Visa Sig Reporting Theory

[Anonymous]

Because we all know these cards report high balance instead of credit limit, could you theoretically cash advance to the supposed limit and then PIF before any interest is charged? This way it would report the limit it should. Thoughts?

[Anonymous]

Refresh.

[Wolf3]

Most cards charge interest on cash advances with no grace period.  So if you want to do it, take the cash advance a day before statement closes and then payoff after statement closes.   

[john398]

Also don't some card charge a cash advance fee?

I know some terms say something like

Cash Advance Fee: You will be charged $10 or 3% of the amount of the cash advance, whichever is greater. Additionally, cash advances have a different APR associated with them than that of Purchases or Balance Transfers. See Pricing and Terms for Details.

[Anonymous]

Some cards might, but in my experience, I've never seen a cash advance fee for a card besides the outrageous cash advance APR. What are other people with sigs doing so that their scores arent harmed by them?

[vish1]

In ideal situation to be able to get a cash advance to post and then pay it off, you may be looking at abt 5-6 days of interest. You draw cash, the transaction posts in 2-3 days. You may want to give a extra days cushion to ensure that the transaction makes it into your statement. Then you pay off and god forbid if a weekend hits somewhere between this proces (most likely), you are paying about a week of interest.

All this IMO is too much work to do, many FICO algos already know how to ignore the flexible limit cards.

I wont pay a cent to show high CL on a visa sig card.

[Anonymous]

That is exactly what I was thinking! Why should a consumer have to pay out-of-pocket to get this card to report correctly? The sig I have is from Chase, which from the research I've been doing, looks like it will not impact my FICO score. If you are confident that it won't have an impact, I'd rather not do all of the work. Is this what you have found from personal experience?

[scientifics]

I've seen in other posts that your scores shouldn't take into account your Visa Signature cards since there is no limit reported.