"Improper Credit Bureau Reporting"
Bank of America Visa Signature® WorldPoints Rewards Review
Written by: porgy1000 on 2007-12-27
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porgy1000's review: 
I have this card for 6 months now. Unlike my other B of A cards, this one does NOT report your credit limit, instead it reports the maximum amount you owed that month, therefore, making the account looked MAXED out on your credit report instead of the actual cushion of credit you may have. I have a $25,000 credit line, however, it reports what I owe that month of like $2300 as the maximum credit and it looks maxed out even though its only 10% of the credit used. Good card, but awful reporting, therefore, I would NOT suggest this card.
I have this card for 6 months now. Unlike my other B of A cards, this one does NOT report your credit limit, instead it reports the maximum amount you owed that month, therefore, making the account looked MAXED out on your credit report instead of the actual cushion of credit you may have. I have a $25,000 credit line, however, it reports what I owe that month of like $2300 as the maximum credit and it looks maxed out even though its only 10% of the credit used. Good card, but awful reporting, therefore, I would NOT suggest this card.
17 Comments
Comment 1 by meya
Ewwww 
on 2007-12-27
Capital One just changed from this format. I know how you feel, have you tried calling them and asking why? I believe Eric (who is employed by BOFA and a member of FG) would be very helpful in this posting. Try sending him a message and see what he says.
on 2007-12-27 Capital One just changed from this format. I know how you feel, have you tried calling them and asking why? I believe Eric (who is employed by BOFA and a member of FG) would be very helpful in this posting. Try sending him a message and see what he says.
Comment 2 by janz1974
WHY?? on 2007-12-27
I was curious as to why you are applying for Wal-mart, the Pete Rose CC and American Dream card and getting $1000 CL's if you have such a high credit limit with BOA and, from what I can gather, you have other credit cards with very high limits. If you truly have that high of a credit limit with other companies then these smaller cards will adversely affect your credit score.
on 2007-12-27 I was curious as to why you are applying for Wal-mart, the Pete Rose CC and American Dream card and getting $1000 CL's if you have such a high credit limit with BOA and, from what I can gather, you have other credit cards with very high limits. If you truly have that high of a credit limit with other companies then these smaller cards will adversely affect your credit score.
Comment 3 by eric
Lol JANZ1974 ----I Agree. on 2007-12-28
You have a point, I wouldnt be wasting my time on Walmart or Credit One Cards if your being approved for B of A $25k CL. This is the top of the line Signature Visa. Signature Visa is the Cadillac of Visa Cards. Very rare to get. I wouldnt waste my time or credit with the store cards if you have credit like that. Also did your score decrease with the reporting?
on 2007-12-28 You have a point, I wouldnt be wasting my time on Walmart or Credit One Cards if your being approved for B of A $25k CL. This is the top of the line Signature Visa. Signature Visa is the Cadillac of Visa Cards. Very rare to get. I wouldnt waste my time or credit with the store cards if you have credit like that. Also did your score decrease with the reporting?
Comment 4 by porgy1000
Bad Credit Reporting on 2007-12-28
I have 4 B of A credit cards plus a B of A gold reserve credit line. The credit line was a former Norfleet bank line which BofA took over when they bought out that bank. All of my other B of A accounts came from other banks from takeovers. I seem to have found on here that other cards that I have, such as from Credit One and Walmart can hurt my score. I have a total of 14 credit cards. I have found that a Credit One card with a $1000 credit line is perfect for going to a restaurant etc. If the waiter takes your card number he cant go out spending $25K to $40K on your card, so I use that and similar cards for that purpose. My FICO scores are 751, 756, and 789. They always seem to be in that range. The Walmart card was sent back, that one was just a joke. I think a mix of credit is best, auto loan with a mortgage and keeping credit lines under 20%. My reason for complaint on this card was from reporting purpose only. I called B OF A today and they said that this card is reported as a floating credit line. I explained to the lady my complaint and she didn't seem very interested in the problem and I was not even sure she understood it. I keep my scores high by paying my credit cards on the internet BEFORE the statement closes, therefore, my credit reports show ZERO balances when the cards are reported on the closing date. I consider credit very serious and I handle it accordingly.
on 2007-12-28 I have 4 B of A credit cards plus a B of A gold reserve credit line. The credit line was a former Norfleet bank line which BofA took over when they bought out that bank. All of my other B of A accounts came from other banks from takeovers. I seem to have found on here that other cards that I have, such as from Credit One and Walmart can hurt my score. I have a total of 14 credit cards. I have found that a Credit One card with a $1000 credit line is perfect for going to a restaurant etc. If the waiter takes your card number he cant go out spending $25K to $40K on your card, so I use that and similar cards for that purpose. My FICO scores are 751, 756, and 789. They always seem to be in that range. The Walmart card was sent back, that one was just a joke. I think a mix of credit is best, auto loan with a mortgage and keeping credit lines under 20%. My reason for complaint on this card was from reporting purpose only. I called B OF A today and they said that this card is reported as a floating credit line. I explained to the lady my complaint and she didn't seem very interested in the problem and I was not even sure she understood it. I keep my scores high by paying my credit cards on the internet BEFORE the statement closes, therefore, my credit reports show ZERO balances when the cards are reported on the closing date. I consider credit very serious and I handle it accordingly.
