Excited about having CSP but just realized.....

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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nitsugua23
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Excited about having CSP but just realized.....

Postby nitsugua23 » Sun Aug 24, 2014 8:14 pm

Ok guys, about a month and a half ago I was approved for the CSP card. I was super stoked, even made a post on here announcing it (first forum post ever). I've had it for a month. Got my first statement and was eager to see my credit utilization percentage go way down BUT I just checked my credit report and saw that my 10K credit limit is not being reported to the bureaus! What gives!? Is there anything I can do to where my CL is being reported so my credit utilization can be lowered? Any feedback is appreciated! Thanks.
CO (7/2011): $6,250
Discoverit (9/2012): $9,500
AMEX PRG (3/2013)
CSP (7/2014): 10K
CSR (9/2016):10.8K


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otter
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Postby otter » Sun Aug 24, 2014 9:21 pm

nitsugua23 wrote:Ok guys, about a month and a half ago I was approved for the CSP card. I was super stoked, even made a post on here announcing it (first forum post ever). I've had it for a month. Got my first statement and was eager to see my credit utilization percentage go way down BUT I just checked my credit report and saw that my 10K credit limit is not being reported to the bureaus! What gives!? Is there anything I can do to where my CL is being reported so my credit utilization can be lowered? Any feedback is appreciated! Thanks.


I might be the wrong person to answer because I just got the CSP myself last week. One of my reservations with the CSP is that it is a Visa Signature card and usually Visa Signature cards (and World Mastercards as well) often don't report a CL. The reason is because you can go over the limit (at the lender's discretion), but you must pay to go under the limit before the statement closes (I think). Right now, I'm looking at my three reports on the Amex Credit Secure site. On EX, the CSP shows as a "flexible spending credit card" but it does show a limit. On EQ, it is showing the same info as my Chase Freedom (aside from a different limit and history). It isn't showing yet on TU.

I suppose you could call Chase and ask them. The worst they can say is no. I don't think it's a huge deal... from what I've heard FICO treats a card without a limit (including Amex charge cards for that matter) one of two ways: (1) It disregards all the information for the card when calcuating utilization, meaning for example, in your case, if you "maxed" out your CSP at $10,000... there would be no effect on your FICO (although you might make Chase nervous) (2) Your high balance becomes your CL when figuring your CL for that account. I suspect the first one is probably correct although it could be a combination of the two, but in either case, it's probably not a huge factor. I know it's disappointing to get a card which more than doubles your total available credit not show a limit, but the fact that it is a signature card is a plus in itself. A manual underwriter who sees your file knows it's a sig card and knows it's at least a $5000 limit (and potentially much more). That tells them your credit risk is low without looking further.
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

popamode72
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Postby popamode72 » Mon Aug 25, 2014 4:30 am

My chase card is also a Visa Signature though not a CSP. I assume the same thing would apply to mine as well. I've never had any before.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

MemberSince99
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Postby MemberSince99 » Mon Aug 25, 2014 6:46 am

I'd contact Chase about it - preferably the analysts rather than the regular Customer Service who won't likely be able to help with it. My CSP reported the limit to all 3 bureaus, and my Freedom is a Signature card and it reports the limit as well, so if yours isn't there must be something "off" with it.

takeshi
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Postby takeshi » Mon Aug 25, 2014 8:17 am

The limit will certainly report on a CSP. It could be a first month reporting issue. If you're really worried about it then contact Chase to verify that they are reporting the limit for you.

Which report(s) are you looking at? Were they obtained directly from the CRA's or via another source?

Bama87
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Postby Bama87 » Mon Aug 25, 2014 8:20 am

I have read that there are basically 2 ways a Visa Signature will report:

1. You actual credit limit ($10,000 in your case)
2. Your highest spend to date on it at the end of your billing period. So if you only rack up $950 when the end of your billing period hits, your CL will report as $950. I believe it stays there until you ending amount is over that, then the cycle continues. New highest reported.

supercoolman
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Postby supercoolman » Mon Aug 25, 2014 10:48 pm

all of my VISA signature including the ones from CHASE all reports limit to CRAs, but I don't have CSP, so can't say anything about that card.

randeman
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Postby randeman » Tue Aug 26, 2014 8:27 pm

All three of my Chase signature cards report their limits. Have since the beginning. I agree with other comments, wait a month or so and see what happens.
Cards and Credit lines Acquired:

Escape by Discover (7.75K), Barclay Holland America Visa (7K), Macy's store card (7K), Bloomingdale's store card (2.6K), Citi Custom Credit Line (3.5K), PayPal Smart Connect credit line (2.7K), Chase Freedom Visa (5K), Chase United MileagePlus Visa (5K), Chase Sapphire Preferred Visa (6K), Amazon store card (2.2K), Lord & Taylor store card (550), Nordstrom store card (1500), Gold Delta SkyMiles from American Express (3K), Discover It (6.5K), PayPal Credit Line (1K).



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