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Last week I apped and was approved for BCE $2.5k, Chase Freedom $1k, and Barclay Rewards MC $1k. This is the first time in 7 yrs that I've had CCs worth speaking of and have been paying cash for everything during that time. So the conundrum I'm facing is this: how do I grow these cards, particularly the Freedom. How much should I run through the card every month? What util % do I stay around?
My tentative plan is to go heavy on the Amex for 3xCLI purposes, then make it my some everyday and/or emergency card. Got this card 2 days ago and have put over $600 on it already lol! (on planned expenses, will PIF tomorrow)
As for the Freedom, right now I'm thinking moderate usage for bonus categories, gas, groc, etc., then step it up big time after day 61 Amex cli. My ultimate goal for the Freedom is to get it to Siggy status. I think my income is good enough but I'm not sure what kind of usage they wanna see for a 5k+ CL. I want this to be my main/go to card in the near future.
Finally, as for the Barclay lol, in hindsight I wish I wouldn't have gotten this one. It can stay at that limit for all I care. I'm finding it hard to find things to put on it, other than electric bill or something. And I refuse to go back to buying useless crap and living beyond my means. Took over 7 years to claw from the depths of credit hell, not going back anytime soon.
Any input is appreciated!
Amex likes to see a lot of (responsible) card use, from what I understand. When I got my BCP, I basically put all my expenses and ran all my charges on it for the first three months and paid off the entire or nearly the entire balance before the statement cut each time. That way, I kept a low util reporting on my credit file but showed Amex a high internal card utilization. I have heard often that Amex prefers one large payment over lots of smaller payments along the way, but then again I also heard from someone who worked at Amex or something that they do not care one way or the other. I usually made two payments each month, one to pay the small remaining balance after the previous month's statement cut and one large one to pay the current balance a couple days before the end of the billing cycle. At any rate, my original CL was $7500 and I ran $5-6k total over the first three months, requested a $7500 increase, and was given $6900, which brought my Amex CL to roughly double my only other card's limit at the time. So that's what worked for me! I'll add that I waited beyond the 60 days to wait for Amex to SP my credit report again and made sure that I had optimized my overall util for when they pulled.
If you haven't seen this already, read this great guide on the Amex 3x CLI - it helped me a lot:
http://ficoforums.myfico.com/t5/Credit-Cards/The-Definitive-Amex-3X-CLI-Guide/td-p/1811071
@TrialByFire wrote:Last week I apped and was approved for BCE $2.5k, Chase Freedom $1k, and Barclay Rewards MC $1k. This is the first time in 7 yrs that I've had CCs worth speaking of and have been paying cash for everything during that time. So the conundrum I'm facing is this: how do I grow these cards, particularly the Freedom. How much should I run through the card every month? What util % do I stay around?
My tentative plan is to go heavy on the Amex for 3xCLI purposes, then make it my some everyday and/or emergency card. Got this card 2 days ago and have put over $600 on it already lol! (on planned expenses, will PIF tomorrow)
As for the Freedom, right now I'm thinking moderate usage for bonus categories, gas, groc, etc., then step it up big time after day 61 Amex cli. My ultimate goal for the Freedom is to get it to Siggy status. I think my income is good enough but I'm not sure what kind of usage they wanna see for a 5k+ CL. I want this to be my main/go to card in the near future.
Finally, as for the Barclay lol, in hindsight I wish I wouldn't have gotten this one. It can stay at that limit for all I care. I'm finding it hard to find things to put on it, other than electric bill or something. And I refuse to go back to buying useless crap and living beyond my means. Took over 7 years to claw from the depths of credit hell, not going back anytime soon.
Any input is appreciated!
Im working on those 7 years myself (mine is due to BK unfortunately) I used my Barclay Rewards for: gas, electric, water bill, cable/internet, cell phone, then PIF automatically each month. The 2X was nice in those categories because they were due each month. Each month I was earning about 13-15 bucks, which after a few months resulted in a free tank of gas or dinner, etc. Card was well worth it for me.
+1 on Amex responding well to a steady, high level of usage and PIF every month.
You can expect to see a modest increase from Chase at the 6 month mark without having to request it.
As for the Barclay card, my Apple Financing card never has a limit high enough for what I'm wanting to buy at the time. So I've never financed a single Apple product on it yet. I just set it up to pay my monthly Netflix fee and then PIF it.