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DansDeals Forum => Credit Cards And Finance => Topic started by: compddd on November 14, 2011, 09:54:00 PM

Title: Should I use all of my credit cards at least once a month?
Post by: compddd on November 14, 2011, 09:54:00 PM
and then pay them off asap? Will it get my credit score higher?
Title: Re: Should I use all of my credit cards at least once a month?
Post by: joeb1 on November 14, 2011, 09:55:36 PM
its a great idea to at least use each card once
Title: Re: Should I use all of my credit cards at least once a month?
Post by: AJK on November 14, 2011, 10:26:04 PM
Theoretically, a 0% util may not be as good as a 10% util.

But paying them off asap will do nothing for you credit score wise. The balance wont be reported the the bureaus.
Title: Re: Should I use all of my credit cards at least once a month?
Post by: compddd on November 15, 2011, 12:33:43 AM
I could of swore I saw Dan post once or twice that he recommends paying off your CCs multiple times a month.
Title: Re: Should I use all of my credit cards at least once a month?
Post by: elikay on November 15, 2011, 12:37:43 AM
If you have a high utilization ratio, then absolutely yes. You should try to make sure that it does not get reported to the CBs as it will affect you score, albeit temporarily. Though you don't have to fully pay it down, as long as you bring down the number.
Title: Re: Should I use all of my credit cards at least once a month?
Post by: compddd on November 15, 2011, 12:45:57 AM
I only spend about $1100 a month on my CCs, and I pay them all off every month. So I should just make sure to use each one at least once a month and then pay it off?
Title: Re: Should I use all of my credit cards at least once a month?
Post by: AJK on November 15, 2011, 12:46:26 AM
I could of swore I saw Dan post once or twice that he recommends paying off your CCs multiple times a month.

He may have. I'm not sure in what context he mentioned it, but if all you are doing is spending $1.00 and then paying it off, it'll have zero effect on your credit. (It may prevent the card from being involuntarily closed for inactivity, though. But that has nothing to do with your credit score--directly anyway.)

If you have a high utilization ratio, then absolutely yes. You should try to make sure that it does not get reported to the CBs as it will affect you score, albeit temporarily. Though you don't have to fully pay it down, as long as you bring down the number.

It's been reported that having a util % above 0%, but below ~30% is better than 0%.
Title: Re: Should I use all of my credit cards at least once a month?
Post by: compddd on November 15, 2011, 12:47:51 AM
AJK I'm putting like $10-20 on each one and then using my Sapphire Preferred for everything else.

Am I wasting my time?
Title: Re: Should I use all of my credit cards at least once a month?
Post by: AJK on November 15, 2011, 12:49:24 AM
That would seem (to me) to be enough to ward of any involuntary closures and avoid the 0% util "issue," though I personally don't bother with it. Too much hassle.
Title: Re: Should I use all of my credit cards at least once a month?
Post by: Cholentfresser on November 15, 2011, 05:27:13 PM
I could of swore I saw Dan post once or twice that he recommends paying off your CCs multiple times a month.
If we're talking about the same thing, i'm pretty sure Dan said to use all cards and pay them off besides for a very little amount on each card (~$1?) so then they'll be reported as being used but with a very little % utilization.
Title: Re: Should I use all of my credit cards at least once a month?
Post by: Dan on November 15, 2011, 06:00:46 PM
If we're talking about the same thing, i'm pretty sure Dan said to use all cards and pay them off besides for a very little amount on each card (~$1?) so then they'll be reported as being used but with a very little % utilization.
+1
Title: Re: Should I use all of my credit cards at least once a month?
Post by: Nitantnel on November 15, 2011, 08:03:24 PM
its a great idea to at least use each card once

Are we sure it's a great idea to do this every month or just the month before applying for a new CC?

And welcome back Comppdd!!
Title: Re: Should I use all of my credit cards at least once a month?
Post by: compddd on November 15, 2011, 09:20:00 PM
If we're talking about the same thing, i'm pretty sure Dan said to use all cards and pay them off besides for a very little amount on each card (~$1?) so then they'll be reported as being used but with a very little % utilization.

