Author Topic: chase freedom  (Read 2008 times)

Offline corny

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chase freedom
« on: December 22, 2010, 10:49:56 AM »
I signed up to the chase freedom card a few months ago and i was really liking the card. It has some great benefits like 5% cash back (on up to $1500) on money spent in certain categories that change every quarter .
All was great until I checked my credit score to find out that my score was down from about 800 to 775, and I am really careful about on time payments, and never using up more than 20% of my limit etc. , so I started trying to find the negative factor on my report and all was looking good until the chase freedom card which says i was using up about 60% of my limit, and I knew that's impossible since my limit is $5700 and I never used more than a few hundred bucks, then I see that the limit it has on my report is the most i have ever used which was about $420, so apparently chase is not reporting my limit the the bureau (i know that amex and capital1 had this problem way back).
Did anyone else have this problem and find a way to repair your score?

thank you

Offline Dan

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Re: chase freedom
« Reply #1 on: December 22, 2010, 11:06:49 AM »
You can spend the full $5,700 and pay it off or refund it I suppose.
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Offline corny

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Re: chase freedom
« Reply #2 on: December 22, 2010, 02:00:27 PM »
You can spend the full $5,700 and pay it off or refund it I suppose.
i was thinking of that, but that means i would once again be using 100% of my limit (at least that one time) which will take my score down another few points, and will continue ruining my record of never using more than 20% of my limit (even if it will help me in the long run).
as of now im trying to fight it with the bureaus and if that doesn't work ill probably never use the card again

Offline elikay

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Re: chase freedom
« Reply #3 on: December 22, 2010, 02:13:12 PM »
Its not the only card, many cards are like that. Many WMC and Visa signature which have no preset spending limt, do not report max to credit bureaus.

Offline Dan

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Re: chase freedom
« Reply #4 on: December 22, 2010, 06:42:57 PM »
i was thinking of that, but that means i would once again be using 100% of my limit (at least that one time) which will take my score down another few points, and will continue ruining my record of never using more than 20% of my limit (even if it will help me in the long run).
as of now im trying to fight it with the bureaus and if that doesn't work ill probably never use the card again
Yes, temporarily your score will go down, but long-term it will go way up.
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Offline Cholentfresser

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Re: chase freedom
« Reply #5 on: December 22, 2010, 08:31:17 PM »
how would maxing out the card and then paying it in full help?
In order to understand recursion, you first need to understand recursion.

Offline Dan

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Re: chase freedom
« Reply #6 on: December 22, 2010, 08:32:25 PM »
how would maxing out the card and then paying it in full help?
They're not reporting a credit line so it defaults to the highest reported balance.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline Cholentfresser

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Re: chase freedom
« Reply #7 on: December 22, 2010, 08:43:25 PM »
when being careful not to use more then 20%, is the percentage calculated per card on its own, or combined of your complete credit line on all cards?
In order to understand recursion, you first need to understand recursion.

Offline corny

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Re: chase freedom
« Reply #8 on: December 22, 2010, 11:12:22 PM »
when being careful not to use more then 20%, is the percentage calculated per card on its own, or combined of your complete credit line on all cards?
card on its own
in this article i just came across it says 10% (5th paragraph)
http://finance.yahoo.com/banking-budgeting/article/111601/year-end-credit-checklist?mod=series-m-article-c

Offline Cholentfresser

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Re: chase freedom
« Reply #9 on: December 22, 2010, 11:48:50 PM »
I remember a long time ago (dont remember when) dan posted the percentage not to go passed. he said there's a dif. between amex and visa/mc. did that change, or is the percentage the same now for all types of cards?
In order to understand recursion, you first need to understand recursion.

Offline mancunian

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Re: chase freedom
« Reply #10 on: December 22, 2010, 11:51:37 PM »
They're not reporting a credit line so it defaults to the highest reported balance.
you mean it needs to be reported then & cant be in the middle of a statement?

Offline Dan

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Re: chase freedom
« Reply #11 on: December 23, 2010, 01:41:01 AM »
you mean it needs to be reported then & cant be in the middle of a statement?
Yup.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.