Chase Signature Credit Card Reports High Balance to Credit Bureaus

Guest: spjoink
Credit Expert (100+ Posts)
Post subject: Chase Signature Credit Card Reports High Balance to Credit Bureaus
Posted: Wed Jun 14, 2006 8:51 pm

same here i completely agree

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Guest: hdporter
Credit Expert (100+ Posts)
Posted: Mon Jun 19, 2006 7:07 pm

My new Chase Signature account just started reporting. It reports "high balance" -- not "limit". Based upon the change in my credit scores in the last 30 days, I estimate the consequence of the reporting has been to lower my scores by about 10 pts.

I look to run the account up to near its limit over the next couple of months.

- Harry

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Guest: spjoink
Credit Expert (100+ Posts)
Posted: Mon Jun 19, 2006 7:35 pm

Would you please be so kind and explain how you came to that conclusion?

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Guest: hdporter
Credit Expert (100+ Posts)
Posted: Tue Jun 20, 2006 12:59 am

Quote:
Would you please be so kind and explain how you came to that conclusion?


Ok, upon further consideration I'll take back the statement re the effect of this reporting on my scores.

My initial impression was based on the fact that my TU FICO (reported by myFICO) dropped from 725 to 705 in the last month. The signficant changes to my report were the addition of 1 hard inquiry and the reporting of 2 new accounts. It originally seemed to me that an effect of 20 pts was excessive for these factors alone.

However, upon further investigation, it appears quite likely that the impact of these 3 transactions on the New Accounts score factor (10%) is sufficient for a 20 pt drop.

Also, upon scrutinizing my report more carefully, the new Signature VISA account is reporting as an "Open" account (similar to Green Amex), not as a Revolving account. This, of course, makes a considerable difference and distinguishes the reporting from that of Capital One, for example. (FWIW, the minimum statement payment due is reporting.)


btw, I've taken some pains in the last few weeks to stress that credit scores obtained via Equifax are true FICO scores. This was further confirmed when I pulled reports/scores via both today and the scores were identical (718).

I now rank myself as a credit score junkie -- a little to my disappointment. At one time I had hoped I wouldn't join those who obsess over their credit score. However, I've been frustrated this past year in being a little clueless as to what significantly impacts my score and by how much. I figure taking a few months and pulling very specific information would be worthwhile as an education investment -- an experience that I hope will be beneficial to share with others.

- Harry

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