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Help with my long term CC strategy Chase, Discover, FICO

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Contributor

Help with my long term CC strategy Chase, Discover, FICO

Hi guys, I'm new to credit. All my CCs are in my sig so please take a look. I have a few personal questions about what should I do and how should I do it.

 

1) I told my gf to remove me from Suntrust CC because she is going to transfer $3200 total ($4000 CL) by the end of March. I was removed couple days ago and already see that card as closed under my account with only 1 mo of credit history using it (no payment records for that card). Is it good or bad? If I was AU should I ask for a complete removal from my credit profile or keep it?

 

2) I got 3 new cards within 3 weeks (late Jan-early Feb): Chase, Overstock and Discover. I set up scheduled payments with Chase for $50 almost every week and keep my balance around $100-150 every mo. I don't want to pay in full but I'm going to make 2-4 payments of $50 each mo for the first 6 mo. How can I request CLI? Online/by phone? What are my chances to get CLI if I pay them $50 couple times every mo? After 6 mo (doesn't matter if they will give me CLI or not) I'm going to increase my CC balance to $1000-1500 before their Intro APR ends. And then pay in full and try to ask for another CLI (it'll be in 12-14 mo from now).

 

3) I plan to use Overstock once in 6 mo for small purchases (under $50). Do they offer auto CLI? Can they close my account if I don't use their CC for 9+ mo?

 

4) My strategy with Discover is to use up to $200/mo (10% CU) and pay in full. Will they give me any CLI without asking?

 

5) My Cap1 is the oldest and the worst card, but I want to use it for $1/mo Amazon Gift Card Balance to show some activity. It's been 13 mo since I opened that account. They increased my CLI from $351 to $651 last summer, but when I asked them about another CLI this January they said no. Is there any chance for me to get PC/upgrade? I tried to use a special link for it but it shows no upgrades available. Will I ever qualify for any PC or I'm stuck with it forever?

 

6) What is the best place to get secured loan? I read somewhere that it should be opened and not completely paid when you apply for mortgage. P.S.: I got my green Discover today. They send me my credit score report: FICO Equifax 726. I'm sure it will go down, but my goal for mortage is 760+ in 20-24 mo.

 

Thank you

Capital One Secured 1/17 $351 -> $651
Amazon Prime Store Card 7/17 $2300 -> $3300 -> $5500
Suntrust Cash Rewards 1/18 $4000 AU closed
Capital One Spark Business 1/18 $2000
Overstock 1/18 $1400->$3400->$5400->$7400
Chase Freedom 1/18 $2500->$3500
Discover It 2/18 $2000

Target RedCard 7/18 $2500 AU
Gardening since 2/8/18 before applying for mortgage
Message 1 of 9
8 REPLIES
Super Contributor

Re: Help with my long term CC strategy Chase, Discover, FICO


@siberia91wrote:

Hi guys, I'm new to credit. All my CCs are in my sig so please take a look. I have a few personal questions about what should I do and how should I do it.

 

1) I told my gf to remove me from Suntrust CC because she is going to transfer $3200 total ($4000 CL) by the end of March. I was removed couple days ago and already see that card as closed under my account with only 1 mo of credit history using it (no payment records for that card). Is it good or bad? If I was AU should I ask for a complete removal from my credit profile or keep it?

 

2) I got 3 new cards within 3 weeks (late Jan-early Feb): Chase, Overstock and Discover. I set up scheduled payments with Chase for $50 almost every week and keep my balance around $100-150 every mo. I don't want to pay in full but I'm going to make 2-4 payments of $50 each mo for the first 6 mo. How can I request CLI? Online/by phone? What are my chances to get CLI if I pay them $50 couple times every mo? After 6 mo (doesn't matter if they will give me CLI or not) I'm going to increase my CC balance to $1000-1500 before their Intro APR ends. And then pay in full and try to ask for another CLI (it'll be in 12-14 mo from now). 3) I plan to use Overstock once in 6 mo for small purchases (under $50). Do they offer auto CLI? Can they close my account if I don't use their CC for 9+ mo?

 

4) My strategy with Discover is to use up to $200/mo (10% CU) and pay in full. Will they give me any CLI without asking?

 

5) My Cap1 is the oldest and the worst card, but I want to use it for $1/mo Amazon Gift Card Balance to show some activity. It's been 13 mo since I opened that account. They increased my CLI from $351 to $651 last summer, but when I asked them about another CLI this January they said no. Is there any chance for me to get PC/upgrade? I tried to use a special link for it but it shows no upgrades available. Will I ever qualify for any PC or I'm stuck with it forever?

