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Contributor
Posts: 114
Registered: ‎05-17-2011
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Recently approved for two Visa Signature cards - how to optimize for best FICO score

Last week, I decided to do a mini app-o-rama given I don't need anything like a car loan or to move apartments in the next six months or so. This time, I focused on travel rwards cards. I was approved for the Alaska Airlines Visa Signature from Bank of America with a $10,000 CL and the United Airlines Miles Plus Explorer Visa Signature from Chase with an $8,000 CL. A few questions

 

1) Do Bank of America and Chase report Visa Signature credit lines differently? From what I understand, Bank of America reports revolving balance but not a credit line of any sort while Chase might report your highest total balance as a credit line with your current balance in utilization.

 

2) I use an Amex for my normal monthly expenses and PIF. Should I switch to these cards for a couple of months to get balances high? Is it worth it to accumulate a balance for a few months on these cards, then pay them off?

Valued Contributor
Posts: 1,754
Registered: ‎11-03-2007
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Re: Recently approved for two Visa Signature cards - how to optimize for best FICO score


Alcibiades wrote:

Last week, I decided to do a mini app-o-rama given I don't need anything like a car loan or to move apartments in the next six months or so. This time, I focused on travel rwards cards. I was approved for the Alaska Airlines Visa Signature from Bank of America with a $10,000 CL and the United Airlines Miles Plus Explorer Visa Signature from Chase with an $8,000 CL. A few questions

 

1) Do Bank of America and Chase report Visa Signature credit lines differently? From what I understand, Bank of America reports revolving balance but not a credit line of any sort while Chase might report your highest total balance as a credit line with your current balance in utilization. As far as I know, neither BOA nor Chase report CL on signature cards.

 

2) I use an Amex for my normal monthly expenses and PIF. Should I switch to these cards for a couple of months to get balances high? Is it worth it to accumulate a balance for a few months on these cards, then pay them off? PIF is the best and cheapest way to manage credit cards.


 

IN VINO VERITAS.
Frequent Contributor
Posts: 252
Registered: ‎06-08-2009
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Re: Recently approved for two Visa Signature cards - how to optimize for best FICO score

+1000

Amex Platinum Charge(NPSL); Starwood Amex Preferred CC(20K CL); Diners Club ELITE MC(20K);Diners Club Premier MC(20K,could've sworn the rep said 25k, oh well lol);Delta Amex Reserve CC(21K CL); Amex PRG Charge(NPSL); United Presidential Plus Chase World Elite MC (15K CL); AARP Chase Visa Signature(35K CL); NFCU Visa Platinum(20K CL) NFCU LOC(15K); NFCU Go Rewards MC(17.5K); Disover IT 7.8K;
First Tech Federal Visa Platinum(15K CL); Simmons First Visa Platinum(9K CL); Wells Fargo Visa Platinum(7.5K CL); CitiBank Sears MC(6K CL); JCPenney Card(7.5K CL); Lowes(2.5K CL);Barclays Mile & More Lufthansa 12.5K.
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Frequent Contributor
Posts: 445
Registered: ‎10-23-2010
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Re: Recently approved for two Visa Signature cards - how to optimize for best FICO score

I have both of those cards, and they dont report the limit.

Scores: EQ (FICO) - 730 | EX (FICO) - 722 | TU (FICO) - 713 - 06/25/2014



US Airways MC (5 K) | US Airways World MC (10 K) | Chase United Airlines Sig VISA (5K) | BOA Rewards Sig Visa (10K) Citi Dividend Plat MC (5.6K) | Discover Miles (6.6K) | AMEX BCE (7 K) | AMEX Plat Delta (11 K) | BOA PLAT (7.5K)


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