Author Topic: Should I use all of my credit cards at least once a month?  (Read 18817 times)

Offline smiley face

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Re: Should I use all of my credit cards at least once a month?
« Reply #15 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?

Offline AsherO

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Re: Should I use all of my credit cards at least once a month?
« Reply #16 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.

Offline thetobster12345

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Re: Should I use all of my credit cards at least once a month?
« Reply #17 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

Offline smiley face

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Re: Should I use all of my credit cards at least once a month?
« Reply #18 on: November 16, 2011, 10:20:12 AM »
i must've spent $50 already-want to get the most points possible

Offline Am

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Re: Should I use all of my credit cards at least once a month?
« Reply #19 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

Offline Am

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Re: Should I use all of my credit cards at least once a month?
« Reply #20 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

Offline AJK

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Re: Should I use all of my credit cards at least once a month?
« Reply #21 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.
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Offline scwam

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Re: Should I use all of my credit cards at least once a month?
« Reply #22 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.

Offline Avid Reader

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Re: Should I use all of my credit cards at least once a month?
« Reply #23 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?

Offline AJK

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Re: Should I use all of my credit cards at least once a month?
« Reply #24 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?
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Re: Should I use all of my credit cards at least once a month?
« Reply #25 on: November 17, 2011, 02:58:12 PM »
ANY balance? Even $1.00?

They didn't differentiate.

Offline AJK

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Re: Should I use all of my credit cards at least once a month?
« Reply #26 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%.
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Re: Should I use all of my credit cards at least once a month?
« Reply #27 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?

Offline AJK

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Re: Should I use all of my credit cards at least once a month?
« Reply #28 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.
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Re: Should I use all of my credit cards at least once a month?
« Reply #29 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.