BoA World MasterCard and Visa Signature cardholders: Does your card report a credit line?

[Anonymous]

don't know about BoA, but I hear both Chase and Citi (know from first hand experience) don't report limits for visa signature and world mastercard cards.

[haulingthescoreup]

We've had a few members report that their BofA World or Signature cards report the CL, but as I recall, the cards had started out as regular cards. But even then, more people posted that they also had converted or upgraded cards, and theirs did not report the CL. So you might get lucky, but there's a good chance you won't.

Just about everyone has reported that calling customer service doesn't help, because they have no idea what this issue is about. This is one of those arcane areas where the consumers know more than the business!

[Anonymous]

I received the same letter. here I sit at work wondering why I would want to 'upgrade'. I don't see what the value is and if there is no cost why they don't automatically upgrade you?

It says I have to reply by 8/31...any one know why I should or shouldn't accept?

TIA

reply to:

Received a letter from BofA stating that:

"Your account status was recently reviewed, and you are now eligible for a no-cost upgrade to the Bank of America World MasterCard credit card."

Also says that terms and conditions will remain unchanged from current account. Rewards balance will automatically carry forward to the new account and that:

"Upgrading to the World MasterCard credit card means you'll receive a new credit card that will identify you as a World MasterCard cardholder..."

Would be nice if anyone can tell me if I would be able to get CLI's from the $6.5k I have now to $10k+ eventually over time and have it report as such (I know people say the Visa Signatures don't really report limits; rather they report high balances). Is the World MasterCard the same?

Also, the letter and other piece of paper that came in the envelope doesn't have any fine print saying that if I'm not approved for the World card that I'd get a Platinum Plus or something like that. Though I'm wary to think that I'm guaranteed the World card unless the fact that they sent me a letter after reviewing my account pretty much means I will get the black World card?

On the side of the letter it has boxes that say
-Account Status: Eligible
-Action Pending: No-cost upgrade to World MasterCard credit card
-Customer Acceptance must be received by" August 31, 2008

Any help is greatly appreciated. Would be nice to know what other people on the board have experienced first-hand. I'll give BofA a call to see what else I can find although it'd be nice to have information from here before I do that. Thanks.

[plasticguy]

BOFA World Reports 70K limit to all 3, The visa Sig, says Flex spending

[Anonymous]

I called customer support. They said they would correct the way the card reported and report the true Credit Limit. Then I got this letter from the Credit Bureau Disputes department. Thank you for your inquiry regarding the above referenced Signature Card account. As a flexible spending card, the credit limit may be exceeded without penalty. Reporting Credit Limit could have an adverse impact to your credit score if the account balance becomes greater than the credit limit. Therefore, credit limits on Signature Cards are not reported to the Consumer Reporting Agencies. In the absence of the credit limit, typically the highest historical account balance and/or the current balance on the account are utilized to complete debt ration calculations. Please keep in mind that any debt ratio calculations provided by the credit bureau is based on the credit bureaus' own proprietary code and logic and is in no way determined by Bank of America Visa Signature. I was also offered over the phone for them to wave the transaction fee on a cash advance in order to have it report that high balance. I declined and moved most of the CL over to another account which was done instantly. Long story short, anyone you call will tell you they can fix it and will tell you it will report the way you want but it won't. Nice card but a lot of hassle.

[haulingthescoreup]

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@Anonymous wrote:

.... I was also offered over the phone for them to wave the transaction fee on a cash advance in order to have it report that high balance.

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Hi, asdfdd, and welcome to the forums!

That is VERY interesting, that they offered that unprompted. Because that would do it --if you took a fee-free cash advance early in the billing cycle, and then turned right around and paid it back before the statement dropped, that high balance should report, establishing a credit limit.

I understand that you didn't want to fool with it, but it tells me two things: they understand the work-around for the problem, and they're incredibly motivated to get these things out there. Everyone who has posted about being offered these things have commented on how urgent the CSR's are. Must be one heck of a bonus for them.

[Anonymous]

four months ago, I opened a an investment acct with BOA. As a result they offered me their BankAmericard Reward Visa with an $8000 limit. I signed up for it and was approved. Before I even received the card in the mail it showed up on all my CRs as revolving credit card - Flex Spending - No Limit. I called up BOA and they said that their signature cards do not report a limit. my $8000 limit is just an exposure limit but I am allowed to go over the limit without any penalties provided that I maintain a clean CR.

Well I was not aware that it was a signature card that I signed up for. The offer letter did not mention the word Signature anywhere. the cs rep said that this sig. version of BankAmericard reward visa is for customers with investments accnts and that you must have scores close to 800.

my scores at the time I signed up where: TU 792 EX 811 EQ 807

So, in my experience BOA sig cards definitely do not report a limit.  I did hear that if someone with pre-existing BOA credit cards that reports a limit and then gets approved to upgrade that card to a sig. version, the limit will continue to report. but don't quote me on it.

ps: the card came in the mail last week and it does say on it BankAmericard Signature visa.  cs rep advised me not to do a product change because it is their top card and the reward program is great. Unless they do something about the reporting,  I think am going to change the card. I really need a card that reports a limit. My scores are more important to me than the prestige of card.  I like the reward program but I don't know how to get around the reporting problem.

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@Anonymous wrote:

There's been a little controversy lately about whether or not Bank of America's no preset spending limit World MasterCards and Visa Signature cards report credit limits to the CRAs.

Let us know which card you have:  The Bank of America World MasterCard, Visa Signature, or both. 

Inform us about whether or not your card reports a credit line.

In addition, tell us a little about the history of your account:  Was it originally a no preset spending limit card, or converted from a different account?  Was your account always with BoA, or did the card have origins in another bank, such as MBNA?

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[plasticguy]

BOFA World MC - Yes
Visa Signature - High Balance only

[Anonymous]

Here's the deal. So many cards report so many different ways. My Amex Charge card reports as installment loan. My Plum card reports as a net 30. Both only show high limit. My B0A Visa sig only reports high limit and looks maxed out right now. Ya temp score drop of 30-40 points across the board. Mt mastercard world elite shows up as a net 30 now and only reports highest balance, not credit limit. Suffice it to say my report can go down 100 pts in a month depending on what gets reported. There's good and bad with any of these no pre-set limit cards.

[Anonymous]

maybe if more consumers declined the offer for these signature cards due to negative impact on CRs, banks will re-think the way they report these cards to credit bureaus.