Signature Card doesn't report credit line

[Anonymous]

Wanted some feedback on the impact of this... I previously had a credit score of 799 and a few months ago i got a BoA Signature card. Since then my credit has gone down significantly (around 700 recently) and i notice that on a credit report the card show NA for credit line and is not called a revolving account but rather a flexible spending account. When i log in to online banking my credit line is properly shows as 30k. I understand that Signature cards don't technically have a limit but i would assume this 30K in essence "disappearing" from my credit profile can't be good. I rely mainly on this card for everything and have all my bills going to it so my monthly balance is usually high (around 5,000) but is always paid in full and has never been an issue before as a percentage of credit limit. I am concerned that credit bureaus will only see my balance and not my much higher credit line. What are the implications of this? And how can i "force" BoA to report the credit limit? (They swear they report it but that it's up to each bureau how they use the information) Appreciate the feedback. Sasa

Message Edited by Anonimac on 11-19-2007 12:07 PM

[Creditaddict]

Signature cards for the most part don't report credit lines.

However they do report your highest balance ever on account

most recent balance

most recent payment

I would think when fico takes this account into consideration it can see you don't hold a balance on it.

I mean Amex charge cards are the same way and they have never hurt peoples credit.

[Dawn]

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Anonimac wrote:
 And how can i "force" BoA to report the credit limit? (They swear they report it but that it's up to each bureau how they use the information) Appreciate the feedback. Sasa

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The Consumer Data Industry Association has a manual (Credit Reporting Resource Guide) that spells out how these types of accounts can be coded and what data should be reported and recorded.  I haven't yet figured out if the providers of the information aren't coding the accounts properly and providing all the necessary information, or if the CRAs are not accepting the data as it is presented.  Then again ... maybe either the providers or the CRAs aren't using the proper format files that allow them to automagically have one file set communicate adequately with the other file set.

Message Edited by denbar2003 on 11-24-2007 01:12 AM

[Anonymous]

This is a wonderful piece of information. I am not keen on the "workaround" of charging a high balance to give the appearance of a credit limit in future months. My limit is extremely high (tens of thousands) and it certainly not feasible for me to charge anywhere near my limit to "trick" the system. I think it is unfair, however, that i am not being in essence rewarded for my credit worthiness. If BoA thinks i am worthy of a 30K credit limit, or whatever the terminology is when it comes to Signature cards, then i think that should count towards my total credit limit. I am not in serious trouble. My credit score dropped from 799 to 703 most recently to 687 and i planned on buying a home this year. My only other card is a WaMu card that i hold just to check my TU score each month with a CL of $4,700, but the balance on my signature card is routinely around 5K per month. If the CL of the Signature card doesn't count, then i am in essence at 100%+ utilization each month. It would be fair that in addition to not counting the CL of the signature cards, they also don't count the balance! If the rules are so clear, per the guide above, why are so many still being reported inaccurately. Does anyone know how i can "force" BoA to report my CL without switching cards; this was such a pain in the anus a few months ago when they upgraded the account to Signature. I really just want to go back to a Platinum Plus Master from BoA, but since my score is now just below 700 i wonder if i can even get that now? Thoughts?

[Dawn]

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Anonimac wrote:
 If the rules are so clear, per the guide above, why are so many still being reported inaccurately. Does anyone know how i can "force" BoA to report my CL without switching cards; this was such a pain in the anus a few months ago when they upgraded the account to Signature. I really just want to go back to a Platinum Plus Master from BoA, but since my score is now just below 700 i wonder if i can even get that now? Thoughts?

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I feel your pain.   When I asked Chase about the CL not reporting, they sent in an update, but warned me that when they had done that in the past, that the next time the data auto-updated, the CL would be dropped out. Last I checked, only one of the CRAs had updated. It's too early for me to know if the updated CL is going to "stick."

In order for that "guide" to be utilized and things to work properly each and every month ... it is my understanding that all parties have to use the correct file format (Metro2) and that their software vendor(s) must have the software working properly.  I haven't even attempted to try to find out if they are all on the same page with their file formats or software.  I don't think I will ever have access to the level of employee that could actually get this straightened out. 

If BoA says they are reporting the limit, you could try disputing with the CRAs and see if they will elevate the problem to someone at a high enough level to figure out what has to happen to make this work right and make the Credit Limits report all the time. 

[Anonymous]

I filed a dispute today with EX about it, so we'll see what comes of it, my bet is nothing. I'm wondering if in the mean time it would be worth it for me to have my wife add me an authorized user or convert the account to joint so that i can take advantage of her 17,000 limit on that card. Do i understand that properly? Will i benefit from being named an AU on her 1stFinancialBank card that she's had for years and has a high credit limit?

[CreditDrama85]

this is the same way capital one used to report...high balance vs. current balance

amex has always done this on charge accounts so y did ppl have a prob with capital one doing it?

[Creditaddict]

AU won't do anything for you... Joint will

[Anonymous]

I'm wondering what to do now... Now that i have the Signature card i kinda wanna keep it. It has a very high credit limit (30k) although the term "credit limit" is now in question. This also happens to be my oldest account, so i'd kinda prefer to leave it as is. I've had an AMEX Blue in the past, Citi Diamond, etc...but have since canceled them all and all i'm left with now is the BoA Signature VISA and WaMu Platinum VISA (old Providian account kept just for free TU credit score). I'd like to get a new "primary card" that i can use every day. Problem is that i routinely have a balance of 5k+ so i need a card with a decent limit right away. Should i get a Blue again? (do they have any CL reporting issues? i've heard they also don't report CL but only highest balance) I definitely want a card that reports the correct credit limit. Should i get a MasterCard this time just to diversify a bit? If so, which one? Maybe the BoA Platinum Plus MasterCard? (wonder if i can even get that now that my credit score is just below 700.) Or is there a better choice?

[Creditaddict]

How recent have you closed these other accounts you speak of?

I wonder how you went from a 799 to a 680 with only 2 cc. no missed payments?

anything else going on, like buying a house, car?