Paying Credit Card Before Statement Closes

[churnbabychurn]

Whats churning a cl, do you mean transferring cl to facilitate an approval?

[CountValentine]

Whats churning a cl, do you mean transferring cl to facilitate an approval?

No, I mean the real meaning of churning outside of DDF. 

[Moshe123]

Whats churning a cl, do you mean transferring cl to facilitate an approval?

It means: For example: You have a 3k credit line and you spent 2.5k and you pay it in middle of the cycle, and spend 2.5k again.

[CountValentine]

It means: For example: You have a 3k credit line and you spent 2.5k abd you pay it in middle of the cycle, and spend 2.5k again.

...and again, again, again...

[DP7]

The conversation in this thread keeps repeating.

[CountValentine]

The conversation in this thread keeps repeating.

Not if you only read the last post. 

[churnbabychurn]

The conversation in this thread keeps repeating.

its called churning

[DP7]

its called churning

I guess churning isn't always a good thing.

[lyla]

IIRC, Dan mentioned at the seminar that it was a good thing to pay before the statement closes to keep your utilization low and therefore your credit score high.
I just prepaid my ink bold because I opened an ink plus and wanted to transfer the line to the new card. Last time I tried to do something like this Chase gave me a hard time because there was still a balance on the first card.

[CountValentine]

IIRC, Dan mentioned at the seminar that it was a good thing to pay before the statement closes to keep your utilization low and therefore your credit score high.

Correct.

[Shmulyg]

IIRC, Dan mentioned at the seminar that it was a good thing to pay before the statement closes to keep your utilization low and therefore your credit score high.
I just prepaid my ink bold because I opened an ink plus and wanted to transfer the line to the new card.

What Dan said has no affect on the IB because, as a biz card, it doesn't get reported to the CBs.

Last time I tried to do something like this Chase gave me a hard time because there was still a balance on the first card.

They will most likely give you a hard this time around too. You can't really transfer CL from a charge card.

[lyla]

They will most likely give you a hard this time around too. You can't really transfer CL from a charge card.

As a matter of fact, when I called recon they approved the ink plus and transferred the 20,000 cl from the bold to the plus.

[Shmulyg]

As a matter of fact, when I called recon they approved the ink plus and transferred the 20,000 cl from the bold to the plus.

You mean they closed the IB to open the IP, which is normal. The 20k IB CL is not a real CL. My point being, you cant 'transfer' CL from the IB in the conventional sense.

[lyla]

You mean they closed the IB to open the IP, which is normal. The 20k IB CL is not a real CL. My point being, you cant 'transfer' CL from the IB in the conventional sense.

I don't really understand what you are saying. I now have a $20K cl on the ink plus. I certainly would not have gotten such a high limit without it being transferred from the ink bold card because I have a lot of chase cards.

[glasses dude]

I don't really understand what you are saying. I now have a $20K cl on the ink plus. I certainly would not have gotten such a high limit without it being transferred from the ink bold card because I have a lot of chase cards.

what he's saying is, that being that its a charge card it doesn't have a real cl, ie it doesn't affect your credit utilization so it can't be transferred over.

[Shmulyg]

I don't really understand what you are saying. I now have a $20K cl on the ink plus. I certainly would not have gotten such a high limit without it being transferred from the ink bold card because I have a lot of chase cards.

You spoke of transferring credit line. I took that to mean doing so while leaving the card open, to which i replied that you can't easily transfer the CL of a charge card. Now you're saying you closed the card to open the other, which is common practice.

[CountValentine]

Chase charge cards do have a CL. They can also be used as leverage to get another card. If my charge card has a CL of 10k and they lower it to 5k so I can be approved for another card does it matter if they technically did not transfer the 5k of the CL to the new card?

[Shmulyg]

Chase charge cards do have a CL. They can also be used as leverage to get another card. If my charge card has a CL of 10k and they lower it to 5k so I can be approved for another card does it matter if they technically did not transfer the 5k of the CL to the new card?

Have you ever done that?

[CountValentine]

Have you ever done that?

Yes.

[Shmulyg]

Yes.

Interesting. Then i guess this argument boils down to semantics.