topic Re: Credit Card Strategy (For The Future) in Credit Cards

Credit Card Strategy (For The Future)

Anonymous — Fri, 14 Aug 2009 03:59:08 GMT

So, I'll start off by giving a rundown of my current credit card status and then ask my questions after:

1. Capital One (Major) - Credit Limit: $2600 - Age: 5 Years, 10 Months

2. JB Robinson (Store / Jeweler) - Credit Limit: Not Specified? - Age: 5 Years, 4 Months

3. Macy's (Store) - Credit Limit: $2000 - Age: 3 Years, 1 Month

4. JCPenney's (Store) - Credit Limit: $1500 - Age: 2 Years, 11 Months

5. HSBC / Best Buy Mastercard (Major) - Credit Limit: $1050 - Age: 1 Year, 11 Months

6. Chase (Major) - Credit Limit: $400 - Age: 1 Year, 8 Months

7. PNC (Major) - Credit Limit: $1000 - Age: 5 Months

The card that really sticks out is the Chase card with a CL of $400. I've tried to have it increased once before with no success. If I used my card to buy dinner and it reported the balance, it would drive the utilization of the card up to a higher than wanted %.

Another is the JB Robinson card, I have not used it and never really plan to use it in the future. I got it back in the day to use it but decided against it. Since it doesn't report a credit limit, the only thing it's helping is my credit history.

Should I close any accounts that I have open? What's the best way to get a CLI without receiving hard pulls to my credit score?

Thanks!

Re: Credit Card Strategy (For The Future)

MarineVietVet — Fri, 14 Aug 2009 04:08:06 GMT

@Anonymous wrote:
So, I'll start off by giving a rundown of my current credit card status and then ask my questions after:

1. Capital One (Major) - Credit Limit: $2600 - Age: 5 Years, 10 Months
2. JB Robinson (Store / Jeweler) - Credit Limit: Not Specified? - Age: 5 Years, 4 Months
3. Macy's (Store) - Credit Limit: $2000 - Age: 3 Years, 1 Month
4. JCPenney's (Store) - Credit Limit: $1500 - Age: 2 Years, 11 Months
5. HSBC / Best Buy Mastercard (Major) - Credit Limit: $1050 - Age: 1 Year, 11 Months
6. Chase (Major) - Credit Limit: $400 - Age: 1 Year, 8 Months
7. PNC (Major) - Credit Limit: $1000 - Age: 5 Months

The card that really sticks out is the Chase card with a CL of $400. I've tried to have it increased once before with no success. If I used my card to buy dinner and it reported the balance, it would drive the utilization of the card up to a higher than wanted %.

Another is the JB Robinson card, I have not used it and never really plan to use it in the future. I got it back in the day to use it but decided against it. Since it doesn't report a credit limit, the only thing it's helping is my credit history.

Should I close any accounts that I have open? What's the best way to get a CLI without receiving hard pulls to my credit score?

Thanks!

Unless there are annual fees involved why close any of them? You said about the JB Robinson card "Since it doesn't report a credit limit, the only thing it's helping is my credit history". Well all of them are helping your credit history. How is your utilization on these accounts?

7/09 (myfico)
TU-742
EQ-779

CC interest free as of 8/09
Time can heal all wounds and a low FICO.
"Hello my name is Sandy and I'm a recovering crediholic".

Re: Credit Card Strategy (For The Future)

Anonymous — Fri, 14 Aug 2009 04:12:45 GMT

I currently have a balace of $0 on all the cards except one. I try to carry a $20-$40 balance on my lowest APR card to stay < 3% utilized month-to-month.

My main gripe is the Chase card is $400 and apparently they are awful at increasing CLs. My next inquery will be for a mortgage so I want to optimize my credit over the next 6 months.

*EDIT* I don't try to carry the balance to get interest, I try to carry it to get reported since my HSBC card's balance gets reported on the last day of the month.

Message Edited by Cyan007 on 08-14-2009 12:12 AM

Re: Credit Card Strategy (For The Future)

MarineVietVet — Fri, 14 Aug 2009 04:22:49 GMT

@Anonymous wrote:
I currently have a balace of $0 on all the cards except one. I try to carry a $20-$40 balance on my lowest APR card to stay < 3% utilized month-to-month.

My main gripe is the Chase card is $400 and apparently they are awful at increasing CLs. My next inquery will be for a mortgage so I want to optimize my credit over the next 6 months.

