Hey folks! Can anyone tell me how much PenFed will want me to use the Power Cash Rewards VISA in order to get a decent CLI in a few months? I know it sounds like blasphemy, but I'm not a big USER of credit cards; I just use them when the purchase is more than the $50 cash I have in my wallet. But, because I'd like to get a decent mortgage, and because I'm still rebuilding*, I'd like to get those credit limits up. PenFed's card will be my go-to, since it's my best cash rewards card.
*Rebuild started end of October/beginning November 2018. Capital One has already prequalified me for ALL of their premium products. Whaaaaaat????
Current FICOs: EQ 698, TU 705, EX 660 (screw you, EX!) ... FICO 9s: EQ 719, TU 711, EX 674 (screw you, EX!) ... AAoA 6.5 years ... Oldest account 18 years ... debt-to-income 9% ... last 30-day late: 3.1 years ago ... all accounts current, no collections or other derogatories.
Totally agree, plus add up all of those under-$50 transactions you do in a year and multiply that by 0.015 or 0.02 (depending on whether you get back 1.5% or 2% for the card) and think of the money you'd get back! I've found that PenFed wasn't particularly concerned with use, but it certainly doesn't hurt. I opened my PCR last March with a $10k starting line. I put enough spend to get the signup bonus on it and never used it again (until a BT in January of this year). Asked for a CLI right after getting a $9500 CLI on my PenFed Defender last December and they also gave me $9500 CLI on this one as well. So they can certainly grow without a lot of use, but I'd certainly encourage you to use it over cash - just treat it like a debit card and make sure you pay the full statement balance every month.