Author Topic: Misc Credit Card Questions  (Read 1865014 times)

Offline Cat18

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Re: Misc Credit Card Questions
« Reply #9540 on: October 24, 2020, 10:38:30 PM »
When upgrading my freedom to the sapphire Reserve will chase do credit pull?

What about citi when downgrading premier to rewards+ ?

Offline yochai

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Re: Misc Credit Card Questions
« Reply #9541 on: October 24, 2020, 10:44:46 PM »
When upgrading my freedom to the sapphire Reserve will chase do credit pull?

What about citi when downgrading premier to rewards+ ?
No to both

Offline Eb228

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Re: Misc Credit Card Questions
« Reply #9542 on: October 24, 2020, 11:16:12 PM »
I have a Barclaycard arrival I never use. They just sent me a letter that if I don’t make a purchase in the next 30 days, they will close it due to inactivity. Any reason for me to keep it active? Will it negatively affect my credit score?
If its one of your longer accounts open, it helps your score by averaging in a longer year amount

Offline ckmk47

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Re: Misc Credit Card Questions
« Reply #9543 on: October 25, 2020, 10:54:56 AM »

I have a Barclaycard arrival I never use. They just sent me a letter that if I don’t make a purchase in the next 30 days, they will close it due to inactivity. Any reason for me to keep it active? Will it negatively affect my credit score?
If its one of your longer accounts open, it helps your score by averaging in a longer year amount
If your oldest or near oldest is a no-fee card, keep it forever.
Oldest by decent amount of time so that it lengthens your credit history.
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Offline ckmk47

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Re: Misc Credit Card Questions
« Reply #9544 on: October 25, 2020, 10:55:46 AM »
Did it for DW and she was approved for both, was also at 4 24
If theyre both going off the same credit report, how couldd it show as 5 24?
5/24 is for cards opened not credit pulls.
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Offline Eb228

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Re: Misc Credit Card Questions
« Reply #9545 on: October 25, 2020, 11:05:23 AM »
5/24 is for cards opened not credit pulls.
She had 4 cards opened in the past 24 months, did 2bm for 2 chase cards, she was approved for both, putting her at 6/24

Offline Mootkim

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Re: Misc Credit Card Questions
« Reply #9546 on: October 25, 2020, 08:16:31 PM »
She had 4 cards opened in the past 24 months, did 2bm for 2 chase cards, she was approved for both, putting her at 6/24
right. And now she won't get approved for more because she is over 5/24. The reason the 2bm works though is because each one is approved with her being at only 4/24

Offline lcm

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Re: Misc Credit Card Questions
« Reply #9547 on: October 25, 2020, 11:13:47 PM »
Is keeping activity on a cc for the cc company or for your credit score?
Does activity have to be monthly or annual?

Offline ckmk47

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Re: Misc Credit Card Questions
« Reply #9548 on: October 25, 2020, 11:33:47 PM »
Is keeping activity on a cc for the cc company or for your credit score?
Does activity have to be monthly or annual?
A card issuer may close a card because of lack of activity. 
You don't want cards closed because losing the credit line may impact your credit score.
So:  Use your cards periodically.  IDK how often, but less than monthly is necessary.
OR: Close your card yourself and move the credit line.  Either to another card from that bank, or use it to open a new card.
Note: The hit to your credit score from losing the credit line is usually small and will disappear in a month or two.
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Offline Yo ssi

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Re: Misc Credit Card Questions
« Reply #9549 on: October 25, 2020, 11:51:59 PM »
Is keeping activity on a cc for the cc company or for your credit score?
Does activity have to be monthly or annual?
A card issuer may close a card because of lack of activity. 
You don't want cards closed because losing the credit line may impact your credit score.
So:  Use your cards periodically.  IDK how often, but less than monthly is necessary.
OR: Close your card yourself and move the credit line.  Either to another card from that bank, or use it to open a new card.
Note: The hit to your credit score from losing the credit line is usually small and will disappear in a month or two.
I think your making it a bit more complex then necessary.

