Chase freedom ,PIF or carry a small Balance??

[dddewdrop]

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@navigatethis12 wrote:

The high balance section records a high balance even if it is not reported. Multiple cards I have show the high balance near the credit limit, but I have never let them report that way. Never pay interest to make the credit card company happy. I have gotten increases just fine without ever paying interest.

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       I hear what you are saying navigate. Some (but not all) of my credit reports show a high balance for my Walmart card. However I have neveer received a statement because I always have paid in full before the statement date. Another person on this forum was recently denied a CLI by Discover. The given reason was that his statement balance for 2 of the last 6 months was 0 so therefore he wasn't using the card enough to justify them raising his credit limit. Of course everyone's experience is different. It is a numbers game however. I have paid less than 5 dollars interest the entire year so far and yet I have allowed several statements to report positive to demonstrate that I am using my credit cards. I think the odds are better to get a CLI if a person allows a statement balance to report. My priority is not to avoid interest at all costs. A negligible amount is not even worth debating really.

[navigatethis12]

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@dddewdrop wrote:

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@navigatethis12 wrote:

The high balance section records a high balance even if it is not reported. Multiple cards I have show the high balance near the credit limit, but I have never let them report that way. Never pay interest to make the credit card company happy. I have gotten increases just fine without ever paying interest.

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       I hear what you are saying navigate. Some (but not all) of my credit reports show a high balance for my Walmart card. However I have neveer received a statement because I always have paid in full before the statement date. Another person on this forum was recently denied a CLI by Discover. The given reason was that his statement balance for 2 of the last 6 months was 0 so therefore he wasn't using the card enough to justify them raising his credit limit. Of course everyone's experience is different. It is a numbers game however. I have paid less than 5 dollars interest the entire year so far and yet I have allowed several statements to report positive to demonstrate that I am using my credit cards. I think the odds are better to get a CLI if a person allows a statement balance to report. My priority is not to avoid interest at all costs. A negligible amount is not even worth debating really.

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I saw that and do not know what to think. Discover raised my limit when I only used the card once or twice, so only one statement had had a balance. The next month when I used it, I paid it before the statement closed.I do let a balance report every month on one or two cards. If I waited until the statement closed to pay off cards, I would have about 90% utilisation, because I use the cards a lot. By paying before the statment closes, I stay at about 1 or 2% utilisation every month. I never know when a nice bonus is going to come along, so prefer to have the reports looking as nice as possible.

[Anonymous]

I don't recommend charging right up to the limit for anything. 90% is maxed out. 100% shows irresponsibility to a lender. You need to leave wiggle room for unexpected recurring charges and potential emergencies. It is fine to pay multiple times per month but I would not charge more than $800 per PIF.

[p-]

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@iwant700fico wrote:

Just got  the Chase Freedom with a small  $1,000 Limit. I charge about  $800 a month   on my other cards. But  I want start using the chase card and  be able to ask for CLI down the road in shortest amount of time. My question is should I charge up to %75  of my limit and then PIF or carry a small balance then PIF or make several payments during the month as I use card. Which behavior seats well with CC companies . What do they look for? Any advice is appreciated.

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Definitely pay in full.  I have had more than one conversation with Chase recon analysts and they always mention that my habit of paying in full each month is a positive. 

[NewBreed]

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@enharu wrote:

Chase likes heavy usage, so the more u use the better it is.

as for PIF or not to PIF, I recommend PIF. Why get caught up in pointless interest fees?

What you can do is this:

charge 1000 for example.

Statement cuts and reflect 1000 balance.

Pay in full, and continue using the card. Charge 800 for example this month.

Statement cuts and reflect 800 balance.

Pay in full, and continue using the card.

And when you're about to apply for new cards or ask for CLI, pay down your balance until its <10% right before statement cuts.

Statement cuts, and shows really low balance and utilization ratio.

This way, you will have a few months of high balances reflected on your account. lenders can also see the amount of payment you make each month. 

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Please explain this to me, i just got a Chase Freedom as well with a 2K limit and i thought the name of the game was to NOT use more than 30% of bal on the card.

[dddewdrop]

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@navigatethis12 wrote:

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@dddewdrop wrote:

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@navigatethis12 wrote:

The high balance section records a high balance even if it is not reported. Multiple cards I have show the high balance near the credit limit, but I have never let them report that way. Never pay interest to make the credit card company happy. I have gotten increases just fine without ever paying interest.

