topic Re: Intentions with new cards. in Credit Cards

Intentions with new cards.

Anonymous — Thu, 14 Mar 2013 22:47:13 GMT

Hello everyone!

I have a quick question for everyone with my intensions for my newly attained credit cards! I want to know how this will affect my lines of credit (Not my credit score, I know that it will drop drastically!), IE close them for being scared that I am a risk. I plan to put the following on to the cards:

Trip to Cancun: $2,733.98 with $733.98 on Chase Freedom (sign up offer $500), $1000 on BCE (sign up offer $1,000), $1,000 Discover IT (No offer)

This would put me at the following Util: CF(74%) BCE (100%) Discover IT (67%) Total Utilization would be 58% (Walmart 0%, CCU 0% Total Debt 2733.98/4700) I am not worried about the Utilization TBH

With just those, I would instatnly pay down the BCE (maybe even PIF) because I would like them to see me using it and paying it down every month. With the remaining cards I would be paying them off before the 0%APR expires in 14/15 months respectively. What do you guys think of this? I would also most likely be using up the remainder of the Discover to pay utilities and bills for this month (of course paying them down with the cash I normally would have since it would just be sitting there).

I have also thought of just putting my paychecks into an open CD (yes lower % but unlimited deposits) for a 6 month duration and just paying the minimum payments needed, then taking them out and PIF once it gets closer to the 0% APR, but I'm not 100% sure if I want to do that yet xD

Re: Intentions with new cards.

Anonymous — Thu, 14 Mar 2013 22:52:22 GMT

Chase didn't seem to care about me maxing out their card, but I only maxed out that 1 card with the others at <10%, just to be clear.

Amex seems to care a lot about maxing out cards, regardless of whether you are maxing out on theirs or some other banks's. they are just more worried, I would phrase it that way, than other banks, about your ability to pay.

Discover I can't tell you.

Most card companies should (again, my guess) be okay with you maxing out cards, as long as you make a lot more than just the minimum payment. Try to pay like 10% of whatever u owe, at least. And of course, they don't like it when you drag on a high balance for extended periods of time.

Avoid those 2 situations, use some common sense as well, don't apply for any new cards or loan until balance is down and you should be fine.

Re: Intentions with new cards.

Anonymous — Thu, 14 Mar 2013 22:59:40 GMT

Thank you for your input.

I don't intend to apply for any type of credit for at least a year, unless my poor old geo metro breaks down... then I will probably just rebuild the engine anyways! The only lines of credit that are on my agenda as of this moment are a car in about 1+ years, and then a home in about 3-4 years (HOPEFULLY!)

My hope is to pay around 200/month for 12 months, then 150 for 2 months, then 66.67 the last month. That is also assuming that 1) I don't pay the amex down and 2) I don't put more expenses on the card.

In the end, I want to have the trip completely paid off and then have my finances all go through one card (or multiple depending on the amount spent and who has a better $$$ back %) and just PIF every month. As of right now, I am not worried about my utilization because of the fact that I am not even interested in acquiring new lines of credit.

Although, a question I forgot to add, I would really like to call at the 61 day mark and ask for a 3x CLI with AmEx and possibly Discover / Chase. Advice for that, with this plan?

Re: Intentions with new cards.

Anonymous — Thu, 14 Mar 2013 23:08:07 GMT

Discover I can't tell u since I have zero experience with them. Chase CLI is another HP, since its initiated by you, so I won't recommend it.

Any Amex CLI is unlikely since your utilization is going to be very high across your cards. They look at all everything.

Re: Intentions with new cards.

Anonymous — Thu, 14 Mar 2013 23:10:59 GMT

With AmEx, if I got all of my cards down to around 10% each (reporting of course since during the normal cycle I would be putting all of my expenses on to the CC), would that look much more favorable?

Which would be about 7% ratio after doing that math xD

Re: Intentions with new cards.

Anonymous — Thu, 14 Mar 2013 23:14:13 GMT

You need to bring down balances on your other cards as well. From what I know they look at literally everything, not just your account with them.

Re: Intentions with new cards.

Anonymous — Thu, 14 Mar 2013 23:15:27 GMT

Oh I misread, if u have 7% util you should have a good chance. Other factors that affect approval as well is your income level

Re: Intentions with new cards.

Anonymous — Thu, 14 Mar 2013 23:16:53 GMT

Edited because we posted at the same time xD

~$30,000-$45,000/year at this point. Possibly more if I get this job offer in the next week or two

Re: Intentions with new cards.

Anonymous — Thu, 14 Mar 2013 23:16:52 GMT

Ya I misread earlier I'm sorry

If you do that you should have a pretty high chance in my opinion.

Re: Intentions with new cards.

Anonymous — Thu, 14 Mar 2013 23:18:05 GMT

I editted the post instead of reposting... so bump so you can read the edited post! (Which means this post completely contradicts my intentions with the edit! YAY!) lol

Re: Intentions with new cards.

Anonymous — Thu, 14 Mar 2013 23:23:28 GMT

Getting 3x CLI to 3k is very likely in my opinion. I wouldn't worry about it at all!

Re: Intentions with new cards.

Anonymous — Thu, 14 Mar 2013 23:50:23 GMT

Sweet! Thank you enharu

Re: Intentions with new cards.

boomhower — Fri, 15 Mar 2013 02:17:48 GMT

I wouldn't leave the Amex maxed out, that's just inviting a FR.

Re: Intentions with new cards.

Anonymous — Fri, 15 Mar 2013 02:20:27 GMT

I have no intentions of doing so That is the first card being paid off. Again, all of the cards will be showing 10% util at my 61 day mark (100 / 100 / 150 / 0 / 0) which would effectively be a total overall util of 7%