Need Advice: Can U have too many Visa Sig??

Aspireto850 · ‎03-04-2013

Hi Fico Forum,

You've been good with your advice in the past which has really helped me out....so I'M BACK!!!!!

QUESTION:

Can you have too many Visa Signature Cards? I received a mail notice from NFCU that they were automatically upgrading my Cash Rewards to a Visa Siggy and I'm wondering if have $20,000 out of $35,000 in non-reportable credit limit a bad thing? Even though I don't plan to appy for any new credit until later this year, I don't want potential Credit Grantors unable to see my two highest CLs not showing.

Thoughts??????

BACKGROUND:

Amex Plat
Chase: 2500
NFCU: 15,000
NFCU LOC: 10,000
BOA Visa Sig: 5,000

Barris · ‎03-04-2013

Looking at this logically, it would be bad for your credit score simply because, since only $15K is being reported, the total credit available to you would be reported as less than the actual and that might skew your CU score, hitting your score.

lg8302ch · ‎03-05-2013

hmmm...For me only the BofA Siggy does not report the credit line but Cap1 does and it looks it is also calculated in util. Not sure if only BofA is not reporting? My util and dti stayed the same so my score did not change for not reporting the CL on the BofA Siggy but if I had high util this would make a difference. With same util and dti EQ Fico punished me for 4 new out of 6 total accounts reporting...but looks that I am recovering already

thom02099 · ‎03-05-2013

@Aspireto850 wrote:
Hi Fico Forum,

You've been good with your advice in the past which has really helped me out....so I'M BACK!!!!!

QUESTION:

Can you have too many Visa Signature Cards? I received a mail notice from NFCU that they were automatically upgrading my Cash Rewards to a Visa Siggy and I'm wondering if have $20,000 out of $35,000 in non-reportable credit limit a bad thing? Even though I don't plan to appy for any new credit until later this year, I don't want potential Credit Grantors unable to see my two highest CLs not showing.

Thoughts??????

BACKGROUND:

Amex Plat
Chase: 2500
NFCU: 15,000
NFCU LOC: 10,000
BOA Visa Sig: 5,000

In answer to your question about too many Visa Signature cards, I think the answer is...that depends. On you and what your needs are.

I have multple Visa Signature cards (see below), and all of them report CL on my reports, with the exception of the JPMorgan card and it doesn't report at all. ALL of the cards do show a CL, a high balance and in several cases the notation of "flexible spending' card.

Others here have reported having Signature cards and little to no major impact on their reports. It's truly a YMMV thing.

searchingfor67 · ‎03-05-2013

@thom02099 wrote:
@Aspireto850 wrote:
Hi Fico Forum,

You've been good with your advice in the past which has really helped me out....so I'M BACK!!!!!

QUESTION:

Can you have too many Visa Signature Cards? I received a mail notice from NFCU that they were automatically upgrading my Cash Rewards to a Visa Siggy and I'm wondering if have $20,000 out of $35,000 in non-reportable credit limit a bad thing? Even though I don't plan to appy for any new credit until later this year, I don't want potential Credit Grantors unable to see my two highest CLs not showing.

Thoughts??????

BACKGROUND:

Amex Plat
Chase: 2500
NFCU: 15,000
NFCU LOC: 10,000
BOA Visa Sig: 5,000

In answer to your question about too many Visa Signature cards, I think the answer is...that depends. On you and what your needs are.

I have multple Visa Signature cards (see below), and all of them report CL on my reports, with the exception of the JPMorgan card and it doesn't report at all. ALL of the cards do show a CL, a high balance and in several cases the notation of "flexible spending' card.

Others here have reported having Signature cards and little to no major impact on their reports. It's truly a YMMV thing.

+1...With the exception of my JP Morgan Select, which doesn't report at all, all of my visa sig cards report a credit/access line...