@Anonymous wrote:
@Fitzgibbons wrote:
Well, thats a good idea.... ill just use the discover card to 25% of my limit at a time and pay it off as needed.
And this wont show as high utilization?
I wonder if i can automate this with them.... just tell them to make it so that any time i hit $250 on my card its automatically withdrawn on my card.
Anyone ever try that?
I've never seen a CC company with any kind of auto pay option other than pay either the min when due or statement balance when due.
Also, (my opinion, which might be only worth as much as you paid for it) don't worry about not going over 25%. My experience has been that Discover likes usage. If you keep it under 25%, they may not see a reason to give you more. The only time that you need to worry about paying it down is before the statement cuts. I'd let it get much higher than 25% if I were you (and you have the spend). BUT, along with that, you have to keep an eye on the limit.
Generally while you can't have it auto-paid when it hits a certain amount, most lenders have the ability to set up an email or text alert when your balance gets to $X. What you choose to set that to depends on how many/how large of charges you're likely to incur AND how quickly Discover processes your payments. The good news is you have Chase to use if Discover doesn't process as quickly as you like.
Example: If most of your spend is $50 and under at a time, maybe set the alert at $750. If your spend can often be in the $100-$150 range, then you might want it set at more like $600.
^^^^This is on point...Usage counts for everything...Usage with payments count for more....Even if you manage to go over 25% UTL, making sure you have it paid and the payment posts before the statement cuts is what you want....So if this month I spend $3500 but say my limit is only $5k, I want to make sure my payment post before the statement cuts to bring it well below that 70% UTL...I would want the statement to cut with no more than $1500 or less as the balance of the $5k limit...
I hope you work it out OP...But to be most honest....playing all hands on deck with managing your credit can be nerve wrecking for most. Read most of the Discover CLI posts...A lot of people love the card and those that do, tend to lend towards using it for most of their spend or at least the rotating categories to maximize the cash back (this is what I would be working towards overall)
