Credit Cards

[psychic]

In late 2005, I purchased a car using a Chase balance transfer check.  In September of this year, I paid off that balance.   As a result, this account shows a relatively high Largest past balance:

Currently, this a non-Signature Chase Freedom card.  I contacted Chase today and was told that if I converted this card to a Signature Freedom, my credit history, including that $26,027 "Largest past balance" would remain unchanged.  I was also told that I could take $4273 (the difference between my $30,300 Credit limit and the $26,027 "Largest past balance" ) of this credit limit and apply it to my other Chase card. 

I never thought I'd ask this question:  Should I convert to the Chase Freedom Signature card?

[stef37]

With it reporting the highest balance (which mine does), I don't see how it could hurt if you wanted to change it over.

Is it EX that gives us the grief with the Chase siggy cards?

[haulingthescoreup]

psychic, it sounds to me like you are one of those who are perfectly set up to shift to a Signature card. You've established that one-time high balance, so unless you go writing more CC checks for cars, you're in great shape.

stef, I'm pretty sure that it's all three CRA's that are unable to figure what to do with signature-type cards. There is a proper way to code them --Dawn did an astonishing job of research on this last year --but it's hard to get them to code them correctly more than one or two months straight.

[stef37]

Well, I got brave and deposited a $5k check into USAA from my siggy card when I first got it, so it reports a high enough balance that it shouldn't hurt me if something does slip and report one month. (Of course I turned around and immediately PIF)

Then I heard it is only one of the bureau's that it really affects UTL on and I believe it was EX. I still haven't let a balance report so I don't know if it is a huge factor or not, but covered the bases just in case.

[stef37]

TU reports it like this:

Loan type [?] Credit Card

 Credit limit [?] Not Reported

Largest past balance [?] $5,107

 Terms [?] Not Reported

Account Type [?] Open Account

Account holder [?] Individual Account

Scheduled payment amount [?] Not Reported

My EX is reported like psychics first post. It is reported as OPEN on EQ, but I have SW via EQ's website.

Message Edited by stef37 on 11-11-2008 03:56 PM

[haulingthescoreup]

Since you've got one, I defer to your experience.

I will point out, though, that accounts get named in various ways on the reports that we see, but they don't necessarily get treated in the way that they're named. Pretty much the only way that you can be sure on this is by seeing how your util changes, and even then, there's a lot of magic 8-ball involved.

[stef37]

I don't know how to post screenshots, but I just went back and looked on my EX report and for the credit limit, it states $0!! So it's not the same as psychic's exactly.

Oh well, I will just not carry any balances on this card, since I use it for my rewards anyway.

[MidnightVoice]

I don't know the answer to this, but I would point out that as I type I have a Beatles song playing on youtube in the next tab:

 http://www.youtube.com/watch?v=4oZYqAeIdYk&feature=related

"Let it Be" - one of their greatest.

[stef37]

I love that song!

Sorry for the TJ Psychic.

[FaircreditguyFL]

I would convert but that's me.