Chase Credit Card/Credit Bureau

[daughtersrus]

DH and I pulled copies of our credit bureau reports with Equifax and both of ours are showing the wrong information from Chase. Chase has our limit listed as $0 which then shows that we owe more than our limit. I'm sure that this impacts our credit scores.

I did check online with Chase as well as a phone call and the account has not been closed or the limit reduced. The rep at Chase advices me to file disputes with Equifax and once they get the dispute, Chase will correct it. We did that this morning but now I'm not sure if it's also being reported incorrectly to the other bureaus as well. I hate to use all of our free reports at one time but I'm not sure how else to check if they have the correct information or not.

Has this happened to anyone else?


I posted this question on the Community board but I know that my budget friends here are pretty smart!

 

[Planogirl]

You talked to a Chase rep who didn't know much about how Chase reports. Chase often doesn't report limits to the credit bureaus which of course ends up making the limit look like it is zero. This is Chase's doing and not the credit bureaus. You can file disputes of course but only Chase can change that.

 

[bettymae1121]

Chase has always reported my (substantial) limit to all three credit agencies (at least they did as of last year when I last checked).

The only way to know for sure how they report to all the agencies is to pull the other two reports. If you don't want to do it all at once, you can wait to do the others, if you aren't applying for a loan anytime soon, waiting shouldn't hurt you any.

 

[SpaceGirl]

I have two Chase accounts Disney and Amazon. My Disney card reports my credit limit, the Amazon card doesn't.

I thought about calling to question this but the advice these days is just to keep a low profile. I don't want Chase to do a review and decide to cut my limits or increase my interest rates.

 

[daughtersrus]

Thanks for the replies.

Shouldn't we push to have it correct as I would think that having a balance that is higher than your limit would negatively impact our credit score.

The only loan that we're going to be applying for is a Parent Plus loan for DD's college tuition but I don't think that they check scores.

 

[SpaceGirl]

Shouldn't we push to have it correct as I would think that having a balance that is higher than your limit would negatively impact our credit score.

The only loan that we're going to be applying for is a Parent Plus loan for DD's college tuition but I don't think that they check scores.

I only use the card that doesn't report for small purchases, the credit limit isn't that important. I don't carry a balance so for me it's just used as a convenience for on-line purchases. I don't really need it to report. If I used the card and carried a balance I would want it to report.

I did some reading over on My Fico and the Credit Boards seems that some of the Chase cards don't or never have posted credit limits so rather Equifax will be able to add it to your report depends on what type card it is, the information has to come from Chase.

Before you pull your other two free reports you should dispute with Equifax and see if they can/will update your report. If they correct it then pull your other two reports and have them corrected.

The Parent Plus Loan can be provided to the parents, as a non-need based loan specifically because it is a credit-based loan, similar to a personal line of credit. As such, it's vital to know exactly where your credit stands, they will pull a credit report & score.

Good Luck

 

[daughtersrus]

I only use the card that doesn't report for small purchases, the credit limit isn't that important. I don't carry a balance so for me it's just used as a convenience for on-line purchases. I don't really need it to report. If I used the card and carried a balance I would want it to report.

I did some reading over on My Fico and the Credit Boards seems that some of the Chase cards don't or never have posted credit limits so rather Equifax will be able to add it to your report depends on what type card it is, the information has to come from Chase.

Before you pull your other two free reports you should dispute with Equifax and see if they can/will update your report. If they correct it then pull your other two reports and have them corrected.

The Parent Plus Loan can be provided to the parents, as a non-need based loan specifically because it is a credit-based loan, similar to a personal line of credit. As such, it's vital to know exactly where your credit stands, they will pull a credit report & score.

Good Luck

I called Chase again and spoke to another rep. He did say that the limit should be reported. He filled out some type of form and said that he would be sending it to the proper department. He said that it will take 10-15 working days to get a written response from Chase.

I understand what you're saying about not having a balance but for us, I think that it does matter. We don't have a large balance on that account but we do on some other cards. The limit on the Chase account is quite high so I want to get it corrected to correctly reflect the ratio of outstanding debt to credit limit.

I called the phone number about Parent Plus loans and they told me that they do not check score but only for negative information. She gave me a list (foreclosure, repossession, forfeiture of property, certain bankruptcies, more than 90 days late...) none of which we have. Actually there is no negative information on our reports.

It just bugs me so I want to get it fixed.

Funny thing is that we got a few 0% offers for balance transfers for new accounts (not Chase) in the mail today. I thought that most lenders had pretty much stopped doing that.

I'll post an update when I hear something back from Chase.

 

[Planogirl]

Please do post an update if Chase changes this. It's possible that your account might be one of those that is supposed to have a limit but then again maybe not. If there's a way to get Chase to add limits then that's good info.

 

[JB2K]

DH and I pulled copies of our credit bureau reports with Equifax and both of ours are showing the wrong information from Chase. Chase has our limit listed as $0 which then shows that we owe more than our limit. I'm sure that this impacts our credit scores.

I did check online with Chase...

Have you ever held any accounts with Washington Mutual (or any of their legacy banks/credit card companies)?

All of their accounts, past and present, became part of Chase after the historical failure of WaMu, a couple of years ago...

 

[trip]

Funny thing is that we got a few 0% offers for balance transfers for new accounts (not Chase) in the mail today. I thought that most lenders had pretty much stopped doing that.

We have gotten several 0% offers in the past few months. The catch is that they now charge a 4% fee on the amount transfered and the offer is usually only good for one year then reverts to the original APR.

 

[daughtersrus]

Have you ever held any accounts with Washington Mutual (or any of their legacy banks/credit card companies)?

All of their accounts, past and present, became part of Chase after the historical failure of WaMu, a couple of years ago...

No. This has always been a Chase account. The card says "World" on it.
I clearly have a limit printed on my statement as well as on-line.

A friend is a mortgage broker for Chase and she agrees that there should be a limit listed and that having it show as $0 is lowering the credit score. In the next few weeks, I should hear something back from Chase.