PIF or leave a 1-9% util?

[Anonymous]

PIF -PIF- PIF
But use 1/2 of your cards either:
After you PIF and before the next statement date.

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@haulingthescoreup wrote:
I don't get it--if we show $0 on the credit report, how do they know that there was any usage? I don't see any place where the creditors say, wow, she beat the heck out of the card this month, but she's paid it all off; we're giving her responsibility points! Is there some way that the CRA's would know that you were using it, if all they get is the $0 balance report?

I'm pretty much at the point where I only have one card in my wallet for a week at a time, with a tank of gas on it and maybe a couple of other things. Then at the end of that week, into the sock drawer it goes, and out comes one of the other 3. Wait till each one reports that $50 or so, and then pay it off before any interest gets posted.

That's why I'm not doing store cards. Can't buy gas at J.Crew! The only reason I reactivated it is because it's my "Christmas card"--a decent supply of green squares on my credit report, but with too many red ornaments for healthy scores. I'm going to use it a couple of months and then start trying to GW a couple of ornaments off. If they won't play, then to heck with it, back in the drawer it goes, and stays.

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[Anonymous]

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haulingthescoreup wrote:
I don't get it--if we show $0 on the credit report, how do they know that there was any usage? I don't see any place where the creditors say, wow, she beat the heck out of the card this month, but she's paid it all off; we're giving her responsibility points! Is there some way that the CRA's would know that you were using it, if all they get is the $0 balance report?

I'm pretty much at the point where I only have one card in my wallet for a week at a time, with a tank of gas on it and maybe a couple of other things. Then at the end of that week, into the sock drawer it goes, and out comes one of the other 3. Wait till each one reports that $50 or so, and then pay it off before any interest gets posted.

That's why I'm not doing store cards. Can't buy gas at J.Crew! The only reason I reactivated it is because it's my "Christmas card"--a decent supply of green squares on my credit report, but with too many red ornaments for healthy scores. I'm going to use it a couple of months and then start trying to GW a couple of ornaments off. If they won't play, then to heck with it, back in the drawer it goes, and stays.

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You are correct haulingthescoreup. If you PIF before the statement cycles, and the balance always reports as $0, there is no usage being reported. It makes it look like a dormant card. On the other hand if you max out the card and it reports before you PIF, it will appear that you are always maxed out. Both are bad.

What you need to do is get your util between 1-9% and let that report and then immediately PIF. That way, the CC shows activity and reponsibile management. Hope that helps! Good luck!

[golfmomfor3]

Thought ideal way is to PIF by due date so on statement date, there is nothing or little to calculate interest from CC?  If all have different reporting dates, how do we keep this straight?  Anyone have an easy suggestion or strategy?

[haulingthescoreup]

This is awfully low-tech, but I called my card issuers and asked when they report. (And then looked at the dates on my credit reports to confirm!) Then I wrote in my calendar/ planner, about 5 days before reporting date on each one, the card name, the reporting date, the CL, and the $ range reflecting 1 - 5%. So I know to either add some charges or do a partial payment to get the balance in that range, wait for 3-4 days after the reporting date, and then PIF.

That's the plan, anyway. This is why I'm happily stopping at 4 CC's and a store card. Life is too short to keep up with this crap for long. After a couple of months, I will do as suggested above, and just do 2 cards per month, alternating them.

If I lose my planner, though, I'm sunk!

[Anonymous]

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If I lose my planner, though, I'm sunk!

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 me too. me too. I write everything in my planner- tried to do the palm thing and took too long to enter info- and I am going to use your plan to figure out how to leave a balance and then PIF so they all report.

[Anonymous]

If you pay in full befor te statement date, the card still shows active because anytime there is activity on he card, it should report to the credit bureau with a ateof last activity.  The being said, I find the easiest way to keep that 'too many cards with balances thing (this is a new practice for me)from coming up is to use one card one month, let it report the balance, then Pif, use the next card the next month and o on.  I use cards for everything from groceries to utlities.  Rightnow just to keep my cards active and not lose track of mydue date, Iam rotating.

[haulingthescoreup]

Wow, that sounds much less exhausting. I came up with my system when I thought that every card had to report every month. I like your system much better!

[Anonymous]

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Brammy wrote:

If you pay in full befor te statement date, the card still shows active because anytime there is activity on he card, it should report to the credit bureau with a ateof last activity.  The being said, I find the easiest way to keep that 'too many cards with balances thing (this is a new practice for me)from coming up is to use one card one month, let it report the balance, then Pif, use the next card the next month and o on.  I use cards for everything from groceries to utlities.  Rightnow just to keep my cards active and not lose track of mydue date, Iam rotating.

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Sounds like a good plan to me Brammy. I am going to try the same thing as soon as I get some more paid down. Just got  2 paid off. That feels good!

[Anonymous]

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haulingthescoreup wrote:
Wow, that sounds much less exhausting. I came up with my system when I thought that every card had to report every month. I like your system much better!

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Micrsoft money helps too!!

[Anonymous]

I'm planning to get all my CC payment due dates changed to the 14th. [I think our mortgage due date is going to be the 28th.] Won't have to remember to make payments at different times of the month. Can rotate through using one or three CCs each month.