asyiasmami wrote:Ok, a few questions for you guys..This is regarding credit limit increases. I have a Cap 1 and Orchard bank card that are low credit limits. The Cap 1 is 1,000 and Orchard is 300. Util on Cap 1 is over 50% and the Orchard is PIF. What should I be doing in regards to if I want a credit limit increase? My payment history has been excellent but I do not use the cards...I also have Target and Nordstrom store cards. I have read through these forums that if paying well then they easily convert these into VISA cards. My credit limit for Target is $500, and Nordstrom is $700. Again, excellent payment history but I do not use these cards at all.. These cards also over 50% util. I recently spoke with Target and they said they cannot convert into visa based on my credit, even though I have a good history.. They had advised me to use the card more often, and maybe this will change their mind. Am I doing this all wrong? Should I be using these cards more often.. Utilization is key in getting credit limit increases and getting them converted into VISAs??I also have read through these forums about them being generous with CLI after holidays.. Is this correct?? And do i have to physically go in the store to request this??Thanks a bunch,
So this you are referring to the statement closing date, correct? So I should PIF, then wait until my statement reports 0 balance then start using the card and PIF or keep util low before the statement date..? Not due date..?
Also, If I have a lot of credit cards and store cards, how do I keep tabs on everything. This sounds pretty confusing. Sorry, I am very new to all of this!PS- Would it be in my best interest to PIF my store cards and not use them anymore..? I know they have high interest rates. Credit cards look better on my credit report?
The best thing you can do is rotate which cards you use. If you have balanes reporting on too many accunts that will also ding your score. Try somefinancial software like Quicken or Money. I actually have Money set my due dates on the statement date. It remind me 7 days prior.