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Hello fellow denizens of the myFICO universe. I got a letter several weeks back that due to inactivity, my Barclays Ring MC was at risk of closure until I showed usage. I put a single charge of ~$75 and paid the minimum payments twice and paid off the remainder today (counting as the minimum for a September due date).
It's true that I do have a limit of $10K TL just sort of sitting there but it isn't the most valuable card I have in terms of benefits. Originally, I obtained it because I wanted a low BT/low APR card in case of emergencies. The APR has gone up and up since i obtained it at under 8% APR.
Do you think that the spend I've put on it (and minor interest charges) is enough or should I put more spend on it?
If you think I should put more spend, how should I go about doing it (one large charge paid over time or several minor charges paid over time)?
I have Arrival as a PIN card but haven't really needed it.
TTM spend: $5
CL: $20k
No CLD here yet.
You put activity, and that is all they are looking for.
I would try to use your cards at least every 6 months.
I do either the $9.99-$12.12 in gas, Amazon gift card reload or $10 on the Starbucks APP.
Possible drive through fast food order.
Hope this helps
@M_Smart007 wrote:You put activity, and that is all they are looking for.
I would try to use your cards at least every 6 months.
I do either the $9.99-$12.12 in gas, Amazon gift card reload or $10 on the Starbucks APP.
Possible drive through fast food order.
Hope this helps
I agree with this. You put spend on it.
I'd suggest every 3 months. There was a clause on Uber when I had it... We reserve the right of account closure when inactivity of 3 months occurs.
Sound advise @M_Smart007 and @blindambition . I'll put infrequent spend on it. TBH, I kind of forget its there sometimes. I remember wanting it back when I had only 2 cards simply because it was a lower APR and a little bit more of a challenge to be approved for. They have been good to me so I don't want to lose it. However, they send an obnoxious and frankly dangerous amount of blank checks in the mail.
Just consider yourself lucky! Barclays warns you. Most lenders don't, and only alert is notification that something changed on report. 😊
@blindambition wrote:Just consider yourself lucky! Barclays warns you. Most lenders don't, and only alert is notification that something changed on report. 😊
Or the famous >> go to use the card and "Declined" .. call in to find out it is closed.
@SecretAzure wrote:
Do you think that the spend I've put on it (and minor interest charges) is enough or should I put more spend on it?
If you think I should put more spend, how should I go about doing it (one large charge paid over time or several minor charges paid over time)?
I don't think there is any need to pay over time, just pay the statement in full, or even before the statement cuts, I don't think it makes any difference for this purpose.
I personally have found that vending machine and gas station swipes seem to keep everyone happy. Another strategy I use is my monthly abusing of the self checkout lanes. I will pay for each item I have with a different card. These methods make it a lot easier on you to get it done quickly and remember you have done it.