NOTE: This is the third thread I've created for this. Before a mod removes it will you please message me and explain why? Thanks.
Hello all!
I just recieved an offer too good to refuse and picked up two new cards. Amex Platinum and Premier Rewards Gold (see: AMEX Pre-qual. Should I app). 100,000 point bonus with a $3k / 3mo spend for the Platinum, 50,000 point bonus with a $1k / 3mo spend for the PRG. I plan on achieving both of these bonuses. My question now is, how can I optimally distrubute spending accross my other cards in order to increase my credit score.
I have a Chase Sapphire Preffered $16k CLI which I love. Have held for 3 months now and just achieved in my 50,000 mile sign up bonus with them. I have a Chase Freedom $6k CLI which has been sitting in the background since I got the CSP (this quarters 5% category doesn't affect me much), and I have a Citi DoubleCash $2.7k CLI which I hate. 5 cards now - two Amex, two Chase, and one Citi.
As of writing this my FICO is reporting as 770, but that is pre-hit for the two Amex approvals. I am not yet sure what my FICO will be after that, but I am assuming it'll be a relatively substantial hit (see: FICO score miscalculation after new credit account opened?) due to AAoA and the hard pull (potentially two HP's but I'm hoping they merge).
What is the most score-beneficial way for me to distribute spending accross these new cards? How does AMEX balance effect my utilization %? Is it bad for me to have cards be unused for the month? IE no charges and report a $0 balance on the statement. Is it bad for these cards to report a $0 balance for multiple months?
My current plan is as follows. Put a majority of the spending on both AMEX cards so as to reach the spend goal. -- another question....would it be better to only use one of the Amex's each month? IE achieve the PRG $1k / 3mo spend in the first month, then tackle the Platinum $3k / 3mo spend the next two months? --- sorry, back to the plan. Put a majority of the spending on either both or one of the Amex's. Then, put a small balance > 1% util on the CSP. Then put a small balance > 1% util on either the Freedom or DoubleCash. That would leave me with one card (or two depending on the Amex spend strategy) reporting a $0 balance, and having zero charges throughout the month, and two (or three depending the Amex strategy) reporting a balance.
Let me know your thoughts on all of the above -- I apologize in advance for the multitude of questions. Having two new cards at once has thrown me for a loop!
Thanks
EDIT: Cards arrived! AMEX is reporting my Fico as 734. This is better than I'd expected (I was thinking a dip into the 600's) so thats good. My main focus now is increasing this number.
