90% of limit on Chase, need a quick response

[elim]

I'm going to buy a nice set of tires in an hour and was planning on paying cash. If i use my 1k Chase card (middle of billing cycle) it will be 90% of the Limit. If i pay it off immediately after pending is that OK? any flags?

[trumpet-205]

You can also pre-pay it. Basically push money from your checking account to your Chase card. It is fine to get a negative balance on credit card as it'll temporary increase your credit limit, until the balance becomes positive again.

[AvadaKedavra]

How much balance do you already have on your card? My Freedom doesn't let me pay more than the posted balance.

[elim]

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@AvadaKedavra wrote:

How much balance do you already have on your card? My Freedom doesn't let me pay more than the posted balance.

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$75

yeah it doesnt let me either and i dont have chase checking. i have always paid this card when it gets to 30% and got an auto CLI the day after statement #2. 

[lg8302ch]

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@AvadaKedavra wrote:

How much balance do you already have on your card? My Freedom doesn't let me pay more than the posted balance.

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If you try to pull then it does not work but by  using bill pay from the bank side and push it to the credit card account will work just fine

[Shock]

just pay it off when it posts, and your utlization wont take a hit. it may be benficial though ti max it out for the month as chase may give you an increase and see your high balance as almost maxed out.

[Closingracer99]

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@Shock wrote:

just pay it off when it posts, and your utlization wont take a hit. it may be benficial though ti max it out for the month as chase may give you an increase and see your high balance as almost maxed out.

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while they can do that. They can also look at is as a financial risk if you let it post.

[js0319]

You can always pay part of it with the card, and part with cash to maximize benefit and reduce the risk.

[capitalkid]

See if the Tire Place will take split payments.  Pay 50% with cash and leave 50% on the card.  Then make a good payment to get it under 50% next month.

 Or, ask if the tire place has their own financing, see if you qualify for their card.  There is a Goodyear Card- Citi is their underwriter, there is a Firestone card-Credit First National Association is their underwriter, and there is a CarCareOne which is widely co-branded by the different shops and they are underwritten by GECRB, or what is now Synchrony Bank.  

My suggestion is to avoid any CFNA backed card if at all possible, they will only report your balance to the CRA's.  Which no matter what they report it looks like you are maxxed out to the creditors due to not repoting the Limit.  Citi and GE will be fine for reporting purposes, I dont know what Citi backed cards start out at, My CCO card started at 700$ and I had to grow it.  CFNA started me out at 1400$ and gave no cli's nor a way to request one.  I needed 1K worth of tires, was approved for Firestone card, PIF and closed the account.  The whole time I had that card it had my score way drug down.  When I closed it my score shot up within a month.  So if thats all you can get, use it, get it paid and close it fast.  

I apped for CCO before I closed out CFNA  to have a tire card replacement.  I got 700$ on CCO, closed out my 1400$ CFNA card and within 6 months I had a CLI to 1500$.

Good Luck. 

[Anonymous]

IMO this is all overthinking.  Providing you don't exceed the CL, there will be no AA, especially if you PIF by due date, no need to pay before statement cut.    Utilization has no memory so one month of high util (even with score decrease) is fine if you are not apping this month.

Way overstressed here making people scared to use the credit that they have worked for!