topic Re: Trying to get Usage up; for CLI's- ADVICE? in Credit Cards

Trying to get Usage up; for CLI's- ADVICE?

SLO805 — Thu, 28 Jan 2016 15:40:19 GMT

Ok bit of a dilemma maybe someone can assist me or give me a strategy.

I have a few newer cards- discover it, amex, bofa bbr, cap one etc.

Everyones advice on each is use use use heavy usage and will grow..So last night i charged 4500$ as they dont report till the 20th +/-. Im going to pay off soon as it posts or wait a couple days, but I dont even need any of this crud i bought.

I cant keep wasting money to build these credit lines up. What should I do?

Mom suggested pay bills, I said ill pay her bills, as my utility bills are only about 200$ monthly and for 4+ cards that isnt much usage. I asked to pay hers lol.

Re: Trying to get Usage up; for CLI's- ADVICE?

Anonymous — Thu, 28 Jan 2016 15:47:35 GMT

Groceries, gas, bills, insurance, etc...you can even pay your insurance a year in advance.

Re: Trying to get Usage up; for CLI's- ADVICE?

SLO805 — Thu, 28 Jan 2016 15:51:38 GMT

@Anonymous wrote:
Groceries, gas, bills, insurance, etc...you can even pay your insurance a year in advance.

Groceries only like 400$ month, gas I dont drive for work and own a prius so a tank every 1.5-2 months insurance is paid in advance already till august this year

Re: Trying to get Usage up; for CLI's- ADVICE?

BallBounces — Thu, 28 Jan 2016 15:52:03 GMT

Do not buy things you do not need. That is the tail wagging the dog, in a significant and dangerous way.

Re: Trying to get Usage up; for CLI's- ADVICE?

bdhu2001 — Thu, 28 Jan 2016 16:01:00 GMT

Don't buy stuff you don't need and don't obsess over getting CLI. It's a marathon, not a sprint. Just put your monthly purchases on your cards and continue to PIF. If you don't have any installment loans, get a shared loan.

Wait 6 mos to a year and request CLI. If you don't get them, that's fine. It may be that your initial cards keep toy limits, but you get a different card that gives you a better limit in the future.

Re: Trying to get Usage up; for CLI's- ADVICE?

SLO805 — Thu, 28 Jan 2016 16:05:59 GMT

I got 3 loans in last year and just paid them off, one in first month, 2nd in 3 months and 3rd in 6 months. didnt help scores lol

Re: Trying to get Usage up; for CLI's- ADVICE?

mitchblue — Thu, 28 Jan 2016 16:13:12 GMT

Use credit cards for regular spend. Bills, groceries, gas etc. Looking for ways to just buy anything in the chance you get some CLI can get you in trouble. Plus if your utilization is too high, your scores will plummet. Have patiece.

"..but I dont even need any of this crud i bought. " Wrong way to go about it. Why not just give it to charity ..

Re: Trying to get Usage up; for CLI's- ADVICE?

gdale6 — Thu, 28 Jan 2016 16:13:26 GMT

@SLO805 wrote:
I got 3 loans in last year and just paid them off, one in first month, 2nd in 3 months and 3rd in 6 months. didnt help scores lol

Loans yield results over the long haul and only if they remain open, close your last installment loan and your Fico8 will drop. If you are not rebuilding dont bother with installment loans just for Fico purposes.

Re: Trying to get Usage up; for CLI's- ADVICE?

SLO805 — Thu, 28 Jan 2016 16:17:08 GMT

@gdale6 wrote:
@SLO805 wrote:
I got 3 loans in last year and just paid them off, one in first month, 2nd in 3 months and 3rd in 6 months. didnt help scores lol
Loans yield results over the long haul and only if they remain open, close your last installment loan and your Fico8 will drop. If you are not rebuilding dont bother with installment loans just for Fico purposes.

welp crud. Advice on a loan to keep open for(ever) a long time?

Re: Trying to get Usage up; for CLI's- ADVICE?

Themanwhocan — Thu, 28 Jan 2016 16:44:29 GMT

@SLO805 wrote:
@gdale6 wrote:
@SLO805 wrote:
I got 3 loans in last year and just paid them off, one in first month, 2nd in 3 months and 3rd in 6 months. didnt help scores lol
Loans yield results over the long haul and only if they remain open, close your last installment loan and your Fico8 will drop. If you are not rebuilding dont bother with installment loans just for Fico purposes.
welp crud. Advice on a loan to keep open for(ever) a long time?

Alliant Credit Union. After you join, then open a $500 Secured Installment loan for 5 years. Once its open, you can go online and cancel the automatic monthly payments, then pay it down so just less than 10% is left on the loan, just remember to start paying in about 4 years or so. Until then, you will have an open installment loan that keeps generating an OK on your credit report each month.

Re: Trying to get Usage up; for CLI's- ADVICE?

OmarGB9 — Thu, 28 Jan 2016 17:44:13 GMT

I'd say go return all the unnecessary stuff you bought and just focus on putting all of your actual essential spend on CCs and even offer to pay other people's bills, whether that's cellphone, utilities, Internet, car, etc. and just have them reimburse you so you can pay off your CC. That's all you can really do. Other than that just give it time.

Re: Trying to get Usage up; for CLI's- ADVICE?

elim — Thu, 28 Jan 2016 17:48:02 GMT

medical and auto insurance.

I buy precious metals on the dips.

some accounts are allowed to fund with CC's

Re: Trying to get Usage up; for CLI's- ADVICE?

Anonymous — Thu, 28 Jan 2016 17:49:34 GMT

I wouldn't spend money unnecessarily to get CLIs. I break up my spend in categories (gas, groceries, restaurants, and monthly HH bills) and use the corresponding cards. Best of luck!

Re: Trying to get Usage up; for CLI's- ADVICE?

Anonymous — Thu, 28 Jan 2016 18:02:25 GMT

It's already been said a million times but I'll say it again. Do not buy stuff you don't need and waste money just cause you want to show usage on your card for a CLI. I'll say go with the flow and just rotate your cards giving each usage on stuff that you would already be buying anyway, not unnecessary stuff. And if it makes you feel better there's a lot of people on this forum that has gotten cli without even having much usage. There's even people who wrote how they sock drawer their card for a couple months and then took it out used it for a bit and decided to ask for a cli and got it. I also personally know someone who has many cards and he barley uses all of them as he favors his main card and his other cards got random auto cli bumps over time any way.

Re: Trying to get Usage up; for CLI's- ADVICE?

SLO805 — Thu, 28 Jan 2016 20:35:58 GMT

@Anonymous wrote:
It's already been said a million times but I'll say it again. Do not buy stuff you don't need and waste money just cause you want to show usage on your card for a CLI. I'll say go with the flow and just rotate your cards giving each usage on stuff that you would already be buying anyway, not unnecessary stuff. And if it makes you feel better there's a lot of people on this forum that has gotten cli without even having much usage. There's even people who wrote how they sock drawer their card for a couple months and then took it out used it for a bit and decided to ask for a cli and got it. I also personally know someone who has many cards and he barley uses all of them as he favors his main card and his other cards got random auto cli bumps over time any way.

Ive had my BofA alaska air card for 1+ years and sock drawer'd it, no usage/cli i just requested last month lol