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@NRB525 wrote:
@Anonymous wrote:See, this is where I get very confused. I was going to post on this earlier but since the same topic is here, I will add 2 ceents. Someone on board said it is better to max out one card and then PIF to get earlier CLI and look good to issuer. Is this true or false?
This is a tactic I would recommend. If you can PIF a $3,300 card, more power to you, and you will see CLI eventually. Most commonly, however, it's more realistic to max out a $300, $500, or $1k card to PIF.
As to letting the one Capital One $3,300 card get maxed out, while all others are zero, yes, there may be some impact to the credit score, but as long as this is paid down in a few months, it's not worth worrying about the impact to the credit score. There were likely items to be purchased, and putting it all on this card may be to maximize rewards earning. (paying interest on that balance negates most or all, or more than all of the points/cashback earnings results, so that is why PIF is best).
What we don't know yet is OP's scores. Likely below 700, likely not apping any time soon, so the concern over "what will my score do" is probably not the significant issue. Keeping utilization lower, yes, that is recommended, however I've ignored that many times to take advantage of 0% and low APR BT offers, BT onto a card for large amounts to save interest cost.
As with all things credit, there often are several answers to any particular question, and the only fixed rule is: Never miss a payment.
Points taken and well made.
If OP won't be applying for anything soon, then it won't matter much.
@Anonymous wrote:
On has lot of inquiry. a lot. like 23
There's another complicating factor. As those INQ age off, that will allow your score to increase. Separating that from the effect of paying down utilization? They are both going in the same direction, so over time, as you pay down, scores should rise nicely, as long as you can stay away from the apps.
The good thing about utilization is that it has no memory from month to month. Once you pay the card down or off, your score will quickly recover. So unless you have an app planned, worrying about temporarily high utilization isn't necessary as you won't suffer any long term damage from it.
Just pay a couple hundred a month on the card and don't use it and you'll be fine. Your scores are decent. You can't go broke trying to have extremely low debt.
this is what happens to a lot of us who don't have the super high limits to be able to carry a $5000-$10,000 balance off and on as needed and still have a utilization rate of under 10-15%.
i wouldn't worry about it. You 're basically in the 700 club.