*EDIT* I don't try to carry the balance to get interest, I try to carry it to get reported since my HSBC card's balance gets reported on the last day of the month.
Message Edited by Cyan007 on 08-14-2009 12:12 AM

Looks like you are in pretty good shape. Just keep doing the same things. But I still wouldn't close the Chase card. A $400 CL is still a $400 CL. Besides Chase might save you the trouble of closing that account the way they've been treating folks!!!

Re: Credit Card Strategy (For The Future)

Anonymous — Fri, 14 Aug 2009 04:23:17 GMT

@MarineVietVet wrote:
Unless there are annual fees involved why close any of them? >

For me so I don't have more cards to manage than I could ever have need for when I have better things to do than trying to use them enough to keep them from being closed by issuer. Avoids any risk of another creditor seeing an acct closed by issuer and then doing a detrimental AA based on that. I keep my oldest and util low enough though.

Re: Credit Card Strategy (For The Future)

Anonymous — Fri, 14 Aug 2009 04:26:45 GMT

Haha... true. Ideally... I would like my largest CL to be $5000+ seeing as I make a good bit of money. I think seeing CLs of 10k+ would bode well when a lender looks at my report in detail to see if I'm a screw up or not.

Re: Credit Card Strategy (For The Future)

Anonymous — Fri, 14 Aug 2009 04:33:03 GMT

@Anonymous wrote:
Haha... true. Ideally... I would like my largest CL to be $5000+ seeing as I make a good bit of money. I think seeing CLs of 10k+ would bode well when a lender looks at my report in detail to see if I'm a screw up or not.

Closing cards will not help you get there.

Consider joining a nice CU. They are giving the better CL's these days and are not focusing much on AA.

Re: Credit Card Strategy (For The Future)

MarineVietVet — Fri, 14 Aug 2009 04:36:45 GMT

I definitely can see your point but all I do is have each of my cards pay a different monthly recurring bill with automatic billpay. That way I don't have to keep up with which card needs to be used this month, quarter, etc. It works very well for me but I don't have all that many accounts to track.

Re: Credit Card Strategy (For The Future)

Anonymous — Fri, 14 Aug 2009 04:52:26 GMT

@Anonymous wrote:
@Anonymous wrote:
Haha... true. Ideally... I would like my largest CL to be $5000+ seeing as I make a good bit of money. I think seeing CLs of 10k+ would bode well when a lender looks at my report in detail to see if I'm a screw up or not.
Closing cards will not help you get there.

Consider joining a nice CU. They are giving the better CL's these days and are not focusing much on AA.

That's not necessarily true. I first went over 4 figures when I only had 2 cards. Is helpful OP doesn't have larger lines though because some creditors don't like giving more credit if it looks like the individual has too much available. OP, keep up the great job! Keeping util so low is excellent management of your credit. In time you might see those higher lines.

Re: Credit Card Strategy (For The Future)

Anonymous — Fri, 14 Aug 2009 04:56:38 GMT

@MarineVietVet wrote:

For me so I don't have more cards to manage than I could ever have need for when I have better things to do than trying to use them enough to keep them from being closed by issuer. Avoids any risk of another creditor seeing an acct closed by issuer and then doing a detrimental AA based on that. I keep my oldest and util low enough though.

I definitely can see your point but all I do is have each of my cards pay a different monthly recurring bill with automatic billpay. That way I don't have to keep up with which card needs to be used this month, quarter, etc. It works very well for me but I don't have all that many accounts to track.

I can see that working. But I don't think I have enough bills to do that with the # of open lines some ppl carry.

Re: Credit Card Strategy (For The Future)

Anonymous — Fri, 14 Aug 2009 05:00:40 GMT

ExcellCR wrote:
creditwherecreditisdue wrote:
Cyan007 wrote:
Haha... true. Ideally... I would like my largest CL to be $5000+ seeing as I make a good bit of money. I think seeing CLs of 10k+ would bode well when a lender looks at my report in detail to see if I'm a screw up or not.
Closing cards will not help you get there.

Consider joining a nice CU. They are giving the better CL's these days and are not focusing much on AA.
That's not necessarily true. I first went over 4 figures when I only had 2 cards. Is helpful OP doesn't have larger lines though because some creditors don't like giving more credit if it looks like the individual has too much available. OP, keep up the great job! Keeping util so low is excellent management of your credit. In time you might see those higher lines.

