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Established Member
Posts: 23
Registered: ‎01-10-2014
0

Advice on utilizing multiple cards optimally?

Hey guys,

 

Just wondering if you more experienced credit connoisseurs can shed some light on this...

 

I had only two cards until my credit score recently broke 700 and now FICO sits at 750.

 

I applied for AMEX, Discover, and Chase Freedom. All approved.

 

Capital One - $500
Barclay Card Visa - $2800
Amex BCP - $2000
Discover - $1000
Chase Freedom - $3000

 

My question is, what is the best way to manage these?

 

Can I not use some of them for a while and it not hurt my score?

Can one of them be auto pay for small things and then paid off every month?

 

I already see my bread and butter daily card being the AMEX BCP.

 

Thanks in advance.

Established Contributor
Posts: 564
Registered: ‎11-13-2013
0

Re: Advice on utilizing multiple cards optimally?

I have my phone loaded up with Wallaby and Rewards Summit to help me track which card should be used.

 

It's alright if you don't use a card for a while. It won't hurt your score. Generally, using a card once every 6 months is enough to keep it alive. And, you can set up autopay on your cards for either the minimum, a preferred amount, or PIF.

 

However, I sit down on the last Saturday of the month to schedule my payments for the following month.

 

Some cards, however, will not report anything until you've used them. So, if you don't use your Discover for the next 3 months and there's no balance to report, nothing will be reported to the CBS. Yet, on the fourth month you use it and pay it, it will backfill the missing months. So, your score shouldn't get worse, only better.

Scores2013-09-21Current
Equifax630 (LP)749 (CK)/749 (Quizzle)
Experian640 (FCR)651 (CS)
TransUnion588 (CK)739 (CK)
Established Member
Posts: 23
Registered: ‎01-10-2014
0

Re: Advice on utilizing multiple cards optimally?

Thanks for the input! 

 

What are those apps you mentioned? iPhone/Android? 

Established Contributor
Posts: 564
Registered: ‎11-13-2013
0

Re: Advice on utilizing multiple cards optimally?

I know they're on Android, but I'm sure they're available for iOS, too.

Scores2013-09-21Current
Equifax630 (LP)749 (CK)/749 (Quizzle)
Experian640 (FCR)651 (CS)
TransUnion588 (CK)739 (CK)
Established Member
Posts: 23
Registered: ‎01-10-2014
0

Re: Advice on utilizing multiple cards optimally?

Forgot to mention...

 

The two cards i'll probably use almost all the time are my BCP and PRG AMEX.

 

The others, I just want to use optimally so 1. They won't get closed on me 2. Won't get decreased

 

 

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