10-05-2013 08:52 AM - edited 10-05-2013 09:07 AM
I have a low starting limit at $500 dollars before my credit jumped to high 600's.
I will be waiting 6 months for the increase with 0% apr and was thinking about what waas the best way to use the card before the increase?
I was thinking about maintaining a low balance of $1-$5 so I can keep scoring on the credit report and not utilizing more than 20% on a monthly basis.
Thanks for the help!
10-05-2013 09:07 AM
You just answered your own question in your last sentence
10-05-2013 09:12 AM - edited 10-05-2013 09:12 AM
I was just drawing assumptions and giving my strategy. But I am not sure if that is correct and I needed either verification or some type of fruitful feedback.
10-05-2013 09:24 AM
Oh ok I see you have a good strategy above just my .02 Maybe the credit gurus can shed somemore light on your question! I'v read paying on time and using the card frequently can help. Unless you want to call before hand and ask for cli with some strong backing about good history, income and such.
10-05-2013 09:46 AM - edited 10-05-2013 09:51 AM
I'm just going to go ahead and wait it out 6 months and after that time frame I will go ahead and conduct multiple credit card and credit installment applications at the same time since Barclays may do a hard pull if I dont get an auto CLI anyway. ( I will also ask for credit increases on the rest of my cards except for one all at the same time using the backdoor numbers listed elsewhere on these forums. )
If I get denied credit increases, which I doubt, I will just go ahead and start a secured lin of $5,000 credit limit and show the card companies I can handle much more than paltry <1,000 credit because I still have 5 credit cards that are all below $1k each and that needs to change, now.... I spend over 3 k a month on just bills and living expenses and I want to spread that evenly under low utilizations across credit lines.
10-05-2013 09:49 AM - edited 10-05-2013 09:51 AM
Well... I received a modest $700 auto CLI this morning on my Financing Visa.
I got it to finance a MacBook Pro needed for university 6 months ago, and pretty much had it maxed out from day one. But I've been paying down the balance to the tune of $150-$250 per month (even though I have 18 months of 0% interest to work with), making a few iTunes/App Store purchases along the way just to show some sort of activity.
So... yeah. My util has always been high, but I guess Barclay's found the 10x minimum payments and steady downward trend of my balances acceptable enough.
But see what works for you.
10-05-2013 09:54 AM - edited 10-05-2013 09:54 AM
@Stralem, thanks for the advice. By the way, how do you get those credit card symbols on your signature? I want to post the current cards I have as well on my signature.
10-05-2013 11:58 AM
10-05-2013 12:05 PM - edited 10-05-2013 12:10 PM
@B335is,Yes that is my objective. Not to apply for anything credit related for 6 months as I am certain my credit score will be above 700 during that time and therefore I will be less of a credit risk.
I will also apply for CLI's, new credit cards, and installment loans all on the same day because I plan on obtaining a luxury car lease as well around this time frame.
10-05-2013 12:17 PM
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