I just finished a rather awesome app spree and got approved for 4 of the cards in my sig in the past week. I will now be managing 6 CC's vs just my 2 cap1 cards. I was hoping for a little gardening help. I have read that most if not all cards need to have activity monthly to maximize scores. However I dont want to carry 6 cards in my wallet. Below is my plan, please tell me what you think.
Setup auto bill payments for each card and setup auto pay in full for the cards each month. Will that keep me showing good activity while paying in full each month?
Barclays = Power Bill
Cap1 plat = Gym membership, cable bill
Cap1 QS = insurance
US Bank = storage bill
Slate = cell phone bill
Freedom = in my wallet
What do you guys think? Is that a solid gardening plan or should I change some things up to get the best out of each card?
$3500K
$3000K
$1000K
$1200K
$2500
That is awesome feedback. Thank you! I will for sure change the cable, phone, and power all to Barclays for the rewards. Looks like I will keep the freedom and quicksilver in my wallet to maximize rewards and put the others up. It will be interesting to see what these new cards will do to my score over time. Ive never been able to break a 700 fico. So here's to hoping it gets there in time. Thanks again!
@Harrison0550 wrote:I just finished a rather awesome app spree and got approved for 4 of the cards in my sig in the past week. I will now be managing 6 CC's vs just my 2 cap1 cards. I was hoping for a little gardening help. I have read that most if not all cards need to have activity monthly to maximize scores. However I dont want to carry 6 cards in my wallet. Below is my plan, please tell me what you think.
Setup auto bill payments for each card and setup auto pay in full for the cards each month. Will that keep me showing good activity while paying in full each month?
Barclays = Power Bill
Cap1 plat = Gym membership, cable bill
Cap1 QS = insurance
US Bank = storage bill
Slate = cell phone bill
Freedom = in my wallet
What do you guys think? Is that a solid gardening plan or should I change some things up to get the best out of each card?
I pay all my util, cable and cell phone(TMO) and get 2% cash back on my Barclay.
@gh17 wrote:
@Harrison0550 wrote:I just finished a rather awesome app spree and got approved for 4 of the cards in my sig in the past week. I will now be managing 6 CC's vs just my 2 cap1 cards. I was hoping for a little gardening help. I have read that most if not all cards need to have activity monthly to maximize scores. However I dont want to carry 6 cards in my wallet. Below is my plan, please tell me what you think.
Setup auto bill payments for each card and setup auto pay in full for the cards each month. Will that keep me showing good activity while paying in full each month?
Barclays = Power Bill
Cap1 plat = Gym membership, cable bill
Cap1 QS = insurance
US Bank = storage bill
Slate = cell phone bill
Freedom = in my wallet
What do you guys think? Is that a solid gardening plan or should I change some things up to get the best out of each card?
To maximize scores, you only need to use one card each month and want to have all the other ones reporting a 0 balance. If you prefer to use more cards, you can, but (to maximize scores), you would want to pay them all off before the statement comes, except for one card.
That said, this doesn't really matter unless you are planning on applying for credit, because your credit score has no "memory" with regard to this. So next time you want to boost your score for something, you can just start letting only one card report, but you can do whatever you want the rest of the time. You also want to keep that one card at <9% of the limit.
The only reasons to use more than one card are to either maximize your rewards (certain cards offering better rewards in different spending categories) or to keep the cards open. Some credit card companies will want you to use each card at least once every six months to a year or else they might close your card. This has nothing to do with your credit score though, and you definitely don't have to use each card every month - just once in a while.
Looking at your cards, it probably makes most sense to use the Freedom for whatever categories get 5% that quarter, Barclays for groceries, gas (when not a Freedom category), utilities, and drugstores, and Capital One Quicksilver for everything else. I don't think the other cards have any rewards, right? So I would not carry them in your wallet and would just use them once or twice a year.
But that's just a rewards strategy. If you really feel like you won't remember to use the cards once or twice a year, then it's fine to set up some automatic payments. But it has nothing to do with maximizing your score. (Having more cards report balances is bad for your score.) Also, I think Barclays gives 2% on cable bills, phone bills, and power, so it probably makes most sense to put those bills on Barclays and pick other bills for the other cards.
+1
@SunriseEarth wrote:
@bk510 wrote:
@gh17 wrote:
@Harrison0550 wrote:I just finished a rather awesome app spree and got approved for 4 of the cards in my sig in the past week. I will now be managing 6 CC's vs just my 2 cap1 cards. I was hoping for a little gardening help. I have read that most if not all cards need to have activity monthly to maximize scores. However I dont want to carry 6 cards in my wallet. Below is my plan, please tell me what you think.
Setup auto bill payments for each card and setup auto pay in full for the cards each month. Will that keep me showing good activity while paying in full each month?
Barclays = Power Bill
Cap1 plat = Gym membership, cable bill
Cap1 QS = insurance
US Bank = storage bill
Slate = cell phone bill
Freedom = in my wallet
What do you guys think? Is that a solid gardening plan or should I change some things up to get the best out of each card?
To maximize scores, you only need to use one card each month and want to have all the other ones reporting a 0 balance. If you prefer to use more cards, you can, but (to maximize scores), you would want to pay them all off before the statement comes, except for one card.
That said, this doesn't really matter unless you are planning on applying for credit, because your credit score has no "memory" with regard to this. So next time you want to boost your score for something, you can just start letting only one card report, but you can do whatever you want the rest of the time. You also want to keep that one card at <9% of the limit.
The only reasons to use more than one card are to either maximize your rewards (certain cards offering better rewards in different spending categories) or to keep the cards open. Some credit card companies will want you to use each card at least once every six months to a year or else they might close your card. This has nothing to do with your credit score though, and you definitely don't have to use each card every month - just once in a while.
Looking at your cards, it probably makes most sense to use the Freedom for whatever categories get 5% that quarter, Barclays for groceries, gas (when not a Freedom category), utilities, and drugstores, and Capital One Quicksilver for everything else. I don't think the other cards have any rewards, right? So I would not carry them in your wallet and would just use them once or twice a year.
But that's just a rewards strategy. If you really feel like you won't remember to use the cards once or twice a year, then it's fine to set up some automatic payments. But it has nothing to do with maximizing your score. (Having more cards report balances is bad for your score.) Also, I think Barclays gives 2% on cable bills, phone bills, and power, so it probably makes most sense to put those bills on Barclays and pick other bills for the other cards.
+1
+2
+3 and with more usage chances of a auto CLI is good every 6 months.
Discover IT $17k / US Bank Ace (VSig) $13.5K / US Bank Cash+ (VSig) $13.5k
Wow this Barclay card is sounding better and better everyday. I just woke up to 2 alerts on my phone and they have already started reporting my $2500 CL. That's awesome considering the card is still in the mail! I don't remember my cap1's reporting until after the first billing statement. Instant 12 point score increase this morning. Woooohooo!