Author Topic: Should I use all of my credit cards at least once a month?  (Read 15229 times)

Offline yitzf

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Re: Should I use all of my credit cards at least once a month?
« Reply #60 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

Offline APoshiterYid

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Re: Should I use all of my credit cards at least once a month?
« Reply #61 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.)
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Offline AsherO

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Re: Should I use all of my credit cards at least once a month?
« Reply #62 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).
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Offline APoshiterYid

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Re: Should I use all of my credit cards at least once a month?
« Reply #63 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?
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Offline AsherO

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Re: Should I use all of my credit cards at least once a month?
« Reply #64 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.
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Offline APoshiterYid

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Re: Should I use all of my credit cards at least once a month?
« Reply #65 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!
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Offline AsherO

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Re: Should I use all of my credit cards at least once a month?
« Reply #66 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.
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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 #67 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.
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Offline AsherO

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Re: Should I use all of my credit cards at least once a month?
« Reply #68 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 :)
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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 #69 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.
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Offline AsherO

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Re: Should I use all of my credit cards at least once a month?
« Reply #70 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.
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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 #71 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.
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Offline AsherO

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Re: Should I use all of my credit cards at least once a month?
« Reply #72 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.
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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 #73 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.
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Offline AsherO

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Re: Should I use all of my credit cards at least once a month?
« Reply #74 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.
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