Do credit card companies report to all 3 credit agencies on the same date each month?
No. Differs from one to the other, but many report your account with them on the statement closing date for that account.
Is it better to have an American Express or Diner's Club card compared to regular credit cards?
Opinions vary, but new lenders tend to like seeing prime cards in your history rather than subprime cards. Discover, for example, is a conservative lender. An account with them on your history would look better to a new lender than, say, Orchard.
Does anyone know how CLs are increased on cards?
All over the board on this one...some are automatic, some are non-existent, each varies with the issuer. I don't think there is one set standard, except for having an outstanding payment history with that creditor according to their own internal guidelines.
Is it paying off balances regularly without late payments, maintaining a large balance for many months, or using a high percentage of the current limit for 1 month or a certain number of months?
In my experience only, I believe high utilization (very short-term) with a prompt payment-in-full of the account one or more times over the six months prior to requesting an increase does the trick. Of course, all other accounts should be at zero balance, or thereabouts.
Will a higher credit limit even increase my FICO score?
Yes. Lowers the utilization if you carry a balance, and even if you don't, it demonstrates that this particular lender trusts you, leading other lenders to trust you at that higher level.
How long do hard pulls last on a credit report and is there any way to get around it if one is applying for credit for say a mortgage or a car?
Subject to being corrected here... They stay on your report for two years, factor into your score for only one. Multiple credit pulls for a mortgage or car loan within a short period of time only count as one inquiry for scoring purposes, so shop for rates without getting hit on your score.
Will credit card companies close an account not being used or will they contact me first? How often do I need to use a card? Once/year, once every 2 years?
They can, and do, close without notice. Especially now. Use each card for something every two-three months, opinions vary on this.
It states that FICO High Achievers have an average of 3 credit accounts with balances (for the best score)
Cards with balances should be less than half of the total number of accounts. Most folks on these boards with the higher scores don't let more than one card report any given time. Zero balance on ALL accounts, however, lowers your score for non-use.
Brief answers to a lot of questions. I'm sure others will jump in here....
Good Luck!!
(Edit to add the following
Some of the above answers may not address what you were looking for, for instance, the Amex/Diner's Club question. Are you asking if a charge card is better than a revolving credit account? Please feel free to clarify further if needed.
Carry on...