You have to get there before it becomes a problem. Closing cards will not get him larger CL's. Getting someone to go first will. It is very irresponsible to constantly advise every poster to close cards. It is generally unsound.

Re: Credit Card Strategy (For The Future)

smallfry — Fri, 14 Aug 2009 09:42:24 GMT

OP I would not close any of your cards at this point. What report would Chase pull if you requested a CLI?

Re: Credit Card Strategy (For The Future)

Anonymous — Fri, 14 Aug 2009 16:44:22 GMT

@Anonymous wrote:
Closing cards will not get him larger CL's. Getting someone to go first will. It is very irresponsible to constantly advise every poster to close cards. It is generally unsound.

Whatever. I have received CLI after closing cards.

Re: Credit Card Strategy (For The Future)

Anonymous — Fri, 14 Aug 2009 16:54:53 GMT

@Anonymous wrote:
@Anonymous wrote:
Closing cards will not get him larger CL's. Getting someone to go first will. It is very irresponsible to constantly advise every poster to close cards. It is generally unsound.
Whatever. I have received CLI after closing cards.

After you closed a card, but not because you closed a card.

Re: Credit Card Strategy (For The Future)

Anonymous — Fri, 14 Aug 2009 17:05:58 GMT

@Anonymous wrote:
Whatever. I have received CLI after closing cards.

That's Anectdotal to you.

In interests of being fair and giving good guidance

You cannot assert to everyone that that would work for everyone with every card, every lender, every profession and every account history.

You have no idea all of the factors that did lead to your increases.

I just put chicken breast with lemon and rosemary in the oven and it then started to rain.

I now can tell a bunch of drought stricken farmers to bake some chicken following my recipe.

Credit card lender whims are sometimes more complex then trying to figure out El Nino/La Nina impacts on the commodities markets.

Anectdotal evidence has value, anyone's personal history has value- when taken in context.

Re: Credit Card Strategy (For The Future)

Anonymous — Fri, 14 Aug 2009 17:06:28 GMT

Chase pulled the EQ report when I first opened an account with them.

Re: Credit Card Strategy (For The Future)

smallfry — Fri, 14 Aug 2009 17:13:06 GMT

@Anonymous wrote:
Chase pulled the EQ report when I first opened an account with them.

Better than an Experian inquiry is all I am going to say.

Re: Credit Card Strategy (For The Future)

Anonymous — Fri, 14 Aug 2009 17:13:34 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Closing cards will not get him larger CL's. Getting someone to go first will. It is very irresponsible to constantly advise every poster to close cards. It is generally unsound.
Whatever. I have received CLI after closing cards.

After you closed a card, but not because you closed a card.

Fact is ppl can get CLI if they close cards. Nearly 2/3 of a FICO score is based on pmt history and debt. But you knew that of course. I've done absolutely fine limiting my cards at any given time, keeping my oldest open, and maintaining a low util. Just sharing my experiences. Oh well carry on.

Re: Credit Card Strategy (For The Future)

Anonymous — Fri, 14 Aug 2009 17:19:19 GMT

@Anonymous wrote:
@Anonymous wrote:
Whatever. I have received CLI after closing cards.
That's Anectdotal to you.

In interests of being fair and giving good guidance

You cannot assert to everyone that that would work for everyone with every card, every lender, every profession and every account history.

You have no idea all of the factors that did lead to your increases.

I just put chicken breast with lemon and rosemary in the oven and it then started to rain.

I now can tell a bunch of drought stricken farmers to bake some chicken following my recipe.

Credit card lender whims are sometimes more complex then trying to figure out El Nino/La Nina impacts on the commodities markets.

Anectdotal evidence has value, anyone's personal history has value- when taken in context.

I agree. No one on here can assert anything will work for everyone. Other than perhaps the big 2 on time pmts and keeping a low util. And then even those things haven't stopped AA and closures for ppl.

Re: Credit Card Strategy (For The Future)

Anonymous — Fri, 14 Aug 2009 17:33:34 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Closing cards will not get him larger CL's. Getting someone to go first will. It is very irresponsible to constantly advise every poster to close cards. It is generally unsound.
Whatever. I have received CLI after closing cards.
After you closed a card, but not because you closed a card.
Fact is ppl can get CLI if they close cards.