topic Re: Chase with zero limit ??? in Credit Cards

Chase with zero limit ???

danisgods — Fri, 20 May 2011 03:51:39 GMT

So chase started to report , but under limit it says ZERO, why is that? it reports the balance right but not the limit? how to fix this?

Thanks.

Re: Chase with zero limit ???

tsquad131 — Fri, 20 May 2011 04:34:47 GMT

is it a visa signature or a world mastercard credit card?

Re: Chase with zero limit ???

danisgods — Fri, 20 May 2011 04:42:59 GMT

VISA

Re: Chase with zero limit ???

tsquad131 — Fri, 20 May 2011 06:13:21 GMT

visa signature cards and world mastercards are known not to report a limit on credit reports except your high balance.

Re: Chase with zero limit ???

danisgods — Fri, 20 May 2011 06:20:08 GMT

can i do something about it ? call chase? anything?

Re: Chase with zero limit ???

trumpet-205 — Fri, 20 May 2011 06:22:42 GMT

Nope. Visa Signature and World MC are no pre-set spending limit card. You can go over the credit limit with these cards.

Re: Chase with zero limit ???

danisgods — Fri, 20 May 2011 06:26:13 GMT

i was told my CL was 5K by the csr, what you mean by no pre-set limit? did you mean i wont be declined if i ever needed to go over 5k?

Re: Chase with zero limit ???

vish1 — Fri, 20 May 2011 11:45:11 GMT

@danisgods wrote:
i was told my CL was 5K by the csr, what you mean by no pre-set limit? did you mean i wont be declined if i ever needed to go over 5k?

Visa signature & World MC work like this.

You have a pre defined CL, upto which you use it like a regular credit card ie you can revolve the balance

If you go over the limit, its upto the issuer that he may or may not approve your charges (read that as your cutoff CL is set a bit above your disclosed CL)

You will not be charged a over the limit fee (this is different from regular visa/master cards)

Now the amount that you over shot your CL by can not be revolved so with your 5k CL, lets say your charged 5500, your minimum will be the normal minimum due + 500$ (the amount you over shot your CL)

Hope this clarifies the whole thing for you.

Re: Chase with zero limit ???

DI — Fri, 20 May 2011 12:24:09 GMT

The only thing you can do is a product change. I had that to happen to me with the BOA Signature card. I PCd to the BOA AMEX and my limit is reporting. Maybe Chase will allow you to PC.

Re: Chase with zero limit ???

minimock — Sat, 21 May 2011 02:12:04 GMT

Said it before, and Ill say it again..... I think the "Flexible Spending Card" deal is a sham. I think it benifits them in that they dont have to reserve the cash of your credit line, and at the same time you dont get the advantage of having the CL report.

That high balance stuff dosent work either. The The CRA's do not report your high limit into your CL factor as near as I can tell.

I jucied a signature card almost all the way up, and didnt see an increase in my score whatsoever.

You would think that having an extra $8000 report on your CL would move the numbers a little.

For me it didnt.

But I really cant complain too much, I have the cards when I need them....... I guess lol.

Re: Chase with zero limit ???

AndySoCal — Sat, 21 May 2011 03:46:19 GMT

I have the same issue as you have. I also No pre set spending limit account or a flexible spending limit account . Chase "upgraded" my account to a no pre spending limit account I did not ask for the change. I have tried with no sucess to have them change this. A no pre set spending limit account is hybred of a charge card and a credit card. A charge card like some Amex cards is where the balance is due in full each month. You can go over the limit without a fee. But your miniimum payment would be the amount you are over the limit + the minimum monthly payment. Since Chase will not make the change I have stoppped using the card on a regular basis. I will use card once every six months for a very small purchase.

Re: Chase with zero limit ???

bakalao2k — Sat, 21 May 2011 23:56:03 GMT

@DI wrote:
The only thing you can do is a product change. I had that to happen to me with the BOA Signature card. I PCd to the BOA AMEX and my limit is reporting. Maybe Chase will allow you to PC.

I did the same thing DI did with my BOA Visa Sig card, but I couldn't move the entire limit to the BOA AMEX. Now I have two BOA cards. Unfortunately, the BOA AMEX is being treated like a new card.

Re: Chase with zero limit ???

trumpet-205 — Sun, 22 May 2011 03:08:41 GMT

@bakalao2k wrote:

I did the same thing DI did with my BOA Visa Sig card, but I couldn't move the entire limit to the BOA AMEX. Now I have two BOA cards. Unfortunately, the BOA AMEX is being treated like a new card.

That's not PC. That's applying a brand new card. You simply apped a new card and since BoA refuses to extend you anymore credit, they transfered a portion of your CL to the new card.

Re: Chase with zero limit ???

drsmith — Sun, 22 May 2011 03:21:40 GMT

@tsquad131 wrote:
visa signature cards and world mastercards are known not to report a limit on credit reports except your high balance.

My USAA WMC reports my 7k limit

Re: Chase with zero limit ???

danisgods — Sun, 22 May 2011 04:01:44 GMT

@drsmith wrote:
@tsquad131 wrote:
visa signature cards and world mastercards are known not to report a limit on credit reports except your high balance.

My USAA WMC reports my 7k limit

very interesting.i wonder why chase doesnt

Re: Chase with zero limit ???

trumpet-205 — Sun, 22 May 2011 04:20:13 GMT

Most cases, Visa Signature and World MC do not report limits (and that is the correct way to report these cards). Some, like Citi and USAA do report limits because consumers filed complaints for them to do so.

Re: Chase with zero limit ???

danisgods — Sun, 22 May 2011 05:01:59 GMT

@trumpet-205 wrote:
Most cases, Visa Signature and World MC do not report limits (and that is the correct way to report these cards). Some, like Citi and USAA do report limits because consumers filed complaints for them to do so.

seems like all we need to do is file complaints then , correct?

Re: Chase with zero limit ???

Anonymous — Sun, 22 May 2011 06:22:18 GMT

@danisgods wrote:

@trumpet-205 wrote:
Most cases, Visa Signature and World MC do not report limits (and that is the correct way to report these cards). Some, like Citi and USAA do report limits because consumers filed complaints for them to do so.
seems like all we need to do is file complaints then , correct?

Good idea!! We all need to work together as a team work!!

Re: Chase with zero limit ???

danisgods — Mon, 23 May 2011 00:41:17 GMT

@Anonymous wrote:
@danisgods wrote:

@trumpet-205 wrote:
Most cases, Visa Signature and World MC do not report limits (and that is the correct way to report these cards). Some, like Citi and USAA do report limits because consumers filed complaints for them to do so.
seems like all we need to do is file complaints then , correct?

Good idea!! We all need to work together as a team work!!

thats exactly what i meant, think about how many members we have just here that could file a complaint .... i think we should really do that.

Re: Chase with zero limit ???

minimock — Mon, 23 May 2011 01:48:27 GMT

I hate to be a party pooper, but IMHO you run the risk of adverse action, after all it's a privilege not a right to have these cards at all.
Don't get me wrong, having two of these cards myself that don't report is irritating, but I would be somewhat more miffed if something happened to them lol

Just a thought.......you know the whole fighting City Hall thing might be in play lol