No Limit Credit Cards

Guest: CreditFanatic
Post subject: No Limit Credit Cards
Posted: Fri Mar 31, 2006 4:41 pm

http://www.bankrate.com/nltrack/news/cc/20060331a1.asp

Now, before you guys go bashing on my head, I do know there was a thread on this topic. I just can't find it. Plus, It'll help anyone new to the forum.

But, I have been thinking of applying for a Visa Signature card. Then, I read the above article. I remember someone stating something about the "limit exposure." Can anyone refresh my mind on that?

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Guest: beyond platinum
Credit Expert (100+ Posts)
Posted: Fri Mar 31, 2006 7:44 pm

Good article with a lot of truth in it. I found myself in a similar situation when I opened my Premier Pass card (World MasterCard); they have not reported my limit or my highest balance. It did cause a 20 point drop in my score but it recovered shortly thereafter. Since my score is close to 800, I really don’t care about the daily nuisances that go into FICO anymore.

The term exposure limit refers to the amount of credit the financial institution is willing to extend you beyond your current limits either through limit increases or additional credit cards. If you the search menu you will find that there are several topics posted about it.
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"The most incomprehensible thing about the world is that it is comprehensible." --Einstein

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Guest: Chazmanian
Posted: Sun Apr 02, 2006 12:35 am

I also took around a 20 point hit from my Citi Premier Pass card account. On my credit report it does not show a limit. It only shows what I owed at reporting time?? when other creditors see this card on your report do they know what is really going on? You need to have a strong bureau to get that Pass card....And then it costs you points?

I'll side with Mr.Platinum on this one PAY YOUR BILLS AND FORGET THAT SCORE! And it will all wash out clean in the end.

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Guest: Alexis Rios
Credit Expert (100+ Posts)
Posted: Sun Apr 02, 2006 8:36 am

It's a bank's decision of reporting or not their credit limits, not the no-limit credit cards. I have 2 Visa Signatures (one Chase , and the other MBNA) and both of them reported my revolving credit line. In this case , it's a problem of Citibank.

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Guest: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Sun Apr 02, 2006 3:25 pm

AMEX GREEN/GOLD/PLATINUM also hurt your score

This has been know for many years

IT IS NOT SOMETHING NEW

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