In the lender's eyes... PIF or carry a balance?

[froggyzsn]

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@blk8 wrote:
Ill give you an inside to what Chase likes to see for CLI on month 6.

1st month lots say you charge $600. 2nd month pay half. 3rd month PIF. 4th month charge again, 5th pay half and 6th PIF.

Once you are at a zero balance, request a CLI.

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Blk8,

How do you know this? I'm curious because i recently acquired a Chase Freedom card last month. Thank you.

[blk8]

I'm an analyst for them in mortgage banking, the CC lending department is on the same floor. We chat all the time. :-)

[BlueNightStar]

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@blk8 wrote:
I'm an analyst for them in mortgage banking, the CC lending department is on the same floor. We chat all the time. :-)

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So are you saying that one month out of this rotation will incur interest charges?

[froggyzsn]

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@blk8 wrote:
I'm an analyst for them in mortgage banking, the CC lending department is on the same floor. We chat all the time. :-)

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Nice. I will follow your advice and let you know how it goes... in about 5 months from now haha

[blk8]

If you don't have the 0% intro interest promo, then yes.

[Lambo23]

Dang!!! I just paid my balance to 0$ before my first statement cut. ugh

[enharu]

i am almost on the verge of maxing out 1 of my chase cards.

i am debating whether to PIF, or to let it report a balance and then PIF. I won't be charged interests in both scenarios. Only thing I am worrying about is that I opened a few other new accounts. I don't want to get FR the moment they see such a high balance, even though I can easily prove to FR dept it's been paid in full once statement cuts.

[BlueNightStar]

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@blk8 wrote:
If you don't have the 0% intro interest promo, then yes.

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Okay, thank you. I won't be paying any interest because I spent years with high balances paying many thousands of dollars to Chase and other banks. I do appreciate the info because I am no longer paying most of my CCs before the statement cuts and am now letting balances report so I feel better about doing that anyway.

[enharu]

I noticed this.

If you pay your statement in full, and let it report a 0 balance. Minimum payment required is 0.

You can run charges for this new cycle (30 days), and let it report a balance. There will be a minimum payment required, usually within 23-30 days (look at your terms and condition for how long grace period is).

Then pay in full.

So in between every 30 days, you kinda have a 53-60 day interest free period. Not much, but can help a little and at the same time let your accounts report a balance w/o incurring any stupid fees.

[BlueNightStar]

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@enharu wrote:

I noticed this.

If you pay your statement in full, and let it report a 0 balance. Minimum payment required is 0.

You can run charges for this new cycle (30 days), and let it report a balance. There will be a minimum payment required, usually within 23-30 days (look at your terms and condition for how long grace period is).

Then pay in full.

So in between every 30 days, you kinda have a 53-60 day interest free period. Not much, but can help a little and at the same time let your accounts report a balance w/o incurring any stupid fees.

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Yes but I think he's talking about extending the first balance beyond the grace period to pay. I'm taking advantage of the float by not PIF before the statement cuts but making sure I pay the prior month's balance by the due date and some of the current month's charges before the statement cuts so I am not paying interest but my utilization on the card is still reasonable.

Edited for clarification.