Author Topic: Should I use all of my credit cards at least once a month?  (Read 25240 times)

Offline HelpMe

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Re: Should I use all of my credit cards at least once a month?
« Reply #40 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.
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Offline Saver2000

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Re: Should I use all of my credit cards at least once a month?
« Reply #41 on: November 18, 2011, 09:01:15 AM »
Just curious, which other banks do this?

Has advantage IIRC

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Re: Should I use all of my credit cards at least once a month?
« Reply #42 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

Offline PETERP

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Re: Should I use all of my credit cards at least once a month?
« Reply #43 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 !

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Re: Should I use all of my credit cards at least once a month?
« Reply #44 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.

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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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)

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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.

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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.
 
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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.

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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"