09-06-2011 06:32 PM
No conversion here....yet, on our Freedom Visa ($11014.00 CL)
11014? How long has it been >$10k?
Yes, it has always been an odd CL from the beginning about 11 years ago. This is a former Providian/WAMU Visa. About six months ago it had a $8014.00 CL.
I closed a WAMU/Chase Visa that had a $3.5K CL and transfered $3K (that is all they would transfer) to the Freedom.
09-07-2011 12:15 AM - edited 09-07-2011 01:44 AM
having a card convert to a world mc or visa signature is actually an advantage. any lender that sees you carrying mostly these kind of cards will see you as a better borrower than someone who does not cary these kind of cards. consider this a promotion. unlike a platinum mc or visa which can have a very low credit limit (300 to 500), world mc cards and visa signature cards are required to have a minimum credit limit of 5k. even if the lender cannot view your credit limit, he or she may likely assume that your limit must be around 10 to 15k.
consider those who actually do have cards within your limit range. and yet their cards are still not being promoted like yours are. they might have that limit. but because they still dont have a signature or world, unlike you, they wont be able to spend freely beyond their limit like your card. and when they do spend near the limit, they will appear to any lender that they are maxing out their card, you however, BR, wont have to, because now any lender that sees your account, knows that you can be trusted WITHOUT LIMITS.
"Morpheus, what are you trying to tell me? That I can dodge bullets? No, Neo. I'm trying to tell you that when you're ready, you won't have to."
09-07-2011 03:49 AM
Thanks scott for cheer me up!
The benefit come with Signature will not be used in any ways ...
I rather to have more better rewards program to earn and redeem.
09-07-2011 03:58 AM
Why did they change it to a Signature? Can they do this without your request/consent?
Yes they can!
They did to my Freedom MC first to World MC , then now on my Freedom Visa.
I have one more cc with them, which is non-rewards card used to be Wa-Mu Platinum with small CL of 4k since transferred 2k to freedom Visa a few months a go.
Thats what happened to my BOA Visa. They upgraded me to a Signature which down-graded my util.
It took me some time to figure out why, too. It was before I found myFICO and this fount of information.
09-07-2011 07:36 AM
The same thing happened to my BOA Visa...the credit limit was $20k before they changed it. Like bunnyrabbit, I received that same letter yesterday notifying me that they were going to change my Chase Freedom (currently $15k limit) to add the Visa Signature features. The letter said that I can opt out if I call them, so I'm trying to figure out if I really want my utilization to take the hit.
09-07-2011 10:28 AM
A few years ago, I had a similiar situation happen with Citibank. It was a mastercard with $56,600 CL and they sent me without asking an Amex type version- do not remember what it was, and said that it was a good thing- it would have unlimited credit and better rewards ...I just simply called them and explained that I did not want to change my card. I did not want the Amex- already had one- and needed a mastercard as it was my only other card, and that not everyone accepts Amex. They changed me to a Diamond preferred mastercard instead and kept the same cl.
I would just call them and explain that you do not want the promotion
09-07-2011 11:35 AM - edited 09-07-2011 11:40 AM
Found these web site for ...
Visa Signature ... I didn't know it comes with discount.
Save with Special Offers and Discounts
Visa Signature cardholders value a good deal, which is why your Visa Signature card offers you many great savings opportunities. Browse our collection of discounts and savings that you can use right away.
09-07-2011 02:31 PM
So no definitive reason yet for why this has been happening to people? Has anyone called to refuse the "upgrade'?
09-07-2011 02:57 PM
We received the same offer from Chase on a joint account. My DW understands how these cards work, so she agreed with me to decline the offer. We aren't interested in "playing the game" with another CCC.
09-07-2011 04:05 PM
Maybe I should PC my Freedom before this happens to me..
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