topic Re: Any one get BoA VISA signature to report the limit? in Credit Cards

Any one get BoA VISA signature to report the limit?

Anonymous — Fri, 12 Jul 2013 04:21:37 GMT

I was just wondering has anyone successfully got BoA to report credit limits to the CRAs on their VISA Signature cards? I just got my BankAmericard Privileges card with a $9,000 limit, my highest limit. Unfortunately it does not report. I read a bunch of old posts, with people having mix results. My CSP which is a Visa signature reports my limit, which I find strange. You would think it would standardized, meaning either they report limits on Signature cards or they don't to ensure a proper/consistent FICO score calculation.

Re: Any one get BoA VISA signature to report the limit?

09Lexie — Fri, 12 Jul 2013 04:35:01 GMT

Each lender can report differently. Afaik, BoA reports this cc as Flexible Spending. Others can chime in, but I think you need to request a PC to the non-siggy for BoA

Re: Any one get BoA VISA signature to report the limit?

armbenderc — Fri, 12 Jul 2013 07:21:03 GMT

Yup my BofA Privileges reports as flexible spending account. No CL report.

Re: Any one get BoA VISA signature to report the limit?

nyancat — Fri, 12 Jul 2013 09:48:44 GMT

The fact it doesn't report the limit will NOT hurt your score since it simply won't be included, positive or negative, in utilization under the current FICO model.

Re: Any one get BoA VISA signature to report the limit?

withaspark — Fri, 12 Jul 2013 10:16:31 GMT

I've had three BofA visa signature cards...none have reported limit other than highest historical balance...and I've asked repeatedly...they have always said no or well convert it to a platinum plus visa which does report, so that's what I did and it reports now. You keep your acct age and number and everything only giving up the standard visa signature perks (ie, secondary car rental CDW). Nothing to it.

I don't understand why so many say it doesn't hurt utilization, it does. If the op has a 9k limit with 0 balance, and nonzero utilization, than your utilization is higher than if the limit had been reported.

Re: Any one get BoA VISA signature to report the limit?

lg8302ch — Fri, 12 Jul 2013 10:29:22 GMT

My 2 Siggies (cash and travel rewards) report to EX with CL of 5K but are not reporting CL to TU and EQ. If you want BofA to report your CL then you need to switch to Platinum Plus and you are all set.

Re: Any one get BoA VISA signature to report the limit?

nyancat — Fri, 12 Jul 2013 10:25:49 GMT

@withaspark wrote:
I've had three BofA visa signature cards...none have reported limit other than highest historical balance...and I've asked repeatedly...they have always said no or well convert it to a platinum plus visa which does report, so that's what I did and it reports now. You keep your acct age and number and everything only giving up the standard visa signature perks (ie, secondary car rental CDW). Nothing to it.

I don't understand why so many say it doesn't hurt utilization, it does. If the op has a 9k limit with 0 balance, and nonzero utilization, than your utilization is higher than if the limit had been reported.

It doesn't HELP or HURT utilization. From a utilization point of view, it's the same as if the card didn't exist at all.

Re: Any one get BoA VISA signature to report the limit?

Anonymous — Fri, 12 Jul 2013 10:49:39 GMT

I believe many people have had it affect utilization though.

Re: Any one get BoA VISA signature to report the limit?

nyancat — Fri, 12 Jul 2013 11:36:22 GMT

@Anonymous wrote:
I believe many people have had it affect utilization though.

Depends on the scoring model. In the current model, it's simply not calculated. Positive or negative. In the old model is was percent of the high water mark (so let's say you have a $5000 limit but the most you've ever charged is $1000. A $500 balance would be 500/1000 = 50% utilization instead of 500/5000 = 10% utilization).

Currently, these accounts are NOT calculated in utilization. They don't benefit your utilization (by adding the limit to the denominator), but they don't hurt your utilization (by adding the balance to the numerator) either. It's as if you didn't even have the account from a utilization perspective.

Re: Any one get BoA VISA signature to report the limit?

withaspark — Fri, 12 Jul 2013 12:18:23 GMT

@nyancat wrote:
@Anonymous wrote:
I believe many people have had it affect utilization though.
Depends on the scoring model. In the current model, it's simply not calculated. Positive or negative. In the old model is was percent of the high water mark (so let's say you have a $5000 limit but the most you've ever charged is $1000. A $500 balance would be 500/1000 = 50% utilization instead of 500/5000 = 10% utilization).

Currently, these accounts are NOT calculated in utilization. They don't benefit your utilization (by adding the limit to the denominator), but they don't hurt your utilization (by adding the balance to the numerator) either. It's as if you didn't even have the account from a utilization perspective.

It does not hurt utilization, semantically that's correct, but it does make your utilization higher than it would be if it did report in many cases. If your utilization on the NPSL card is greater than your overall utilization, you do not want it to report, otherwise you do.