Nice thank you! I guess I read it wrong. I'll leave $1 on each card :)

and Nitantnel I never left as far as I know haha
Title: Re: Should I use all of my credit cards at least once a month?
Post by: YG on November 15, 2011, 10:28:55 PM
Acc to Credit Karma, 0% util. gets a grade of C as opposed to 1% - 20% which gets a grade of A.
[21% - 40% = B, and 41% - 60% = C (similar too 0%)]
Title: Should I use all of my credit cards at least once a month?
Post by: clownaparte on November 15, 2011, 11:50:29 PM
He may have. I'm not sure in what context he mentioned it, but if all you are doing is spending $1.00 and then paying it off, it'll have zero effect on your credit. (It may prevent the card from being involuntarily closed for inactivity, though. But that has nothing to do with your credit score--directly anyway.)

It's been reported that having a util % above 0%, but below ~30% is better than 0%.
+1. I always make sure to use cards with large CLs at least twice a year. I don't want 25k or 30k CLs dropping off my report if they close it. I've had chase close an inactive account on me with a 15k CL, and since then I make sure to protect my credit lines...
Title: Re: Should I use all of my credit cards at least once a month?
Post by: smiley face on November 16, 2011, 01:24:52 AM
i have one cc which is a secured card from BofA my credit limit is $300 if is spend abt $250-$290 a month will that hurt my credit score?
Title: Re: Should I use all of my credit cards at least once a month?
Post by: AsherO on November 16, 2011, 01:33:07 AM
i have one cc which is a secured card from BofA my credit limit is $300 if is spend abt $250-$290 a month will that hurt my credit score?

For best results, spend only like $20 on it the month or two before you apply for a real card.
Title: Re: Should I use all of my credit cards at least once a month?
Post by: thetobster12345 on November 16, 2011, 06:29:23 AM
yes, but do not pay them off until your statement has posted. once your statement has posted with a balance, that means it has been reported to the credit bureaus. then pay it off any it helps your credit
Title: Re: Should I use all of my credit cards at least once a month?
Post by: smiley face on November 16, 2011, 10:20:12 AM
i must've spent $50 already-want to get the most points possible
Title: Re: Should I use all of my credit cards at least once a month?
Post by: Am on November 17, 2011, 01:01:13 AM
yes, but do not pay them off until your statement has posted. once your statement has posted with a balance, that means it has been reported to the credit bureaus. then pay it off any it helps your credit
+1 visa signature which has no preset spending limit, instead reports your highest balance to calculate your utilization %. I once made an $11,000 purchase and paid most before the bill posted and and only a fraction got factored in as my credit limit
Title: Re: Should I use all of my credit cards at least once a month?
Post by: Am on November 17, 2011, 01:05:39 AM
Everyone seems to be addressing this topic from the credit score standpoint what about the effect it will have on credit history
Title: Re: Should I use all of my credit cards at least once a month?
Post by: AJK on November 17, 2011, 12:26:30 PM
Everyone seems to be addressing this topic from the credit score standpoint what about the effect it will have on credit history

That's because this topic has nothing to do with credit history.
Title: Re: Should I use all of my credit cards at least once a month?
Post by: scwam on November 17, 2011, 02:38:00 PM
+1 visa signature which has no preset spending limit, instead reports your highest balance to calculate your utilization %. I once made an $11,000 purchase and paid most before the bill posted and and only a fraction got factored in as my credit limit

Funny, I had exactly that balance last month and paid it off b4 statement printed on my Saphire. The 11k was only on there for 2 days max and previous statement printed for 5k - on my credit as 5k and new high balance reports 11k on a 7k line. So that did not happen in my case as I had predicted it would. Of course didn't count into my utilization as I thought I was going to apply for a card this month.
Title: Re: Should I use all of my credit cards at least once a month?
Post by: Avid Reader on November 17, 2011, 02:50:15 PM
I recall reading on MyFICO that carrying balances on too many cards is not good for the credit score. Anyone else remember reading this?
Title: Re: Should I use all of my credit cards at least once a month?
Post by: AJK on November 17, 2011, 02:51:53 PM
I recall reading on MyFICO that carrying balances on too many cards is not good for the credit score. Anyone else remember reading this?

