Check how your Schwab Invest First Visa Signature reports

[BobWang]

http://www.walletpop.com/blog/2010/03/22/n...our-fico-score/

"These no preset spending limit accounts are somewhat of a hybrid," Paperno [consumer operations manager for FICO] explains."They have a credit limit and up to that limit, they behave like a credit card, but it also allows you to exceed the limit. The amount you exceed it by is due in 30 days just as a charge card would require." As a result of this dual nature, it's up to the issuers to decide if they want to report these cards as charge cards or as credit cards.

 

If they report them as charge cards, your score won't take a hit. But if they report them as credit cards, you could lose out. "If there's no limit, the score will look to the 'high credit amount,' which is typically the highest the balance on that account that has ever been, or has been within a certain period of time," Paperno explains.

[hbomb174]

http://www.walletpop.com/blog/2010/03/22/n...our-fico-score/

"These no preset spending limit accounts are somewhat of a hybrid," Paperno [consumer operations manager for FICO] explains."They have a credit limit and up to that limit, they behave like a credit card, but it also allows you to exceed the limit. The amount you exceed it by is due in 30 days just as a charge card would require." As a result of this dual nature, it's up to the issuers to decide if they want to report these cards as charge cards or as credit cards.

 

If they report them as charge cards, your score won't take a hit. But if they report them as credit cards, you could lose out. "If there's no limit, the score will look to the 'high credit amount,' which is typically the highest the balance on that account that has ever been, or has been within a certain period of time," Paperno explains.

 

Same here, mine reports as revolving... I just called them to convert it to a platinum... atleast my limit will report!

[higher180]

I hope this card makes a comeback someday, I so want one

[cb_opus]

Revolving with no limit.

[clutchcargo]

FIA is known to report it's NPSL cards "wrong". My Schwabby also reports as revolving with no CL.

Edited August 17, 2010 by clutchcargo

[honestabe]

One of the above posters changed the card to Platinum. Is it worth it to do that just so it reports a limit? I don't think I would be losing out on much by losing the Signature status.

[inquiryfiend]

I purposely went out of my way to run up an 85% utilization this month to get most of my $10k line to report since it reports no line for me.

[LustfortheMoment]

The Good News??

 

My First Invest card reports as "Revolving"

 

The Bad News??

 

It shows no CL, only the "Largest Past Balance"

 

----------------

 

Under Description is written,

 

"Flexible Spending Credit Card".

[Xecuter2]

How is it not a revolving card, when they allow you to pay a minimum and revolve a balance?

[xelda]

Does it even matter if it reports a limit or not when you PIF before the statement cuts?

[wanabe]

Does it even matter if it reports a limit or not when you PIF before the statement cuts?

 

You have to let it report a balance at some point.

[encoder]

Does it even matter if it reports a limit or not when you PIF before the statement cuts?

 

You have to let it report a balance at some point.

 

 

I disagree. In my experience, the "High Credit" amount is the high-water mark you hit at any point during your cycle. I've never let a balance of more than $100 post and my high credit is about $7k.

[wanabe]

Does it even matter if it reports a limit or not when you PIF before the statement cuts?

 

You have to let it report a balance at some point.

 

 

I disagree. In my experience, the "High Credit" amount is the high-water mark you hit at any point during your cycle. I've never let a balance of more than $100 post and my high credit is about $7k.

 

That is what I was saying High Balance report regardless if you have a 0 balance

at statement cut but you have to let something report at some point be it $100

or $1 or the CC goes dormant with Fico and if High Balance is not used or to low

(Vs. your High Balance) when you let a balance report your CC could look

maxed out with no reporting CL.

Edited August 18, 2010 by wanabe

[athensgaguy]

Mine does report a little differently than my other revolving cards.

 

[xelda]

Does it even matter if it reports a limit or not when you PIF before the statement cuts?

 

You have to let it report a balance at some point.

 

 

I disagree. In my experience, the "High Credit" amount is the high-water mark you hit at any point during your cycle. I've never let a balance of more than $100 post and my high credit is about $7k.

 

That is what I was saying High Balance report regardless if you have a 0 balance

at statement cut but you have to let something report at some point be it $100

or $1 or the CC goes dormant with Fico and if High Balance is not used or to low

(Vs. your High Balance) when you let a balance report your CC could look

maxed out with no reporting CL.

I'm not so sure about that. It's been 1-2 years since I've let balances report on some of my cards. But none of them are dormant because I use ALL of my cards every cycle, so the "date of last activity" is always recent.

 

With the Schwab Visa, the high balance showed even before I ever let a balance report on that card. So I'm not sure how the card would look maxed out once I did let a balance report.