Author Topic: Should I use all of my credit cards at least once a month?  (Read 18832 times)

Offline yitzf

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Re: Should I use all of my credit cards at least once a month?
« Reply #45 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?

Offline AJK

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Re: Should I use all of my credit cards at least once a month?
« Reply #46 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).
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Offline bubbles

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Re: Should I use all of my credit cards at least once a month?
« Reply #47 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.

Offline AJK

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Re: Should I use all of my credit cards at least once a month?
« Reply #48 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.
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Re: Should I use all of my credit cards at least once a month?
« Reply #49 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)

Offline AJK

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Re: Should I use all of my credit cards at least once a month?
« Reply #50 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.
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Offline Dan

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Re: Should I use all of my credit cards at least once a month?
« Reply #51 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.
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 Dan

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Re: Should I use all of my credit cards at least once a month?
« Reply #52 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.
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 AJK

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Re: Should I use all of my credit cards at least once a month?
« Reply #53 on: November 18, 2011, 01:13:06 PM »
FTFY.

Ha, that's cute. I like you. I do.
 
#dansneverhadanypushbackbyhisharemsohefeelsattackedwhenpeopledisagreewithhim
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Offline Dan

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Re: Should I use all of my credit cards at least once a month?
« Reply #54 on: November 18, 2011, 01:24:08 PM »
harem?
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 bubbles

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Re: Should I use all of my credit cards at least once a month?
« Reply #55 on: November 18, 2011, 01:25:38 PM »

Offline AJK

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Re: Should I use all of my credit cards at least once a month?
« Reply #56 on: November 18, 2011, 01:26:21 PM »
As Uncle Moishy says (or maybe it was Barney): Can't we all just be friends?
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Offline AJK

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Re: Should I use all of my credit cards at least once a month?
« Reply #57 on: November 18, 2011, 01:47:01 PM »
With the above in mind, gutten shabbas kodesh to all.
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Offline Am

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Re: Should I use all of my credit cards at least once a month?
« Reply #58 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?

Offline Am

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Re: Should I use all of my credit cards at least once a month?
« Reply #59 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"