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Valued Member
VinceYoung
Posts: 95
Registered: ‎02-08-2013
0

Intentions with new cards.

Hello everyone!

 

I have a quick question for everyone with my intensions for my newly attained credit cards! I want to know how this will affect my lines of credit (Not my credit score, I know that it will drop drastically!), IE close them for being scared that I am a risk. I plan to put the following on to the cards:

 

Trip to Cancun: $2,733.98 with  $733.98 on Chase Freedom (sign up offer $500), $1000 on BCE (sign up offer $1,000), $1,000 Discover IT (No offer)

 

                            This would put me at the following Util: CF(74%) BCE (100%) Discover IT (67%) Total Utilization would be 58% (Walmart 0%, CCU 0% Total Debt 2733.98/4700) I am not worried about the Utilization TBH

 

 With just those, I would instatnly pay down the BCE (maybe even PIF) because I would like them to see me using it and paying it down every month. With the remaining cards I would be paying them off before the 0%APR expires in 14/15 months respectively. What do you guys think of this? I would also most likely be using up the remainder of the Discover to pay utilities and bills for this month (of course paying them down with the cash I normally would have since it would just be sitting there).

 

 

I have also thought of just putting my paychecks into an open CD (yes lower % but unlimited deposits) for a 6 month duration and just paying the minimum payments needed, then taking them out and PIF once it gets closer to the 0% APR, but I'm not 100% sure if I want to do that yet xD

                                   




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Super Contributor
enharu
Posts: 7,132
Registered: ‎02-27-2013
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Re: Intentions with new cards.

Chase didn't seem to care about me maxing out their card, but I only maxed out that 1 card with the others at <10%, just to be clear.

Amex seems to care a lot about maxing out cards, regardless of whether you are maxing out on theirs or some other banks's. they are just more worried, I would phrase it that way, than other banks, about your ability to pay.

Discover I can't tell you.

Most card companies should (again, my guess) be okay with you maxing out cards, as long as you make a lot more than just the minimum payment. Try to pay like 10% of whatever u owe, at least. And of course, they don't like it when you drag on a high balance for extended periods of time.

Avoid those 2 situations, use some common sense as well, don't apply for any new cards or loan until balance is down and you should be fine.
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).
Valued Member
VinceYoung
Posts: 95
Registered: ‎02-08-2013
0

Re: Intentions with new cards.

Thank you for your input.

 

I don't intend to apply for any type of credit for at least a year, unless my poor old geo metro breaks down... then I will probably just rebuild the engine anyways! The only lines of credit that are on my agenda as of this moment are a car in about 1+ years, and then a home in about 3-4 years (HOPEFULLY!)

 

My hope is to pay around 200/month for 12 months, then 150 for 2 months, then 66.67 the last month. That is also assuming that 1) I don't pay the amex down and 2) I don't put more expenses on the card.

 

In the end, I want to have the trip completely paid off and then have my finances all go through one card (or multiple depending on the amount spent and who has a better $$$ back %) and just PIF every month. As of right now, I am not worried about my utilization because of the fact that I am not even interested in acquiring new lines of credit.

 

Although, a question I forgot to add, I would really like to call at the 61 day mark and ask for a 3x CLI with AmEx and possibly Discover / Chase. Advice for that, with this plan?




Starting Score: 637
Current Score: EQ:712 TransRISK: 724
Goal Score: 780


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Super Contributor
enharu
Posts: 7,132
Registered: ‎02-27-2013
0

Re: Intentions with new cards.

Discover I can't tell u since I have zero experience with them. Chase CLI is another HP, since its initiated by you, so I won't recommend it.

Any Amex CLI is unlikely since your utilization is going to be very high across your cards. They look at all everything.
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).
Valued Member
VinceYoung
Posts: 95
Registered: ‎02-08-2013
0

Re: Intentions with new cards.

[ Edited ]

With AmEx, if I got all of my cards down to around 10% each (reporting of course since during the normal cycle I would be putting all of my expenses on to the CC), would that look much more favorable?

 

Which would be about 7% ratio after doing that math xD




Starting Score: 637
Current Score: EQ:712 TransRISK: 724
Goal Score: 780


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Super Contributor
enharu
Posts: 7,132
Registered: ‎02-27-2013
0

Re: Intentions with new cards.

You need to bring down balances on your other cards as well. From what I know they look at literally everything, not just your account with them.
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).
Super Contributor
enharu
Posts: 7,132
Registered: ‎02-27-2013
0

Re: Intentions with new cards.

Oh I misread, if u have 7% util you should have a good chance. Other factors that affect approval as well is your income level
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).
Valued Member
VinceYoung
Posts: 95
Registered: ‎02-08-2013
0

Re: Intentions with new cards.

[ Edited ]

Edited because we posted at the same time xD

 

~$30,000-$45,000/year at this point. Possibly more if I get this job offer in the next week or two :smileyhappy:




Starting Score: 637
Current Score: EQ:712 TransRISK: 724
Goal Score: 780


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Super Contributor
enharu
Posts: 7,132
Registered: ‎02-27-2013
0

Re: Intentions with new cards.

Ya I misread earlier I'm sorry :smileytongue:

If you do that you should have a pretty high chance in my opinion.
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).
Valued Member
VinceYoung
Posts: 95
Registered: ‎02-08-2013
0

Re: Intentions with new cards.

I editted the post instead of reposting... so bump so you can read the edited post! (Which means this post completely contradicts my intentions with the edit! YAY!) lol




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Goal Score: 780


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