topic Re: Should I convert my BankAmericard Visa Signature to Platinum? in Understanding FICO® Scoring

Convert BankAmericard Visa Signature to Platinum?

Anonymous — Sat, 30 Jul 2011 16:30:52 GMT

Sorry for yet another NPSL card question. I've been reading a LOT, and now I'm thoroughly confused.

I have a BankAmericard Visa Signature card with a CL of $5,700. My credit history is very limited in both age and amount -- before this, the only card I had was a CapitalOne Platinum Mastercard with a CL of $500. This card is only 7 months old. Also, I have many hard pulls on my account -- around 10 (I know it was stupidity on my part). My main aim is to improve my credit history, and I've decided not to apply for any new cards now, and focus on increasing the length of history instead.

I am wondering if I convert to Visa Platinum which reports the limit, will a high limit of $5700 look good on my profile and boost my score? (High limit for a newcomer I mean). Thanks!

Re: Should I convert my BankAmericard Visa Signature to Platinum?

haulingthescoreup — Sat, 30 Jul 2011 16:34:17 GMT

Hi, welcome to the forums!

Have you pulled your reports? Does it in fact report the CL?

My BofA World card reports the limit, as do more and more World cards, and Signature cards are starting to do so as well.

If it already reports, there's no point in messing with it, if you're happy with the other provisions.

Otherwise, the only problem would be IF you're losing points for high utilization. If you only let a minimal balance due report (by paying it off before the statement date), or if you have a previous high balance reporting which they use for a fake CL to calculate util, you're OK.

Re: Should I convert my BankAmericard Visa Signature to Platinum?

Anonymous — Sat, 30 Jul 2011 16:39:07 GMT

^ Thank you

I had applied for a Chase Freedom Visa recently, which I was rejected for. But when I pulled my EQ report because of that rejection, I saw that my limit was reported as N/A. Maybe it is because the card was issued hardly 4 days back, and it might be too now. I'll probably wait for a month or so and see how it reports the limit.

But reading at many places confirms that BofA Visa Signature card doesn't report the limit (World Mastercards do). I don't plan to carry a balance -- I never do. I can pay off the complete bill before the statement cuts (I'll keep the statement generation date in mind). Hence, I'm guessing that utilisation won't be such a big issue. I was just wondering if having $5700 show up on a relatively "young" credit profile might help the scores/look better to lenders.

Re: Should I convert my BankAmericard Visa Signature to Platinum?

Anonymous — Sun, 31 Jul 2011 00:57:54 GMT

FWIW my NFCU Visa Signature has reported the limit for at least the last five years.