 

6) What is the best place to get secured loan? I read somewhere that it should be opened and not completely paid when you apply for mortgage. P.S.: I got my green Discover today. They send me my credit score report: FICO Equifax 726. I'm sure it will go down, but my goal for mortage is 760+ in 20-24 mo.

 

Thank you


Wow you have a lot of questions.

1. Good that you're no longer AU on Suntrust account. You can't get it removed from your record.

2. You're wasting your breath and a hard pull to ask Chase for a CLI, so don't bother.

3.  [you skipped 3]

4. Discover sometimes does auto CLI's but you can ask for a CLI and it's a soft pull.

5. You can call Cap I and ask if you're eligible for an upgrade.

6. You should stop applying for things. Chill out for at least 6 months , preferably longer. We haven't found a share secured loan provider comparable to Alliant, since Alliant stopped making SSL's.

 


FICO8 EQ 718 TU 748 EX 721 Total revolving limits 593900 (493900 reporting)
Message 2 of 9
Contributor

Re: Help with my long term CC strategy Chase, Discover, FICO

thank you. Not going to apply for anything for 12-18 months for sure.
Capital One Secured 1/17 $351 -> $651
Amazon Prime Store Card 7/17 $2300 -> $3300 -> $5500
Suntrust Cash Rewards 1/18 $4000 AU closed
Capital One Spark Business 1/18 $2000
Overstock 1/18 $1400->$3400->$5400->$7400
Chase Freedom 1/18 $2500->$3500
Discover It 2/18 $2000

Target RedCard 7/18 $2500 AU
Gardening since 2/8/18 before applying for mortgage
Message 3 of 9
Community Leader
Valued Contributor

Re: Help with my long term CC strategy Chase, Discover, FICO

I'm having trouble getting a grasp on your Chase strategy. Is your objective to keep that card from hitting zero so it continuously reports a positive balance? If so, make sure your payments cover your statement balances by the due date so you're not paying any interest.

 

On the Capital One card, if your objective is to show activity each month, I'd charge more than a dollar. Ten bucks is probably a better idea.

Message 4 of 9
Valued Contributor

Re: Help with my long term CC strategy Chase, Discover, FICO


@SouthJamaicawrote:

@siberia91wrote:

Hi guys, I'm new to credit. All my CCs are in my sig so please take a look. I have a few personal questions about what should I do and how should I do it.

 

1) I told my gf to remove me from Suntrust CC because she is going to transfer $3200 total ($4000 CL) by the end of March. I was removed couple days ago and already see that card as closed under my account with only 1 mo of credit history using it (no payment records for that card). Is it good or bad? If I was AU should I ask for a complete removal from my credit profile or keep it?

 

2) I got 3 new cards within 3 weeks (late Jan-early Feb): Chase, Overstock and Discover. I set up scheduled payments with Chase for $50 almost every week and keep my balance around $100-150 every mo. I don't want to pay in full but I'm going to make 2-4 payments of $50 each mo for the first 6 mo. How can I request CLI? Online/by phone? What are my chances to get CLI if I pay them $50 couple times every mo? After 6 mo (doesn't matter if they will give me CLI or not) I'm going to increase my CC balance to $1000-1500 before their Intro APR ends. And then pay in full and try to ask for another CLI (it'll be in 12-14 mo from now). 3) I plan to use Overstock once in 6 mo for small purchases (under $50). Do they offer auto CLI? Can they close my account if I don't use their CC for 9+ mo?

 

4) My strategy with Discover is to use up to $200/mo (10% CU) and pay in full. Will they give me any CLI without asking?

 

5) My Cap1 is the oldest and the worst card, but I want to use it for $1/mo Amazon Gift Card Balance to show some activity. It's been 13 mo since I opened that account. They increased my CLI from $351 to $651 last summer, but when I asked them about another CLI this January they said no. Is there any chance for me to get PC/upgrade? I tried to use a special link for it but it shows no upgrades available. Will I ever qualify for any PC or I'm stuck with it forever?

 

6) What is the best place to get secured loan? I read somewhere that it should be opened and not completely paid when you apply for mortgage. P.S.: I got my green Discover today. They send me my credit score report: FICO Equifax 726. I'm sure it will go down, but my goal for mortage is 760+ in 20-24 mo.

 

Thank you


Wow you have a lot of questions.

