@MazdaSpeed wrote:
Interesting, I thought most banks didn't report it, I was actually kind of hoping my CSP wasn't going to report a CL
Thanks for the info!
That used to be the case; these days only BOFA out of the major credit card companies is the holdout to reporting CL's to my knowledge.
In almost all cases, it's better to have the CL reported; the CL exists anyway (there are very few true NPSL cards out there), and in general high balance can not be set above CL, so realistically the max benefit both from a FICO perspective and a future underwriting one is to have the limit reported.
Hidden tradelines, OK that I'll suggest has some merit, but BOFA and maybe a few smaller banks not reporting CL is nothing but an anachronistic annoyance that's not in the best interests of their customers in my opinon.
@MazdaSpeed wrote:
@Revelate I wouldn't mind having some cards that don't report the CL, considering I'm at my annual income in credit just about, right now
I suspect like for so many other things that banks deal with, if they saw no CL, depending on the creditor (namely, every tradeline that isn't from American Express) they'd simply assume the greater of 5K or the high balance for your CL.
Unless you were hiding a few 20K siggy tradelines from BOFA with low high-balances on them, not really certain it'd make much difference anyway, but honestly I don't see the point of racking up tons of available credit just to have it, and one of our members, Smug, I think is well above her annual income right now in aggregate CL so likely not worth worrying about.
Also income likely isn't the end all and be all anyway, non-zero chance my reimbursable travel from my employer which by our policies winds up on my personal Amex, helped when it came to my CLI request. A number of folks here have non-trivial spends based from either being self-employed or through reimbursable travel, without the actual income to justify their gnarly limits by most rational measures.
Personally I think that reporting a CL can be a good or bad thing.
Good when it decreases your overall util hence maybe your score goes up
Bad when lenders see your total available credit as an issue for them i.e. much higher CL that income.
On the other hand, your current lenders might view this as an opportunity for a CLD since you have a lot of that limit that they gave you sitting idle maybe for a long time.
@Revelate wrote:these days only BOFA out of the major credit card companies is the holdout to reporting CL's to my knowledge.
About Visa Signature, you mean? I am pretty positive they report World Mastercards' credit limits.
