topic Re: Visa Signature CL Reporting in Credit Cards

Visa Signature CL Reporting

sddykstr — Wed, 23 Feb 2011 16:23:06 GMT

I recently opened a BofA Signature Visa, $5k CL. I talked to two different credit analysts yesterday who confirmed that it should report a credit limit. I asked the question about 3 different ways to both of them, and got basically the same answer. "In my experience, these signature cards will report your credit limit to the beaurus".

The account showed on my BofA accounts homepage today, not sure when it will show on my CR.

Anyone else have any experience?

Re: Visa Signature CL Reporting

Anonymous — Wed, 23 Feb 2011 16:31:39 GMT

You need to give the accounts up to 2 months before they will show up on your CR.

Re: Visa Signature CL Reporting

Anonymous — Wed, 23 Feb 2011 16:37:20 GMT

I have the BankAmericard Signature VIsa Cash Rewards and the limits are not reported on all three CRAs. If you don't need the Visa Sig benefits, you may want to consider a PC.

Re: Visa Signature CL Reporting

sddykstr — Wed, 23 Feb 2011 16:38:48 GMT

Can I PC if I just opened the card? Also, would that have any impact on my CL or interest rate?

Re: Visa Signature CL Reporting

Anonymous — Wed, 23 Feb 2011 18:10:19 GMT

Visa Signature cards should not report CL on CR because it has no "preset spending limit" I guess BOA is different.

Re: Visa Signature CL Reporting

Anonymous — Wed, 23 Feb 2011 18:14:59 GMT

My Visa Signature does not report a limit, but it does report the highest amount I have had on the card at one time.

Re: Visa Signature CL Reporting

DI — Wed, 23 Feb 2011 18:16:52 GMT

@Anonymous wrote:
Visa Signature cards should not report CL on CR because it has no "preset spending limit" I guess BOA is different.

i don't understand. My Visa Signature isn't reporting a credit limit to the CRAs. But when I log into my account on BOA's website it shows a $7000 CL.

Re: Visa Signature CL Reporting

sddykstr — Wed, 23 Feb 2011 18:22:42 GMT

Same here, mine reports $5k on their website. It should report like any other card. I mentioned to the rep that I had read a lot about the limit not reporting. He said that it would report the limit like any other card. Again, this was two different people.

So either the two I talked to were ill-informed, or they've started reporting. My guess is that they were just confused / incorrect, but hopefully I'm wrong.

I'll be using mine for a fairly large purchase since it's 0%. It will kill my util for a couple of months, but then from there on out, I'll be good since it will report a high limit of about $4k.

Re: Visa Signature CL Reporting

Anonymous — Wed, 23 Feb 2011 18:26:37 GMT

@DI wrote:

@Anonymous wrote:
Visa Signature cards should not report CL on CR because it has no "preset spending limit" I guess BOA is different.

i don't understand. My Visa Signature isn't reporting a credit limit to the CRAs. But when I log into my account on BOA's website it shows a $7000 CL.

We all are confused. According to VISA, "With Visa Signature you have the flexibility to exceed your credit limit should you ever need the additional purchasing power. So you'll have peace of mind knowing that you'll have additional spending flexibility because of a no pre-set spending limit." So I guess if you have a $7000 "limit," you can still put $7500 through your card and shouldn't have a problem. But whether or not the account reports a CL totally depends on your bank.

Someone correct me if I'm wrong.

Scr: http://usa.visa.com/personal/visa-signature/benefits/no-preset-spending-limit.jsp

Re: Visa Signature CL Reporting

sddykstr — Wed, 23 Feb 2011 18:29:37 GMT

That is possibly the dumbest thing that I've heard. It's like if a green card and a visa had a love child. Kind of the worst of both worlds really, but whatever it's my highest limit card.

Maybe once I make my big purchase and pay it off in a couple months I'll try to PC. I honestly don't know that I'm super concerned about it....I just found it really odd.

Re: Visa Signature CL Reporting

JaseT — Wed, 23 Feb 2011 19:28:02 GMT

Visa Signature cards generally allow you to exceed the CL, but any amount charged over the CL will not revolve and must be paid in full.

As far as reporting or not, it depends on the card issuer. My Nordstrom Visa Signature reports a limit.

Re: Visa Signature CL Reporting

vish1 — Thu, 24 Feb 2011 03:10:03 GMT

@DI wrote:

@Anonymous wrote:
Visa Signature cards should not report CL on CR because it has no "preset spending limit" I guess BOA is different.

i don't understand. My Visa Signature isn't reporting a credit limit to the CRAs. But when I log into my account on BOA's website it shows a $7000 CL.

I duno how BofA handles them, but when we called for my cousin's card status, the automated system said credit access line for the visa signature. The reps she talked to said, credit access line was the amount she could revolve, if she overshot, there would be no penalty, but the overshot amount must be paid along with min payment.

We din't bother to ask about reporting as we have been reading different comments from different people so she thought she would wait and watch.

Re: Visa Signature CL Reporting

Anonymous — Thu, 24 Feb 2011 03:30:03 GMT

@sddykstr wrote:
I recently opened a BofA Signature Visa, $5k CL. I talked to two different credit analysts yesterday who confirmed that it should report a credit limit. I asked the question about 3 different ways to both of them, and got basically the same answer. "In my experience, these signature cards will report your credit limit to the beaurus".

The account showed on my BofA accounts homepage today, not sure when it will show on my CR.

Anyone else have any experience?

They are full of it. My BoA Signature Visa doesn't report my CL, only past highest balance.I wonder why these people have the confidence to just claim things about which they know very, very little.

Re: Visa Signature CL Reporting

Anonymous — Tue, 01 Oct 2013 15:54:42 GMT

I had BofA Visa Signature since May 2011. It did not use to report my $5000 limit, but it did report my highest usage of $3200. I was building my credit and so I called them a couple of times about it 6 months and nothing happened, and I already gave up on that. Just yesterday (Sep 30 2013), I got a notification from my Credit Karma account that my BofA sig visa reported my $5000 credit limit. I checked my Quizzle account and saw it there as well. Check your credit report folks, maybe BofA changed their policy.

Re: Visa Signature CL Reporting

pdog661 — Tue, 01 Oct 2013 18:07:12 GMT

I had the Visa sig, and it report the "limit" only on Exp. The odd part was the CL would sometimes show up on Trans as well, but it was hit or miss.

The bonus of the flex pay is similiar to AMEX's "pay over time" feature. Basically the card is NPSL. You can charge any amount you want (within reason like AMEX) but you can only revolve the limit they give you. So for example if you have a 10K limit and you spent 30K that month on the card...... Your minium payment would be 20K at the end of the month.