07-11-2012 08:31 AM
Actually those are more than enough cards. Are they been used regularly?
In any case, from a credit growing perspective, you next goals should be to get your average and highest CLs up. Breaking the 5k barrier and then of course the 5 digit CL barrier. Obviously do not apply for any more cards right now. Use that AMEX CLI policy to get it to 6k hopefully in 61 days. Towards later this year, you might consider another card or two, but then again maybe not. Might be worth gardening for both the 61 day and 6 month AMEX CLI. Why don't you look around and see what cards interest you in mean time. Or if you give us what you are looking out of your cards, we can suggest some to look at for the future.
07-11-2012 08:37 AM
Thank you! that is what I thought as well... its MORE than enough.
Of all those cards, Target gets the biggest workout. I use my card to save the 5% then pay it off within days of using it. The Barclay was opened to transfer a balance from HSBC for 18months of interest free. I paid it off in 5 months. I use it sparingly, and pif . (and since I'm a frontier frequent flyer, I like the extra miles)
My plan is to use the Amex card sparingly, but consistantly for the 61 days... pay it frequently like I do my Target card. The use it as though it were my 'debit' card and PIF every month. Cash rewards and building credit score! The other cards sit in a jar on my desk...
After having not applied for ANYTHING for years, applying for my car, and then the amex were major steps for me. I won't be asking for anything (other than the CLI we mentioned) for a long time!
07-11-2012 08:42 AM
I've come into this thread, bearing tidings of: +1 to what Crashem said.
Follow my financial journey: http://www.frugalrican.com
07-11-2012 10:20 AM
Yeah. Just need to do it during this CLI period. Once you hopefully get your full 3X CLI, you can pay PIF by due date instead of often.
Why is it good to pay your AmEx card off often rather than just in full on the due date? Is this policy or based on anectodal evidence?
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO