Balance chasing question

[minimock]

I am about to have to go up to 70 and 80% util, and hold at that level for about three months. (Big project)

What do you think are the chances of getting balance chased.

I know its a rather subjective question, but was curious if anyone has done this recently and what effects it may have had.

TIA

[LS2982]

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@minimock wrote:

I am about to have to go up to 70 and 80% util, and hold at that level for about three months. (Big project)

What do you think are the chances of getting balance chased.

I know its a rather subjective question, but was curious if anyone has done this recently and what effects it may have had.

TIA

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Who do you think will chase you? If you have a valid reason for your high usage you should be ok.

[crunching_numbers]

I am not hearing about the tales of aggressive balance chasing that used to occur during the peak of the recession. It seems that credit is picking up and the CC companies are less touchy. Make greater than minimum payments and if you are only at a high balance for a few months and then PIF, it might actually help you with CLI's further down the road. YMMV of course. I would not max out ALL my cards. That would look bad. Just don't apply for credit ore even peek at your FICO while you are at 80% util. It will give you indegestion

[minimock]

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@crunching_numbers wrote:

 Just don't apply for credit ore even peek at your FICO while you are at 80% util. It will give you indegestion

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Yea, I did the FICO simulation maxing out all cards and it was 575 LOL.

I plan on abusing only 5 of the seven, and definatly not the new AMEX, although it hasnt reported yet, it will add 7K to total, thus less impact.

I plan on paying them all back down in 90 days...

I was just a little nervous looking at the balance chasing search result..

[Anonymous]

I think you should be fine. I recently had high balances, nearly maxed out. Didn't experience any balance chasing. Your plan is only 90 days I would expect for you to be fine.

[jefftca925]

Have you tried asking for a CLI on any of the cards?  It might help "pad" your utilization while you're financing for a short-term project.  Plus you have a good excuse now for requesting one.

[Creditaddict]

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@minimock wrote:

I am about to have to go up to 70 and 80% util, and hold at that level for about three months. (Big project)

What do you think are the chances of getting balance chased.

I know its a rather subjective question, but was curious if anyone has done this recently and what effects it may have had.

TIA

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Cap1 won't care

Barclay won't care

Chase - Probably won't care if it's just 3 months and you have signature

BOA - again if it's short term probably okay

Citi - okay also probably.

Discover def. okay.

Now the only thing that might change some of these, is having all of these cards go maxed all at the same time vs. just having 1 or 2 very high.

But you are talking short term I don't think it will be very big of an issue as long as you are not obtaining all the money via cash advance or something?

Also I don't think you would drop into the 500 scores just for high util.... I don't even think below 650.

[score_building]

Amex will be watching like a hawk.

[Anonymous]

Just know that if it does drop your score and then you pay off in 90 days then I would give it a couple months after that I'm sure you will be right back to where you started if not higher!

[minimock]

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@score_building wrote:

Amex will be watching like a hawk.

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Yea, i was thinking about that, but maybe because I put all the cards on out of country vacation status, they will over look it....

Hopefully LOL