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froggyzsn
Posts: 35
Registered: ‎03-28-2013
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Re: In the lender's eyes... PIF or carry a balance?


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.

Blk8,

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

 

~Gardening until October, 2013 ~

Starting Score: 663
Current Score: 663
Goal Score: 720


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blk8
Posts: 216
Registered: ‎02-11-2012
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Re: In the lender's eyes... PIF or carry a balance?

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


FICO: EX 662 | EQ 670 | TU 681
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BlueNightStar
Posts: 181
Registered: ‎07-09-2011
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Re: In the lender's eyes... PIF or carry a balance?


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. :-)

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

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froggyzsn
Posts: 35
Registered: ‎03-28-2013
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Re: In the lender's eyes... PIF or carry a balance?

[ Edited ]

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. :-)

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

 

~Gardening until October, 2013 ~

Starting Score: 663
Current Score: 663
Goal Score: 720


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blk8
Posts: 216
Registered: ‎02-11-2012
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Re: In the lender's eyes... PIF or carry a balance?

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


FICO: EX 662 | EQ 670 | TU 681
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Lambo23
Posts: 255
Registered: ‎04-16-2012
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Re: In the lender's eyes... PIF or carry a balance?

Dang!!! I just paid my balance to 0$ before my first statement cut. :smileysad: ugh
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enharu
Posts: 7,132
Registered: ‎02-27-2013
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Re: In the lender's eyes... PIF or carry a balance?

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.

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
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BlueNightStar
Posts: 181
Registered: ‎07-09-2011
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Re: In the lender's eyes... PIF or carry a balance?


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

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.

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enharu
Posts: 7,132
Registered: ‎02-27-2013
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Re: In the lender's eyes... PIF or carry a balance?

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.

 

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Regular Contributor
BlueNightStar
Posts: 181
Registered: ‎07-09-2011
0

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

[ Edited ]

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.

 


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.


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