"Should I Cancel This Card ?"
Bank of America Visa Signature® WorldPoints Rewards Review
Written by: miguel8787 on 2008-04-04
Overall Satisfaction
Customer Service
Rewards
Account Management
Delivery Time
miguel8787's review: 
I upgraded my Bank of America American Express to the Visa signature because I heard it was the top of the line Visa card. I love all the extra benefits you get with it except for one thing. It is a no pre-set spending limit card which means they don't report a credit line to the bureus. They only report what you owe making your account look maxed out. Does this really affect my scores ? Should I just ask for this account to be changed to a regular Visa ?
I upgraded my Bank of America American Express to the Visa signature because I heard it was the top of the line Visa card. I love all the extra benefits you get with it except for one thing. It is a no pre-set spending limit card which means they don't report a credit line to the bureus. They only report what you owe making your account look maxed out. Does this really affect my scores ? Should I just ask for this account to be changed to a regular Visa ?
12 Comments
Comment 1 by hjm331
RE: 
on 2008-04-04
Nah don't cancel, just upgrade back to the AMEX card. Yes, it is going to affect your score because it increases your utilization since there's no limit being reported.
on 2008-04-04 Nah don't cancel, just upgrade back to the AMEX card. Yes, it is going to affect your score because it increases your utilization since there's no limit being reported.
Comment 3 by hjm331
RE: Meya on 2008-04-04
He doesn't have a preset limit. That's what's really hurting him.
on 2008-04-04 He doesn't have a preset limit. That's what's really hurting him.
Comment 4 by arod
I Dont Recommend It. on 2008-04-04
Having this card in your file is good for your FICO stay with it.
and every month buy a pack gum just to have it active.
take care,
Alex
on 2008-04-04 Having this card in your file is good for your FICO stay with it.and every month buy a pack gum just to have it active.
take care,
Alex
Comment 5 by hjm331
RE: ARod on 2008-04-04
I don't recommend any card that doesn't have a preset limit unless the consumer has a high income and a FICO in the 800's.
on 2008-04-04 I don't recommend any card that doesn't have a preset limit unless the consumer has a high income and a FICO in the 800's.
Comment 6 by meya
Correct on 2008-04-04
This card will not look good on your cr because it makes it looks as though it is maxed out when you have a high balance!
on 2008-04-04 This card will not look good on your cr because it makes it looks as though it is maxed out when you have a high balance!
Comment 8 by arod
Based On Accounts on 2008-04-05
No preset spending limit you can call your bank and ask a credit limit of 3 or 4g and that you want it to be reported how ever if you close an account for example Visa signature card there a big chance that if you want to open it again you will not be able to.
So yes if you close it and you want to open it again there is the chance they might refuse it happen to me years ago.
in the end its your decision,
Alex
on 2008-04-05 No preset spending limit you can call your bank and ask a credit limit of 3 or 4g and that you want it to be reported how ever if you close an account for example Visa signature card there a big chance that if you want to open it again you will not be able to. So yes if you close it and you want to open it again there is the chance they might refuse it happen to me years ago.
in the end its your decision,
Alex
Comment 9 by rockin35
Switch To The AMEX on 2008-04-05
If I were you, I would consider going back to the American Express. And no, you do not want a credit account on your credit file that does not reflect your spending limit. Think about it, make an informed decision!!! Okay? Take care... SHeila
on 2008-04-05 If I were you, I would consider going back to the American Express. And no, you do not want a credit account on your credit file that does not reflect your spending limit. Think about it, make an informed decision!!! Okay? Take care... SHeila
Comment 10 by joshthesav
CL on 2008-11-25
Thats weird I have the card and they report my credit line as 10,000 (even though there is no preset spending limit). From my understanding, you DO have a credit limit, but you are allowed to exceed it as long as you pay your balance down to your credit limit when your statement comes.
on 2008-11-25 Thats weird I have the card and they report my credit line as 10,000 (even though there is no preset spending limit). From my understanding, you DO have a credit limit, but you are allowed to exceed it as long as you pay your balance down to your credit limit when your statement comes.
Comment 11 by charlesida
Re: Should I Cancel This Card ? on 2009-12-06
IMHO: Bank of America Visa Signature is the worst card to get. They have the worst customer service experience. They're will not help and are remotely friendly when they ding you with fees. Just me ranting... For you folks to find out the hard way.
on 2009-12-06 IMHO: Bank of America Visa Signature is the worst card to get. They have the worst customer service experience. They're will not help and are remotely friendly when they ding you with fees. Just me ranting... For you folks to find out the hard way.
Comment 12 by pauly2221
Re: Should I Cancel This Card ? on 2011-10-13
Cancel Cancel Cancel!!!!!!