To answer @lcm keeping activity annually is for the credit card company, which will close your card otherwise.

If your looking to help your credit score then using it monthly, while closing your statements at $1 as Dan suggests is the best way to go.
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Offline lcm

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Re: Misc Credit Card Questions
« Reply #9550 on: October 25, 2020, 11:55:38 PM »


If your looking to help your credit score then using it monthly, while closing your statements at $1 as Dan suggests is the best way to go.

Thanks for the responses.
So I'm understanding that it's both.
And the time frame depends on the purpose.
Any insight on why using it monthly helps? Since it shows you paid you bill on time?

Offline Yo ssi

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Re: Misc Credit Card Questions
« Reply #9551 on: October 25, 2020, 11:57:29 PM »

Thanks for the responses.
So I'm understanding that it's both.
And the time frame depends on the purpose.
Any insight on why using it monthly helps? Since it shows you paid you bill on time?
https://www.dansdeals.com/?p=190011/#What%E2%80%99s_in_your_credit_score

Feel free to read the whole article:)
« Last Edit: October 26, 2020, 12:01:23 AM by Yo ssi »
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Offline lcm

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Re: Misc Credit Card Questions
« Reply #9552 on: October 26, 2020, 12:02:40 AM »
https://www.dansdeals.com/credit-cards/credit-cards-points-start-need-know-best-credit-cards/#What%E2%80%99s_in_your_credit_score

Feel free to read the whole article:)
Read it when it was written :) been on DDMS a while longer than DDF.
I see the part of paying off most of the balance except for "a buck or two".
My question is if there is a point in having activity to pay off to begin with.

Offline Yo ssi

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Re: Misc Credit Card Questions
« Reply #9553 on: October 26, 2020, 12:05:20 AM »
Read it when it was written :) been on DDMS a while longer than DDF.
I see the part of paying off most of the balance except for "a buck or two".
My question is if there is a point in having activity to pay off to begin with.
Quote
This will greatly increase your credit score.
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Online CountValentine

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Re: Misc Credit Card Questions
« Reply #9554 on: October 26, 2020, 12:06:11 AM »
Only on DDF does 24/6 mean 24/5/half/half

Offline Yo ssi

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Re: Misc Credit Card Questions
« Reply #9555 on: October 26, 2020, 12:09:18 AM »
...but is it correct?  ;)
Tested and proven ;D
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Offline lcm

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Re: Misc Credit Card Questions
« Reply #9556 on: October 26, 2020, 12:09:35 AM »


It feels funny being so midayek in Rav @Dan Shlit"as words :) , but that seems to be discussing in paying off something that has a balance, not creating a balance to begin with

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Re: Misc Credit Card Questions
« Reply #9557 on: October 26, 2020, 12:10:12 AM »
Only on DDF does 24/6 mean 24/5/half/half

Offline Samb

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Re: Misc Credit Card Questions
« Reply #9558 on: October 26, 2020, 12:18:27 AM »
It feels funny being so midayek in Rav @Dan Shlit"as words :) , but that seems to be discussing in paying off something that has a balance, not creating a balance to begin with
If you do not use your credit card at all then after about six months Fico will consider the card inactive and will 95% not count in the positive history for this card into your Fico score.

I once had a call from a fellow that his mortgage broker told him not to use his credit cards as he did not want the balance  to effect his credit score. The guy stoped using all his cards but then the mortgage dragged past six months and when his score was repulled he had something in the six’s. He called me frantically what to do. Guess what. I just told him to start using his card again. Ran two offf cycle reporting to update the activity. And boom his score went shooting up

Offline lcm

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Re: Misc Credit Card Questions
« Reply #9559 on: October 26, 2020, 12:22:11 AM »


If you do not use your credit card at all then after about six months Fico will consider the card inactive and will 95% not count in the positive history for this card into your Fico score.

So basically at least (within) every 6 months. Otherwise, I'm not hearing anything else concrete to create activity for your credit score.