@Skymogul wrote:
@happypill wrote:CL and APR are not necessarily the most important differentiating factors among cards. in fact, I would say if CL and APR are important factors to someone, they are probably carrying a balance and thus probably losing at the credit game, paying interest and fees to the bank (a lot of us have been there and recoevered). If you PIF every month, a CL of around $5k should be enough for the vast majority of the people out there and APR is meaningless.
Not true. If you run $3K a monrh through a $5K card and PIF, you'll always be reporting 80% utilization on that card, which is not good. It's much better to run $3K a month through a $30K card, leaving you reporting 10% every statement cut date.
Looking at it another way, the $5K card will be forcing you to PIF on the cut date (otherwise you will run out of CL between the cut date and due date), letting you use the bank's money for free for a maximum of about 25 days. The $30K card would allow you to PIF up to the due date, letting you use the bank's money for free for up to 55 days. Huge difference.
That's only if you care about point in time optimization, which unless I'm prettying up for an application or a random test of the FICO algorithms, I don't bother with, and that was true when my limits were 1/20th of what they are now.
60% reported on a single tradeline ain't no big thing in the current market if it ever was actually; also at least with my former scorecards, $1 or 60% on an individual tradeline made zero difference, that may be changing now as my negatives are finally coming off.
@Skymogul wrote:
@Revelate wrote:That's only if you care about point in time optimization, which unless I'm prettying up for an application or a random test of the FICO algorithms, I don't bother with, and that was true when my limits were 1/20th of what they are now.
60% reported on a single tradeline ain't no big thing in the current market if it ever was actually; also at least with my former scorecards, $1 or 60% on an individual tradeline made zero difference, that may be changing now as my negatives are finally coming off.
It's important to remember that as you approach 800, little things that didn't matter before start mattering more, because there's less headroom left between your score and maximum. I see you're in the 700s and have a goal of 800, so there's very little that doesn't matter to you.
Outside of a mortgage where every point matters if you're not in the top tier, find me anything with a minimum UW over 685 that has any real reason to be obtained other than for epeen purposes? Sure one can chase Simmons First or similar but why?
Utilization is instant in time certainly for those of us who are playing on dirty scorecards: it makes absolutely zero difference what my day to day reported balances are as a transactor, none. Why would I care about my scores if they're not being looked at, AR's? Ain't skeerd.
We don't know each other forum wise but from your comment I think you'd be stunned and amazed how little I care about my credit in comparison to some people on this forum besides not getting further derogatory information tacked on to it; the only way I get above 800 is with a clean file which happens this year on EX/EQ, and there was little I could do either with my BOFA lates, nor my Cali tax lien over the past nearly 6 years, recent dispute leading to the removal on TU because their listed docket number was wrong not withstanding.
I may have a different opinion than most people here as I've been doing this a while now, but at least with the current market transient utilization metrics for any transactor simply don't matter, at all; if I had to guess lenders are more concerned with balance vs. income anyway and they certainly do care on balance vs. payment, but the rest, 60% reported on a tradeline that's being PIF'd anyway especially when we're talking AA the computer algorithms are chasing people on other markers besides FICO?
Anyway for me I will always pretty up to my one tradeline with a yuppie food stamp reported before I do anything real with my report (possible mortgage or new car next year requiring financing) even when I'm gold plated and shouldn't rationally care, but outside of my mortgage app where for one shining moment I hit a mid score of 720 (but not 740 where it would've made a difference) there's been no impact on my credit life regardless of my credit score... my only denial besides a CLI flier with BOFA way back, was the CSR app and that was over 5/24 rather than any credit requirements.
@Revelate wrote:
They also have historically pulled TU for CLI's, and those HP's aren't wasted unlike some other lenders I could name.
That's an underused bureau for the majority of consumers as far as inquiry distribution goes (and this forum is likely not an exception for those that skip copious store cards), so when we're talking about strategic building it's not a bad thing to have a random TU puller or two that you can take a flier on as part of a spree knowing nobody else is going to be looking at that file.
