How Does No Preset Spending Limit Cards Report To the Credit Bureaus?
by Mr Credit CardHi
I read your article(which had a question from someone asking if closing a card hurts her score) about how amex cards aren’t the same as other ones (mastercard, visa, etc) because they don’t report the limit and only report how much you owe.
I have a Bank of America amex card. Does that report to the bureaus the same way? or does that count like any other VISA or Mastercards?
Ryan Wi
Answer – Generally speaking, most credit cards will report your credit limit to the three main credit bureaus. However, some cards have so called “no preset spending limits”. Many of these cards include the charge cards issued by American Express, that required full payment every month.
In these instances, they will simply report your monthly spending to the credit bureaus. There are now some regular credit cards issued by Chase and Bank of American that will report the same way.
The key is not find out whether you have been given a credit limit or is your card one of those that have “no pre set spending limit”.