---

       I hear what you are saying navigate. Some (but not all) of my credit reports show a high balance for my Walmart card. However I have neveer received a statement because I always have paid in full before the statement date. Another person on this forum was recently denied a CLI by Discover. The given reason was that his statement balance for 2 of the last 6 months was 0 so therefore he wasn't using the card enough to justify them raising his credit limit. Of course everyone's experience is different. It is a numbers game however. I have paid less than 5 dollars interest the entire year so far and yet I have allowed several statements to report positive to demonstrate that I am using my credit cards. I think the odds are better to get a CLI if a person allows a statement balance to report. My priority is not to avoid interest at all costs. A negligible amount is not even worth debating really.

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I saw that and do not know what to think. Discover raised my limit when I only used the card once or twice, so only one statement had had a balance. The next month when I used it, I paid it before the statement closed.I do let a balance report every month on one or two cards. If I waited until the statement closed to pay off cards, I would have about 90% utilisation, because I use the cards a lot. By paying before the statment closes, I stay at about 1 or 2% utilisation every month. I never know when a nice bonus is going to come along, so prefer to have the reports looking as nice as possible.

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    I would say do what you feel comfortable with and what you want to do. It seems to have worked well for you up til now. I am myself beginning to accept that not everything here is figureoutable and I am way more concerned about going into credit card debt than anything else so personally, I am using my cards minimally and paying in full as soon as possible... I think whereas other people's stories may be interesting they represent each just one data point out of thousands of accounts and so who knows whether they give us clues to the rule or the exception. The more i read here the more I learn that its a ymmv world out there. Even when it comes to being approved for apps. The info here is just a vague guideline. I think you are playing it right and the very fact that you are on here having a discussion about it means you are way more sophisticated then 99 percent of account holders out there so just keep doin whatchu doin.

[dddewdrop]

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@NewBreed wrote:

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@enharu wrote:

Chase likes heavy usage, so the more u use the better it is.

as for PIF or not to PIF, I recommend PIF. Why get caught up in pointless interest fees?

What you can do is this:

charge 1000 for example.

Statement cuts and reflect 1000 balance.

Pay in full, and continue using the card. Charge 800 for example this month.

Statement cuts and reflect 800 balance.

Pay in full, and continue using the card.

And when you're about to apply for new cards or ask for CLI, pay down your balance until its <10% right before statement cuts.

Statement cuts, and shows really low balance and utilization ratio.

This way, you will have a few months of high balances reflected on your account. lenders can also see the amount of payment you make each month. 

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Please explain this to me, i just got a Chase Freedom as well with a 2K limit and i thought the name of the game was to NOT use more than 30% of bal on the card.

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 This is true what you read.  However,What we are discussing here in this thread is different. We are exploring strategies to maximise a persons chances at raising their Credit Limit as quickly as possible. This thread is not about maximizing credit scores in the short term. For threads concerning that maybe look on the rebuilding your credit section. When you talk about "the name of the game" well different people here are playing different games. Some are trying to max out their credit limits for one reason or another and thats what this thread is about. It is true that to max score you should have low utilisation. The number most quoted around here is actually keeping utilisation below 9%. 

[Anonymous]

I'm sure Chase loves it when you pay them interest for no reason, but I would advise consumers against doing it. PIF.

[NewBreed]

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@dddewdrop wrote:

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@NewBreed wrote:

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@enharu wrote:

Chase likes heavy usage, so the more u use the better it is.

as for PIF or not to PIF, I recommend PIF. Why get caught up in pointless interest fees?

What you can do is this:

charge 1000 for example.

Statement cuts and reflect 1000 balance.

Pay in full, and continue using the card. Charge 800 for example this month.

Statement cuts and reflect 800 balance.

Pay in full, and continue using the card.

And when you're about to apply for new cards or ask for CLI, pay down your balance until its <10% right before statement cuts.

Statement cuts, and shows really low balance and utilization ratio.

This way, you will have a few months of high balances reflected on your account. lenders can also see the amount of payment you make each month. 

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Please explain this to me, i just got a Chase Freedom as well with a 2K limit and i thought the name of the game was to NOT use more than 30% of bal on the card.

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 This is true what you read.  However,What we are discussing here in this thread is different. We are exploring strategies to maximise a persons chances at raising their Credit Limit as quickly as possible. This thread is not about maximizing credit scores in the short term. For threads concerning that maybe look on the rebuilding your credit section. When you talk about "the name of the game" well different people here are playing different games. Some are trying to max out their credit limits for one reason or another and thats what this thread is about. It is true that to max score you should have low utilisation. The number most quoted around here is actually keeping utilisation below 9%. 

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I hear ya, i actually am looking to increase my CL in about a year and a half thats why im on this thread reading, i wanted to know best practice, but i thought to get a CL you have to have low UTIL as well. 

[culture]

this is a really touchy topic.....