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Valued Member
Posts: 42
Registered: ‎05-06-2007
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How should I handle this situation....

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 :smileytongue:
Moderator Emeritus
Posts: 9,252
Registered: ‎03-19-2007
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Re: How should I handle this situation....

[ Edited ]
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
Valued Member
Posts: 42
Registered: ‎05-06-2007
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Re: How should I handle this situation....

Well...I'm looking to eventually request a CLI, and want to know how I should approach paying off the balance???
Valued Member
Posts: 42
Registered: ‎05-06-2007
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Re: How should I handle this situation....

Oh, gotcha...should have read more haha :smileyvery-happy:
 
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???
Moderator Emeritus
Posts: 16,374
Registered: ‎03-12-2007
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Re: How should I handle this situation....



oracleicom wrote:
Oh, gotcha...should have read more haha :smileyvery-happy:
 
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???


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.
Credit Profile -
FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: EX 1, EQ 1

Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring Mastercard ~ Chase Freedom Visa ~ CITI Dividend Platinum World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
Senior Contributor
Posts: 3,071
Registered: ‎05-17-2007
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Re: How should I handle this situation....

Is the LUV button automatic or do you have to wait for a human to process? :smileyhappy:
If we never set higher goals we would never get as far.
sol, credit 101, acr, abbreviations, calc
Moderator Emeritus
Posts: 16,374
Registered: ‎03-12-2007
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Re: How should I handle this situation....



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

Nope, no humans involved and it's really fast.
Credit Profile -
FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: EX 1, EQ 1

Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring Mastercard ~ Chase Freedom Visa ~ CITI Dividend Platinum World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
Senior Contributor
Posts: 3,071
Registered: ‎05-17-2007
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Re: How should I handle this situation....

Wow! How often can you hit it. How does one control them selves from clicking too often?
If we never set higher goals we would never get as far.
sol, credit 101, acr, abbreviations, calc
Moderator Emeritus
Posts: 16,374
Registered: ‎03-12-2007
0

Re: How should I handle this situation....



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


Personally, I have attained the CL I wanted with my Blue card and will refrain from making out with the luv button.:smileywink:  You have to wait 30 days now between each TAP.
Credit Profile -
FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: EX 1, EQ 1

Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring Mastercard ~ Chase Freedom Visa ~ CITI Dividend Platinum World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
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