Comment 5 by porgy1000
Credit Lines on 2007-12-28
I thought I should add; In 1999 I checked into a Best Western motel using a credit card with a zero balance on it and a $11,000 credit line. The next day the bank called me that I had 57 new charges on the card that day and the card was maxed out. To make a long story short the clerk at the BW did this to everyone that week who checked into the motel. This taught me to have 2 or 3 small credit line cards so I will NOT be a victim of this type of fraud again. Eric, if you work for B of A, you should set your customers up with a small credit line card like I have done for myself, it will save everyone involved a lot of trouble down the line.
on 2007-12-28 I thought I should add; In 1999 I checked into a Best Western motel using a credit card with a zero balance on it and a $11,000 credit line. The next day the bank called me that I had 57 new charges on the card that day and the card was maxed out. To make a long story short the clerk at the BW did this to everyone that week who checked into the motel. This taught me to have 2 or 3 small credit line cards so I will NOT be a victim of this type of fraud again. Eric, if you work for B of A, you should set your customers up with a small credit line card like I have done for myself, it will save everyone involved a lot of trouble down the line.
Comment 6 by adicus
Totally Agree. on 2007-12-28
Porgy1000 you got ther right idea! I had my credit file destroyed because of a stolen credit cards (Neighbors). Keep in mind that this happened about 5 years ago, so needless to say I had a lot of hard work ahead in proving my innocence. I keep my Hooters and CapitalOne cards for small spending and my big ones locked-up.
on 2007-12-28 Porgy1000 you got ther right idea! I had my credit file destroyed because of a stolen credit cards (Neighbors). Keep in mind that this happened about 5 years ago, so needless to say I had a lot of hard work ahead in proving my innocence. I keep my Hooters and CapitalOne cards for small spending and my big ones locked-up.
Comment 7 by meya
Quick Question on 2007-12-29
I might be mistaken here but what do you think will happen when you use your higher limit cards for upscale purchases? The same thing can happen to the larger limits cards, that happened to the smaller ones. Every card is at risk regardless to where or when you use them. Inside jobs are the worst there is. So what do you use the higher limit cards for? Or do you just keep them as sock drawers? Sorry to be so late in the response, but I was just curious about what you stated about keeping lower limit cards. It sounds like a good idea, but before I would trigger with my credit scores I would rather use cash or prepaid cards at the places you believe are higher risk.
on 2007-12-29 I might be mistaken here but what do you think will happen when you use your higher limit cards for upscale purchases? The same thing can happen to the larger limits cards, that happened to the smaller ones. Every card is at risk regardless to where or when you use them. Inside jobs are the worst there is. So what do you use the higher limit cards for? Or do you just keep them as sock drawers? Sorry to be so late in the response, but I was just curious about what you stated about keeping lower limit cards. It sounds like a good idea, but before I would trigger with my credit scores I would rather use cash or prepaid cards at the places you believe are higher risk.
Comment 8 by adicus
All Cards Alike. on 2007-12-29
All cards are at risk. Sock drawers are a thing of the past. Try something the weighs 500lbs and is bolted to your foundation. :-)
I use my larger limit cards (rewards cards) in rotation for paying my mortgages, car loan and groceries. The smaller cards are carried on me personally and used as needed (responsibly). I have friends in big banks and they all say the same thing... Longevity, 20% utilization, and a good credit mix are the way to a faster 700+ club. The most important on a credit file are mortgages, car loans along with large & small credit lines.
on 2007-12-29 All cards are at risk. Sock drawers are a thing of the past. Try something the weighs 500lbs and is bolted to your foundation. :-) I use my larger limit cards (rewards cards) in rotation for paying my mortgages, car loan and groceries. The smaller cards are carried on me personally and used as needed (responsibly). I have friends in big banks and they all say the same thing... Longevity, 20% utilization, and a good credit mix are the way to a faster 700+ club. The most important on a credit file are mortgages, car loans along with large & small credit lines.
