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@Imperfectfuture wrote:
@Anonymous wrote:
mikelo22 wroteMicromanaging your PIF's before the statement cut can be tedious and burdensome. That's why I wouldn't bother doing it if you're gardening. But I think it's definitely worth doing it in preparation for a new credit application. When I PIF before statement cut on my cards and show $0 balances, my score tends to jump 10-15 points overnight once the balances are reported to the bureaus.
It's a fairly quick fix to gain a temporary increase to your score. Yes, it's some hassle but the rewards are worth it, IMO. Just keep a spreadsheet of the dates your statements cut and/or when your lender reports your balance to the credit bureaus.
I've found the opposite, if all my balances report 0 I get dinged a couple points along with a note that I've shown no recent use of credit.
This is very true if you have clean reports. One card must report something.
Yep, this. I forgot to mention that crucial detail Just have one card showinig a token balance (below 10% util).
@Anonymous wrote:
mikelo22 wroteMicromanaging your PIF's before the statement cut can be tedious and burdensome. That's why I wouldn't bother doing it if you're gardening. But I think it's definitely worth doing it in preparation for a new credit application. When I PIF before statement cut on my cards and show $0 balances, my score tends to jump 10-15 points overnight once the balances are reported to the bureaus.
It's a fairly quick fix to gain a temporary increase to your score. Yes, it's some hassle but the rewards are worth it, IMO. Just keep a spreadsheet of the dates your statements cut and/or when your lender reports your balance to the credit bureaus.
I've found the opposite, if all my balances report 0 I get dinged a couple points along with a note that I've shown no recent use of credit.
Paying all of your credit card balances to $0, may have result a negative result.
@NRB525 wrote:
@sjt wrote:
@Anonymous wrote:I have 3 other credit cards, ranging from 700 to 1500 credit limit
Congrats on the Chase approval.
Like the other posters mentioned, get your utilization down.Except me. When it comes to cards with $500 limits, and you aren't applying for anything immediately, the main goal is to pay on time, and not go over the limit. Trying to manage them to a really low utilization is difficult, and the major drag on the FICO score is the negative.
If there are interest costs involved from carrying balances, by all means pay those down to avoid the interest expense. That applies to any credit limits. But daily PIF expenses, in my opinion, don't need to be micromanaged to a low reported utilization, when the card limits are low. One is trying to show good usage, responsible payment, with the possibility of better limits down the road.
I dont think you have to "micromanage" your accounts to keep your utilization low.
If the OP was to do this their score would go up over 700 and they would have a better chance at a CLI with Chase.