08-30-2010 03:47 PM
08-31-2010 02:21 AM
I've read through nearly all of the threads on CL reporting on NPSL credit cards, but haven't run into any discussing what happens when someone has all NPSL cards.
DW and I used to have all NPSL cards. One joint NPSL card! Our available balance was subsequently always minus that of our statement balance. (For EQ and EX; not for TU98, which uses the high balance in lieu of the credit limit. And our card did/does report that.)
All you have to do is 1) zero your NPSL cards before the statement as you mention, and 2) get one card that reports its credit limit and keep that at say 1%. (I got an Amex card which reports its credit limit. DW was AU on that from day one. This has worked well for us.)
09-02-2010 01:33 PM
I have six cards, three NPSLs and three that do report a limit. I have finally reached the point where I can pay off the NPSLs a couple of days before they close each month, so that my statements have less than a hundred dollars or so on them, and I keep the other cards at zero balance. I hope to see some progress in my FICO score by the end of the year. I can't tell if it is working yet, because I used one of the cards that reports a limit last month just to let the bank know it was still active and I wound up taking a big hit in my FICO score for using a card that had been dormant for three months. When I check my credit usage against my credit reports I find that the CBs treat the NPSL cards as having a zero limit. My usage is the total of all the cards, but the cl does not include the NPSLs. I would suggest opening an account or two that do report a limit.
09-02-2010 02:14 PM
I can see more lenders issuing World cards as they charge merchants higher fees... just another way to earn more money.
This has to be it. CCC's have been pushing Worlds (and Signatures) for two years now, even though they know the reporting issues. They used to "offer" them, like it was something wonderful. Now they just say Shazam, you have a World or Siggy!
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.