topic Re: 19 with one current CC, looking for more rewards in Credit Card Applications

19 with one current CC, looking for more rewards

elixerin — Sat, 26 Oct 2019 23:58:17 GMT

thanks for help, waiting game and gardening has begun!

Re: 19 with one current CC, looking for more rewards

Anonymous — Fri, 20 Sep 2019 03:22:43 GMT

If you're pushing and paying 6K/mo there shouldn't be much of an issue raising your limit w/ Disco.

Call them

Discover Lending Department (credit analysts)
1-800-347-4856
MON-FRI 7AM-12AM
SAT-SUN 8AM-12AM

As to adding other cards to the mix.... figure out what you want and then do the homework in approvals section to see what kind of chance you stand for an approval.

If you narrow it down to a couple of cards then start or add to this thread your picks and we can help evaluate if they're within reach or not.

BTW the biggest score pouints are on reported balances under 8.9% not 30%... even under 8.9 though even a couple of points under than can influence your scores upwards as long as it's not 0% being reported as then you lose points.

Re: 19 with one current CC, looking for more rewards

elixerin — Fri, 20 Sep 2019 04:19:00 GMT

thanks a ton for the advice, so you mean a util of 8.9%(currently $178 for me) and then following it with $0 the month succeeding correct? I only make sure $0 is reported the statement after a 15-20% util balance statement is reported

will definetly be calling discover soon, you think i should wait a bit cause the website "luv" button was denied? or call asap

i'm really only looking for amex cash magnet and chase freedom unlimited(which i was recently denied for) at this time, semi for the $400 back and .5% higher reward lol, not that there's any shade on Discover in fact i love em for not slapping me with a denial and trusting me at 18 with a 2K limit it's just a welcome bonuses thing, and ofcourse the main reason which is the establishment of relationships with more than one institution

thanks again for the replies

Re: 19 with one current CC, looking for more rewards

addicted_to_credit — Fri, 20 Sep 2019 05:27:09 GMT

Try to leave a small balance on one card you want to report 8.9% or less. Letting them all report 0% will kick you in the teeth score wise. Vantage scores love it while Fico scores definitely do not and the majority of all lending institutions use Fico.

Re: 19 with one current CC, looking for more rewards

elixerin — Fri, 20 Sep 2019 07:07:22 GMT

im a little confused, only have one CC right now but the score thing i notice my FICO goes up quite a bit when lowering from 15-20% usages down to 0 the following mo. what exactly is hurting me with the current trend im following?

thanks for the replies everyone

Re: 19 with one current CC, looking for more rewards

addicted_to_credit — Fri, 20 Sep 2019 07:35:54 GMT

When does your card report to the CB’s?

Re: 19 with one current CC, looking for more rewards

AllZero — Fri, 20 Sep 2019 07:39:05 GMT

It's part of the scoring algorithm.

Remember these utilization thresholds: 8.9%, 28.9%, 48.9%, 68.9%, 88.9%

Once you cross a threshold your score will lose or gain around 10-15 points.

As mentioned up thread, you'll lose points if reporting zero. Also, you lose points if 50% or more of your cards are reporting a balance. Since you only have one card, best practice is report 8.9% or under for optimized scoring. Eg $10-$20 reporting.

Head on over to the Understanding Fico Scoring forum. Read the stickies to learn more.

Re: 19 with one current CC, looking for more rewards

elixerin — Fri, 20 Sep 2019 07:37:02 GMT

reports every 7th

Re: 19 with one current CC, looking for more rewards

addicted_to_credit — Fri, 20 Sep 2019 07:39:05 GMT

What are they reporting as far as your balance is concerned at that time?

Re: 19 with one current CC, looking for more rewards

addicted_to_credit — Fri, 20 Sep 2019 07:40:50 GMT

AllZero Frequent Contributor
‎09-20-2019 03:36 AM
Re: 19 with one current CC, looking for more rewards

It's part of the scoring algorithm.

Remember these utilization thresholds: 8.9%, 28.9%, 48.9%, 68.9%, 88.9%

Once you cross a threshold your score will lose or gain around 10-15 points.