ANY balance? Even $1.00?
Title: Re: Should I use all of my credit cards at least once a month?
Post by: Avid Reader on November 17, 2011, 02:58:12 PM
ANY balance? Even $1.00?

They didn't differentiate.
Title: Re: Should I use all of my credit cards at least once a month?
Post by: AJK on November 17, 2011, 03:06:42 PM
They didn't differentiate.

Not sure why that would count against you, assuming the balance remains between ~1-30%.
Title: Re: Should I use all of my credit cards at least once a month?
Post by: Avid Reader on November 17, 2011, 03:10:55 PM
Not sure why that would count against you, assuming the balance remains between ~1-30%.

It might be a general indicator that you're strapped for cash because you're juggling a few cards.

Anyone else remember reading such wording on MyFico?
Title: Re: Should I use all of my credit cards at least once a month?
Post by: AJK on November 17, 2011, 03:12:06 PM
It might be a general indicator that you're strapped for cash because you're juggling a few cards.

Meh.

Would love to read the article/site if you find it, though.
Title: Re: Should I use all of my credit cards at least once a month?
Post by: Avid Reader on November 17, 2011, 03:45:03 PM
Meh.

Would love to read the article/site if you find it, though.
That's a good indicator that you haven't seen it. I'd love to hear from anyone who does remember seeing such wording though.
Title: Re: Should I use all of my credit cards at least once a month?
Post by: APoshiterYid on November 17, 2011, 08:56:46 PM
WARNING! Total CC-N00B Q:
When we are saying leave a dollar on the card, I assume you mean prepay all and let $1 hit the statement, but then pay it off, right? Not to just keep that $1 accruing interest...
Title: Re: Should I use all of my credit cards at least once a month?
Post by: AJK on November 17, 2011, 08:57:30 PM
Accrue interest? Heaven forbid.
Title: Re: Should I use all of my credit cards at least once a month?
Post by: Nitantnel on November 17, 2011, 10:07:02 PM
WARNING! Total CC-N00B Q:
When we are saying leave a dollar on the card, I assume you mean prepay all and let $1 hit the statement, but then pay it off, right? Not to just keep that $1 accruing interest...

With Chase make sure it's 1.01, otherwise you'll get a free dollar!
Title: Re: Should I use all of my credit cards at least once a month?
Post by: compddd on November 17, 2011, 10:51:49 PM
Get a free dollar? What?
Title: Re: Should I use all of my credit cards at least once a month?
Post by: Fan of Dan on November 17, 2011, 11:20:36 PM
Get a free dollar? What?
You seem to mind! Lol!
Title: Re: Should I use all of my credit cards at least once a month?
Post by: AJK on November 17, 2011, 11:24:11 PM
Get a free dollar? What?

Look at DD post on Chase Exclusives.
Title: Re: Should I use all of my credit cards at least once a month?
Post by: scwam on November 17, 2011, 11:45:40 PM
With Chase make sure it's 1.01, otherwise you'll get a free dollar!

"Hay dawg, u gotta dolla' ?"

I wondered why my statement never printed once when I only had 72 cents one cycle.
Title: Re: Should I use all of my credit cards at least once a month?
Post by: APoshiterYid on November 18, 2011, 01:52:29 AM
With Chase make sure it's 1.01, otherwise you'll get a free dollar!
Is that serious? I know they won't bill you for it, but it wont even post as utilized credit?
Title: Re: Should I use all of my credit cards at least once a month?
Post by: HelpMe on November 18, 2011, 03:22:14 AM
With Chase make sure it's 1.01, otherwise you'll get a free dollar!
Chase is not the only one it works for.
Title: Re: Should I use all of my credit cards at least once a month?
Post by: Avid Reader on November 18, 2011, 03:24:15 AM
Chase is not the only one it works for.

