topic Re: Should I convert to Chase Freedom SIGNATURE? in Credit Cards

Should I convert to Chase Freedom SIGNATURE?

Anonymous — Tue, 11 Nov 2008 22:08:16 GMT

In late 2005, I purchased a car using a Chase balance transfer check. In September of this year, I paid off that balance. As a result, this account shows a relatively high Largest past balance:

Currently, this a non-Signature Chase Freedom card. I contacted Chase today and was told that if I converted this card to a Signature Freedom, my credit history, including that $26,027 "Largest past balance" would remain unchanged. I was also told that I could take $4273 (the difference between my $30,300 Credit limit and the $26,027 "Largest past balance" ) of this credit limit and apply it to my other Chase card.

I never thought I'd ask this question: Should I convert to the Chase Freedom Signature card?

Re: Should I convert to Chase Freedom SIGNATURE?

Anonymous — Tue, 11 Nov 2008 22:16:38 GMT

With it reporting the highest balance (which mine does), I don't see how it could hurt if you wanted to change it over.

Is it EX that gives us the grief with the Chase siggy cards?

Re: Should I convert to Chase Freedom SIGNATURE?

haulingthescoreup — Tue, 11 Nov 2008 23:36:37 GMT

psychic, it sounds to me like you are one of those who are perfectly set up to shift to a Signature card. You've established that one-time high balance, so unless you go writing more CC checks for cars, you're in great shape.

stef, I'm pretty sure that it's all three CRA's that are unable to figure what to do with signature-type cards. There is a proper way to code them --Dawn did an astonishing job of research on this last year --but it's hard to get them to code them correctly more than one or two months straight.

Re: Should I convert to Chase Freedom SIGNATURE?

Anonymous — Tue, 11 Nov 2008 23:43:39 GMT

Well, I got brave and deposited a $5k check into USAA from my siggy card when I first got it, so it reports a high enough balance that it shouldn't hurt me if something does slip and report one month. (Of course I turned around and immediately PIF)

Then I heard it is only one of the bureau's that it really affects UTL on and I believe it was EX. I still haven't let a balance report so I don't know if it is a huge factor or not, but covered the bases just in case.

Re: Should I convert to Chase Freedom SIGNATURE?

Anonymous — Tue, 11 Nov 2008 23:56:19 GMT

TU reports it like this:

Loan type [?] Credit Card

Credit limit [?] Not Reported

Largest past balance [?] $5,107

Terms [?] Not Reported

Account Type [?] Open Account

Account holder [?] Individual Account

Scheduled payment amount [?] Not Reported

My EX is reported like psychics first post. It is reported as OPEN on EQ, but I have SW via EQ's website.

Message Edited by stef37 on 11-11-2008 03:56 PM

Re: Should I convert to Chase Freedom SIGNATURE?

haulingthescoreup — Wed, 12 Nov 2008 00:10:25 GMT

Since you've got one, I defer to your experience.

I will point out, though, that accounts get named in various ways on the reports that we see, but they don't necessarily get treated in the way that they're named. Pretty much the only way that you can be sure on this is by seeing how your util changes, and even then, there's a lot of magic 8-ball involved.

Re: Should I convert to Chase Freedom SIGNATURE?

Anonymous — Wed, 12 Nov 2008 00:19:07 GMT

I don't know how to post screenshots, but I just went back and looked on my EX report and for the credit limit, it states $0!! So it's not the same as psychic's exactly.

Oh well, I will just not carry any balances on this card, since I use it for my rewards anyway.

Re: Should I convert to Chase Freedom SIGNATURE?

MidnightVoice — Wed, 12 Nov 2008 00:21:23 GMT

I don't know the answer to this, but I would point out that as I type I have a Beatles song playing on youtube in the next tab:

http://www.youtube.com/watch?v=4oZYqAeIdYk&feature=related

"Let it Be" - one of their greatest.

Re: Should I convert to Chase Freedom SIGNATURE?

Anonymous — Wed, 12 Nov 2008 00:23:53 GMT

I love that song!

Sorry for the TJ Psychic.

Re: Should I convert to Chase Freedom SIGNATURE?

Anonymous — Wed, 12 Nov 2008 01:11:23 GMT

I would convert but that's me.

Re: Should I convert to Chase Freedom SIGNATURE?

Anonymous — Wed, 12 Nov 2008 04:22:34 GMT

Thanks for your input, everyone!

I'm going to put a little more thought into this. Another idea is to redistribute my 2 Chase credit limits so that I would have a $49,000 credit limit on my non-Signature card, and a $13,600 credit access line on a Signature card.

Thanks again!

