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Strategy for optimum CC usage!

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Mm587
Regular Contributor

Strategy for optimum CC usage!

Hi.  First of all, I want to thank everybody on myfico.  These forums have been instrumental in helping me rebuild my credit (537-719) over the last two and a half years.  I would not have been this successful without everyone's help and encouragement.  Which brings me to my current situation.  Five years ago I didn't have a single credit card.  My first was a 200 CL secured card (cant even remember the predatory bank) haha.  About two and a half years ago I apped and received a 500 CL unsecured Cap 1 Plat card.  Fast forward to today..... I am going to list my cards becuase I would like help with a strategy for usage to grow these CL's... i clearly DO NOT need anymore cards.  I think I have too many now......I may need to freeze my report becuase It is difficult to resist apping sometimes....the good news is that my usage is only 5 percent.  Here are the Cards:

 

CHASE - Southwest RR VIsa 2500, Freedom 1500, Slate 1000

Discover - IT 5000

Barclaycard - Average Credit 1300

Cap 1 - QS1 1800, QS1 3500

Citi - Simplicity 2000

Synchonyt - JC Penny 800

 

The total credit is 19400.  My balance on all fo these cards is less than 800.  My main card is the SW RR Visa becaue I live in a SW hub and travel on leisure 3 or 4 times a year.  I would like a strategy that would enable me the best opportunity to grow these lines.  I will use about 1000 - 1500 a month and mostly pay in full.  That is my goal.  I would like to increase my CL while maintaining a bal under 1000 regardless of how high my lines get.  Any help would be appreciated.

 

Thanks!

Message 1 of 9
8 REPLIES 8
Mm587
Regular Contributor

Re: Strategy for optimum CC usage!

Also, i would like to continue putting a large majority of my purchases on the SW RR Visa to build miles!  Oh yeah, the bank was CREDIT ONE!

Message 2 of 9
skigirl916
Established Contributor

Re: Strategy for optimum CC usage!


@Mm587 wrote:

Also, i would like to continue putting a large majority of my purchases on the SW RR Visa to build miles!  


I'm not really sure what your question is.  It sounds like you already have a plan: majority of your purchases on the Chase SWA RR card to maximize miles/rewards, keeping all balances below $1000.  Just keep running most of your spending through that card, and periodically seek SP CLIs.

 

 

Message 3 of 9
Mm587
Regular Contributor

Re: Strategy for optimum CC usage!

I guess my question is: How much do i need to actually use any of the other cards?  Can I expect SP CLI on accounts without any activity?

Message 4 of 9
FinStar
Moderator Emeritus

Re: Strategy for optimum CC usage!


@Mm587 wrote:

I guess my question is: How much do i need to actually use any of the other cards?  Can I expect SP CLI on accounts without any activity?


Definitely not for Capital One or Discover.  Out of curiousity, why do you have two QS1 CCs?

Message 5 of 9
FinStar
Moderator Emeritus

Re: Strategy for optimum CC usage!


@Mm587 wrote:

Also, i would like to continue putting a large majority of my purchases on the SW RR Visa to build miles!  Oh yeah, the bank was CREDIT ONE!


Also, since you seem to already have a plan for usage on your SW RR, why would you need the Slate CC?  Do you contemplte any foreseeable usage on it?

Message 6 of 9
Anonymous
Not applicable

Re: Strategy for optimum CC usage!


@FinStar wrote:

@Mm587 wrote:

I guess my question is: How much do i need to actually use any of the other cards?  Can I expect SP CLI on accounts without any activity?


Definitely not for Capital One


Darn right on that one. They sent me a denial letter on my MC QS stating i don't use enough of the credit line already extended to me.

Message 7 of 9
Mm587
Regular Contributor

Re: Strategy for optimum CC usage!

Great question about the QS1.  These were cap1 plat with very low limits at one time.  I think one was three and one was 500.  When my score started improving, the pc me to qs1.  Will cap 1 allow me to close one of them?  Would that be advisable?  My ultimate goal is to have 4-5 cards with CL of 10K each!  That would be ideal!  That is what I am aiming for!

Message 8 of 9
Anonymous
Not applicable

Re: Strategy for optimum CC usage!




@Mm587 wrote:

Great question about the QS1.  These were cap1 plat with very low limits at one time.  I think one was three and one was 500.  When my score started improving, the pc me to qs1.  Will cap 1 allow me to close one of them?  Would that be advisable?  My ultimate goal is to have 4-5 cards with CL of 10K each!  That would be ideal!  That is what I am aiming for!


Do you have an annual fee? If not, why close?

Message 9 of 9
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