How are you managing your credit lines?

[Anonymous]

I have read many messages about app approvals and denials, but I would like to know how people are managing their credit lines. I checked my credit today and my available credit is 100%. I find myself using just two credit cards; Amex Platinum and Amex Delta Reserve and I immediately pay them off. Because of how I managed my credit when I was younger, I'm totally afraid of allowing my charges to spiral out of control. See, I'm a recovering shopaholic. How are you managing your credit?

[Anonymous]

I manage our 3 credit cards by keeping meticulous records of everything spent and, I check my records against what is posted online frequently throughout the week.  Everything gets paid in full and, all annotations, additions and subtractions are reconciled much the same as any other kind of banking transactions. 

Works for me! 

[vanillabean]

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@Anonymous wrote:
I have read many messages about app approvals and denials, but I would like to know how people are managing their credit lines. I checked my credit today and my available credit is 100%. I find myself using just two credit cards; Amex Platinum and Amex Delta Reserve and I immediately pay them off. Because of how I managed my credit when I was younger, I'm totally afraid of allowing my charges to spiral out of control. See, I'm a recovering shopaholic. How are you managing your credit?

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Not well, I'm afraid. Recently I had balances on all my cards. But it's now down to close to half, lessening a pronounced tic which occurs under particular stress.

[nomoore]

I only have 2 credit cards but the system I use should work for any number of cards and checking accounts. Here's what I do.

I have a separate transaction register for each credit card and checking account. I also have a "Master" transaction register which always tells me how much money I have, taking into account all transactions. I record each transaction in 2 places, once in the corresponding register for that account and once in the "Master" register. My credit cards have a negative balance and my checking account has a positive balance. My "Master" register should have a positive balance as long as I don't spend money I don't have.

Daily, I balance the CC and checking account registers and check them against that account online, just like I would any normal checking account with the exception that I will have a negative balance on credit cards (unless it is $0). Once a register is balanced I know there isn't a mistake in that register.

To balance my "Master" register I start by figuring the end balance, of course taking into account ALL transactions. Then to check it's accuracy I add (and subtract for the negative balances) all the individual account balances together. The number I get should equal the balance of the "Master" register. If it doesn't, I know there is an error or missing transaction in my "Master" register so I start comparing to the individual registers to find it.

Once all this is done I know how much money I have (or how negative I am) by looking at the master register. I know how much I have in my checking account because I can look at that individual register. Thus I don't overdraw my account. I know how much I have charged to each card because I can look at that register. Thus I don't go over my credit limit.

Oh, one more thing. When I make a credit card payment I record it as 2 transactions (thus I have 4 records). Money is taken from my checking account so I record that in the checking account register and the "Master" register. Money is deposited towards the credit card so I record that in the corresponding credit card register and the "Master" register. The "Master" register should have the same balance before and after the 2 transactions.

P.S. My CU has neat little credit card sized transaction registers that I carry around with me. My wife makes fun of me because of all the stuff I keep in my back "wallet" pocket. I normally have 4 registers. 2 CC, 1 checking, and 1 "Master" register. 

Edit:

P.P.S. As long as I have a positive number in my "Master" register I can PIF all cards at any time.

Edit:

P.P.P.S When recording a transaction in the "Master" register I make a notation of what account it occured on.

[Anonymous]

Although I use my credit cards to pay for everything, what I keep track of is how much money is in the bank. I try to never outspend the monthly budget I set for myself which is conveniently ~7% utilization of my total credit line, good for FICO scoring. Like you I pay off my balance each month so nothing carries over. Essentially I pay with credit but think like its debit. To me credit cards are a luxury since they give me back a little something for the money I would have spent anyways and provide extra benefits like extended warranty and purchase protection.

[Anonymous]

Excel spreadsheet, with limits, APR, desired utilization rate, date opened, date of last CLI, date reporting to CRAs, and that spreadsheet is on about 4 different PCs so i always have it nearby.

[Imhotrodcrazy]

Pay my outstanding balances off, ( if any ), on my 2 cards every 7-10 days.  No fuss, no muss. 

[navigatethis12]

My total credit availab;e is about 97%. I log on to my credit and bank accounts everyday to check balances and to pay cards off. Recently I got within two hundred dollars of the credit limit but paid it down almost immediately out of fear the statement would generate and it would appear to be maxed out. I hope to keep this kind of thing going and neve run into any financial trouble. I have about twelve cards but only use American Express Blue Cash Everyday(groceries) and PNC Cashbuilder(1.75% cashback) regularly.

[JustMe77]

I keep track of every purchase and account in a gmail draft that I can access on my iphone. Same with bills and due dates. I just try to keep the reported balances as low as possible and always PIF if I do let a statement balance post. 

[namvet]

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@Anonymous wrote:
I have read many messages about app approvals and denials, but I would like to know how people are managing their credit lines. I checked my credit today and my available credit is 100%. I find myself using just two credit cards; Amex Platinum and Amex Delta Reserve and I immediately pay them off. Because of how I managed my credit when I was younger, I'm totally afraid of allowing my charges to spiral out of control. See, I'm a recovering shopaholic. How are you managing your credit?

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Very very carefully!