Changing the Freedom to Signature tier

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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m20e3087
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Changing the Freedom to Signature tier

Postby m20e3087 » Fri Nov 11, 2011 3:36 pm

I have a chase freedom card for almost 5 year. Friends of mine recently got one as well, but its a visa signature freedom. How can I upgrade mine to visa signature?
American Express: Blue Cash Everyday & Platinum

Visa Signature: BankAmericard Travel Rewards, Chase Freedom Unlimited, & Chase Sapphire

Visa Infinite: Chase Sapphire Reserve


CC Deville
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Postby CC Deville » Fri Nov 11, 2011 7:09 pm

m20e3087 wrote:I have a chase freedom card for almost 5 year. Friends of mine recently got one as well, but its a visa signature freedom. How can I upgrade mine to visa signature?


Typically once your credit line hits $5,000 Chase will automatically upgrade you to Visa Signature. If your credit line is lower than $5,000 they issue a Platinum version.

JohnB222
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Postby JohnB222 » Sat Nov 12, 2011 9:57 am

In my case, I recently applied and was given a $5000 CL...however it is not signature version as I was hoping :(
[font=Arial][CENTER]Amex Blue Cash Everyday - 22k CL | Chase Hyatt - 15k CL

PenFed Platinum Rewards - 12k CL | Chase Sapphire Preferred - 8k CL | Chase Freedom - 5k CL[/CENTER][/font]

CC Deville
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Postby CC Deville » Sat Nov 12, 2011 4:00 pm

JohnB222 wrote:In my case, I recently applied and was given a $5000 CL...however it is not signature version as I was hoping :(


$5,000 credit lines are the main requirement for Visa Signatures, but also the banks want to see higher credit scores and higher incomes as well since Visa Signature/World MasterCard offers an expansion feature. So, let's say someone has a $5,000 Visa Signature credit line and they spend $7,000 in one month. Their minimum payment would be $2,100 (2% of $5,000 plus the $2,000 charged over the credit line). As studies have shown, people with a higher score are more likely to repay that. Generally speaking, most reward cards these days are moving to Visa Signature/World MasterCard because merchants have to pay the banks a higher interchange (swipe fee) for the higher level card. This helps with the cost of offering the reward. So most banks will try to find a reason to approve someone for the Signature/World.

I am sure if you called them they might consider an upgrade. Someone on MyFico is reporting that Chase began to report credit lines on their Signature and World cards as of 11/6/11 (depending on the cards cycle date; these changes will continue to start reporting through December) . So no reason not to have a Signature now. Plus the metallic/hologram Visa Signature/World MasterCard logos that Chase has been issuing are pretty sharp looking.

JohnB222
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Postby JohnB222 » Sat Nov 12, 2011 6:40 pm

Well 3-4 days before applying I applied and was approved for a Sapphire Preferred (8k CL / signature card) and they originally declined my app for Freedom but after recon I was approved for 5k CL. My credit score is approximately 775 so I definitely quality with the best of them. My Freedom card with 5k CL though is not signature, however my Sapphire Preferred is. So you think if I call and request change to signature, without CL increase, they may change me?
[font=Arial][CENTER]Amex Blue Cash Everyday - 22k CL | Chase Hyatt - 15k CL



PenFed Platinum Rewards - 12k CL | Chase Sapphire Preferred - 8k CL | Chase Freedom - 5k CL[/CENTER][/font]

CC Deville
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Postby CC Deville » Mon Nov 14, 2011 5:19 pm

JohnB222 wrote:Well 3-4 days before applying I applied and was approved for a Sapphire Preferred (8k CL / signature card) and they originally declined my app for Freedom but after recon I was approved for 5k CL. My credit score is approximately 775 so I definitely quality with the best of them. My Freedom card with 5k CL though is not signature, however my Sapphire Preferred is. So you think if I call and request change to signature, without CL increase, they may change me?


Wouldn't hurt to try. The Visa Signature version looks better because the Visa and "Signature" are a metallic colour instead of the white. I hear Chase is starting to report limits on Signature and World cards now so no reason not to get Signature.

JohnB222
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Postby JohnB222 » Mon Nov 14, 2011 6:15 pm

I sent them a secure message asking if I could be switched yesterday, they said no my account wasn't eligible. In other news, my Sapphire Preferred cycle came up today and started reporting my CL...and my credit score went down by 17 points...what gives?!? Only other variable was before my balance was $4200 (with flex spending) and now it's $0 (with reported $8k limit) and it goes down by 17 points?!? Any explanation?
[font=Arial][CENTER]Amex Blue Cash Everyday - 22k CL | Chase Hyatt - 15k CL



PenFed Platinum Rewards - 12k CL | Chase Sapphire Preferred - 8k CL | Chase Freedom - 5k CL[/CENTER][/font]

CC Deville
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Postby CC Deville » Tue Nov 15, 2011 5:50 pm

Well that is strange! (account not eligible). Well, that only ends up hurting them in the long run since they won't get the higher interchange fee from merchants.
Yeah, I read on MyFico that as of 11/6 Chase began to report credit lines. Citibank started doing this in March. I bet they got a lot of complaints from cardholders. Did you post this question there too? It looks familiar.
The only thing I can think of is that from what I understand, Open accounts (which is how AMEX charge cards report and up until now Chase's World MasterCards and Visa Signatures) are actually taken out of the equation for balances against the debt-to-credit ratio. Again, I don't know how correct this is, but it sounds as if Open balances were almost a freebie. So it could be now that they are reporting it as an R1 with a balance, that balance has been factored into your debt to credit ratio.

JohnB222
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Postby JohnB222 » Tue Nov 15, 2011 9:39 pm

It just makes no sense though because with NPSL my last bill was $4200, now with $8k CL my bill is $50 and my score goes down by 17 points?!? Is it possible my credit score was giving me "bonus points" for having a charge card vs a credit card (so maybe I should apply for zync or something?!?)
[font=Arial][CENTER]Amex Blue Cash Everyday - 22k CL | Chase Hyatt - 15k CL



PenFed Platinum Rewards - 12k CL | Chase Sapphire Preferred - 8k CL | Chase Freedom - 5k CL[/CENTER][/font]

CC Deville
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Postby CC Deville » Wed Nov 16, 2011 5:18 pm

JohnB222 wrote:It just makes no sense though because with NPSL my last bill was $4200, now with $8k CL my bill is $50 and my score goes down by 17 points?!? Is it possible my credit score was giving me "bonus points" for having a charge card vs a credit card (so maybe I should apply for zync or something?!?)


That is wierd that it would go down 17 points. So, your statement balance was $50 and that is what is reporting on the credit bureaus? If the bureau has the $4200 balance then it would appear that you are over 50% of your credit line. But that wouldn't make sense that they would update the credit line reporting but not the lower balance....All I know is that from a bank (that I will not mention) that I used to work at, they reported as O with only the high balance reporting. Customers complained so they changed it to R with the credit line. One of the IT guys I knew stated that the Open balances were not factored into the Revolving portion of the credit report. So one possibility is that by having the Open tradeline it counted as a different kind of credit type. 10% of your credit score is a mix of credit (revolving, installment, mortgage etc). So that could be one possibility but I would be guessing of course.
Opening an Amex Zync? Couldn't hurt especially since it would be backdated which would help AAoA! I am thinking about doing just that in January so I will have a new 13 year old tradeline.



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