topic Re: Chase Visa Signature in Credit Cards

Chase Visa Signature

Platinum25 — Tue, 26 Aug 2008 21:42:23 GMT

Hello - I have a Chase Visa that I've had for a couple of years now and have been happy with. When I pull my CR it shows my current balance and how long I've had my card but for credit line it does not show anything. Does this help or hurt my credit rating? From what I gather the CRA have no CL to go against to figure what my util is on that card so I'm wondering if the CC not reporting any CL at all to the CRA is helping or hurting. I'm pretty close to the CL right as I'm doing some consolidating but that should be brought down relatively quickly.

Thanks for your input.

Re: Chase Visa Signature

score_building — Tue, 26 Aug 2008 22:35:38 GMT

ChiTownTimmay wrote:
From what I gather the CRA have no CL to go against to figure what my util is on that card so...

your highest reported balance on the card will be counted as your cl. one way some people try to minimize the damage of a high util ratio on the account (if you carry a balance) is to make a big purchase, let it report and then PIF right away.

Message Edited by score_building on 08-26-2008 03:33 PM

Message Edited by score_building on 08-26-2008 03:35 PM

Re: Chase Visa Signature

athensguy — Wed, 27 Aug 2008 02:49:34 GMT

@score_building wrote:
@ChiTownTimmay wrote:
From what I gather the CRA have no CL to go against to figure what my util is on that card so...
your highest reported balance on the card will be counted as your cl. one way some people try to minimize the damage of a high util ratio on the account (if you carry a balance) is to make a big purchase, let it report and then PIF right away.

If it's reporting correctly, that is not what will happen. That's only the case if it's reporting like Capital One used to. If it's reporting correctly it is not counted in UTI in the more common versions of scoring, though TU '98 from here will still count it.

Re: Chase Visa Signature

Anonymous — Wed, 27 Aug 2008 13:06:39 GMT

If you are carrying a high balance on this card, you're probably much better off that it's reporting the way it is, because if it showed your limit and your balance, it could negatively impact your score because you'd be showing high utilization. I think in your situation, it's a benefit to you.

"Signature" cards are known to do this. In the future if you app and you don't want your card to report this way be sure the card you apply for doesn't say anything like "no preset spending limit", etc. Though there are a number of us that recently applied or the Chase Freedom card and were sent the signature card instead. I called and had it switched to the card I originally applied for. Though, again, I think if you are carrying a high balance on this card, you probably lucked out.

Message Edited by UpUpUp on 08-27-2008 09:06 AM