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@Anonymous wrote:
@jamevfan wrote:Quick question,
I see so many of you who have several cards that is used on a regular basis, my question is how are you using the card to where it works for you?
I have some charges on several of my cards but I dont find it useful because after ive made charges I have to get on a payment regime in addition to my other current bills to pay them all off and im trying to get a grasp of how everyone regularlay use thier cards without creating more bills, choas and confusion....
Quick answer:
Turn on auto-pay for all cards. Sock drawer any CC that does not have auto pay feature. Set up 'current bills' to be automately paid using cards.
Then sit back and relax
This. If you do not need to carry a balance, then set to auto-pay PIF on due date (this doesn't maximize your score but does maximize any interest you are earning on your accounts)
When I'm not using primarily 1 card to earn a sign-up bonus, I have ~ 6-7 cards that are used for specific types of spending every month and to keep the rest active I just buy something small with them once per quarter.
Also, as others have said make sure everything is on auto-pay for minimum payment just in case you forget to PIF on time.
@Anonymous wrote:When I'm not using primarily 1 card to earn a sign-up bonus, I have ~ 6-7 cards that are used for specific types of spending every month and to keep the rest active I just buy something small with them once per quarter.
Also, as others have said make sure everything is on auto-pay for minimum payment just in case you forget to PIF on time.
If PIF is the goal, then set auto pay for PIF. Then if you forget, no interest payments either.
@longtimelurker wrote:
@Anonymous wrote:When I'm not using primarily 1 card to earn a sign-up bonus, I have ~ 6-7 cards that are used for specific types of spending every month and to keep the rest active I just buy something small with them once per quarter.
Also, as others have said make sure everything is on auto-pay for minimum payment just in case you forget to PIF on time.
If PIF is the goal, then set auto pay for PIF. Then if you forget, no interest payments either.
That is definitely a good way to go - I just prefer making the PIF payments manually so I can mentally keep track of what my checking account balance actually is, as opposed to what it says it is at any given time. Sometimes when working on SUBs I cut it pretty close to the wire so it's just more psychologically comfortable to me to have everything on minimum auto pay, and go through the rounds manually paying in full.
After typing this I realize a spreasheet would be more efficient - this is just an idiosyncracy I am working on
@jamevfan wrote:Quick question,
I see so many of you who have several cards that is used on a regular basis, my question is how are you using the card to where it works for you?
I have some charges on several of my cards but I dont find it useful because after ive made charges I have to get on a payment regime in addition to my other current bills to pay them all off and im trying to get a grasp of how everyone regularlay use thier cards without creating more bills, choas and confusion....
I've been having fun w/ credit for about 5 years now and aside from an app I rarely use, I could keep everything orgranized mentally. With 5 cards it's really easy. I'm pushing up to 20 cards and I'll be using about 5-7 at any given time, with daily spend along with balance transfer offers I'm using other cards for. You can tell from my other thread it's getting out of control as I've finally missed a due date on accident. I've got all my accounts auto-paying again and I suppose I'll have to start the ol' customized spreadsheet, sigh. I wanted to avoid that...lol
@Anonymous wrote:There are some hardcore MyFicoers here that have spreadsheets that help them keep track of their cards.
For others, like me, it is a bit more simple. Each card has a purpose. RIght now, I am using Discover for all gasoline purchases for 5% cash back; next quarter, I will be using Chase Freedom for 5% groceries. When groceries or gas is not on a higher cash back on Chase or Discover, I use my Bank of America for groceries (2%) and gasoline (3%). I am currently using my Navy FCU Cash Rewards for all non catagory spend at 1.5% cash back.
The rest of my cards I have mostly for age or other specific charges-I make small charges to keep them open and current. Others here are more sophisticated with their reward chasing, but I believe the general idea is the same.
Co-sign on this except I use Citi DC for general spending.
I'm so glad I learned the method to this madness many years ago as carrying anything OVER 30% of your credit card limit dings your scores. I have a total of 2 credit cards both are thru my credit union in which the payment of both is due the 20th of each month and statement closes out on 25th/27th of each month. They then report to ALL 3 bureaus immediately thereafter. I can monitor via credit karma on 28th and see the newly reported balance and date reported. I make sure the balance on my cards during the 23-28th of each month are at least UNDER 25/30% and nowadays more like 10%. AFTER reported (approx. 28th thru 20th of the following month) I use the cards again, particularly because they earn points for gift cards, etc. I use ithem to pay bills, grocery etc.
When I learned this many years ago, my scores have never been under 680 and now over 750. The key is KNOWING WHEN THEY ARE REPORTED!!! 35% of your score is credit utilization another 30% is payment history. If you just focus on those 2, you are way ahead of the game at least in knowledge