09-19-2012 04:23 PM
I agree with above
09-19-2012 04:29 PM
But, what if.....
You have a limit from $500-1500 and need to pay a few times a month due to heavy activity?
I do this weekly on my $500 limit chase freedom, which i use the most because of the %5 and 1% opposed to a higer limit discover i have with %5 and .025%. I hope that they see quickly that i need more of a limit and run a lot of consistent activity through it.
In this case, fully using one's limit and paying it multiple times a month is a good strategy for getting a CLI on the individual card or lender (in this case Chase). Other lenders may not see that though for their underwriting criteria; however, Chase in this scenario will have upsides in increasing your limit and you have a reasonable request in raising it too with your heavy utilization.
If this is the card / lender you wish to grow a relationship with, this strategy is nothing but goodness in my opinion... it's a completely different scenario though than using the weekly payment to never let your card go above 10% utilization. Personally I would still let one of those near max limits report so other lenders can see that at least you're using the $500 CL, and it's a discussion point for higher limits from them on other approvals if you can explain your spending habits during a recon / manual review.
Edit: it's not all about scores . Spend is a non-trivial factor in obtaining CL's from many lenders.
Great Reply!! thank you. I am trying to get higher limits at this point, not so much more cards. And even using up the $500 and paying down a few times a month, my util isnt going to skyrocket because i have 2500 of total credit i really never use, and if i do its PIF
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