Comment 9 by porgy1000
High Limit Cards on 2007-12-29
I purchase everything that I can on my credit cards. The rewards cards are just amazing. I do keep the hight limit cards hidden away. I do NOT use them on the internet or small face to face purchases. The high limit cards are great for downpayments at a car dealership for a new car, major appliances, landscaping etc. If you use your lower limit cards for daily purchases and pay the bill off before the statement closes they report the card as a ZERO balance HOWEVER they also report the amount you paid in for the month. The low limit cards do help your score, for example, I use my $2000 limit card and pay it off once a week on the internet, it reports that I paid for the month like $3000 so the scores are never hurt. My middle FICO today was 763. I NEVER seem to get to 800 no matter what I do. On my credit reports I usually use 3% of my revolving lines, one auto loan that's 70% paid off, one mortgage that's 2 years old. I don not have any idea how anyone can get a score of 800 or more. My oldest credit account is 24 years old, so I have no clue as to why I can not get the scores any higher. Banks who I have spoken to say, hmmmm, I shouldnt worry about it, that the scores are high enough, but I don't agree.
Getting back to this card, again, GREAT card, but the reporting is still not fair nor correct. B of A is one of the better credit card companies. I used to have most of my cards with MBNA until B of A took them over. I do NOT like Chase, to me Chase is a bunch of crooks, but I wont go there on this report, that's another post
on 2007-12-29 I purchase everything that I can on my credit cards. The rewards cards are just amazing. I do keep the hight limit cards hidden away. I do NOT use them on the internet or small face to face purchases. The high limit cards are great for downpayments at a car dealership for a new car, major appliances, landscaping etc. If you use your lower limit cards for daily purchases and pay the bill off before the statement closes they report the card as a ZERO balance HOWEVER they also report the amount you paid in for the month. The low limit cards do help your score, for example, I use my $2000 limit card and pay it off once a week on the internet, it reports that I paid for the month like $3000 so the scores are never hurt. My middle FICO today was 763. I NEVER seem to get to 800 no matter what I do. On my credit reports I usually use 3% of my revolving lines, one auto loan that's 70% paid off, one mortgage that's 2 years old. I don not have any idea how anyone can get a score of 800 or more. My oldest credit account is 24 years old, so I have no clue as to why I can not get the scores any higher. Banks who I have spoken to say, hmmmm, I shouldnt worry about it, that the scores are high enough, but I don't agree.Getting back to this card, again, GREAT card, but the reporting is still not fair nor correct. B of A is one of the better credit card companies. I used to have most of my cards with MBNA until B of A took them over. I do NOT like Chase, to me Chase is a bunch of crooks, but I wont go there on this report, that's another post
Comment 10 by gk8491
BoA Platinum on 2007-12-29
ALL Signature Visas do not report credit limits. Convert this card to BoA Platinum Visa if you want the card to report credit limit Bureaus.
on 2007-12-29 ALL Signature Visas do not report credit limits. Convert this card to BoA Platinum Visa if you want the card to report credit limit Bureaus.
Comment 11 by meya
Wow I Did Not Know That One on 2007-12-29
Porgy and Adicus, thanks for the heads up on this one. A credit score of 763 is what I will jump up and down for. You said you have a card that you had for 24 years, Yes I will wonder why my scores were slow to hitting the 800 club. Seems like you are handling your credit very well, it woul dbe nice if you could add some inside details to the Network under the "Good Credit" forum. We need to hear from members like you and Adicus. I just found out something interesting in the (BofA) thread and I will love to know more. Thanks you two for everything!
on 2007-12-29 Porgy and Adicus, thanks for the heads up on this one. A credit score of 763 is what I will jump up and down for. You said you have a card that you had for 24 years, Yes I will wonder why my scores were slow to hitting the 800 club. Seems like you are handling your credit very well, it woul dbe nice if you could add some inside details to the Network under the "Good Credit" forum. We need to hear from members like you and Adicus. I just found out something interesting in the (BofA) thread and I will love to know more. Thanks you two for everything!
Comment 12 by porgy1000
Improper Reporting Of Balances on 2007-12-29
I saw the post that B of A only reports the signature cards this way. It seems like to me that they are trying to LOWER ones FICO score so they can then raise your rates. Amazing. They say its for HIGH FICO score customers, then they go and report it as a MAXED out card to lower your scores?????? Only a bank can think of something like that.
Meya, I am not in the financial field, and I would not feel comfy about giving out advice to anyone. All I know is that I have had my Chase card for 24 years now and I hardly use it due to the fact that Chase is the most dishonest bank on the face of the earth. I keep the card open just to keep it as my oldest open trade line.
