topic Re: How often? in Credit Cards

How often?

Booner72 — Wed, 03 Aug 2011 21:45:20 GMT

Hi -

I have a JCPenney - how often should I charge something on it so they don't close me out? Will they still give me balance increases even if I buy a shirt and pay it off the next day?

I have a GE MONEY Care Credit that is only to be used at doctors/vets/etc - it's a great account, interest free, etc. How often?

My last account is a STUPID FINGERHUT catalog company - My limit was 1350 until they decided to drop it to 600 because I didn't use it so I lost it. Even though it's stupid I'd like to keep this active. How often?

Thanks.

Re: How often?

Booner72 — Wed, 03 Aug 2011 21:53:08 GMT

PS: DH applied for his first card since 2005 BK, scores 650+. He applied online for Home Depot and didn't get an auto approval - said he'd hear back. Hasn't heard back. They asked for income and he put down both of our incomes. I think he should have just put his income but it's too late now.

Do you think they will approve him?

Re: How often?

visorboy1974 — Wed, 03 Aug 2011 22:20:14 GMT

@Booner72 wrote:
Hi -

I have a JCPenney - how often should I charge something on it so they don't close me out? Will they still give me balance increases even if I buy a shirt and pay it off the next day?

I have a GE MONEY Care Credit that is only to be used at doctors/vets/etc - it's a great account, interest free, etc. How often?

My last account is a STUPID FINGERHUT catalog company - My limit was 1350 until they decided to drop it to 600 because I didn't use it so I lost it. Even though it's stupid I'd like to keep this active. How often?

Thanks.

JC Penney...once every 6 months?

Care Credit...no idea

Fingerhut...once every 6 months.

Home Depot...call and check the status.

Re: How often?

AndySoCal — Thu, 04 Aug 2011 02:01:34 GMT

I agree couple times a year the purchase amount is does not matter

Re: How often?

Meltdownblitz — Thu, 04 Aug 2011 02:05:15 GMT

Will it hurt my score if they close store cards from inactivity?

Re: How often?

MarineVietVet — Thu, 04 Aug 2011 04:07:21 GMT

@Meltdownblitz wrote:
Will it hurt my score if they close store cards from inactivity?

Only if your utilization goes up on any remaining cards because of the loss of CL's. Here is a thread that discusses Closing Credit Cards.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: How often?

Meltdownblitz — Thu, 04 Aug 2011 04:53:53 GMT

Thank you. That link is helpful. A little confusing though but I understood it after reading it a few times.

Re: How often?

MarineVietVet — Thu, 04 Aug 2011 04:58:17 GMT

@Meltdownblitz wrote:
Thank you. That link is helpful. A little confusing though but I understood it after reading it a few times.

I pretty much stay confused.

Do you have any questions about what you read there? I'm not saying I will have an answer but someone will know.

Re: How often?

Meltdownblitz — Thu, 04 Aug 2011 05:08:45 GMT

Haha thanks for asking. The best thing to do I figured out for now is to get a new card (before a store cc closes), hoping for a higher limit then I currently have on the account that would be closing (most of my store card limits are around 500, not so good, and High interest rates!) so getting a cc with a higher limit and a store card closing should raise my score a few points because my utl would be dropping a little. Hope that makes sense, if it does, Do I have this right?

Re: How often?

MarineVietVet — Thu, 04 Aug 2011 16:47:28 GMT

@Meltdownblitz wrote:
Haha thanks for asking. The best thing to do I figured out for now is to get a new card (before a store cc closes), hoping for a higher limit then I currently have on the account that would be closing (most of my store card limits are around 500, not so good, and High interest rates!) so getting a cc with a higher limit and a store card closing should raise my score a few points because my utl would be dropping a little. Hope that makes sense, if it does, Do I have this right?

Raising your CL's can and usually does help your utilization (as long any balances stay the same or go down) but whether that translates into a higher score depends on what the utilization (both overall and individual account) is now and what it will be with an added and higher CL.

Do you mind listing what your balances and CL's are now on all your accounts?

Re: How often?

wmarat — Thu, 04 Aug 2011 17:44:41 GMT

@Booner72 wrote:
Hi -

I have a JCPenney - how often should I charge something on it so they don't close me out? Will they still give me balance increases even if I buy a shirt and pay it off the next day? Yes (my experience).

I have a GE MONEY Care Credit that is only to be used at doctors/vets/etc - it's a great account, interest free, etc. How often?

My last account is a STUPID FINGERHUT catalog company - My limit was 1350 until they decided to drop it to 600 because I didn't use it so I lost it. Even though it's stupid I'd like to keep this active. How often?

Thanks.

Re: How often?

kjm79 — Thu, 04 Aug 2011 18:05:28 GMT

@Booner72 wrote:
Hi -

I have a JCPenney - how often should I charge something on it so they don't close me out? Will they still give me balance increases even if I buy a shirt and pay it off the next day? - IME with JCP, I use it every 3 or 4 months. Sometimes a large purchase, sometimes a small purchase. Most people say GEMB gives CLI's after every fourth statement. Well for almost 8 months my GEMB ddin't budge (even though my scores were higher than ever and UTIL lower than ever). In that 8 months, I probably only had 2-3 statements actually sent. JCP doesn't send $0 statements unless you just made a recent payment to get that $0 balance. I made a purchase in June, left $12 on the card and hit the luv button. Got an increase that time. To be safe, buy yourself or the DH some socks ever other month. lol

I have a GE MONEY Care Credit that is only to be used at doctors/vets/etc - it's a great account, interest free, etc. How often? I app'd for one of these in 2007 at one of those day spa "clinics" but never used it. When the credit crunch started my limit went from $1500 to $500. Then in 2009 they finally closed it due to inactivity. Had it for two years, never charged a dime before they closed it. I think with they type of card they understand you don't have medical procedures everyday (unless you live in Beverly Hills!)

