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Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
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Re: Credit Card Usage for high FICO score


DickC wrote:

I personally enjoy reading it, to see trends that are going in the credit industry and I must confess I enjoy clicking on and reading comments in ALL SECTIONS of these forums, not just the "Credit Card" section.


I am afraid my time is mostly spent here in CC's which is a subject I know a lot about. The credit repair areas make me nervous. Nervous in the way an ex-con might be when passing the state pen whilst out for a Sunday drive.

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DickC
Posts: 260
Registered: ‎05-21-2009
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Re: Credit Card Usage for high FICO score


creditwherecreditisdue wrote:

DickC wrote:

I personally enjoy reading it, to see trends that are going in the credit industry and I must confess I enjoy clicking on and reading comments in ALL SECTIONS of these forums, not just the "Credit Card" section.


I am afraid my time is mostly spent here in CC's which is a subject I know a lot about. The credit repair areas make me nervous. Nervous in the way an ex-con might be when passing the state pen whilst out for a Sunday drive.


 

I understand. I feel that way sometimes when I am here. One of my functions in the gaming industry was approving "credit requests" , such as check cashing privleges. LUCKILY the gaming business has a model they follow and do not deviate from, so it helps a lot.

 

I do though certainly enjoy reading about all things going on in the industry as I still work a few weeks of the year, covering vacation shifts, etc. My floor limit increased so much over the years that at times they need a few of us "old dogs" to come work, when gaming is heavy (super bowl, world series, march madness, CFB bowl season) so I like to keep up on what is happening.

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Uborrow-Upay
Posts: 2,708
Registered: ‎10-16-2008
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Re: Credit Card Usage for high FICO score

Just a quick aside to DickC:

 

Am I correct in assuming that the counter checks that are held by the casino are drafted against patron bank accounts that have already been verified by the casino as to balances (or some other criteria) before credit is issued? 

 

Also, is the credit approval very short-term (3-6 months or some such) and subject to repeated verifications for further credit privileges?

 

Off topic, I know...but I figured, what the heck...

 

Thanks!

 

 

 

 

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DickC
Posts: 260
Registered: ‎05-21-2009
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Re: Credit Card Usage for high FICO score

[ Edited ]

Uborrow-Upay wrote:

Just a quick aside to DickC:

 

Am I correct in assuming that the counter checks that are held by the casino are drafted against patron bank accounts that have already been verified by the casino as to balances (or some other criteria) before credit is issued? 

 

Also, is the credit approval very short-term (3-6 months or some such) and subject to repeated verifications for further credit privileges?

 

Off topic, I know...but I figured, what the heck...

 

Thanks!

 

 

 

 


 

To answer your first question, yes, most are held 48 Hours, giving the person a chance to redeem them and they are drawn against accounts that have been verified and rated.

 

95% of ALL CASINOS use only 1 "SERVICE" so it is constantly updated. When I am working it takes me about 30 seconds to find out what is needed to know to approve someone.

 

In regards to "extended credit" that is also done on an individual basis, depending on info from the "service" and prior experience. As I say, it is a "simple" system, but one that has proven to be very efficent.

 

CC Companies could learn a lot from them and perhaps that is why some banks are starting to look to them for customer models to use.

Message Edited by DickC on 07-18-2009 11:35 AM
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Goal800
Posts: 21
Registered: ‎07-14-2009
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Re: Credit Card Usage for high FICO score

[ Edited ]

Thanks for the info everyone.

 

Does anyone know what period of time is considered 1 pull for credit cards? I am planning on opening 3-4 in a short period of time, first of all is it advisable to fill out 4 applications at once or should I wait until I open a card to apply for the next? My plan is to open a bunch of cards at once so that I have all of them for account history from here on out.

 

DickC, how do you get such a high credit limit on your cards while spending $2-3K/month? Do you have to pay an annual fee on all of them? I have one credit card with a limit < $5000 although they just increased it by ~$1000. Can I except them to keep increasing the limit or do I need to get higher-tier cards? 

Message Edited by Goal800 on 07-18-2009 01:30 PM
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marty56
Posts: 5,696
Registered: ‎10-06-2007
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Re: Credit Card Usage for high FICO score

IMHO 1 for 1.  Only auto loans and mortgages count multiple pulls as 1.
11/28/2014 FICO: EQ: 796 EX:788 TU:803
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
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Re: Credit Card Usage for high FICO score


Goal800 wrote:

Thanks for the info everyone.

 

Does anyone know what period of time is considered 1 pull for credit cards? I am planning on opening 3-4 in a short period of time, first of all is it advisable to fill out 4 applications at once or should I wait until I open a card to apply for the next? My plan is to open a bunch of cards at once so that I have all of them for account history from here on out.

 

DickC, how do you get such a high credit limit on your cards while spending $2-3K/month? Do you have to pay an annual fee on all of them? I have one credit card with a limit < $5000 although they just increased it by ~$1000. Can I except them to keep increasing the limit or do I need to get higher-tier cards? 

Message Edited by Goal800 on 07-18-2009 01:30 PM

There is no such thing. Every hard INQ for a credit card counts. That rule only applies to mortgages and auto loans.

Member
Goal800
Posts: 21
Registered: ‎07-14-2009
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Re: Credit Card Usage for high FICO score

I have one CC I haven't used in 2 years and 2 months. They haven't closed it yet but I'm thinking I might as well use it just to be sure. Can I seriously just put $1-2 on it every 2 months and hope its okay? Does anyone have experience in this?
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haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
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Re: Credit Card Usage for high FICO score

Rather than $1 or $2, I might spring for a tank of gas every three months, or a bag of groceries. Go ahead and pay it off online as soon as it posts.

Yes, this will keep most CCC's happy. If you have a really high limit, they might well reduce it. This is really common these days.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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DickC
Posts: 260
Registered: ‎05-21-2009
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Re: Credit Card Usage for high FICO score


Goal800 wrote:

Thanks for the info everyone.

 

 

 

DickC, how do you get such a high credit limit on your cards while spending $2-3K/month? Do you have to pay an annual fee on all of them? I have one credit card with a limit < $5000 although they just increased it by ~$1000. Can I except them to keep increasing the limit or do I need to get higher-tier cards? 

Message Edited by Goal800 on 07-18-2009 01:30 PM

Goal, I think the main reason is that the four cards are all over 20 years plus in age. As for limits, I have not had a CLI (although offered) in many years.

 

All the CC companies I deal with also know that I have the "capacity" to pay off that high a balance. Years ago, they said there were "3 C's" to credit, Character, Collateral and Capacity to pay. Over the many years, I luckily have proven to be OK on all three.

 

Frankly, if I went out and charged a huge amount, they might look at them, but I think for now, drawing on my long history with each card, they are comfortable in my status with them.

 

As I said, I am 61 and I don't expect everyone to be where I am, THEN AGAIN, maybe I would trade for a few of other peoples "younger years".

 

No, none of them have an annual fee. I would say in the last 10 years, the max we have ever owed on any card is probably 15K, which was when we took a cruise.

 

Sometimes I think TIME is one of the factors they look at, of course along with payment history.

 

Good luck and I hope you accomplish all your financial goals.


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