topic Strategy for gaining $5k+ CL experience in Credit Cards

Strategy for gaining $5k+ CL experience

Razeus — Wed, 05 Sep 2012 00:59:59 GMT

Since I just my new cards (waiting on AMEX BCE), should I let my balances post to show activity on my trade lines? Or just PIF like I usually do by the due date?

Re: Strategy for gaining $5k+ CL experience

djrez4 — Wed, 05 Sep 2012 01:23:50 GMT

Even though I PIF every month, my reports still show my limit and high balance. You don't need to report a balance to show responsible use.

Re: Strategy for gaining $5k+ CL experience

Koop10010 — Wed, 05 Sep 2012 01:29:57 GMT

If you PIF by your due date, your statement balances will show on your credit report. You need to make sure the statement balance is 0 if you want 0 to report. Unless you are going to apply for more credit real soon, there's really no need to worry about reported utilization though. Just make sure to pay by the due date, that is really the only important thing.

Re: Strategy for gaining $5k+ CL experience

djrez4 — Wed, 05 Sep 2012 01:36:19 GMT

Koop10010 wrote:
If you PIF by your due date, your statement balances will show on your credit report. You need to make sure the statement balance is 0 if you want 0 to report. Unless you are going to apply for more credit real soon, there's really no need to worry about reported utilization though. Just make sure to pay by the due date, that is really the only important thing.

I PIF before my cycle closes. It still shows high balance, even though my statement balance is zero.

Re: Strategy for gaining $5k+ CL experience

Koop10010 — Wed, 05 Sep 2012 02:24:30 GMT

Of course, your highest balance will still report, even if you always pay before statement date.

Re: Strategy for gaining $5k+ CL experience

djrez4 — Wed, 05 Sep 2012 02:45:25 GMT

Koop10010 wrote:
Of course, your highest balance will still report, even if you always pay before statement date.

Glad we could agree on that. :smileywink:

Re: Strategy for gaining $5k+ CL experience

pozativelyliving — Wed, 05 Sep 2012 03:18:27 GMT

So, if for example you charge $500.00 during the month and that was your highest balance then pay it off before the statement closes. it will show a high of $500.00 and a balance of $0.00?

Re: Strategy for gaining $5k+ CL experience

Koop10010 — Wed, 05 Sep 2012 03:19:58 GMT

pozativelyliving wrote:
So, if for example you charge $500.00 during the month and that was your highest balance then pay it off before the statement closes. it will show a high of $500.00 and a balance of $0.00?

That's correct; high balance of $500, current balance of $0.

Re: Strategy for gaining $5k+ CL experience

youngandcreditwrthy — Wed, 05 Sep 2012 16:51:58 GMT

Creditors are required to report LIMITS, although typically they ALSO report high balances.

Per the CARD Act.

Not sure if Amex reports hard limits tho