topic Re: How should I handle this situation.... in General Credit Topics

How should I handle this situation....

Anonymous — Mon, 25 Jun 2007 00:13:50 GMT

Hello all,

I just received the Amex Delta Skymiles card (2k CL) and transferred all of my cc balances to it, roughly 1500. I was wondering how Amex likes its customers to repay balances? I was looking to pay 200 this month and 500 every month thereafter...Should I pay off the cc in this manner, smaller increments or larger increments??? Thanks in advance

Re: How should I handle this situation....

Anonymous — Mon, 25 Jun 2007 00:25:44 GMT

I would try to keep the UTL under 50%

So 2 mo's from now it will be under 50%

Go ahead and pay it down - 1500/4 = 375 or something that works for you.

This way you will be at a goof UTL when time to LUV again and your overall UTL will be down- your score should be up.....

Message Edited by Timothy on 06-24-2007 05:25 PM

Re: How should I handle this situation....

Anonymous — Mon, 25 Jun 2007 00:26:15 GMT

Well...I'm looking to eventually request a CLI, and want to know how I should approach paying off the balance???

Re: How should I handle this situation....

Anonymous — Mon, 25 Jun 2007 00:31:02 GMT

Oh, gotcha...should have read more haha

But in regards to Amex do they like to see small number of big payments or a large number of small payments when paying off a balance???

Re: How should I handle this situation....

fused — Mon, 25 Jun 2007 01:09:36 GMT

oracleicom wrote:
Oh, gotcha...should have read more haha

But in regards to Amex do they like to see small number of big payments or a large number of small payments when paying off a balance???

Amex does NOT like high util and small payments. If you can, pay $500 first then $200 every month thereafter until your below 20% util. I would not think of doing a LUV until you are at least below 20% util. With this proposed payment plan you would look for a CLI five or six months after activation. Sooner of course if you make larger payments.

Re: How should I handle this situation....

Anonymous — Mon, 25 Jun 2007 02:23:34 GMT

Is the LUV button automatic or do you have to wait for a human to process?

Re: How should I handle this situation....

fused — Mon, 25 Jun 2007 02:37:27 GMT

ilovepizza wrote:
Is the LUV button automatic or do you have to wait for a human to process?

Nope, no humans involved and it's really fast.

Re: How should I handle this situation....

Anonymous — Mon, 25 Jun 2007 03:06:50 GMT

Wow! How often can you hit it. How does one control them selves from clicking too often?

Re: How should I handle this situation....

fused — Mon, 25 Jun 2007 03:11:56 GMT

ilovepizza wrote:
Wow! How often can you hit it. How does one control them selves from clicking too often?

Personally, I have attained the CL I wanted with my Blue card and will refrain from making out with the luv button. You have to wait 30 days now between each TAP.