I wish there was a no star rating for BOA......I just got done filling out an application for the 1%2%3% credit card. I only make money off the credit cards I have been using them collecting the rewards and pay off the card befor interest and I thought the 123 Card would be great for that. I was instantly DENIED. I have a 730 fico score make about 250K+ a year and about 10K in an auto debt with no CC debt and about 90K CC available. I was so surprised that I had to call the recon number. I have never been denied credit in the last 2+ years but I was DENIED from BOA 3 and 4 and 5 years ago when my credit was a 640+. So I was sure that something was wrong with there system when I have a 730+ score. The rep was very hard to work with and very pushy when I started talking to her I said I have had my chase card (8000K limit) (710 score at time of app) Barclays carnival Card ($8,000 limit 690 Fico at time of app) discover card (3000K limit) (690 score at time of app) Navy FCU Credit Card (30K LIMIT) (695 score at time of app) Cap one, Hooters and HSBC all around 3K each (650 score at time of app) for about 2 years and the cap one hooters HSBC for about 7 years all paid on time every month and right now none of my cards have a balance. And you denied me credit????? She pulled my credit history and said there was 4 issues back in 2005. I told her yes that was 6 years ago I have proving myself to be well educated on using my cards for the last 6 years in a perfect manor. she put me on hold for like 10min and then came back in a mean tone becuase of the past history we can not extend credit. Are you serious??? I can go to any bank besides BOA and quilify for close to the best interest rate and any credit card and you can't even extend a $500 credit card? I just couldn't believe it. If you are looking for a bank to do business with and don't want to wait 10 years to get credit from due to a minor tardyness of 30 days more then 6 years ago go somewhere else. Bank of america not only has the worst customer service but the worst lending practices. I think they are geting smaller and are not able to lend like they used to. So as they drop in size they take as much as they can from the customers they do have. And don't lend a hand to new prospective customers. CREDIT UNIONS are the best and the reason I say that is because my highest credit limit is with navy FCU of 30K because they know my past 6 years has been perfect and becuase I know I can count on them that is were I put my 250K+ paycheck a year in. Don't go with BOA they are horrible I would go with any other bank like chase or Discover. HSBC not as much becuase they are getting smaller and there lending is weak but at least you can start with something.
on 2011-10-13 Cancel Cancel Cancel!!!!!!I wish there was a no star rating for BOA......I just got done filling out an application for the 1%2%3% credit card. I only make money off the credit cards I have been using them collecting the rewards and pay off the card befor interest and I thought the 123 Card would be great for that. I was instantly DENIED. I have a 730 fico score make about 250K+ a year and about 10K in an auto debt with no CC debt and about 90K CC available. I was so surprised that I had to call the recon number. I have never been denied credit in the last 2+ years but I was DENIED from BOA 3 and 4 and 5 years ago when my credit was a 640+. So I was sure that something was wrong with there system when I have a 730+ score. The rep was very hard to work with and very pushy when I started talking to her I said I have had my chase card (8000K limit) (710 score at time of app) Barclays carnival Card ($8,000 limit 690 Fico at time of app) discover card (3000K limit) (690 score at time of app) Navy FCU Credit Card (30K LIMIT) (695 score at time of app) Cap one, Hooters and HSBC all around 3K each (650 score at time of app) for about 2 years and the cap one hooters HSBC for about 7 years all paid on time every month and right now none of my cards have a balance. And you denied me credit????? She pulled my credit history and said there was 4 issues back in 2005. I told her yes that was 6 years ago I have proving myself to be well educated on using my cards for the last 6 years in a perfect manor. she put me on hold for like 10min and then came back in a mean tone becuase of the past history we can not extend credit. Are you serious??? I can go to any bank besides BOA and quilify for close to the best interest rate and any credit card and you can't even extend a $500 credit card? I just couldn't believe it. If you are looking for a bank to do business with and don't want to wait 10 years to get credit from due to a minor tardyness of 30 days more then 6 years ago go somewhere else. Bank of america not only has the worst customer service but the worst lending practices. I think they are geting smaller and are not able to lend like they used to. So as they drop in size they take as much as they can from the customers they do have. And don't lend a hand to new prospective customers. CREDIT UNIONS are the best and the reason I say that is because my highest credit limit is with navy FCU of 30K because they know my past 6 years has been perfect and becuase I know I can count on them that is were I put my 250K+ paycheck a year in. Don't go with BOA they are horrible I would go with any other bank like chase or Discover. HSBC not as much becuase they are getting smaller and there lending is weak but at least you can start with something.
Please login or register for free to view your stats, add reviews and card application results, or post comments.
Credit card reviews and comments are posted by user submission and do not warrant the opinions of Finance Globe.
Disclaimer: This content is not provided by Bank of America®. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Bank of America®. Review content is powered by Finance Globe.
Disclaimer: This content is not provided by Bank of America®. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Bank of America®. Review content is powered by Finance Globe.
