to do it ... if you are lucky they will know what they are talking about.

Edit:  If ... or rather when ... I pull a 3-in-1 will I be able to tell about the inquiry issue?  If so ... if you want to wait a bit before you try ... I will let you know what my experience was.

Message Edited by Dawn on 02-25-2008 11:56 AM