Just curious, which other banks do this?
Title: Re: Should I use all of my credit cards at least once a month?
Post by: HelpMe on November 18, 2011, 03:27:53 AM
Just curious, which other banks do this?
There is a thread at FWF that lists them. I will try and find it.
Title: Re: Should I use all of my credit cards at least once a month?
Post by: Saver2000 on November 18, 2011, 09:01:15 AM
Just curious, which other banks do this?

Has advantage IIRC
Title: Re: Should I use all of my credit cards at least once a month?
Post by: bubbles on November 18, 2011, 09:24:02 AM
There is a thread at FWF that lists them. I will try and find it.
Here is a copy of the QS on that thread

it's a list of peoples experiences with this

Quote from: FWF QS
Advanta canceled at $1.00/$0.99 (May 2009)
Advanta billed at $1.20

AMEX billed at $1.99
AMEX billed at $0.01
AMEX canceled at 0.49 (first statement: balance is 0.49 but nothing is due; second statement: balance adjusted to zero)
AMEX billed/canceled at $1.00 on odd/even months respectively

Associated Bank billed at $0.99
Associated Bank (Elan) canceled at $.59 (Nov 2011)

BofA billed at $0.01/0.03/$0.49/$0.99/$1.00
BofA Personal Line of Credit (NOT a credit card) canceled at $1.99, $2.26, $2.89

Best Buy Mastercard billed at $1.10

Capital One canceled at $0.99/$1.00
Capital One canceled at $0.01
Capital One Business canceled at $0.99
Capital One billed at $1.01/$1.98/$1.99


Chase now cancels $0.99, previously $1.99

Citi billed for everything, even for a measley $0.02
CitiBusiness billed for $0.99

Citi personal "BALANCE REMOVED DUE TO 3 MOS INACTIVITY" ($0.35)
Citi personal "BALANCE REMOVED DUE TO 3 MOS INACTIVITY" ($0.39)
** Citi personal "Removed balance can be re-applied to the acct as payment within 6(?) months" **

Citizen's Bank Business Card billed at $1.00
Citizen's Bank Business Card CANCELED at $.99

Discover canceled at 1.99 (Sep 2010)
Discover billed at $2.00

ETrade    billed at $1.97

Fifth Third billed at $1.96

First National Bank of Omaha (FNBO) billed at $0.99 (on 1/25/09)
First National Bank of Omaha (FNBO) Biz billed at $1.00 (on 11/25/08)

GM Flexible Earnings (HSBC) billed at .99 (on 02/02/2010)

Hooters (MerrickBank) billed at $1.84
Hooters CANCELED at $1.00

HSBC canceled at $0.92
HSBC billed at $0.95
HSBC billed at $.07

Juniper(Barclays) canceled at $0.99 (Sep 2010)
Juniper(Barclays) billed at $1.99 (Feb 2007)

Keybank MC billed at $0.99/$1.98

National City Business canceled at $1.00
National City Business canceled at $1.99 (1/9/09)

National City Personal Card (Lifespring) billed at $1.00

Orchard Bank (HSBC) billed at $0.99

Macy's Visa billed at $1.00

MBNA billed at $2.02

PNC(Elan) billed at $1.98
PNC(Elan) canceled at $1.00
PNC(Elan) canceled at $1.00 on 01/08/09
PNC(Elan) billed at $1.00 on 02/08/09
PNC(Elan) cancelled at $0.99 on 03/10/09
PNC(non-Elan since Oct'10) billed at $0.99 on 11/10/10

Providian/WAMU canceled at $0.99/$1.00
Providian/WAMU billed at $1.01/$1.94/$1.95/$1.99

Penfed cancelled $0.89 (Nov 2011)
Penfed billed at $0.99

Pulaski cancelled $1.00
Pulaski billed at $1.99

RBS cancelled $0.99

Sears MC (by Citi) canceled at $0.99 (used to be $5.00 but stopped as of 7/01/07)
Sears MC (by Citi) billed at $1.00
Sears (regular - not MC) billed at $4.99.

