Signature Card doesn't report credit line

[MidnightVoice]

psychic wrote:

  I'll tell you what I've learned about attaining high FICO scores when you have accounts with high credit limits.   Right now, I could explain to you what I know so far, but things become a little complicated, and this would turn into quite a lengthy discussion. 

Maybe its own thread?

[haulingthescoreup]

Anonimac wrote:

Another annoyance, the more i read on this site, is that i have to play the date game with my credit card. I pay in full every single month but now it seems like that isn't good enough, now it seems i have to play some game to make it "appear" that i use my credit card less or whatever by making an interim monthly payment. HOW STUPID! I leave the country frequently so all my bills pay themselves (via Signature Card; did that for the rewards points and they rack up VERY fast) and i don't have to worry about them; now i'm supposed to make some interim payment to appear like a good little customer. I refuse to do that if for no other reason, then out of principle. I have a high six figure income, plenty of credit limit, and always pay my bills in full. I shouldn't need to do anything else to prove myself to credit bureaus. END OF RANT

Don't worry about the game--it doesn't matter what your scores are doing if you're not getting ready to apply for some sort of credit. Either pay in full right before the statement date (for $0 balance reporting), or pay when you usually do (will show high util.) The game is strictly for those who need to goose their scores prior to app'ing. I put up with it for about 3 1/2 weeks before saying fuggedaboutit.

If you feel a mortgage or car shopping expedition coming on, and you want to raise your score first, do the game starting about 6 weeks beforehand to let everything trudge through and report. As long as you have the cash to pay your balances, util is the easiest thing on your report to correct, and the quickest to turn around.

[Anonymous]

When you say "pay in full right before the statement date", how can i know when that is? Do you mean the payment due date from the CC company? Or the pull date of the credit bureaus (don't know what date that is)?

What i did just last week (hoping this will reflect next month when the scores come out) is instead of automating my payments to arrive 3 days before due date i have set it to pay as soon as the eBill is received. What i think may have been happening from time to time is that i showed my usual 4-5k balance from previous month waiting for payment cycle, as well as anything after the cutoff date which may have been another 1-2k charged between the 15th of the month and the 27th (roughly) when the payment would have taken place appearing as 5-7k. Not sure.

[Anonymous]

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Anonimac wrote:
When you say "pay in full right before the statement date", how can i know when that is? Do you mean the payment due date from the CC company? Or the pull date of the credit bureaus (don't know what date that is)?

What i did just last week (hoping this will reflect next month when the scores come out) is instead of automating my payments to arrive 3 days before due date i have set it to pay as soon as the eBill is received. What i think may have been happening from time to time is that i showed my usual 4-5k balance from previous month waiting for payment cycle, as well as anything after the cutoff date which may have been another 1-2k charged between the 15th of the month and the 27th (roughly) when the payment would have taken place appearing as 5-7k. Not sure.

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To find out your statement date from the BoA website, after you sign in, you'll be on the "Accounts Overview" page.  At the top of this page, click the "Account Details" tab.  On the "Account Details" page, look for the "My Statements" tab (it's in a gray shaded area) and click this.  This will show your past statement dates.  Mine vary by about a day or two.  You can also call BoA customer service, and they'll know when your statement date will be each month. 

I'm really not certain when BoA reports to the credit agencies.  I haven't had a balance on my BoA card since 2004.  I PIF before my statement date. 

denbar2003 mentioned having your card changed back to Platinum Plus.  You also mentioned that you wanted to get another card, but needed a semi-decent credit limit.  Have you ever asked BoA, if you got another credit card with them, if they can take some of the credit line from one card, and apply it to the credit limit on another card?  Chase will do this.  I have a Chase Visa with a $33,300 credit limit and a Chase Visa with a $29,300 credit limit--Chase will let me juggle my credit limits between my 2 cards.  For example, if I want, I can change my credit limits from $33,300 and $29,300 to $40,000 and $22,600.  I don't know if that would interest you.  I was just thinking that you mentioned that you may not be able to get the credit limit that you want just right now at this point in time.  You might be able to get a 2nd BoA card, and BoA might be able to redistribute the credit lines between both.  But, you would have to find out from BoA if they do this in the first place, before you even apply for a new card. 

Message Edited by psychic on 11-20-2007 02:36 PM

[haulingthescoreup]

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@Anonymous wrote:
When you say "pay in full right before the statement date", how can i know when that is? Do you mean the payment due date from the CC company? Or the pull date of the credit bureaus (don't know what date that is)?

What i did just last week (hoping this will reflect next month when the scores come out) is instead of automating my payments to arrive 3 days before due date i have set it to pay as soon as the eBill is received. What i think may have been happening from time to time is that i showed my usual 4-5k balance from previous month waiting for payment cycle, as well as anything after the cutoff date which may have been another 1-2k charged between the 15th of the month and the 27th (roughly) when the payment would have taken place appearing as 5-7k. Not sure.

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I just checked DH's statement against his credit report, and it looks like BofA reports on the statement date, which is the date that the statement drops (not when payment is due.) He has a World Plat Visa; your mileage may vary. Most, but certainly not all, accounts post on the statement date, so whatever figure they say you owe at that point is what they report to the CRA's.

I have all my accounts online, and I verified their statement/ reporting dates, so four or five days beforehand, I just pay to whatever figure ($0 balance vs 4%) I want to show. If I don't PIF for whatever reason, I pay the rest off after it posts, but before it is due.

So like I said, if you're PIF'ing anyway, just pay the running balance that you see online several days before the statement is due to drop, and you'll have a $0 balance reporting. The reason that you get higher scores if a little bit reports on a couple of cards (fewer than half) is because it shows that you use your credit, but you don't go ape with it.

[Anonymous]

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Anonimac wrote:
I'm really regretting ever letting BoA convert this card from a Platinum Plus VISA to a Signature VISA (both were WorldPoints cards).


Anyways, if i do get another card what card should i get? What "looks" good to have? Keeping in mind i have no interest in any AMEX card...

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I've been pretty lucky with customer service reps at BoA and Chase.  Reps from both companies have discouraged me from changing my high credit limit cards over to Signature cards.  After everything I've read and heard about Signature cards, unless some changes are made, I'll never willingly acquire one. 

I changed my BoA Visa last December (?) from a Platinum Visa over to the World Points Visa.  My "Account Opened" date remained unchanged (May 1987).  If you do decide to once again change your BoA card, it has been mentioned before, make certain that your account opening date will remain the same. 

It's hard to recommend a particular card, or card company because everyone has both good and bad to say about every credit card issuer--Citibank can be stingy with credit limits.  Chase can have horrendous APRs.  You're not fond of AMEX.  Discover still isn't accepted in as many places as Visa or MC.  I've dealt with credit card companies that I didn't like.  Recommending a specific card or credit card issuer is not an easy thing to do. 

Message Edited by psychic on 11-21-2007 12:00 AM