topic BofA Visa Signature doesn't report credit limit in Credit Cards

BofA Visa Signature doesn't report credit limit

eddie84 — Sat, 27 Jul 2013 17:12:13 GMT

Will this hurt my score in any way? They're the only one that doesn't report the limit since they categorized it as "flexible spending account" and not a charge card. The only thing they report is the balance on the account and I don't want my util to be over 10%.

Sorry if this has been asked already.

Re: BofA Visa Signature doesn't report credit limit

09Lexie — Sat, 27 Jul 2013 17:16:13 GMT

It's ok, it has been asked already. since it reports like a charge card, util in this card will not hurt your FICO. If you needed the CL to report then it will hurt you. Your choices are to change it to the Plat which reports the CL or use it as your daily spend since whatever you let show isn't factored in your FICO.

Re: BofA Visa Signature doesn't report credit limit

eddie84 — Sat, 27 Jul 2013 17:17:38 GMT

Ok, cool. Thank you Lexie... you're the best!

Re: BofA Visa Signature doesn't report credit limit

09Lexie — Sat, 27 Jul 2013 17:18:33 GMT

You are welcome.

Re: BofA Visa Signature doesn't report credit limit

HiLine — Sat, 27 Jul 2013 19:17:59 GMT

It may hurt a little bit. What gets reported instead of the credit limit is the high daily balance, which is usually smaller than the credit limit. FICO uses high daily balance to substitute for credit limit in calculating credit scores if the card is a flexible limit account. As a result, utilization will be higher than if the credit limit were reported. If you want to minimize or eliminate the disadvantage, you should charge a lot to the card until the balance reaches the credit limit, then pay down the balance. This is what I did with my BofA BankAmericard Travel Rewards Visa Signature card.

Re: BofA Visa Signature doesn't report credit limit

eddie84 — Sat, 27 Jul 2013 20:54:30 GMT

Thanks for the input. I was thinking just that (use it until it almost maxed out and then pay it off).