As mentioned up thread, you'll lose points if reporting zero. Also, you lose points if 50% or more of your cards are reporting a balance. Since you only have one card, best practice is report 8.9% or under for optimized scoring. Eg $10-$20 reporting.

Head on over to the Understanding Fico Scoring forum. Read the stickies to learn more.

^^^^^^^^^^
+1

Re: 19 with one current CC, looking for more rewards

elixerin — Fri, 20 Sep 2019 07:49:44 GMT

ok so let me get this straight, report less than 8.9% balance (anywhere under $178 for me), then the following 6th(day before my statement generation date) have it be zero? very sorry if i seem repetitive btw friends(:

thank you you all for the massive help, really trying to nail the whole credit thing 17 months late lol

Re: 19 with one current CC, looking for more rewards

elixerin — Fri, 20 Sep 2019 07:46:33 GMT

statement balance thats reported is $0 right now (had a $388 statement balance last month), hope im doing it right 😬

Re: 19 with one current CC, looking for more rewards

AllZero — Fri, 20 Sep 2019 08:04:05 GMT

@elixerin wrote:
ok so let me get this straight, report less than 8.9% balance (anywhere under $178 for me), then the following 6th(day before my statement generation date) have it be zero?

thank you you all for the massive help, really trying to nail the whole credit thing 17 months late lol

You should have two dates. Due date and closing date. With one card, managing the report is a little tricky because you can't use the card organically if you're trying to isolate the $ because of pending / unposted charges.

I would pay a few days before the due date to have desired number to report. Don't use the card. Let statement cut and close. Pay to zero. Then, repeat spend cycle.

Re: 19 with one current CC, looking for more rewards

elixerin — Fri, 20 Sep 2019 08:13:42 GMT

beast, yeah my due date is every 2nd new statement gen is 7th. i pay the statement balance almost instantly running through the charges way early in the month my question is by the next due date do i make sure it’s zeroed out or under 8.9% but above zero by the time of statement generation like someone recommended, whats the best move?

Re: 19 with one current CC, looking for more rewards

addicted_to_credit — Fri, 20 Sep 2019 08:13:01 GMT

Ok my CSP statement cuts on the 6th of every month and reports to the CB’s on the 13th of every month. So whatever the statement says my balance is will be reported to the CB’s even if I pay it off/down on the 7th come the 13th if my statement says I owe 5k that’s what will be reported even if I paid 4900 on the 7th. This has been my experience with chase.

Just make sure you’re at 178 or below (as long as you are reporting say 10 bucks) a couple of days before your statement cuts - allow enough time for the payment to post and credit to your account.

Re: 19 with one current CC, looking for more rewards

elixerin — Fri, 20 Sep 2019 08:22:34 GMT

absolutely wonderful to know addicted, always pay what i want reported before due date got it, Discover let’s me pay till the 6th (day before generation, 2nd is due date)and the next day(7th) my payment will have posted and the statement balance/generation will reflect it (plus any pending ofcourse), which you are right is a hardball cause you never know when a pending will post

Thanks a ton.

Re: 19 with one current CC, looking for more rewards

addicted_to_credit — Fri, 20 Sep 2019 08:47:23 GMT

Ok look at mine, statement cut is on the 9th payment due date is on the 6th and per my CR it updates on the 13th so say I have a zero balance reporting or just a zero balance for last month but this month I have 5k in spend so if I don’t want 5k reporting I’ll need to pay it off/down by the 6th or 7th before the statement cut aka closing date

Re: 19 with one current CC, looking for more rewards

Anonymous — Fri, 20 Sep 2019 09:25:46 GMT

OP your card reports on the 7th. Based on the timeframe of my Disco, that means your payment is due on the 2nd. Make your payments by the 2nd. On the 6th, pay anything extra that you need to pay so that by the time you go to bed on the 6th, you have a $10 balance, and the next day (statement day), that $10 will be reported. Then resume your usual usage, and repeat the next month. As you add cards, pay them off completely by their statement dates and continue this way with Disco. This is ideal behavior and is known as AZEO, all zero except one.