Wachovia Signature Cards Reporting CLs

[Uborrow-Upay]

This Visa Signature card has always reported its credit limit as $0.00 on Experian, and blank on EQ and TU.  The high balance was always reported across all three CRAs.  The account type was always listed as "credit card-revolving terms" on EX, and "open account" on EQ and TU.

My most recent report from another monitoring service now shows this same account reporting the actual credit line across all three bureaus, bumping up my total limit of all revolving accounts.  Also, the account type on EX remains as it was, but EQ now calls this a "revolving or option" account, and TU calls it a "revolving account".

I'm glad the CL is now being reported as it should be reported, but does anybody know if the account type entry changes make any difference?  How does an open account differ from a revolving account?  Was it previously looked at like a charge account?

(I've never been 100% clear on this, although I thought I was).

Thanks. 

[Uborrow-Upay]

Bumping my own post...

[haulingthescoreup]

I think that all the changes are for the good.

I don't know if it was being treated like an American Express charge card before (ignored for util by EQ and EX; highest balance used by TU), or if the highest reported balance had been used as a working CL. Can you see any difference in your util? Or did you just not let balances report?

Maybe some of the banks are starting to catch on that Signature/ World cards are not as welcome as they thought they were. USAA also reports the CL on their World MC.

[Uborrow-Upay]

Hauling, I only let a balance report on this card once, I believe.  And I only did that because of the posts here regarding the high balance being used in place of the credit limit for utilization.  The amount of the purchases I made that month was fairly high.   And I did take a hit on my score when I did that, too.  Came back quickly, though.

I don't pull reports all of the time, so I don't know how much it affected util, and I try not to carry balances on personal stuff anyways.  But does the "Open" account vs. "Revolving" account make any difference?

[Anonymous]

High balance shouldn't have anything to do with a reported ending statement balance.  It should report based upon your highest accrued, intra month balance as your high balance.

[Uborrow-Upay]

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@Anonymous wrote:

High balance shouldn't have anything to do with a reported ending statement balance.  It should report based upon your highest accrued, intra month balance as your high balance.

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Interesting.  That's what I thought, too.  

What is confusing to me (and the reason I let the Wachovia card report when I did) is that another card of mine (Discover) has had very high balances during a billing cycle, yet the high balance as shown on my credit reports only shows the highest balance as of the date the statement cut.

I've had issues with Discover's reporting off and on, though...so maybe it's just a peculiarity with them, or with my account there, and I assumed it was like that for all of my cards.

I'll be interested in seeing what shows as high balance for Discover on the next report I get.  It's zeroed out now, paid just before the statement cut, but I pretty much maxed out that card during this last cycle.  I'll let you know what happens with that, but my guess is that the high balance will remain what it was, based on my experience with that card's reporting.

Goes to show, never assume. 

Edit to add:  Another of my cards does the same thing as Discover has done with me, apparently.  I just checked on a Citi Pro card, and my CR shows high balance as of statement cut date.  The actual highest balance during a cycle was considerably higher than this reported statement balance.

Just interesting finding out all these little quirks between the accounts, and how each reports. 

Additional edit:  txjohn, just checked out a few other accounts.  They all bear out what you have said, reporting the highest balance in cycle.  But another oddity I found is on a Chase acct: EX reports highest in-cycle balance;  TU reports highest statement balance; EQ doesn't report a highest balance at all!  Go figure!

Message Edited by Uborrow-Upay on 12-01-2009 07:10 AM

Message Edited by Uborrow-Upay on 12-01-2009 08:44 AM