SunTrust billed at $1.99

USAA canceled $0.93/$0.99
USAA billed at $1.00/$1.99

US Bank Platinmum Visa billed $1.09
US Bank Worldperks Visa cancelled $1.00
US Bank Worldperks Visa billed at $1.36
US Bank Worldperks Visa billed $0.92 (0n 10/6/07)
US Bank Baylor Alumni canceled $1.00 (1/8/09)
US Bank Flexperks Visa cancelled at $0.89 (10/27/11)

Wachovia canceled $1.00, however they did NOT cancel two months in a row.
Wachovia (Signature VISA) did not cancel $1.99 (06/23/2009)
Wachovia (Signature VISA) did not cancel $0.99 (07/23/2009)

Wells Fargo canceled at $1.99 (Sep 2010) ... even on former Wachovia card (Signature VISA)

Zions Bank Visa canceled at $1.98
Title: Re: Should I use all of my credit cards at least once a month?
Post by: PETERP on November 18, 2011, 11:29:34 AM
With 3 Amex , 3 citi, 3 chase  and 1 BOA I beleive is a MC with a 17k CL That i have not used for years should I spread money around every month?

I want to concentrate on new cards and am using spends to earn bonuses so I wont usually have

Spending ability to WASTE on older cards.

Do you guys cancel or call or get retention bonuses on all of them ?

Quicken ? I need a program called Slowen to keep up with all this stuff.

After 5 months of hanging out , it seems the more I learn, I realize the less I really know !
Title: Re: Should I use all of my credit cards at least once a month?
Post by: bubbles on November 18, 2011, 11:35:30 AM
I found this on some website but don't remember which one so can't give out a HT to it's creator. You obviously have to input all the data yourself so it's not the most useful for everything (unless I'm missing something) but if you want an overall picture of your cc situation or if you have a lot of cards and want to keep track of their last usage so they shouldn't get closed for inactivity this should do the trick.
Title: Re: Should I use all of my credit cards at least once a month?
Post by: yitzf on November 18, 2011, 12:28:58 PM
is your credit utilization scored by FICO as an average of the util. % of each individual card, or as total usage (across all cards) vs. total available credit?
Title: Re: Should I use all of my credit cards at least once a month?
Post by: AJK on November 18, 2011, 12:48:04 PM
Average of the util% of each card?  ???

Do you mean a running average over the last, say, 12 months? If so, it's definitely not done that way.

Pretty sure it's done (total balance / total credit).
Title: Re: Should I use all of my credit cards at least once a month?
Post by: bubbles on November 18, 2011, 12:52:00 PM
Average of the util% of each card?  ???

Do you mean a running average over the last, say, 12 months? If so, it's definitely not done that way.

Pretty sure it's done (total balance / total credit).

I would assume he means do you average out the utilization % off all you cards (card one is at 25%, card two at 35%, card three at 0% would give you a 20% average) or do they do it total balance / total line of credit. The big difference would be if let's say on card one you were using $250 of a $1000 line and on card two $350 of $1000 and card three $0 of $25000.
Title: Re: Should I use all of my credit cards at least once a month?
Post by: AJK on November 18, 2011, 12:55:09 PM
I would assume he means do you average out the utilization % off all you cards (card one is at 25%, card two at 35%, card three at 0% would give you a 20% average) or do they do it total balance / total line of credit. The big difference would be if let's say on card one you were using $250 of a $1000 line and on card two $350 of $1000 and card three $0 of $25000.

