Hello,

Today I received a letter from chase, and it says my Freedom Visa card will be upgraded to Visa Signature card by July 2. It also says my account will have a credit access line instead of a credit limit and will have no pre-set spending limit. Does no pre-set spending affect(lower) credit score. I remember last year, Citi tried to do the same thing(upgraded master card to World Master card), and many folks in this forum called city to deny the conversion due to the concern of credit score.

Any idea?

Thanks.

I got one too. As long as they don't take away the rewards which I confirmed they won't I don't really care.

my fiance got one, would it be better to not upgrade, then to 'upgrade'.

I always wonder why everyone makes such a big deal about his..All i have are two Visa Signature Cards (no other credit cards) a Chase Rewards Plus Visa Signature and a Chase Freedom Visa Signature, and i never have any
problems getting credit or new credit card offerings for that matter....regardless of the fact the the line isn't reported....I think people who pull credit reports these days are intelligent enough to realize that you
have a Visa Signature or World Master Card with No Preset Limit......

In fact, when i got my Schwab Checking Account a few months ago, i was offered an instant, pre-approved $12,000 overdraft (credit) line......

So, why do so many freak out about this???

craig10x said:I always wonder why everyone makes such a big deal about his..All i have are two Visa Signature Cards (no other credit cards) a Chase Rewards Plus Visa Signature and a Chase Freedom Visa Signature, and i never have any
problems getting credit or new credit card offerings for that matter....regardless of the fact the the line isn't reported....I think people who pull credit reports these days are intelligent enough to realize that you
have a Visa Signature or World Master Card with No Preset Limit......

In fact, when i got my Schwab Checking Account a few months ago, i was offered an instant, pre-approved $12,000 overdraft (credit) line......

So, why do so many freak out about this???

because we all know of cases, where if you time it wrong, for a month it will report you as using 100% of your credit line. (where the balance and limit are listed as one and the same).

Unless that problem was fixed

adodotnet said:It seems I should opt-out.

Up to you....but as i said..all i have are signature cards, and they haven't caused any problems for me....lots of people have these cards...if they were so bad, no one would have them (lol)....

Anyway, as i recall, credit reports would show the highest balance you spent on the card...and then there is a seperate box for your actual credit limit, where in this case it is left blank....so, the person reviewing your credit
wouldn't know exactly what your credit line is...it could be $75,000 for all he knows....so i don't see how that would show that you had 100% usage of your credit line.......

Also, when that space is blank...it is obvious that it must be either a Visa Signature or a World Master Card with No Preset Spending Limits......

And in order to qualify for a Visa Signature or World Mastercard, you have to have a good credit history...otherwise you wouldn't get a card with No Preset Limits, where you can spend way beyond your actual
credit line without getting permission from your credit card issuer...it's actually considered to be a bit of a "prestige" card to have (as compared to a regular or even platinum card)........

And by the way, if you e-mail Chase, you can request they report it to the bureaus...and Equifax and Experian will list your credit line, but TransUnion will not for some unknown reason......but it seems Equifax is often where reports are pulled from, anyway.....

I STILL think it isn't that big a deal....but do what you feel most comfortable with....

hellyea81 said:you get a bunch more benefitswith visa signature.

i think its fine...
Yep...that is VERY TRUE.....and that is because it is considered to be a higher "prestige" card then a platinum

adodotnet...you can turn it down if you wish...but it's kind of like turning down an invitation to join the "country club" (lol).....

Posted this a couple days ago in the Chase thread, Not sure what I'll do? Don't need the increased benefits and don't want to lose my $72,500 reported line. Will probably see if I can opt out

scott1961 said:Just got a letter on my Chase Rewards Plus MasterCard, thought at first it was going to be about ending the 5% but was not. Says my card will be upgraded to include "World MasterCard benefits" whatever that is? Says I will be issued a new card but same number. Also states new benefit is "Your account will have a credit access line instead of a credit limit and will have no pre-set spending limit" Not sure I like that because I thought those types do not report credit limit and I have $72,500 CL on this card. Anybody else get this letter?

*

sushi1111 said:I received the same letter. The concern stems from the cc company no longer advertising your credit limit, effectively lowering your credit score if you use the credit utilized divided by credit available formula.

UPDATE: Very easy to opt-out. Call 800-524-3880 and tell them you don't want to be 'upgraded'.
Worked for me too. The rep said she has put a note on my account.

Additionally, I have sent an email as well. No reply to that yet.