I'm confused about switching to BOA Signature....

[quarius]

I have 3 BOA cards all with high balances. Limits of  Royal Carib(11k limit), Cash Rewards($1500 limit), Mets($2400). I read you need at least 5k liit for sig cards which i plan on increasing to. So my question is would it just be smarter to switch so my high balances don't affect my fico scoring? I have other cards to compinsate for limits with scoring but I was planning on going on sprees and paying down all my debt but if its just smarted to switch to sig cards for this strategic move would this be the correct way to go? I was thinking it would just save me time by paying these balances down? I currently don't have any sig cards and did some research on this but am confused about this, and I would now maybe try to have a few of these cards for backup. Thanks

[quarius]

Also almost forgot do they hardpull u to switch to a signature card and can I do this switch and then ask for a cli? I could probably switch on my 11k card now if what i'm thinking about sig cards do from what i have read.

[FinStar]

It really would depend on your credit profile and individual preference.  BofA Visa Signature and WEMC products do not report the CL to the CRAs - only your High Balance/High Credit as reported monthly (depending on (1) highest balance during any reporting cycle or (2) if you carry a balance month to month or (3) any mid-cycle reporting).

Folks who like to float or maximize utilization may prefer to stick with the Visa Platinum products since the CLs are reported.  For others who are not concerned about these factors, then the Visa Signature is a viable alternative with the additional card benefits.  You can also check the BofA/FIA site (link below) to determine what level of perks/benefits your current card offers and determine which is a better option overall.

https://www.benefitinformationcenter.com

[quarius]

Can someone chime in to offer me some advice on which to take because I would like to switch ASAP if this is the best thing for me to do with this card. I really don't know much about sig cards. 

[parakleet]

Others may know more but switching to sig versions wouldn't necessarily help that much since the balance would still be reported. If anything, BoA doesn't report the CL of their sig cards so if you have a balance, that would still be counted against your total util, no?

[cjpar007]

Personally, I had a Travel Reward Visa Signature Card, card was awesome, but the CL's were not reported. It actually came off my credit report entirely, and the account was no longer reporting, whether or not I had a balnce or not. If you are still keen on establishing credit history, then don't bother converting, but if you've been established than the Signature benefits are nice to have. I hope I was of help.

[quarius]

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@cjpar007 wrote:

Personally, I had a Travel Reward Visa Signature Card, card was awesome, but the CL's were not reported. It actually came off my credit report entirely, and the account was no longer reporting, whether or not I had a balnce or not. If you are still keen on establishing credit history, then don't bother converting, but if you've been established than the Signature benefits are nice to have. I hope I was of help.

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Well i'm pretty established credit wise but my issue is this. I have a high balance on my 11k card and i was planning on going on a spree, so if my cl doesn't report or affect my score when i pay down my debt then if im correct by getting a sig card then i would just be able to skip a step and not have to pay this card balance down? Or maybe i just understand this wrong. I have alot of other prime cards so this card wont really matter to much for me, i was trying to look at it through a fico perspective.

[09Lexie]

BoA siggy cards are just like Amex charge cards. Your balance will report but it will not count towards your util.

[quarius]

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@09Lexie wrote:
BoA siggy cards are just like Amex charge cards. Your balance will report but it will not count towards your util.

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Thanks so i guess this card would work better for me.

[09Lexie]

If you intend to carry a balance, yes.