topic Re: Chase to report Sig limit! in Credit Cards

Chase to report Sig limit!

Anonymous — Fri, 29 Jul 2011 03:24:03 GMT

So just some food for thought: I called Chase today to find out if my new Southwest Rapid Rewards Visa Signature would report the 5000 CL every month and the rep told me that they will still report my current balance and credit limit. I'm happy that I won't have to "work the system" to get my card to report the way I want it to. Just thought I would give everyone a heads up!

Re: Chase to report Sig limit!

Creditaddict — Fri, 29 Jul 2011 03:45:22 GMT

I believe this rep was WRONG!

My Southwest Signature only reports high balance not credit line!

Re: Chase to report Sig limit!

MagicShot — Fri, 29 Jul 2011 03:46:55 GMT

@Creditaddict wrote:
I believe this rep was WRONG!

My Southwest Signature only reports high balance not credit line!

Creditaddict is right most Signature card only report High Limit.

Re: Chase to report Sig limit!

Anonymous — Fri, 29 Jul 2011 04:27:48 GMT

I asked very straight forward if it would be high limit or credit limit. I'm going to call tomorrow to ask again. I assumed it would be high limit. Any tips on how to get this card to report like its reporting a CL?

Re: Chase to report Sig limit!

tsquad131 — Fri, 29 Jul 2011 04:35:51 GMT

yeah the csr told you wrong signature cards dont report limits the only way you can get it to report the limit is if you request a platinum version of your card instead of the signature version and then it should report the limit

Re: Chase to report Sig limit!

trumpet-205 — Fri, 29 Jul 2011 04:44:18 GMT

Visa Signature and World MasterCard are NPSL (no pre-set spending limits) card. With these cards, you CAN go over the credit limit provided you PIF on any balance that is over the limit.

That is why most lenders don't report credit limits on these cards, because you CAN go over the credit limit. It is the correct way to report these cards!!

Most FICO scoring models ignore any balance from NPSL, which means these cards won't affect your utilization.

I honestly don't get why so many people are so fussed up about getting them to report credit limits. Chase did NOT report credit limit on my dad's Freedom Visa Signature. If you want Chase to report the credit limit on your Southwest card then call in and ask to downgrade into Platinum Visa. You'll lose some travel benefits, complementary concierge, exclusive events, and some other benefits but that'll make your credit limit appears on your credit reports.

Re: Chase to report Sig limit!

tsquad131 — Fri, 29 Jul 2011 04:41:22 GMT

I think the op just wanted his limit to report to possibly lower utilization if he is or planning to carry a balance in the future on that card or other cards. If you pif every month before the statement cuts then you should have to worry about utilization

Re: Chase to report Sig limit!

Anonymous — Fri, 29 Jul 2011 06:25:00 GMT

I dont know about Chase but Citi sure recently started started reporting my limit on my AA Siggie Visa and Citi AA Amex. Others have reported Ameriprise started reporting limites on their World MC this month (mine hasn't posted yet this month). There certainly seems to be a trend underway. Not that I'd take the word of one CSR, but there does seem to be an industry trend underway in recdent months to start reporting limits or World and Siggie cards so if Chase did make such a mobve it would not be unprecidented. I for one would be happy to have my PIF Chase World MC post its huge CL. OTOH I am mad as hell if my Ameriprise World MC reports a limit and unhides its $5,000 balance. I'm interested enough in this Chase story to follow up and see if there is anything to it.

BTW a few months ago I called chase about having the limit report or downgrading my card to one that did and I was flately denied and told no changes were possible on that card. They did offer to lower my lomit though if I would like..... yea right.

Re: Chase to report Sig limit!

scottwagnon — Fri, 29 Jul 2011 07:56:52 GMT

@trumpet-205 wrote:
Visa Signature and World MasterCard are NPSL (no pre-set spending limits) card. With these cards, you CAN go over the credit limit provided you PIF on any balance that is over the limit.

That is why most lenders don't report credit limits on these cards, because you CAN go over the credit limit. It is the correct way to report these cards!!

Most FICO scoring models ignore any balance from NPSL, which means these cards won't affect your utilization.

I honestly don't get why so many people are so fussed up about getting them to report credit limits. Chase did NOT report credit limit on my dad's Freedom Visa Signature. If you want Chase to report the credit limit on your Southwest card then call in and ask to downgrade into Platinum Visa. You'll lose some travel benefits, complementary concierge, exclusive events, and some other benefits but that'll make your credit limit appears on your credit reports.

YES!!!!!!!!!!!!!!!! YES!!!!!!!!!!!!!!!!!! I THOUGHT NOBODY WAS GETTING THIS! +1000. thank you trumpet. you explained this perfectly, thus perfectly taking the words from my mouth.

look peoples, there is a way you can express a limit as high balance. just do what i did and go to best buy, charge near the limit or past it (dosen't matter). wait for the balance to post. than immediately return the merchandise untouched. (please dont touch) this will take 5 days tops; i would suggest only doing this just after the statement cuts. please be careful with merchandise; there is a risk of damaging merchandise if you are not careful. i was fine however, not a scratch, not even to the shrink wrap; they smiled at me and told me, "thank you for choosing best buy" when i completed the return transaction.

Re: Chase to report Sig limit!

