topic Re: Signature VISA - whats the bottom line in Credit Cards

Signature VISA - whats the bottom line

flyingmd — Mon, 29 Aug 2011 21:32:46 GMT

Hi all,

With all the concern about how a signature VISA (or world preferred NPSL MC for that matter) affects your FICO by not reporting the "credit line" has anybody actually seen the before and after effect of this product. For instance, is there anyone who checked their score with a platunum or "regular" VISA and then recheck soon after a conversion to a signature card and can report on what it actually did to their score. I realize this is an unscientific survery but I am really curious. I never bothered with it as I like the NPSL feature of the signature card and make good use of it. But I never really thought about how it would affect my score. All my signature cards have had very large balances in the past paid off so they report a quite high "credit high balance" and I always thought this was a good thing.

Re: Signature VISA - whats the bottom line

laboi_22 — Tue, 30 Aug 2011 00:03:30 GMT

I have checked out what would happen to my score using credit karma. It let's you simulate scenarios about your credit report and what would happen. I have a signature card just upgraded and I've seen no change thus far.

Re: Signature VISA - whats the bottom line

Walt_K — Tue, 30 Aug 2011 00:24:22 GMT

There's no inherent affect to the change to test for. It affects your score because it affects your calculated utilization. And the effect is going to differ for every person because they are going to have different high balances that report that substitute for their CL in calculating their utilization.

Re: Signature VISA - whats the bottom line

creditguy-378 — Tue, 30 Aug 2011 02:36:56 GMT

i agree with walt

Re: Signature VISA - whats the bottom line

AndySoCal — Tue, 30 Aug 2011 03:06:26 GMT

Who are Signature VISA's with? If it is CIti i have read reports that they report credit limits on all their cards NPSL or not. Also, how do thye rpeort as an Open account or a revolving account. type ? I had two and now have NPSL card I saw around a 10 point drop in my score which came back after I stopped using the card.

Re: Signature VISA - whats the bottom line

haulingthescoreup — Tue, 30 Aug 2011 03:39:22 GMT

One reason that people might not see much of a score change is perhaps that most of those who qualify for these already have a pretty decent-sized total CL, so not having that available doesn't have as much impact.

Also, I know that I have had one card report a high util and have "gotten away with it" in terms of no real score damage, although two cards with high util is a different story.

This might be a case in which having a few too many cards and high total CL really does provide a benefit.

I just got a Southwest Rapid Rewards Visa which I expect to be a Siggy due to the CL (just got approved Saturday night, and it showed up online with the CL today), so I'll see if there's any impact when I put some plane tickets on it.

Re: Signature VISA - whats the bottom line

in0wh3r3ul1v3 — Tue, 30 Aug 2011 17:15:41 GMT

1) does the NPSL make the visa siggy a charge card that you have to PIF?

2) how does the amount reported under "high balance" affect scores?

Re: Signature VISA - whats the bottom line

Anonymous — Tue, 30 Aug 2011 17:31:59 GMT

1. No it is still a credit card

2. Your highest balance is what they report to the bureaus as the CL if I'm not mistaken.

Re: Signature VISA - whats the bottom line

Walt_K — Tue, 30 Aug 2011 17:35:54 GMT

@in0wh3r3ul1v3 wrote:
1) does the NPSL make the visa siggy a charge card that you have to PIF?

2) how does the amount reported under "high balance" affect scores?

Sort of. You can go over your CL, but you have to pay that portion in full. So if your CL is $5000, you are allowed to spend $10,000 (or whatever your internal limit is with them) in a month, but you must bring it below $5,000 when your bill is due.

Re: Signature VISA - whats the bottom line

Anonymous — Tue, 30 Aug 2011 18:41:31 GMT

I have BoA visa signature and it does report my CL to credit bureau. I actually got an upgrade from them from my old visa (no rewards). I would definately would like to know other people's experinece with Visa Signature (preferably BoA).

Re: Signature VISA - whats the bottom line

flyingmd — Wed, 31 Aug 2011 13:21:52 GMT

Besides BOA, what other signature cards report the credit limit as opposed to highest balance. I know the info is here scattered about the forum but would be nice to know which ones do report and have a list of them convieniently in one place.

Re: Signature VISA - whats the bottom line

GregB — Wed, 31 Aug 2011 14:20:47 GMT

My BofA VISA stopped reporting limit and started reporting Largest Past Balance when they converted it to a NPSL card. EQ includes it in Util Calcs with the LPB as the CL. TU excludes the card completely, at least with FICO 98. So does CK, if that means anything.

Don't confuse the revolving total on your reports with the amounts used in Util Calcs.

Re: Signature VISA - whats the bottom line

Anonymous — Wed, 31 Aug 2011 14:29:35 GMT

Cabelas Signature Visa reports the CL.

I love that card - easiest to manage by far. Pay as many times as you'd like to during the month (I've even paid from two different sources in the same day). Can pay before the charge posts to the account so most of my monthly bills go on this card. Makes budget day a breeze.

Ironically, we don't shop at Cabelas. Never been in one.

Re: Signature VISA - whats the bottom line

Anonymous — Wed, 31 Aug 2011 19:21:45 GMT

My Experian report has the credit limit listed whereas I just pulled my Equifax and it just posts the highest amount the section of credit limit is blank.

Re: Signature VISA - whats the bottom line

Anonymous — Thu, 01 Sep 2011 17:04:38 GMT

@flyingmd wrote:
Besides BOA, what other signature cards report the credit limit as opposed to highest balance. I know the info is here scattered about the forum but would be nice to know which ones do report and have a list of them convieniently in one place.

My Wells Fargo Signature Visa reports the credit limit.

Re: Signature VISA - whats the bottom line

anderl — Sun, 04 Sep 2011 19:22:44 GMT

I have 4Visa Siggie's/1 World MC-Siggie's started out as Platinum and they all reported CL's-one by one were upgraded -received a notice in mail that they were going to upgrade my card(s)-w/ the first card,I was just too busy and figured 'oh well,let them upgrade me and I'll receive all these xtra perks'-soon after, another Platinum was upgraded-then I noticed that my utlization had changed by about 10%-that's when I checked this forum to get more info-after speaking w/CSR's for each Visa Siggie(and after being told that the CL's would report as normal, which they never did),w/ the next upgrade I received I immediately told them that if my CL won't report then I will not accept the upgrade-they upgraded AND reported the limit- the same happened with my 4th upgrade-so it seems, in my case anyway, that ONLY when I contacted them saying I would refuse the upgrade unless the CL reports ,did they actually report the CL- NFCU,WFargo, and CitiBank all report....CHASE does not(they actually gave me 5k cli to 40k for' being an outstanding customer'(yeah, I've pushed 75k through that card just in the past 2yrs.).....which means nothing cause it doesn'r report(oh well, $5.95/mnthly subscription is all CHASE is getting now)....also HIGH BALANCE on ur non-reporting CL DOES NOT REPLACE or ACT as ur CL.