Just took a twenty two point wack on my exp score because my 0 cl visa signature reported a 4 k balance. This wonderful card has a 15k limit, but has teh lovely no pre-set spending limit feature. The downside is that FUSA reports it as a 0 credit line. Knowing this, I paid the entire $4k balance before the statement date so I wouldn't get killed. OF course FUSA reported the 4k anyway, so it shows up as high balance 4k, current balance 4k, credit line 0......... Ouch ouch ouch, this really really sucks. I'm supposed to close on a new HELOC next week, 4.75 for 6 months, then 5.5% for the remainder, and this will probably kill the deal. This really really really sucks. If anyone offers you a visa signature card, tell them to go to credit hell.
Can you close the card TOMORROW and request they FAX YOU IMMEDIATELY that the account is closed with a $0 balance??? Or trade for a "REAL" credit card???
I think the Citibank signature card reports the limit as "open" so I guess it really depends on the bank issuing the card. It looks like there's no real standard of reporting when it comes to visa signature cards.
Wolverine, That's awful! Steve is correct that Citi USA reports their Signature Visa as an open account on Equifax and Trans Union. However, it is reported as a revolving account on Experian. You would have been okay had FUSA reported the current balance at 0, or if the account was "open" instead of "revolving". Is it possible to have FUSA update the account to show a 0 current balance by asking their credit department? Or you could dispute the account with Experian as "incorrect balance" na dhope that it comes back as reflecting "0". As an aside, I wonder if Experian does not recognize "open" accounts, so that they all are automatically labeled "revolving".
I immediately sent them via fax and pfb a strongly worded request that they correct my balance info via udf to all three cra's. I also converted the card right away to regular platinum card which they did. I would love to tell them to stick it, but it's a mileage plus card and I need the miles. It has been my number one card. This really really really sucks. Did I mention that this sucks... By the way, upon closer review, the Experian tradeline reads High Balance$2200, current balance $4500, credit limit o. Isn't that great, not only does it show an incorrect balance and a zero credit line, but it also shows a current balance which is double the High balance. I have defied the laws of nature here. I wonder if Einstein could explain this?
As an aside, I wonder if Experian does not recognize "open" accounts, so that they all are automatically labeled "revolving". Marci, This is a HUGE issue. Experian does not recognize open accounts. I had the same problem with AMEX to the point that I closed the account because every time a balance reports, your score goes in the dumper. I lost over twenty points on this one account. Both the Visa Sig. card and my AMEX showed up as revolving cards with 0 credit limits. Now, to ad insult to injury I'm sure I'll lose points on TU because my credit mix isn't as good with no "open" accounts. This really sucks!!! Did I mention that already?