ArisGreek — Fri, 29 Jul 2011 12:37:30 GMT

My Citi Thank You Preferred was supposed to have no pre-set spending limit and the CL posted about 3 months where it never used to. I'd freak if my Chase OnePass Plus ever reported because I have a 4.8k balance on the $15k line Had to get a new furnace So I'm hoping that doesn't happen for at least a year so i can pay it down.

Re: Chase to report Sig limit!

anderl — Fri, 29 Jul 2011 13:00:17 GMT

Ok- so here's the deal folks-I have a Sig-Visa and a World MC both through Chase-Both with CLs over 25k-both were automatically upgraded to Signature/World status so I could enjoy the XTRA benefits-but with these extra benefits comes a hitch-NO CL WILL REPORT- yes you can charge up to your "Access Line" that has been given to you (this is what they are calling it instead of a CL so it won't report) and pay it off and it will report as your HIGH BALANCE-ONLY. NOT UR CL AND WILL NOT BE FACTORED AS A CL ON YOUR CREDIT REPORTS AND NOT AFFECT YOUR UTILITIES. And yes. one of the benefits of having these cards is that you can charge over the assigned 'Access Line' as long as you pay the overage amount charged above your 'Access Line' at the end of the billing cycle( so I can make a 28K purchase on my 25k Visa Sig as long as I make a 3k payment by the due date).Technically, the only way get your CL to report is to downgrade to Platinum -but Siggie's and world MC'S w/Chase are not allowed-they will tell you that your card is not allowed/doesn't qualify for the downgrade and that you will have to APPLY for a Platinum card(in other words, apply for a new account)-also from now on,any card that is approved w/ a CL 5K OR GREATER will automatically be a VIS SIG or WORLD MC-the ONLY WAY to get a CL to report on a new account is to make sure you tell them that you want your CL limit to report and to start you off with a CL below 5K(and yes, it will grow as normal)-that way you avoid the new 'RULE' that any credit account approved for 5K or more is automatically a Visa Sig or World MC.

Re: Chase to report Sig limit!

MarineVietVet — Fri, 29 Jul 2011 16:54:50 GMT

@scottwagnon wrote:

YES!!!!!!!!!!!!!!!! YES!!!!!!!!!!!!!!!!!! I THOUGHT NOBODY WAS GETTING THIS! +1000. thank you trumpet. you explained this perfectly, thus perfectly taking the words from my mouth.

look peoples, there is a way you can express a limit as high balance. just do what i did and go to best buy, charge near the limit or past it (dosen't matter). wait for the balance to post. than immediately return the merchandise untouched. (please dont touch) this will take 5 days tops; i would suggest only doing this just after the statement cuts. please be careful with merchandise; there is a risk of damaging merchandise if you are not careful. i was fine however, not a scratch, not even to the shrink wrap; they smiled at me and told me, "thank you for choosing best buy" when i completed the return transaction.

I would call this unethical manipulation of one's credit score. You are recommending that someone make a large purchase to artifically boost their high past balance without having any intention to keep it.

Please review the Forum's Terms of Service which prohibit:

Discussion of illegal or unethical activities or providing links to other websites containing such information;

MarineVietVet, myFICO moderator

Re: Chase to report Sig limit!

vish1 — Fri, 29 Jul 2011 17:40:34 GMT

@MarineVietVet wrote:
@scottwagnon wrote:

YES!!!!!!!!!!!!!!!! YES!!!!!!!!!!!!!!!!!! I THOUGHT NOBODY WAS GETTING THIS! +1000. thank you trumpet. you explained this perfectly, thus perfectly taking the words from my mouth.

look peoples, there is a way you can express a limit as high balance. just do what i did and go to best buy, charge near the limit or past it (dosen't matter). wait for the balance to post. than immediately return the merchandise untouched. (please dont touch) this will take 5 days tops; i would suggest only doing this just after the statement cuts. please be careful with merchandise; there is a risk of damaging merchandise if you are not careful. i was fine however, not a scratch, not even to the shrink wrap; they smiled at me and told me, "thank you for choosing best buy" when i completed the return transaction.
I would call this unethical manipulation of one's credit score. You are recommending that someone make a large purchase to artifically boost their high past balance without having any intention to keep it.

Please review the Forum's Terms of Service which prohibit:

Discussion of illegal or unethical activities or providing links to other websites containing such information;

MarineVietVet, myFICO moderator

+100

IMHO, this is too unethical and extreme manipulation. Not only unethical with the scores but also a intentional misuse of return policies. Lets keep it nice and neat so that we and generations after us can continue to enjoy return policies in good faith.

Re: Chase to report Sig limit!

scottwagnon — Sat, 30 Jul 2011 09:35:21 GMT

sigh... i should keep my ideas to myself. my suggestion was not ethical. based on ethics please disregard my suggestion. however, i would advise AGAINST returning merchandise if you intend to USE it or accidently damage any merchandise that you have purchased. in other words if anyone has considered my suggestion, PLEASE DO NOT RETURN MERCHANDISE if you have damaged or opened it. and on ethical terms, i will advise you not return the merchandise unless it is defective.

Re: Chase to report Sig limit!

minimock — Sat, 30 Jul 2011 08:13:15 GMT

I looked at the Title for the post and went SWEET !

But alas, it was not to be

Re: Chase to report Sig limit!

Anonymous — Sat, 30 Jul 2011 18:02:27 GMT

Sorry to get your hopes up, but thanks to the folks on this forum I know the limit will not report like Chase said and my new Sig won't affect my utilization. Thanks everyone! I appreciate it