Then the answer is almost assuredly not the former, precisely because of the inherent flaws.
Title: Re: Should I use all of my credit cards at least once a month?
Post by: bubbles on November 18, 2011, 12:59:30 PM
Then the answer is almost assuredly not the former, precisely because of the inherent flaws.
agreed
(you haven't heard that yet today have you? :P)
Title: Re: Should I use all of my credit cards at least once a month?
Post by: AJK on November 18, 2011, 01:05:46 PM
agreed
(you haven't heard that yet today have you? :P)

Not that I am right all the time, but, you see, the advantage of actually being right outweighs any tremendously detrimental inferiority complex I may develop as a result of people in an online forum not agreeing with me.
Title: Re: Should I use all of my credit cards at least once a month?
Post by: Dan on November 18, 2011, 01:07:58 PM
is your credit utilization scored by FICO as an average of the util. % of each individual card, or as total usage (across all cards) vs. total available credit?
FICO includes how many individual cards have a high utilization percentage as well as your total credit utilization across all cards.
Title: Re: Should I use all of my credit cards at least once a month?
Post by: Dan on November 18, 2011, 01:09:23 PM
tremendously detrimental inferiority complex I may develop as a result of people in an online forum not agreeing with me. of being overly argumentative and always desiring the last word in said arguments.
FTFY.
Title: Re: Should I use all of my credit cards at least once a month?
Post by: AJK on November 18, 2011, 01:13:06 PM
FTFY.

Ha, that's cute. I like you. I do.
 
#dansneverhadanypushbackbyhisharemsohefeelsattackedwhenpeopledisagreewithhim
Title: Re: Should I use all of my credit cards at least once a month?
Post by: Dan on November 18, 2011, 01:24:08 PM
harem?
Title: Re: Should I use all of my credit cards at least once a month?
Post by: bubbles on November 18, 2011, 01:25:38 PM
harem?

maybe he's referring to her? (http://forums.dansdeals.com/index.php?topic=11254.msg140543#msg140543)  ??? :P
Title: Re: Should I use all of my credit cards at least once a month?
Post by: AJK on November 18, 2011, 01:26:21 PM
As Uncle Moishy says (or maybe it was Barney): Can't we all just be friends?
Title: Re: Should I use all of my credit cards at least once a month?
Post by: AJK on November 18, 2011, 01:47:01 PM
With the above in mind, gutten shabbas kodesh to all.
Title: Re: Should I use all of my credit cards at least once a month?
Post by: Am on November 20, 2011, 09:21:37 AM
I found this on some website but don't remember which one so can't give out a HT to it's creator. You obviously have to input all the data yourself so it's not the most useful for everything (unless I'm missing something) but if you want an overall picture of your cc situation or if you have a lot of cards and want to keep track of their last usage so they shouldn't get closed for inactivity this should do the trick.
Is there an app for that?
Title: Re: Should I use all of my credit cards at least once a month?
Post by: Am on November 20, 2011, 09:28:18 AM
As Uncle Moishy says (or maybe it was Barney): Can't we all just be friends?
Rodney king '93 "can't we all just get along"
Title: Re: Should I use all of my credit cards at least once a month?
Post by: yitzf on November 20, 2011, 01:42:13 PM
is your credit utilization scored by FICO as an average of the util. % of each individual card, or as total usage (across all cards) vs. total available credit?
FICO includes how many individual cards have a high utilization percentage as well as your total credit utilization across all cards.
so isn't 90% of this thread irrelevant because there would be no reason to charge $1 to each card so long as you have $ on at least one card that should get your utilization ratio (which is a ratio of total balances across all cards vs. total credit) above zero
Title: Re: Should I use all of my credit cards at least once a month?
Post by: APoshiterYid on November 24, 2011, 07:28:06 PM
so isn't 90% of this thread irrelevant because there would be no reason to charge $1 to each card so long as you have $ on at least one card that should get your utilization ratio (which is a ratio of total balances across all cards vs. total credit) above zero
+1
Any word from the pros? If Credit Utilization Ratio is based on all cards put together, then putting $1 on each card each month is silly, no? (And I am not talking about keeping them active cheshbon.)
Title: Re: Should I use all of my credit cards at least once a month?
Post by: AsherO on November 24, 2011, 07:51:22 PM
+1
Any word from the pros? If Credit Utilization Ratio is based on all cards put together, then putting $1 on each card each month is silly, no? (And I am not talking about keeping them active cheshbon.)

