@beautifulblaquepearl wrote:
Citi has been a little picky lately with inquiries.It may be in your best interest to wait a few months before you apply. Best of luck to you!
While I wouldnt suggest it or anything nor do i say i am the norm but i got approved for the Premier(April) and Costco card with 30 inqs on my EQ...
@longtimelurker wrote:
@Anonymous wrote:
@Closingracer99 wrote:
@Anonymous wrote:
Leaving a balance each month (so you are paying interest on it) does not build your credit, and actually slows building down, in addition to wasting your money.
To build your credit, use what you have and pay it off each month. For max increase on score, you want to let 1% of total avaliable on only 1 card to report, while all other cards report no balance. You then pay off that card in full after it reports the small balance.
Leaving a balance on so you pay interest wastes your money, and will either slow score growth, or actually make your scores go down if the balance is over about 30% of the card.Leaving a balance on WON'T HURT you and would build your credit since it doesn't state you are holding a balnce or reporting one.... Would be wasting money but it will help.... or hurt your building the same way as reporting a balance.
I'm sorry but you are mistaken. Having more than about 30% of the line's single balance does indeed make your scores go down, all else being equal.
For some reason, there is a very very wrong idea floating around with people who haven't studied credit that you have to carry balances month-to-month to build credit, and it is simply 100% wrong. General advice is that for maximum FICO score increases, the ideal situation is to have all cards except one report zero balance, and to have just 1 card report 1% utlization of it's limit.
letting it report does not require you to leave some of it unpaid between months. You can (should) let it report, then pay the balance in full after it reports. That way you get the benefit of showing a small amount of use without wasting money on interest.
I think Closingracer99's (correct!) point was that there is no scoring difference between carrying a balance (i.e. not PIF by due date) and reporting the same balance and then PIF by due date. As both of you said, outside of a 0% APR it is wasting money (if you are able to PIF) but there is no difference as far as score as concerned, for the simple reason the CR doesn't show what happens after the balance reports.
Yes that is my point. I am not suggesting you to carry a balance to simply build it but if you desire so it wont hurt since a report can't tell the difference. Would be wasting money but it won't be any difference than letting a card report $X.XX and paying it off
