General Credit Topics

[oracleicom]

Hello all,

I just received the Amex Delta Skymiles card (2k CL) and transferred all of my cc balances to it, roughly 1500.  I was wondering how Amex likes its customers to repay balances?  I was looking to pay 200 this month and 500 every month thereafter...Should I pay off the cc in this manner, smaller increments or larger increments??? Thanks in advance

[Timothy]

I would try to keep the UTL under 50%

So 2 mo's from now it will be under 50%

Go ahead and pay it down - 1500/4 = 375 or something that works for you.

This way you will be at a goof UTL when time to LUV again and your overall UTL will be down- your score should be up.....

Message Edited by Timothy on 06-24-2007 05:25 PM

[oracleicom]

Well...I'm looking to eventually request a CLI, and want to know how I should approach paying off the balance???

[oracleicom]

Oh, gotcha...should have read more haha

But in regards to Amex do they like to see small number of big payments or a large number of small payments when paying off a balance???

[fused]

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oracleicom wrote:

Oh, gotcha...should have read more haha

But in regards to Amex do they like to see small number of big payments or a large number of small payments when paying off a balance???

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Amex does NOT like high util and small payments.  If you can, pay $500 first then $200 every month thereafter until your below 20% util.  I would not think of doing a LUV until you are at least below 20% util.  With this proposed payment plan you would look for a CLI five or six months after activation.  Sooner of course if you make larger payments.

[ilovepizza]

Is the LUV button automatic or do you have to wait for a human to process?

[fused]

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ilovepizza wrote:
Is the LUV button automatic or do you have to wait for a human to process?

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Nope, no humans involved and it's really fast.

[ilovepizza]

Wow! How often can you hit it. How does one control them selves from clicking too often?

[fused]

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ilovepizza wrote:
Wow! How often can you hit it. How does one control them selves from clicking too often?

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Personally, I have attained the CL I wanted with my Blue card and will refrain from making out with the luv button.  You have to wait 30 days now between each TAP.