CLI or APR Reduction? What Do You Choose?

[Anonymous]

My APRs are 6.9% to 14.99\% so CL is more important. Most of my cards are over $10K CL so it really isn't a big issue for me. Understand 22.9% to 36% is ridiculous. Some other poster mentioned even at good rates carrying a balance at 13.9% is tough on the pocket book.

[chalupaman]

CLI pretty much, especially on cards with the best rewards.

[Erusidhion]

    Thanks for all the responses! Yeah I figured a lot of the answers were going to be what they were. I don't ever intend to carry any balances unless I get a 0% APR and household or car maintenance is needed. Someone told me the other day the only two things in life to even use credit on would be those two things; perhaps business counts as well. I always PIF but will try and get both an APR reduction and a CLI all in one go.

    A dirty little secret I am ashamed of; maybe proud of too since I followed through with it. 28% APR, 36 month term, $8000 F150. Yeah, didn't even report to the bureaus and it was a buy here, pay here. I never want to be in that situation ever again. I'll never mess up my credit again.

    I guess once you're in the mid 700s or above; getting a loan is probably easy as long as you have the income to back it up. We're all here on the boards for a reason and it's to hit that goal of 850! lol... right everyone? right?....lol

    Great feedback. Thanks!

[mongstradamus]

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@lg8302ch wrote:

I am on the path for APR reductions as my credit limits are more than enough for my income. So my goal is getting down to best terms with all my cards... yes I know that is a mission impossible because of my Chase Freedom - card with "penalty APR" for me 

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you are on chase's hate list like i am on amex hate list :-(

[longtimelurker]

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@chalupaman wrote:

CLI pretty much, especially on cards with the best rewards.

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And even that depends, depending what you mean by best!   So on cards such as the BCP you don't need a huge CL, as the max benefit in the "big" category is $6K a year, and on the rotaters, such as Freedom and Discover, you need even less, since it's $1,500 a quarter.  And Sallie Mae maxes out at $1,250 per month, and Cash Plus at $2K a quarter.    So you pad these for utilization, but $5K would be a fine limit from the point of view of rewards on any of them.

[fused]

I PIF, so I don't really care about APR's. If I didn't PIF, I would work very hard to increase CL's and reduce APR's.