It's probably based on both. Either way, with my latest recon, they started asking me about balances on other cards, even though my overall utilization is low (analyst agreed about that).
Title: Re: Should I use all of my credit cards at least once a month?
Post by: APoshiterYid on November 24, 2011, 08:01:45 PM
It's probably based on both. Either way, with my latest recon, they started asking me about balances on other cards, even though my overall utilization is low (analyst agreed about that).
I hear. They took notice of $0 balances on other cards, or high ones?
Title: Re: Should I use all of my credit cards at least once a month?
Post by: AsherO on November 24, 2011, 08:58:15 PM
I hear. They took notice of $0 balances on other cards, or high ones?

She was asking me about all my recent inquiries, then my recently opened cards, then my spending pattern (during which she noticed some credit lines were being used (e.g. ~30% of cards with a $5k limit), so I explained I pay in full. She still wanted me to explain the high utilization, so I said that the average is low (average between all my cards). She still felt these were high, so I explained it's regular spending, so she says that's a risk, so I tell her she can check my Chase payment history, so she goes back for a second review (took another 10 minutes) blah blah, eventually I was approved.
Title: Re: Should I use all of my credit cards at least once a month?
Post by: APoshiterYid on November 24, 2011, 09:12:14 PM
She was asking me about all my recent inquiries, then my recently opened cards, then my spending pattern (during which she noticed some credit lines were being used (e.g. ~30% of cards with a $5k limit), so I explained I pay in full. She still wanted me to explain the high utilization, so I said that the average is low (average between all my cards). She still felt these were high, so I explained it's regular spending, so she says that's a risk, so I tell her she can check my Chase payment history, so she goes back for a second review (took another 10 minutes) blah blah, eventually I was approved.
Oh okay. I thought you might have meant that she didn't like that a few cards had consistently $0 balances, i.e. "What do you need more credit for?".

Thanks!
Title: Re: Should I use all of my credit cards at least once a month?
Post by: AsherO on November 24, 2011, 09:29:29 PM
Oh okay. I thought you might have meant that she didn't like that a few cards had consistently $0 balances, i.e. "What do you need more credit for?".

Thanks!

The spend-$1-on-each-card thing is about boosting your scores, it should affect you at all when it comes to recon.
Title: Re: Should I use all of my credit cards at least once a month?
Post by: AJK on November 28, 2011, 09:34:17 AM
She was asking me about all my recent inquiries, then my recently opened cards, then my spending pattern (during which she noticed some credit lines were being used (e.g. ~30% of cards with a $5k limit), so I explained I pay in full. She still wanted me to explain the high utilization, so I said that the average is low (average between all my cards). She still felt these were high, so I explained it's regular spending, so she says that's a risk, so I tell her she can check my Chase payment history, so she goes back for a second review (took another 10 minutes) blah blah, eventually I was approved.

Which card was this for? Sounds like a lotta questions. So it's either the card type or the amount of inquiries :P

The spend-$1-on-each-card thing is about boosting your scores, it should [not] affect you at all when it comes to recon.

...is what I think you meant.
Title: Re: Should I use all of my credit cards at least once a month?
Post by: AsherO on November 28, 2011, 09:36:25 AM
Which card was this for? Sounds like a lotta questions. So it's either the card type or the amount of inquiries :P

Yup, number of inquiries (over 10), and new cards too.

...is what I think you meant.

You're right, I meant shouldn't :)
Title: Re: Should I use all of my credit cards at least once a month?
Post by: AJK on November 28, 2011, 09:43:39 AM
Yup, number of inquiries (over 10), and new cards too.

10 inquiries in 2011? Goodness.

If so, I am gonna push up my personal 3BM by a few weeks. I've only got 4 cards since June.
Title: Re: Should I use all of my credit cards at least once a month?
Post by: AsherO on November 28, 2011, 09:51:19 AM
10 inquiries in 2011? Goodness.

If so, I am gonna push up my personal 3BM by a few weeks. I've only got 4 cards since June.

I think I have 10-15 new cards for 2011I... YMMV with new 3BM, IME it's easier with Amex than with Chase these days (albeit an F/R risk), Gluck.