Re: Should I convert to Chase Freedom SIGNATURE?

Anonymous — Wed, 12 Nov 2008 06:57:03 GMT

@Anonymous wrote:
I don't know how to post screenshots...

stef37:

Thanks for all of your help!

Here's a thread on how to post screenshots:

http://ficoforums.myfico.com/fico/board/message?board.id=forumsfeedback&message.id=1010

Re: Should I convert to Chase Freedom SIGNATURE?

haulingthescoreup — Wed, 12 Nov 2008 12:36:50 GMT

psychic wrote:

@Anonymous wrote:
I don't know how to post screenshots...
stef37:

Thanks for all of your help!

Here's a thread on how to post screenshots:
http://ficoforums.myfico.com/fico/board/message?board.id=forumsfeedback&message.id=1010

I think it's a ton easier with the GE, especially now after the upgrade, but this works for us hard-core html propeller-beanie types.

Re: Should I convert to Chase Freedom SIGNATURE?

Anonymous — Sat, 07 Mar 2009 14:53:20 GMT

@Anonymous wrote:
In late 2005, I purchased a car using a Chase balance transfer check. In September of this year, I paid off that balance. As a result, this account shows a relatively high Largest past balance:

Currently, this a non-Signature Chase Freedom card. I contacted Chase today and was told that if I converted this card to a Signature Freedom, my credit history, including that $26,027 "Largest past balance" would remain unchanged. I was also told that I could take $4273 (the difference between my $30,300 Credit limit and the $26,027 "Largest past balance" ) of this credit limit and apply it to my other Chase card.

I never thought I'd ask this question: Should I convert to the Chase Freedom Signature card?

I finally converted my card this morning to a Chase Freedom World MasterCard. I decided that I could probably use another MC (my other MC is with Citibank).

I currently have 2 Chase Freedom cards. I took $5300 of my credit line and applied it to my other Chase Visa card's credit limit. So, I now have a $25,000 credit access line on the World MasterCard, and a $37,600 credit limit on my Freedom Visa card. On my credit reports, the World MasterCard's $25,000 credit access line won't show, but the "Highest past balance" is $26,027--that works to my advantage.

I do plan to PIF monthly, before my statement date, just to be safe!

Re: Should I convert to Chase Freedom SIGNATURE?

Scamp — Sat, 07 Mar 2009 15:19:18 GMT

WTG, psychic.

I hope my credit grows up to be like yours!

And you can bet I take notes on the things you, in particular, do and don't do, in an effort to help make that happen.

Re: Should I convert to Chase Freedom SIGNATURE?

Anonymous — Sat, 07 Mar 2009 16:02:45 GMT

Thank you, Scamp!

I'm hoping I made the right decision about this conversion.

I need a MasterCard when I shop at Sam's Club (they don't accept Visa or AMEX). I feel a little uneasy using my Citibank Dividends Platinum Select MC for rewards these days--I'd rather earn rewards dollars on my Chase Freedom card. So, I decided to convert from Visa to World MasterCard rather than to Visa Signature.

I'll let everyone know if there are any other quirks related to these no pre-set spending cards that haven't already been discussed! Right now, I think I've learned a lot from other cardholders' mistakes!

Re: Should I convert to Chase Freedom SIGNATURE?

Anonymous — Sun, 08 Mar 2009 03:07:01 GMT

Hey psychic,

Seems like old things are new again! I missed your post a few months ago and am smiling as I think of you switching to the signiture card! I assume that there is some use you can make of the benefits offered by the signiture, else why even consider the switch? Or do you just like the idea of switching because the high highest balance you have will make it a painless switch? If nothing else, it helps to keep everyone else in the know as far as how things work.

Later,

krystofur

Re: Should I convert to Chase Freedom SIGNATURE?

Anonymous — Sun, 08 Mar 2009 09:45:30 GMT

Hi krystofur!

I learned so much about no pre-set spending limit cards from you and Dawn! You two were our Forums' pioneers with these cards!

When I decided I wanted another MasterCard, and obtain it through a product change, this card seemed like the logical choice. Since the Highest past balance was about $26,000, it appeared to be the perfect choice for a Signature or World card: I wouldn't have to do crazy things like max out the account, then pay the balance in full before the closing date, in order to establish a decent high balance.

I'll take advantage of a few of the World card's benefits, such as hotel upgrades, or occasionally, concierge services. Many benefits will go unused.

I'll be keeping an eye on my credit reports for the next few months. I'm hoping that I've learned how to avoid problems caused by reporting issues.

Maybe in a few months, I might be posting "I converted my World MasterCard to a Platinum MasterCard! "