@awall41 wrote:Hi Everyone!
I got approved for the BoA AAA Membership Visa Signature today at my highest CL 5k! I was wondering if anyone could explain how this is going to report? I want the CSP and after I was declined I spoke with a Chase rep who said my only reason for denial was I did not have a comparable credit line. I just want to make sure they will be able to see my limit when I decide to apply again.
Thanks
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I am no expert but visa sig don't report credit limit to bureau's
Hi there! First of all; Congrats on your new card! There are a lot of different answers for this question. Back in the early days of the visa sig; the credit access line did not report. For most lenders; they have now started reporting the access line. My NFCU visa signature reports its full line. These usually report as a flexible spending account... on manual review; these types of accounts are viewed positively by lenders... Congrats again!
FICO 9: 
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.
Goal: Gardening!
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.
Goal: Gardening!
Congrats on your approval! I also got my first Visa Signature card recently. Exciting!
Starting Score: EQ 717 EX 724 TU 736
@thrillege wrote:
@newportguy wrote:
@awall41 wrote:Hi Everyone!
I got approved for the BoA AAA Membership Visa Signature today at my highest CL 5k! I was wondering if anyone could explain how this is going to report? I want the CSP and after I was declined I spoke with a Chase rep who said my only reason for denial was I did not have a comparable credit line. I just want to make sure they will be able to see my limit when I decide to apply again.
Thanks
******************************************************
I am no expert but visa sig don't report credit limit to bureau's
This is not true. They do report your credit limit.
Are you 100% sure?
The issue of whether it reports or not depends on the lender that issued the card.
Chase and NFCU definately report the limit. I don't think that BOA does yet.
Chase and NFCU definately report the limit. I don't think that BOA does yet.
FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.
Goal: Gardening!
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.
Goal: Gardening!
@webhopper wrote:
The issue of whether it reports or not depends on the lender that issued the card.
Chase and NFCU definately report the limit. I don't think that BOA does yet.
That's my understanding too. BOA does not report CL...
I have spent countless hours researching this topic. Here's what I found:
Bank of America does not report the credit limit, but it does the high balance. Also, Bank of America reports the card as a revolving account, so for FICO scoring purposes, the high balance will be treated as the credit limit for the account.
The consequence of that? You'd have to put heavy charges on the card in a month so that the balance reported is as high as it can be, if you're interested in raising your credit score. If your loan application is under manual review, you can simply explain that your card is a Visa Signature, which implies that the credit limit is at least 5,000. This will work in your favor.
