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Got a question, hope someone can answer... Discover Card credit card issued by Hyundai? Hoping for any answer. My other question... If a Visa Signature card doesn't report CL then does it hurt your score if it reports a balance? Doesn't it drive your utilization up?.. |
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That's a good question. I'm not sure what is the right answer. I'll do some Googling and get back to you if I discover an useful answer. You should email the people at Discover Card as they probably could give you an answer..
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My Chase Sapphire Visa Sig just showed up on my Transunion report and it is listed as an Installment account, Discover card type. Doesn't show the credit limit, only the high balance when the statement cut..
No change in the FAKO score.. This post has been edited by. Bam. : 08 January 2010 - 08:44 PM.. |
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Do a search, and you'll see the million threads on this topic. Unfortunately, an universal conclusion has never been made on how a signature/world Discover credit card affects one's FICO score...
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The story seems to depend upon the issuer (and the manner in which they report)..
I'm fully satisfied that balances outstanding on my Chase Signature VISA do not impact my overall utilization the accounts are classified uniquely. However, when my BA account was changed over from Platinum to Sig VISA, I saw an immediate adverse impact in myFICO scores and comments. In my opinion, BA Sig VISA a/c's aren't reclassified and the supression of a CL can hurt you.. There's been anecdotal evidence to suggest that there's a similar problem with Citi Sig VISA and World MC accounts... |
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Agree completely. FIA/BofA doesn't have the accounts classified correctly...
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And then some lenders report signature/world cards full revolving limit to the bureaus. Not having the full limit report is a good thing for those of us with a lot of available credit. It "hides" the available credit" so to speak..
In any case, allowing a balance to report on one of my no preset limit cards (which do not report full limit to bureaus) has never worked against my scores. But, it seems to be YMMV.... This post has been edited by. TrevorHere. : 09 January 2010 - 05:32 PM.. |
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I don't understand the bolded part. How does showing the limit hide the available?..
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I have not seen a difference, but then I try not to carry a balance on my Siggy cards. Another thing some suggest is to purchase an expensive item on it and then return the purchase after it reports the high limit. I never did this but again I cannot see any difference IMO...
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Sorry. I meant.
Not. Showing the full available limit is good for some of us... |
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I would probably end up liking said expensive item and not return it..
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So I let a larger balance report for the first month and PIF before statement date every month since then. In the event Visa Sig balances were factored in, individual util hovers very near 0-1% and it doesn't add to overall util..
This post has been edited by. Nothingtolose. : 09 January 2010 - 06:29 PM.. |
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High balance has nothing to do with credit limit, if it don't report, and you use $1 your 110% over your limit..
Firestone does this crap.. |
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Dude you really don't know what your talking about, with 21k posts you think you should..
If a card doesn't report the limit, and you use it, it's USELESS and it HURTS your score, maybe too much credit can hurt you too but being over your credit limit every time you use the card doesn't improve your score at all, all it does is hurt it... |
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There seems to be a lot of confusion about the proper use of a world/signature/npsl card for reporting purposes. At least with me...
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Cards such as my AMEX plat (no preset limit) report as an OPEN accoint. In effect, FICO ignores these accounts in the calculation. There is no score deduction when a balance (and large ones at that) reports. I have the same experience with Nordstrom siggy and others which are no preset. YMMV....
This post has been edited by. TrevorHere. : 09 January 2010 - 07:28 PM.. |
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That is what I am saying I have Amex Open and Nordy's and neither has had a negative or downward impact on my scores...
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BACK-UP CARDS HELP "IF" YOU HAVE NEED OF SOME EXTRA AVAILABLE CREDIT LIMITS TO COMPENSATE..
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Actually, if a revolving TL doesn't have a reported limit, Fico uses the High Balance in Uti calculations. This was revealed a while back in a discovery process when a cardholder sued for having this info incorrectly reported..
But what he's saying, as others have mentioned, is that this is irrelevant anyway if the card is reported as an "open account" instead of a "revolving account.".. |
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As stated a million times, YMMV. Do a search and people post different results...
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By switching back to the Platinum card from the Signature, my scores went up on EQ and EX. TU did not reflect the change back yet and that score stayed the same. It is reporting as Open with no CL reported (even though it is now a Platinum card)...
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Your Fico scores went up because of this switch? How long ago did this happen?.
Regarding the earlier quote about Firestone, CapOne and Credit First (Firestone) used to report high balance but not credit limit to the CRAs. During that time, utilization was calculated based on the ratio of statement balance to high balance for those tradelines. CapOne has been reporting credit limits for awhile now, and Credit First started reporting credit limits at least 6-8 months ago, as I recall ..... |
