Sock Drawer Alternatives ... How do you do it?

[kclb]

Oh really? Hmm...Ever since I got my AMEX, I stopped using my other CCs except for my debit card. heh.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:
I have 1 account I never use. I was carrying it around for the longest time, then I threw it in the shredder at work Still going to keep the account open though, since it's my oldest one.

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I thought about tossing one into the shredder, but in order to keep it factoring in, you have to use it occasionally, so into the portfolio it goes.

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I haven't used it for years, it's still on one of my credit reports (forgot which one) that it reports to.

And this card I'm an authorized user of, so it's not really mine so I can't be running up the tab on it.

[Anonymous]

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kclb wrote:
Oh really? Hmm...Ever since I got my AMEX, I stopped using my other CCs except for my debit card. heh.

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Both of these are rewards cards. I use them up to two weeks before the reporting date then PIF so it reports 0 and get the rewards.  I use different cards for different reasons...lol!!

[Anonymous]

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@Anonymous wrote:

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@kclb wrote:
Oh really? Hmm...Ever since I got my AMEX, I stopped using my other CCs except for my debit card. heh.

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Both of these are rewards cards. I use them up to two weeks before the reporting date then PIF so it reports 0 and get the rewards. I use different cards for different reasons...lol!!

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I always pay my card online, and pay 2 days b4 it's due (although i schedule it way in advance). Never saw any reason to pay them before interest starts accruing.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@kclb wrote:
Oh really? Hmm...Ever since I got my AMEX, I stopped using my other CCs except for my debit card. heh.

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Both of these are rewards cards. I use them up to two weeks before the reporting date then PIF so it reports 0 and get the rewards. I use different cards for different reasons...lol!!

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I always pay my card online, and pay 2 days b4 it's due (although i schedule it way in advance). Never saw any reason to pay them before interest starts accruing.

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Actually I do it that way because I have balances for special finance offers reporting on a couple of cards, keeps from getting dinged or that 'too many cards with balances thing'.  This month I was late (well after I usually PIF my PIF cards) and got hit for too many balances.  Just like daily usage card to report 0 whenever feasible.  I do let them report a balance every blue moon.  But between the holidays and Microsoft Money, I wound up with too many balances and some high.  Should correct itself before EOM tho.

Soon as I get biz credit well established will be no need to carry those blances either except for household goods at BB.

[haulingthescoreup]

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@Anonymous wrote:
I always pay my card online, and pay 2 days b4 it's due (although i schedule it way in advance). Never saw any reason to pay them before interest starts accruing.

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If you pay them 2 days before they report to the credit bureaus (generally, though not always, this is on the statement date), you'll get a good score jump.

Of course, if you're keeping the money in savings as long as possible, you would lose the interest by doing that. But if you're ever headed for a mortgage, etc., where you want your scores up, that's a great tactic for boosting your scores, and works pretty quickly.

[Anonymous]

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@haulingthescoreup wrote:

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@Anonymous wrote:
I always pay my card online, and pay 2 days b4 it's due (although i schedule it way in advance). Never saw any reason to pay them before interest starts accruing.

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If you pay them 2 days before they report to the credit bureaus (generally, though not always, this is on the statement date), you'll get a good score jump.

Of course, if you're keeping the money in savings as long as possible, you would lose the interest by doing that. But if you're ever headed for a mortgage, etc., where you want your scores up, that's a great tactic for boosting your scores, and works pretty quickly.

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I thought that if you're utilization was 10% it won't affect your scores.

[Anonymous]

Good uti helps but alsotoo many balances will hurt.  I had three cards reporting with less than 100.00 for Xmas odds and ends and got a score watch when whichoever one that was the magic number reported a balance. Pulled report....too many cards with balances

[Anonymous]

You would think that the balance size would matter.. since for practical purposes, a $5 balance is just as good as $0.. too bad it doesn't work that way

[Anonymous]

Yep, had a 50$ balance on my Target Visa.  I try to use the cards for their stores when possible.  But then Macys was horrendous  Definitely planned on paying that off before it reported.  Over 50% on that one card...lol!