I just had a Chase banker help me push through 2 SW cards, but it was the CC equivalent of giving birth to twins... I think I'm really done with Chase apps for a while now.
Title: Re: Should I use all of my credit cards at least once a month?
Post by: AJK on November 28, 2011, 10:02:29 AM
I think I have 10-15 new cards for 2011I... YMMV with new 3BM, IME it's easier with Amex than with Chase these days (albeit an F/R risk), Gluck.

I just had a Chase banker help me push through 2 SW cards, but it was the CC equivalent of giving birth to twins... I think I'm really done with Chase apps for a while now.

Oh, I meant to say 10 Chase inquiries in 2011?

Yeah, I'm gonna start going in to transact with my banker every once in awhile from now on.
Title: Re: Should I use all of my credit cards at least once a month?
Post by: AsherO on November 28, 2011, 10:08:58 AM
Oh, I meant to say 10 Chase inquiries in 2011?

7 (or more) Chase cards this year, all in 2/3BMs.
Title: Re: Should I use all of my credit cards at least once a month?
Post by: AJK on November 28, 2011, 10:21:03 AM
7 (or more) Chase cards this year, all in 2/3BMs.

My last approval with them was, IIRC, in late August. And, as I said, "only" 4 cards this year.

I'm seriously thinking about doing a 3BM and applying for the IB before it the offer ends tonight.
Title: Re: Should I use all of my credit cards at least once a month?
Post by: AsherO on November 28, 2011, 10:24:15 AM
I'm seriously thinking about doing a 3BM and applying for the IB before it the offer ends tonight.

Just beware that sometimes with a 3BM they approve you for a card you prefer less, and you have a harder time getting approved for the card you prefer more.
Title: Re: Should I use all of my credit cards at least once a month?
Post by: AJK on November 28, 2011, 10:30:02 AM
Just beware that sometimes with a 3BM they approve you for a card you prefer less, and you have a harder time getting approved for the card you prefer more.

Yeah, I know there is that risk, but with 4 approvals already, the odds I'm getting approved automagically for any Chase card is about, hmm, 0% ;)
Title: Re: Should I use all of my credit cards at least once a month?
Post by: AsherO on November 28, 2011, 10:31:43 AM
Yeah, I know there is that risk, but with 4 approvals already, the odds I'm getting approved automagically for any Chase card is about, hmm, 0% ;)

Y'never know...
Title: Re: Should I use all of my credit cards at least once a month?
Post by: AJK on November 28, 2011, 10:35:13 AM
Y'never know...

Wouldn't recon be able to switch the approval in the worse case scenario?
Title: Re: Should I use all of my credit cards at least once a month?
Post by: AsherO on November 28, 2011, 10:37:13 AM
Wouldn't recon be able to switch the approval in the worse case scenario?

I've heard of people having issues with that. Paging myb821 (( think he's had a similar experience recently IIRC).
Title: Re: Should I use all of my credit cards at least once a month?
Post by: AJK on November 28, 2011, 10:41:49 AM
I've heard of people having issues with that. Paging myb821 (( think he's had a similar experience recently IIRC).

I'm sure it's not as easy as not being automagically approved, but I don't see why it couldn't be done.

In my particular case, though, I'd take the risk that I'm not gonna be automagically approved for ANY :P
Title: Re: Should I use all of my credit cards at least once a month?
Post by: AsherO on November 28, 2011, 10:46:15 AM
automagically

I like. Sounds like the other one I learned recently (from CholentFresser) sloozed :)
Title: Re: Should I use all of my credit cards at least once a month?
Post by: AJK on November 28, 2011, 10:48:14 AM
I like. Sounds like the other one I learned recently (from CholentFresser) sloozed :)

Ha, snooze you lose?

K, off to my flight. Later.
Title: Re: Should I use all of my credit cards at least once a month?
Post by: AsherO on November 28, 2011, 10:48:59 AM
Ha, snooze you lose?

K, off to my flight. Later.

Have a strip (short for safe trip) :P