My last account is a STUPID FINGERHUT catalog company - My limit was 1350 until they decided to drop it to 600 because I didn't use it so I lost it. Even though it's stupid I'd like to keep this active. How often? Approved with $2000 CL, boought a fake Christmas tree with it for $200, paid it off, then donated it to the family our office adopted for Christmas. Didn't use it for 4 months, CLD to $500. I closed it. Lost the $500 CL, dang. Still will have positive history for 10+ years from it. Just keep it open until they close it, unless you really need the $600 CL, if so, charge some dish towels.

Thanks.

Re: How often?

Booner72 — Fri, 05 Aug 2011 21:30:59 GMT

Thanks KJM!

_________

DH was declined by Home Depot for "insufficient credit and delinquent accounts" (all medical, all paid, 2009 or earlier) His scores are EQ 642, EX 683, TU 675.

Does he have to start with an Orchard Bank??

I want him to try our credit union, but because we have a joint account they will probably run both of us, and I can't have any inquiries right now.

Any ideas??

Re: How often?

kjm79 — Fri, 05 Aug 2011 21:36:08 GMT

Try the preapproval site with Cap1 and with the TU score he might get in with Barclays (They pull TU). Great with recons if denied or low initial limit.

For him to get a card with your CU, they shouldn't be pulling your credit. They may look at your joint account history, but they'll just pull his credit for the cc app.

Re: How often?

Booner72 — Sat, 06 Aug 2011 00:40:46 GMT

Preapproval w/ cap one said "We cannot find" - also he BK'd a cap one account - are they going to hold that against him 4 ever?

There was nothing on Barclay's that we would be interested in. Any other thoughts? Ideally we'd get a card that we could get a high limit ASAP and get the 25% truck paid off or something.

Re: How often?

Booner72 — Sat, 06 Aug 2011 17:55:44 GMT

Does anyone have any other suggestions for a credit card for him w/ his scores?

Re: How often?

haulingthescoreup — Sat, 06 Aug 2011 21:43:24 GMT

Have him open a separate account at the CU if you're worried about them pulling your credit as well.

DXH and I had a joint account at our CU, plus I had a separate one, plus I was on our kids' accounts as well. My history was never pulled when he got auto loans, etc.

I doubt that he's going to get a high-CL card that would let him pay off things as you mentioned until he has several more years of clean history. Go with the CU; it makes more sense than other options. His scores aren't bad for a CU, and he already has a relationship with them.

What is the date on the most recent collection? He might want to wait until it has another "birthday."

Re: How often?

Booner72 — Sat, 06 Aug 2011 22:47:23 GMT

HI Hauling - yeah I doubt it too.

Did find the backdoor # info so he is going to call Home Depot and ask for a small CL at least to get started and threaten to go to Lowe's to shop if they don't do it. Too bad, bc Home Depot is a lot more convenient. We went there today and I was just P.O'd the whole time we were there.

I am waiting until the mortgage funds before CU action because I'm too scared. Again, not looking for anything but a few hundred bucks to get us going again. Hopefully CU will see that. I'm going to fax them our credit reports from LO and see what they say.

I think the date of the latest paid collection is 2009. I don't know the month - it's at work.

Re: How often?

haulingthescoreup — Sun, 07 Aug 2011 00:35:39 GMT

@Booner72 wrote:
HI Hauling - yeah I doubt it too.

Did find the backdoor # info so he is going to call Home Depot and ask for a small CL at least to get started and threaten to go to Lowe's to shop if they don't do it. Too bad, bc Home Depot is a lot more convenient. We went there today and I was just P.O'd the whole time we were there.

I am waiting until the mortgage funds before CU action because I'm too scared. Again, not looking for anything but a few hundred bucks to get us going again. Hopefully CU will see that. I'm going to fax them our credit reports from LO and see what they say.

I think the date of the latest paid collection is 2009. I don't know the month - it's at work.

If it was in September or later, it might help to wait until that month + one. (might)

Many lenders put a lot of weight on the presence of two squeaky clean years after earlier credit troubles. Since they're paid collections, and medical collections at that, that should help on recon. I would expect having to recon, though, as most CCC's use computer programs to screen applications, and they automatically boot out apps with certain negatives.

Re: How often?

Booner72 — Mon, 08 Aug 2011 18:47:22 GMT

Finally got the letter from Home Depot - they looked at Experien and his score was 659. Reasons for denial: lack of revolving, collections, lack of installment loan.

I wrote them a recon letter and faxed it. BTW, the backdoor # to Home Depot is really good, they answered on the first ring.

Asked for a small credit limit, explained medical collections, told them we want to shop there bc it is close and want the benefits of the card. I guess we will see.

MOST RECENT COLLECTION IS JANUARY 2009.