Signature VISA - whats the bottom line

[flyingmd]

Hi all,

With all the concern about how a signature VISA (or world preferred NPSL MC for that matter) affects your FICO by not reporting the "credit line" has anybody actually seen the before and after effect of this product. For instance, is there anyone who checked their score with a platunum or "regular" VISA and then recheck soon after a conversion to a signature card and can report on what it actually did to their score. I realize this is an unscientific survery but I am really curious. I never bothered with it as I like the NPSL feature  of the signature card and make good use of it. But I never really thought about how it would affect my score. All my signature cards have had very large balances in the past paid off so they report a quite high "credit high balance" and I always thought this was a good thing.

[laboi_22]

I have checked out what would happen to my score using credit karma. It let's you simulate scenarios about your credit report and what would happen. I have a signature card just upgraded and I've seen no change thus far.

[Walt_K]

There's no inherent affect to the change to test for.  It affects your score because it affects your calculated utilization.  And the effect is going to differ for every person because they are going to have different high balances that report that substitute for their CL in calculating their utilization. 

[creditguy-378]

i agree with walt

[AndySoCal]

Who are Signature VISA's with?  If it is CIti i have read reports that they report credit limits on all their cards NPSL or not.  Also, how do thye rpeort as an Open account  or a revolving account. type ? I had two and now have NPSL card  I saw around a 10 point drop in my score which came back after I stopped using the card.

[haulingthescoreup]

One reason that people might not see much of a score change is perhaps that most of those who qualify for these already have a pretty decent-sized total CL, so not having that available doesn't have as much impact.

Also, I know that I have had one card report a high util and have "gotten away with it" in terms of no real score damage, although two cards with high util is a different story.

This might be a case in which having a few too many cards and high total CL really does provide a benefit.

I just got a Southwest Rapid Rewards Visa which I expect to be a Siggy due to the CL (just got approved Saturday night, and it showed up online with the CL today), so I'll see if there's any impact when I put some plane tickets on it.

[in0wh3r3ul1v3]

1) does the NPSL make the visa siggy a charge card that you have to PIF?

2) how does the amount reported under "high balance" affect scores?

[LTomBerry]

1. No it is still a credit card

2. Your highest balance is what they report to the bureaus as the CL if I'm not mistaken.

[Walt_K]

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@in0wh3r3ul1v3 wrote:

1) does the NPSL make the visa siggy a charge card that you have to PIF?

2) how does the amount reported under "high balance" affect scores?

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Sort of.  You can go over your CL, but you have to pay that portion in full.  So if your CL is $5000, you are allowed to spend $10,000 (or whatever your internal limit is with them) in a month, but you must bring it below $5,000 when your bill is due.

[Anonymous]

I have BoA visa signature and it does report my CL to credit bureau. I actually got an upgrade from them from my old visa (no rewards). I would definately would like to know other people's experinece with Visa Signature (preferably BoA).