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I just spoke to a representative at "Visa Signature Services." I explained the coding and reporting problems. The rep told me at their level, Visa has no control over how credit card companies report account information to the CRAs. It's the responsibility each individual credit card company to code and report account information properly.
haulingthescoreup wrote:
I wonder if enough people contacted Visa and MasterCard directly and told them about the problem, that they might start some sort of trickle-down correction?
I know of someone who had that problem. I just phoned him, and he said that Chase told him that the "dead" card remains online for 6 months.
masdeocho wrote:
On a (vaguely) related note ...When you look at your Chase account online, does it separately list all the Chase CCs you have ever had? Each account shows the same balance and activity of the actual current card. Only the current card is reported to the CRAs, but I find it annoying to have all these dead cards displayed online. Has anyone ever got them to delete the old accounts from the display?
You're welcome. You might want to contact the Chase Internet Banking Customer Service Department. Their number is (or was [I haven't called them in a while]) 877-999-3872. Maybe they can remove your old account.
masdeocho wrote:
Thanks for checking, psychic ... although one of mine has been on there for years ...
@Anonymous wrote:Thanks again. With my luck with Chase, they'd convert my account to a Signature, lower my CL, and increase my IR ...
If they reported the way they are supposed to, then yes, you would be correct. The problem is that the vast majority of the time, they report incorrectly, and as a result are factored into utilization.
FaircreditguyFL wrote:
One more time.... Siggy cards do not harm FICO. What they do not do is count towards utilization, but since they are rated as "other" they do not hinder your score.
FWIW ... there is inconsistency in the way different CCCs are reporting these cards (or according to them ... the way the CRAs are translating and presenting the data.) Because of that inconsistency, consumers' experiences vary.
FaircreditguyFL wrote:
One more time.... Siggy cards do not harm FICO. What they do not do is count towards utilization, but since they are rated as "other" they do not hinder your score.