topic Re: VISA Signature as Hidden TL?? in Credit Cards

VISA Signature as Hidden TL??

Anonymous — Sat, 02 Jan 2016 04:03:18 GMT

So I have two VISA Sigs now -- neither reporting yet. My W FCU VISA Rewards at $7,000 and recent CHASE RITZ Carlton at $5,000.... both Siggys

I see some people say these do not report CL?? Others say they do but report it as your balance that month -- but wouldnt that show it as 100% Maxed ?? Very confused here -- I want to make sure these big limit cards HELP my UTIL, not hinder it!

Those with Siggys -- specifically Chase or Ritz -- how do these report?

Thanks!

Re: VISA Signature as Hidden TL??

Closingracer99 — Sat, 02 Jan 2016 04:06:36 GMT

I have or had five visa siggy cards and one visa which isn't a siggy but citi offers me which I forgot what it's called but it's he same as the siggy cards. I have my chase Freedom and chase Sapphire which are siggy cards and I had a CUP, Marriott card and a Sapphire which I also closed and they showed my limits on my reports

Re: VISA Signature as Hidden TL??

azguy13 — Sat, 02 Jan 2016 04:07:07 GMT

I have the CSP and the NFCU Flagship, both are Siggy's and both report balance and CL. When did you acquire your cards?

Re: VISA Signature as Hidden TL??

Sharingan — Sat, 02 Jan 2016 04:23:12 GMT

I have 6 Visa Signatures with Chase, and all of them report as flexible spending accounts and list the credit limits. My CLs are not set to a balance, but rather the actual limit assigned by Chase.

As for the many Visa Signatures I have with my other creditors (Citi, BoA/Merrill Lynch, Capital One), most report the same way. PenFed does not list my Platinum Rewards Visa Sig as a flexible spending account, but the credit limit is listed appropriately.

I know utilization calculation was a problem a few years ago with some Visa Signature cards (notably with BoA's), but it's not an issue I have heard of recently.

Re: VISA Signature as Hidden TL??

Anonymous — Sat, 02 Jan 2016 04:24:28 GMT

Azguy - acquired my FCU card a month ago and the Ritz 3 days ago :-). Does that have a bearing ? I expect my FCU to report after first due date which is coming up here soon .. Chase I have no idea when they report new accounts. Anyone know?

Re: VISA Signature as Hidden TL??

Anonymous — Sat, 02 Jan 2016 04:25:26 GMT

What is a flexible spending account?? In these terms I mean

Does it affect UTIL the same

Re: VISA Signature as Hidden TL??

azguy13 — Sat, 02 Jan 2016 04:27:21 GMT

@Anonymous wrote:
Azguy - acquired my FCU card a month ago and the Ritz 3 days ago :-). Does that have a bearing ? I expect my FCU to report after first due date which is coming up here soon .. Chase I have no idea when they report new accounts. Anyone know?

Chase generally reports for me rather quickly. By quickly, I mean prior to the first statement. Since you acquired your cards only 3 days ago, I would expect they will be hitting your report within the next month. I would love to hear when they do hit though. It always amazes me how the experiences of others can vary so much with the same banks.

Re: VISA Signature as Hidden TL??

Sharingan — Sat, 02 Jan 2016 04:31:57 GMT

@Anonymous wrote:
What is a flexible spending account?? In these terms I mean

Does it affect UTIL the same

Flexible spending means that the account is capable of exceeding the assigned credit limit up to the lender's discretion. As for your second question, utilization on my Visa Signature cards is calculated the same as my non-Visa Signature cards. For example, my Chase British Airways card has a $15,000 assigned limit. It has a small balance of $200. My reported utilization is 1%.

Re: VISA Signature as Hidden TL??

Anonymous — Sat, 02 Jan 2016 04:32:06 GMT

I'm quite excited to get that beauty Ritz!! I will be using it as my primary until I hit the $3,000 spend for the two free nights at tier 1-4 hotels ! Even after that I will use it quite heavily for the reward structure.

Yes I've heard much about different reporting. Amex took forever and Cap one too -- fastest was Discover and NFCU (which I closed). Like within days lol. USAA was 2 weeks too. Love quick reporting but not too quick as to not appear too many new accounts at once

Re: VISA Signature as Hidden TL??

azguy13 — Sat, 02 Jan 2016 04:36:22 GMT

@Anonymous wrote:
I'm quite excited to get that beauty Ritz!! I will be using it as my primary until I hit the $3,000 spend for the two free nights at tier 1-4 hotels ! Even after that I will use it quite heavily for the reward structure.

Yes I've heard much about different reporting. Amex took forever and Cap one too -- fastest was Discover and NFCU (which I closed). Like within days lol. USAA was 2 weeks too. Love quick reporting but not too quick as to not appear too many new accounts at once

Haha, I think we were approved for the Ritz on the same day. I think I was approved on the 28th or 29th of December. I know it has nothing to do with the rewards, but I am excited about 1.) The amazing packaging it comes in and 2.) How freaking heavy the card is

Re: VISA Signature as Hidden TL??

Anonymous — Sat, 02 Jan 2016 04:39:45 GMT

Lol me toooooo!! Have you gotten any emails yet or any news on card shipping

Re: VISA Signature as Hidden TL??

azguy13 — Sat, 02 Jan 2016 04:44:09 GMT

Not yet. I wasn;t even aware they would send tracking info. I already had a Ritz reward account so hopefully it wont take too long. Maybe I will call tomorrow and see if it has shipped yet. If it hasnt then I will request expedited shipping. I will fulfill the spending bonus in the first week. Luckily for me, my wife has a crap ton of medical bills now that it is a new deductable year, lol. That was another factor in me applying. I knew for a fact I would meet the spending bonus because of the new year.

Re: VISA Signature as Hidden TL??

thom02099 — Sat, 02 Jan 2016 16:39:27 GMT

@Anonymous wrote:
What is a flexible spending account?? In these terms I mean

Does it affect UTIL the same

To expand on a previous poster's response, Flexible Spending Credit Card allow the card holder to go over the established credit limit, by the amount the lender determined, as was previously stated. In addition, the amount that one spends over that limit generally is due to be paid in full with the next payment date/statement date sequence. So if one has a credit limit of $15K on a card, and goes over that amount by $1K, that $1K has to be paid in full within the next cycle.

That is a rather simplistic overview of a Flexible Spending Credit Card, not to be confused with a Flexible Spending Account used for healthcare or other reasons established by an employer.

H E R E is a link to a definition and more information, including some caveats about such accounts.

Re: VISA Signature as Hidden TL??

Anonymous — Sat, 02 Jan 2016 16:55:46 GMT

Wow thank you! I won't be spending over $5,000 on my card just yet at one time so I'm clear there. Great feature to have though in case of emergencies or a need to have more buying power when traveling