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Visa Sig Reporting Theory

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New Contributor

Visa Sig Reporting Theory

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?
Wells Fargo Platinum Visa 05/2007 $1800 CL ----- AMEX Blue Cash Everyday 05/2008 $8500 CL ----- Best Buy CC 10/2010 $2500 CL ----- Chase Freedom Visa 01/2011 $3000 CL ----- Chase Southwest Rapid Rewards Visa Signature 07/2011 $5000 CL
Message 1 of 8
7 REPLIES 7
New Contributor

Re: Visa Sig Reporting Theory

Refresh.
Wells Fargo Platinum Visa 05/2007 $1800 CL ----- AMEX Blue Cash Everyday 05/2008 $8500 CL ----- Best Buy CC 10/2010 $2500 CL ----- Chase Freedom Visa 01/2011 $3000 CL ----- Chase Southwest Rapid Rewards Visa Signature 07/2011 $5000 CL
Message 2 of 8
Senior Contributor

Re: Visa Sig Reporting Theory

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.   

Message 3 of 8
Senior Contributor

Re: Visa Sig Reporting Theory

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.

Message 4 of 8
New Contributor

Re: Visa Sig Reporting Theory

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?
Wells Fargo Platinum Visa 05/2007 $1800 CL ----- AMEX Blue Cash Everyday 05/2008 $8500 CL ----- Best Buy CC 10/2010 $2500 CL ----- Chase Freedom Visa 01/2011 $3000 CL ----- Chase Southwest Rapid Rewards Visa Signature 07/2011 $5000 CL
Message 5 of 8
Valued Contributor

Re: Visa Sig Reporting Theory

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.

Citi Hilton Reserve 22.3K | Citi Thank You 8.2K | CSP 15.5K | Chase Freedom 10K | Chase BA 15K | Chase United 8.5K | Chase Marriott 5K | Discover IT 9K | Club Carlson 13K | Amex SPG 20K | BofA Cash Rewards 11K | BofA Cash Rewards 50K
Message 6 of 8
New Contributor

Re: Visa Sig Reporting Theory

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?

Wells Fargo Platinum Visa 05/2007 $1800 CL ----- AMEX Blue Cash Everyday 05/2008 $8500 CL ----- Best Buy CC 10/2010 $2500 CL ----- Chase Freedom Visa 01/2011 $3000 CL ----- Chase Southwest Rapid Rewards Visa Signature 07/2011 $5000 CL
Message 7 of 8
Frequent Contributor

Re: Visa Sig Reporting Theory

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

Message 8 of 8
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