09-11-2011 07:59 PM
Bank Of America Rewards Siggy, you dont even have to let it report. Just run it up and pay it off before it reports, and even though the balance reported for the month is 0, it will still increase the highest balance on the account reported.
I havent had the chance to try it with the Chase United siggy yet.
Has anyone tried this with a Chase siggy yet? I am ready to run up the balance then PIF before the statement closing date if that will update the highest balance as well. Thanks in advance!
Rebuilding my credit since 2/2007; starting scores:
TU 584 | EQ 572 | EX 591
Scores as of 7/2011:
TU 738 | EQ 707 | EX 730 (Experian PLUS Score)
10-05-2011 07:16 PM
This Visa Signature credit line issue is all over the blogs.
You would think the credit bureaus would fix this.
I had a BofA Platinum Plus Visa that was automatically upgraded to a Signature card. They didn't even tell me they were doing this until I received my new card in the mail.
Then the credit reporting nightmare began. This card is my highest credit line at $27,300. So, naturally, my total available credit tanked. The only saving grace was that I had previously charged over $16k on the card last year on a trip to Europe; so about half of the credit is being reported as the high balance.
Experian is reporting is as a Flexible Spending Credit Card / Revolving / with both a credit line and high balance.
Equifax and TransUnion are reporting is as a Credit Card / Revolving / no credit line.
So, it seems that BofA is sending the information out, otherwise Experian wouldn't have it. Or --- Experian is specifically requesting the information, and Equifax and TU are not. I disputed with EQ and TU to try to fix it, but they both came back verified as is.
So I called BofA and asked for my account to be "reverted" back to the Platinum Plus Visa so my credit line will report again.
There are two main reasons for them doing this:
1.) Banks don't have to hold reserves against accounts with no preset spending limit.
2.) Banks can charge higher interest when your credit score tanks because of the NPSL card.
You know, these decisions weren't made in a vacuum. Somebody at BofA, Equifax and TransUnion had meetings about this and decided this was what they were going to do. So how did Experian champion our cause? I vote yay for Experian.