An example:

Card 1: 5k limit, 1k balance

Card 2: 10k limit, 1k balance, 1k high balance, NPSL

If NPSL does report limit, utilization is 2k / 15k = 13.3%. If NPSL does not report limit and doesn't get counted against outstanding debt, than your utilization is 1k / 5k = 20%. Worst case scenario, someone uses an old scoring model that uses highest balance for NPSL, your utilization is 2k / 6k = 33.3%. So sure--in new models it "doesn't hurt your score"...but your score can be worse than if it did report. This is one where both statements are true. You're certainly correct, nyancat; but I doubt the poster is really concerned with if it's hurting, moreso how to optimize their score.

Re: Any one get BoA VISA signature to report the limit?

teddybearkelli1 — Fri, 12 Jul 2013 18:06:52 GMT

================================================================================================================================

This actually just happened to my DH, he just received his new card last week with a $6k limit and was reporting the limit as n/a. He called to try to change to Platinum Plus and was told by 2 reps he couldnt downgrade his card. Finally he called the back door number, and it was changed to a platinum plus within 5 minutes. Now it reports. He solely got this card for utilization purposes as well, so needed the limit to show.

Re: Any one get BoA VISA signature to report the limit?

dumaine — Thu, 14 Nov 2013 20:37:34 GMT

Old thread revival alert........

Well not that the reporting really matters to me, yet I was approved for BofA Cash Rewards Signature (5k limit) on 11/6 and its reporting on EQ. Have not seen the other two yet. Now is it reporting the limit on EQ because I have not used it yet?

Re: Any one get BoA VISA signature to report the limit?

FutureBillionaire — Thu, 14 Nov 2013 22:06:07 GMT

I actually liked that they didn't report.

Re: Any one get BoA VISA signature to report the limit?

lg8302ch — Thu, 14 Nov 2013 22:48:17 GMT

same here....I also liked the "hidden" credit limit ..

Re: Any one get BoA VISA signature to report the limit?

FinStar — Fri, 15 Nov 2013 03:27:46 GMT

@dumaine wrote:
Old thread revival alert........

Well not that the reporting really matters to me, yet I was approved for BofA Cash Rewards Signature (5k limit) on 11/6 and its reporting on EQ. Have not seen the other two yet. Now is it reporting the limit on EQ because I have not used it yet?

It will report to the CRAs because that is your current approved CL, regardless whether you've used it or not. The policy changed not long ago in which BoA Visa Signature CLs were not reported, and now they do.

Re: Any one get BoA VISA signature to report the limit?

HiLine — Sun, 24 Nov 2013 00:24:47 GMT

@lg8302ch wrote:
same here....I also liked the "hidden" credit limit ..

Why did you like it? If anything, the credit limit not getting reported only inflates utilization.

Re: Any one get BoA VISA signature to report the limit?

FinStar — Sun, 24 Nov 2013 00:28:44 GMT

@HiLine wrote:
@lg8302ch wrote:
same here....I also liked the "hidden" credit limit ..
Why did you like it? If anything, the credit limit not getting reported only inflates utilization.

Everyone's preferences will vary HiLine. For instance, what would you say to customers who have a JPM relationship and is given a $100K or $200K on a Palladium or JPM Select CC?. Do you think they *really* need any utilization "padding"? I would hardly think so.

Re: Any one get BoA VISA signature to report the limit?

HiLine — Sun, 24 Nov 2013 00:31:05 GMT

@FinStar wrote:
@HiLine wrote:
@lg8302ch wrote:
same here....I also liked the "hidden" credit limit ..
Why did you like it? If anything, the credit limit not getting reported only inflates utilization.
Everyone's preferences will vary HiLine. For instance, what would you say to customers who have a JPM relationship and is given a $100K or $200K on a Palladium or JPM Select CC?. Do you think they *really* need any utilization "padding"? I would hardly think so.

No, but that doesn't answer my question.

Re: Any one get BoA VISA signature to report the limit?

Walt_K — Sun, 24 Nov 2013 00:43:02 GMT

@HiLine wrote:
@lg8302ch wrote:
same here....I also liked the "hidden" credit limit ..
Why did you like it? If anything, the credit limit not getting reported only inflates utilization.

If you're talking about a newer scoring model that ignores NPSL cards, then you can carry whatever balance you want on the card and have it not affect your utilization. It acts as a hidden tradeline, which does not inflate your utilization. Presumably that is why some people prefer it not to report a CL.

Re: Any one get BoA VISA signature to report the limit?

lg8302ch — Sun, 24 Nov 2013 01:39:13 GMT

@HiLine
The reason I liked it is that other lenders did not see the limit and I started to get double digit CLs...before everybody got me 5K the same as BofA....never had to consider a CLI either because it was fine for me like that. In 2014 I will now consider a CLI request with BofA to match my other limits. Utilization is no issue for me and these two cards were simply excluded...so nothing that would have done any damage...my average CL was higher before BofA started reporting