strategy - good or bad idea?

[Anonymous]

Okay, I filed a 13 bk in 2004, converted to a 7 bk in 2007.  I have had NO credit during this period (except for a car loan).  Now, I have one tiny credit card.  It only has a CL of $250.  I would really like them to raise it but understand that I am really in no position to ask.  So, here's what I was wondering.  I know the "status quo" is to only utilize up to 30% of your credit cards.  Since I have only one, would it be bad to repeatedly charge up the limit, then PIF each month?  Would doing this for a few months make me more likely to get an increase?  I really hate the thought of having to open up new lines of credit and having to pay for the fees.  (since I'm trying hard to save money).

Right now I am not really concerned about my immediate credit score. (or the yo-yo affect that will come with "maxing" my only cc)   I have no plans of purchasing a home or car in the next few years. 

Any advice here? 

[Anonymous]

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willows wrote:

Okay, I filed a 13 bk in 2004, converted to a 7 bk in 2007.  I have had NO credit during this period (except for a car loan).  Now, I have one tiny credit card.  It only has a CL of $250.  I would really like them to raise it but understand that I am really in no position to ask.  So, here's what I was wondering.  I know the "status quo" is to only utilize up to 30% of your credit cards.  Since I have only one, would it be bad to repeatedly charge up the limit, then PIF each month?  Would doing this for a few months make me more likely to get an increase?  I really hate the thought of having to open up new lines of credit and having to pay for the fees.  (since I'm trying hard to save money).

Right now I am not really concerned about my immediate credit score. (or the yo-yo affect that will come with "maxing" my only cc)   I have no plans of purchasing a home or car in the next few years. 

Any advice here? 

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Charging anything and paying in full each month will look good to your issuer but not necesarily to your fico score.  I wouldn't necessarily max out the card because depending on when it reports, it could hurt you.  Just use the card for about 30% of the limit then PIF.

[Anonymous]

take it to 30% and just before the payment date pay it down to less than 10%, wait for the statement to cut before using again.

Opt-in to offers (not to take them but to track what offers you are receiving).

In 6-9months - take ONE of the pre-screened and apply.  Do that again in 6-9 months.

No mass app parties ( I am infamous at that and should be banished to the Sleigh Center for mine).

[PayYouNever]

If you can keep your card below 10% for 2 or 3 months, you'll probably see a score raise -- if only by 10 or 15 points, but you should be able to bump to CL to $400... then you're on your way.