Hey Revelate, I was not aware that BofA was a TU puller for cli's. This is truly good news for me, since I was approved via Experian, my weakest score and Transunion is my strongest score.
I'll HAPPILY take a BofA initiated TU hard pull! Thanks for that little tidbit.
We can always count on Revelate for gold nuggets amid his posts!
@grillandwinemaster wrote:
@Revelate wrote:
They also have historically pulled TU for CLI's, and those HP's aren't wasted unlike some other lenders I could name.
That's an underused bureau for the majority of consumers as far as inquiry distribution goes (and this forum is likely not an exception for those that skip copious store cards), so when we're talking about strategic building it's not a bad thing to have a random TU puller or two that you can take a flier on as part of a spree knowing nobody else is going to be looking at that file.
Hey Revelate, I was not aware that BofA was a TU puller for cli's. This is truly good news for me, since I was approved via Experian, my weakest score and Transunion is my strongest score.
I'll HAPPILY take a BofA initiated TU hard pull! Thanks for that little tidbit.
We can always count on Revelate for gold nuggets amid his posts!
@grillandwinemaster, I'm in much the same situation as you regarding TU generally being my strongest.
Back in mid-December I went for a modest CLI on my BBR #1 and it was approved ($6k to $10k, exactly what I asked for). Then 2-3 weeks later I applied for BBR #2, and they re-used the TU pull from my earlier CLI... BBR #2 was approved at the lowest APR due to them using TU rather than EX (my EX is nearly always 20-30 points behind TU).
For me the TU pull was definitely worth it as well. 
@Mrm-na wrote:BoA gave me my lowest APR - but not by much (1%) and somebody could beat it in the future. They are also known for sending decent balance transfer offers. So for both of those reasons, the account has good reasons for me to keep it open even ignoring the rewards.
However, I would still prefer to get my balance transfers from Barclay and they have started sending me those offers again, so I'm not sure if I'll ever actually use BoA for those offers. But it's good to have an additional option.
I don't carry interest bearing balances, but I think it's a good idea to maintain a card with a usable APR just in case.
Different banks evaluate people differently. If BoA offers you good terms then that's a good reason to use them, if they don't, then you probably won't like them as much.
In my case, when I was shoping prequals recently it was Citibank that seemed pointless to me. But somebody who gets better offers from Citi might love them.
Excellent analysis "Mr Man?!?"
I enjoyed your highlights. Ultimately, we have to do what is right for us and our family.
@UncleB wrote:
@grillandwinemaster wrote:
@Revelate wrote:
They also have historically pulled TU for CLI's, and those HP's aren't wasted unlike some other lenders I could name.
That's an underused bureau for the majority of consumers as far as inquiry distribution goes (and this forum is likely not an exception for those that skip copious store cards), so when we're talking about strategic building it's not a bad thing to have a random TU puller or two that you can take a flier on as part of a spree knowing nobody else is going to be looking at that file.
Hey Revelate, I was not aware that BofA was a TU puller for cli's. This is truly good news for me, since I was approved via Experian, my weakest score and Transunion is my strongest score.
I'll HAPPILY take a BofA initiated TU hard pull! Thanks for that little tidbit.
We can always count on Revelate for gold nuggets amid his posts!
@grillandwinemaster, I'm in much the same situation as you regarding TU generally being my strongest.
Back in mid-December I went for a modest CLI on my BBR #1 and it was approved ($6k to $10k, exactly what I asked for). Then 2-3 weeks later I applied for BBR #2, and they re-used the TU pull from my earlier CLI... BBR #2 was approved at the lowest APR due to them using TU rather than EX (my EX is nearly always 20-30 points behind TU).
For me the TU pull was definitely worth it as well.
@Anonymous B, that's great to hear. My BofA cash rewards is my absolute lowest cl @ this time, but for some reason, I'm most excited about this account and it's growth/relationship potential.