1. Good that you're no longer AU on Suntrust account. You can't get it removed from your record. <---Nope

2. You're wasting your breath and a hard pull to ask Chase for a CLI, so don't bother.<--Yep for now

3.  [you skipped 3]

4. Discover sometimes does auto CLI's but you can ask for a CLI and it's a soft pull.<----Yep

5. You can call Cap I and ask if you're eligible for an upgrade.<--Yep 

6. You should stop applying for things. Chill out for at least 6 months , preferably longer. We haven't found a share secured loan provider comparable to Alliant, since Alliant stopped making SSL's.<--Yep Theres SelfLender but thats 1. A bit more expensive and has monthly payments.. Alliant once you paid back over X percent which you did with the loan.. you only had to pay them small amounts to keep the account active... 

 

 


Uhm actually if your an AU on any account... you can get it removed from the CRAs..... AUs have no financial responsibility on an tradeline/account.. doesn't mean it will be easy.. or you should...  You can hit up the 3 CRAs and put in to have the AU account removed.... 

 

 
Message 5 of 9
Contributor

Re: Help with my long term CC strategy Chase, Discover, FICO


@HeavenOhiowrote:

I'm having trouble getting a grasp on your Chase strategy. Is your objective to keep that card from hitting zero so it continuously reports a positive balance? If so, make sure your payments cover your statement balances by the due date so you're not paying any interest.

 

On the Capital One card, if your objective is to show activity each month, I'd charge more than a dollar. Ten bucks is probably a better idea.


I have 14 months into APR with chase and want to take advantage of it. First 6-7 mo I'm going to carry around $200-350/mo and do 2-4 payments of $50/each because I use it a lot. Another reason is I don't want to see high balance getting reported on that card. Cap1 is not my best friend. IMO They only deserve a dollar from me. Not sure I want to give them more. Do you think charging my card for $1 with $651 CL won't do much? I also want to see how they will treat my business spark CC with 1% cash back in 7-12 mo and if they will offer me any upgrades. You're right. My goal is to show monthly activity on all accounts. Except Overstock. My ultimate goal is to get 1-2 CLI this year. Hopefully from Chase, Discover or Overstock.
Capital One Secured 1/17 $351 -> $651
Amazon Prime Store Card 7/17 $2300 -> $3300 -> $5500
Suntrust Cash Rewards 1/18 $4000 AU closed
Capital One Spark Business 1/18 $2000
Overstock 1/18 $1400->$3400->$5400->$7400
Chase Freedom 1/18 $2500->$3500
Discover It 2/18 $2000

Target RedCard 7/18 $2500 AU
Gardening since 2/8/18 before applying for mortgage
Message 6 of 9
Community Leader
Valued Contributor

Re: Help with my long term CC strategy Chase, Discover, FICO

The problem with $1 is that if that amount cuts on the statement, you'll probably end up with the small balance adjustment and be billed zero. That's OK on occasion, but I wouldn't want to risk doing that month in and month out. You can pay before the statement cuts if you'd like, though. That isn't an issue.

 

0% interest makes the Chase strategy more clear. 

Message 7 of 9
Contributor

Re: Help with my long term CC strategy Chase, Discover, FICO


@HeavenOhiowrote:

The problem with $1 is that if that amount cuts on the statement, you'll probably end up with the small balance adjustment and be billed zero. That's OK on occasion, but I wouldn't want to risk doing that month in and month out. You can pay before the statement cuts if you'd like, though. That isn't an issue.

 

0% interest makes the Chase strategy more clear. 


Do you think there is any connection between paying in full or carrying a balance for Chase and Discover if I'm looking for future CLIs.
Capital One Secured 1/17 $351 -> $651
Amazon Prime Store Card 7/17 $2300 -> $3300 -> $5500
Suntrust Cash Rewards 1/18 $4000 AU closed
Capital One Spark Business 1/18 $2000
Overstock 1/18 $1400->$3400->$5400->$7400
Chase Freedom 1/18 $2500->$3500
Discover It 2/18 $2000

Target RedCard 7/18 $2500 AU
Gardening since 2/8/18 before applying for mortgage
Message 8 of 9
Community Leader
Senior Contributor

Re: Help with my long term CC strategy Chase, Discover, FICO

Can’t speak for Chase, but with Discover no. I had a good run of cli with them in 2017. Sometimes I let a balance report and sometimes I didn’t (mostly didn’t). It had no bearing on my increases. 

AMEX PLATINUM, DELTA PLAT & SPG | PenFed PR | NFCU FS | Discover IT | CAP1 VENTURE | LOWES l NORDSTROM I MACYS I WAYFAIR I
Message 9 of 9