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:
Sometimes 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]
- 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