03-14-2013 03:47 PM
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
03-14-2013 03:52 PM
03-14-2013 03:59 PM
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?
03-14-2013 04:08 PM
03-14-2013 04:09 PM - edited 03-14-2013 04:10 PM
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
03-14-2013 04:14 PM
03-14-2013 04:15 PM
03-14-2013 04:15 PM - edited 03-14-2013 04:16 PM
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
03-14-2013 04:16 PM
03-14-2013 04:18 PM
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