True Credit TU Report vs MyFico TU Report

[Dawn]

Comparing and contrasting different providers' reports on the same CRA drives me nuts!!!  

The MyFico TU report categorized my Chase Freedom World MC as "Account Type - CC" and "Credit Type - Open" ... then used the High Balance as the Credit Limit (that isn't reporting) in the revolving utilization calculation ... making my revolving utilization to be 24% with a admonishment that this was "not good."  This drops the FICO TU score 17 and 18 points below EQ and EX.

Then ... the TrueCredit TU report categorized the World card under "installment" and did not graph it as revolving in their "trending" screen.  However, it appears that they flip-flopped and used it in the revolving utliization and said it was high.  By my calculations referring to their categorization of this card as installment and not reporting the debt as revolving on other screens, my revolving utilization would have been .005 ... and that is too high? 

At least all I was "really" looking for (other than an opportunity to tear the report apart) was to see if the CL on the Chase Freedom World MC got posted.  And it didn't ... here ... or on Equifax as shown through ScorePower.   

How long should that take to appear after Chase said they had "updated" with all three CRAs?

[SonorityGenius]

The Chase Freedom Signature Visa card does NOT report Limit.

Your highest balance on it in a given month will be reported (if at all) skyrocketing your UTL.

This is why no pre-set spending limit cards drive me mad.

[Dawn]

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SonorityGenius wrote:

The Chase Freedom Signature Visa card does NOT report Limit.

Your highest balance on it in a given month will be reported (if at all) skyrocketing your UTL.

This is why no pre-set spending limit cards drive me mad.

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This one is the World MC instead of Signature Visa ... but the results are the same.  However, Chase specifically told me that they were going to update with the CL and warned that they might not "stick." 

Others with similar cards are having better experiences with this, depending upon the way the card issuer is reporting to the CRAs and how the CRAs handle the information.  

If the report furnisher knows how to code it in their transmission (assuming that their software has the proper fields available) the CRAs should be able to get this right.

I just want to know how long to expect it to be before the update that Chase said they were going to do, might show up on the CRA reports.

[SonorityGenius]

Oh I have read that the World mastercard is actually "worse" than Signature - some signature visa's actually do get reported correctly!

but World - never.

I would ask CSR at Chase to convert your World Freedom to the basic Freedom if you truly want a positive TL, with a CL reporting to improve UTL or what not.

My friend's scores were above 720 and the first time she applied for Freedom she got the Visa Signature and had no problem "downgrading" it to Freedom visa (regular) and it started showing up CL to all CRAs after 2 statements

[Dawn]

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SonorityGenius wrote:

I would ask CSR at Chase to convert your World Freedom to the basic Freedom if you truly want a positive TL, with a CL reporting to improve UTL or what not.

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I am watching closely and will be making a determination soon as to whether or not I want to "downgrade" to Platinum.  That possibility is lurking on the horizon.

[SonorityGenius]

I am watching closely and will be making a determination soon as to whether or not I want to "downgrade" to Platinum.  That possibility is lurking on the horizon.

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You will still have the Freedom card, and all its perks  - its simply called Freedom

No "signature" or "world' attached.

I dont think they call it plat.. just mention "regular freedom"

[Anonymous]

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denbar2003 wrote:

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SonorityGenius wrote:

I would ask CSR at Chase to convert your World Freedom to the basic Freedom if you truly want a positive TL, with a CL reporting to improve UTL or what not.

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I am watching closely and will be making a determination soon as to whether or not I want to "downgrade" to Platinum.  That possibility is lurking on the horizon.

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Did you ever ask Chase about the significant differences between the World Freedom and a regular Freedom card?

[Dawn]

psychic wrote:

Did you ever ask Chase about the significant differences between the World Freedom and a regular Freedom card?

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As well as I was able.   

The regular card has an acknowledged CL and charges an overlimit fee (that World doesn't charge.) 

There are other differences regarding the level of perks one gets with travel related issues that I don't care about ... so those extra perks are non-issues.

I like the concept of being able to go over the CL without a fee (as I would not have a problem with the requirement to pay the excess immediately without revolving, as required) but I"m not sure it's worth all the aggravation. 

For those getting lost since the original question ... I still must ask ... regarding Chase saying they would send the credit limit data to the CRAs:

How long should that take to appear after Chase said they had "updated" with all three CRAs?

Message Edited by denbar2003 on 11-13-2007 05:40 PM

[Anonymous]

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denbar2003 wrote:

For those getting lost since the original question ... I still must ask ... regarding Chase saying they would send the credit limit data to the CRAs:

How long should that take to appear after Chase said they had "updated" with all three CRAs?

Message Edited by denbar2003 on 11-13-2007 05:40 PM

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I don't know if this will be any help or not.  In 2005 and part of 2006, Chase repeatedly and erroneously reported one of my "open" accounts as being "account closed by consumer."  I contacted Chase about the problem.  Chase sent me a letter confirming that they had contacted all 3 CRAs, informing them that the account was indeed open.  It took about 2 months (maximum) for that change to show up on my credit reports.  Chase usually reports account information immediately after the account closing date.  I know that my situation was different, but maybe it might help you determine a time frame. 

[Dawn]

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psychic wrote:I don't know if this will be any help or not.  In 2005 and part of 2006, Chase repeatedly and erroneously reported one of my "open" accounts as being "account closed by consumer."  I contacted Chase about the problem.  Chase sent me a letter confirming that they had contacted all 3 CRAs, informing them that the account was indeed open.  It took about 2 months (maximum) for that change to show up on my credit reports.  Chase usually reports account information immediately after the account closing date.  I know that my situation was different, but maybe it might help you determine a time frame. 

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Thank you for the feedback ... I won't hold my breath regarding the updates and won't

spend any money looking for them.