topic Strategy for optimum CC usage! in Credit Cards

Strategy for optimum CC usage!

Mm587 — Mon, 06 Oct 2014 02:51:31 GMT

Hi. First of all, I want to thank everybody on myfico. These forums have been instrumental in helping me rebuild my credit (537-719) over the last two and a half years. I would not have been this successful without everyone's help and encouragement. Which brings me to my current situation. Five years ago I didn't have a single credit card. My first was a 200 CL secured card (cant even remember the predatory bank) haha. About two and a half years ago I apped and received a 500 CL unsecured Cap 1 Plat card. Fast forward to today..... I am going to list my cards becuase I would like help with a strategy for usage to grow these CL's... i clearly DO NOT need anymore cards. I think I have too many now......I may need to freeze my report becuase It is difficult to resist apping sometimes....the good news is that my usage is only 5 percent. Here are the Cards:

CHASE - Southwest RR VIsa 2500, Freedom 1500, Slate 1000

Discover - IT 5000

Barclaycard - Average Credit 1300

Cap 1 - QS1 1800, QS1 3500

Citi - Simplicity 2000

Synchonyt - JC Penny 800

The total credit is 19400. My balance on all fo these cards is less than 800. My main card is the SW RR Visa becaue I live in a SW hub and travel on leisure 3 or 4 times a year. I would like a strategy that would enable me the best opportunity to grow these lines. I will use about 1000 - 1500 a month and mostly pay in full. That is my goal. I would like to increase my CL while maintaining a bal under 1000 regardless of how high my lines get. Any help would be appreciated.

Thanks!

Re: Strategy for optimum CC usage!

Mm587 — Mon, 06 Oct 2014 02:54:36 GMT

Also, i would like to continue putting a large majority of my purchases on the SW RR Visa to build miles! Oh yeah, the bank was CREDIT ONE!

Re: Strategy for optimum CC usage!

skigirl916 — Mon, 06 Oct 2014 03:52:55 GMT

@Mm587 wrote:
Also, i would like to continue putting a large majority of my purchases on the SW RR Visa to build miles!

I'm not really sure what your question is. It sounds like you already have a plan: majority of your purchases on the Chase SWA RR card to maximize miles/rewards, keeping all balances below $1000. Just keep running most of your spending through that card, and periodically seek SP CLIs.

Re: Strategy for optimum CC usage!

Mm587 — Mon, 06 Oct 2014 04:01:21 GMT

I guess my question is: How much do i need to actually use any of the other cards? Can I expect SP CLI on accounts without any activity?

Re: Strategy for optimum CC usage!

FinStar — Mon, 06 Oct 2014 04:59:31 GMT

@Mm587 wrote:
I guess my question is: How much do i need to actually use any of the other cards? Can I expect SP CLI on accounts without any activity?

Definitely not for Capital One or Discover. Out of curiousity, why do you have two QS1 CCs?

Re: Strategy for optimum CC usage!

FinStar — Mon, 06 Oct 2014 05:01:36 GMT

@Mm587 wrote:
Also, i would like to continue putting a large majority of my purchases on the SW RR Visa to build miles! Oh yeah, the bank was CREDIT ONE!

Also, since you seem to already have a plan for usage on your SW RR, why would you need the Slate CC? Do you contemplte any foreseeable usage on it?

Re: Strategy for optimum CC usage!

Anonymous — Mon, 06 Oct 2014 05:05:08 GMT

@FinStar wrote:
@Mm587 wrote:
I guess my question is: How much do i need to actually use any of the other cards? Can I expect SP CLI on accounts without any activity?
Definitely not for Capital One

Darn right on that one. They sent me a denial letter on my MC QS stating i don't use enough of the credit line already extended to me.

Re: Strategy for optimum CC usage!

Mm587 — Mon, 06 Oct 2014 05:25:57 GMT

Great question about the QS1. These were cap1 plat with very low limits at one time. I think one was three and one was 500. When my score started improving, the pc me to qs1. Will cap 1 allow me to close one of them? Would that be advisable? My ultimate goal is to have 4-5 cards with CL of 10K each! That would be ideal! That is what I am aiming for!

Re: Strategy for optimum CC usage!

Anonymous — Mon, 06 Oct 2014 05:32:58 GMT

@Mm587 wrote:
Great question about the QS1. These were cap1 plat with very low limits at one time. I think one was three and one was 500. When my score started improving, the pc me to qs1. Will cap 1 allow me to close one of them? Would that be advisable? My ultimate goal is to have 4-5 cards with CL of 10K each! That would be ideal! That is what I am aiming for!

Do you have an annual fee? If not, why close?