However, with what I am seeing now about B of A is doing with the new Signaure Visa card, it makes me wonder if they are starting to follow Chase's lead.
on 2007-12-29 I saw the post that B of A only reports the signature cards this way. It seems like to me that they are trying to LOWER ones FICO score so they can then raise your rates. Amazing. They say its for HIGH FICO score customers, then they go and report it as a MAXED out card to lower your scores?????? Only a bank can think of something like that.Meya, I am not in the financial field, and I would not feel comfy about giving out advice to anyone. All I know is that I have had my Chase card for 24 years now and I hardly use it due to the fact that Chase is the most dishonest bank on the face of the earth. I keep the card open just to keep it as my oldest open trade line.
However, with what I am seeing now about B of A is doing with the new Signaure Visa card, it makes me wonder if they are starting to follow Chase's lead.
Comment 13 by meya
Its Ok on 2007-12-30
Well no advice is considered professional here, but to hear about your scores and credit cards will help courage others. I believe that whatever you have done to get yourseld in the 700 club is very unique and does not require advising someone about professional financial advice. I think just the few words you said made me feel like, "Wow, we have someone here with a 24 year credit rap." How did this person manage to stay with an excellent credit file and not fall into the category that I (we) did". That is more important (maintaining good credit) that anything. I will still continue to read your posts, regardless to if you want to throw personal advice or not because like I said before, "You put a good bug in my ear." :)
on 2007-12-30 Well no advice is considered professional here, but to hear about your scores and credit cards will help courage others. I believe that whatever you have done to get yourseld in the 700 club is very unique and does not require advising someone about professional financial advice. I think just the few words you said made me feel like, "Wow, we have someone here with a 24 year credit rap." How did this person manage to stay with an excellent credit file and not fall into the category that I (we) did". That is more important (maintaining good credit) that anything. I will still continue to read your posts, regardless to if you want to throw personal advice or not because like I said before, "You put a good bug in my ear." :)
Comment 14 by porgy1000
Yes, 24 Years on 2008-01-01
I am new to this site and I really like it. It is a site where people can share their good and bad times they have had with the major banks. Here all along I thought I was alone.
I am not much on giving financial advice but I see what a lot of people are doing wrong in my eyes.
Meya is an important part of this site, she cheers people up when they are rejected for a card and gives good advice on which ones to apply for.
I myself only add one or two cards a year at most. 14 cards now and I think over 8 is just overkill. I really like that Hooters card, but I will be good and NOT apply for it, 15 is just way more then anyone should have.
on 2008-01-01 I am new to this site and I really like it. It is a site where people can share their good and bad times they have had with the major banks. Here all along I thought I was alone.I am not much on giving financial advice but I see what a lot of people are doing wrong in my eyes.
Meya is an important part of this site, she cheers people up when they are rejected for a card and gives good advice on which ones to apply for.
I myself only add one or two cards a year at most. 14 cards now and I think over 8 is just overkill. I really like that Hooters card, but I will be good and NOT apply for it, 15 is just way more then anyone should have.
Comment 15 by meya
Thanks Porgy1000 on 2008-01-01
I didn't see your comment on 12/29 until just now. I really appreciate what you said about me. I came here to see all comments, and to my surprise, you put a smile on my face. If I was a little lighter I would have to say inside until my face cleared from all the redness (blushing and tearful). Your comments is so terrific, we need members like you here to keep individuals like me more positive and alert about financial situations.
on 2008-01-01 I didn't see your comment on 12/29 until just now. I really appreciate what you said about me. I came here to see all comments, and to my surprise, you put a smile on my face. If I was a little lighter I would have to say inside until my face cleared from all the redness (blushing and tearful). Your comments is so terrific, we need members like you here to keep individuals like me more positive and alert about financial situations.
Comment 16 by eric
Hey Porgy on 2008-01-02
That gave me a great idea for my team at work Porgy!
We do offer what we call companion cards Porgy. You can break off a small portion of your high credit lines into a smaller CL. Minimum line is MC/Visa $2k and Amex $5k. Might be an idea for you if your looking to get Worldpoints and take advantage of the companion card.
on 2008-01-02 That gave me a great idea for my team at work Porgy!We do offer what we call companion cards Porgy. You can break off a small portion of your high credit lines into a smaller CL. Minimum line is MC/Visa $2k and Amex $5k. Might be an idea for you if your looking to get Worldpoints and take advantage of the companion card.
Comment 17 by porgy1000
Closed The Account on 2008-01-03
I called BofA today and closed this account. Why be frustrated. I have other accounts that I do not have to fight with.
on 2008-01-03 I called BofA today and closed this account. Why be frustrated. I have other accounts that I do not have to fight with.
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