Who to allow to report that 2-9%?

[kroberts67]

When deciding that one card to let report each month, how do you decide?  What banks like you to carry a balance vs PIF?  Do you let the lowest APR be the deciding factor?  Highest CL?  Do you ever let Discover, Chase, Amex be the one to report? 

My current UT is finally down to 6% and next month I'll be close to being debt free credit card-wise and will hopefully get a Discover, Chase and/or Sallie Mae under my belt but would let only my CU or USAA report and PIF anything else.  What do you do?

[Walt_K]

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@kroberts67 wrote:

When deciding that one card to let report each month, how do you decide? 

It doesn't really matter.  If you have a higher CL on one card, it might be more convenient for you to use that card as you can let a higher balance report without exceeding 9%.

What banks like you to carry a balance vs PIF?

If you're doing this just for reporting purposes, you are not carrying a balance.  You are still paying in full.  There is some belief that Amex doesn't like people to carry balances, but I've never really seen any convincing evidence of that.  

Do you let the lowest APR be the deciding factor?  Highest CL?  Do you ever let Discover, Chase, Amex be the one to report? 

APR doesn't matter if you're PIF.  Obviously if you are truly carrying a balance rather than reporting a balance, APR should factor in.  See above re highest CL.  I don't see any reason why you wouldn't let any specific lender report a balance. 

My current UT is finally down to 6% and next month I'll be close to being debt free credit card-wise and will hopefully get a Discover, Chase and/or Sallie Mae under my belt but would let only my CU or USAA report and PIF anything else.  What do you do?

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[kroberts67]

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@Walt_K wrote:

If you're doing this just for reporting purposes, you are not carrying a balance.  You are still paying in full.  

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I still don't think I'm wrapping my head around how everyone else is doing this so that APR doesn't matter.  What i do is this:
  

To PIF:

   Charge $xxx - due Feb 1 - PIF by Feb 1 - statement cuts a few days later showing 0 balance

If I want to let a bal report:

   Charge $xxx - due Feb 1 - Pay $x by Feb 1 - statement cuts a few days later showing $x (interest applies so APR does matter)

[Revelate]

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@kroberts67 wrote:

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@Walt_K wrote:

If you're doing this just for reporting purposes, you are not carrying a balance.  You are still paying in full.  

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I still don't think I'm wrapping my head around how everyone else is doing this so that APR doesn't matter.  What i do is this:
  

To PIF:

   Charge $xxx - due Feb 1 - PIF by Feb 1 - statement cuts a few days later showing 0 balance

If I want to let a bal report:

   Charge $xxx - due Feb 1 - Pay $x by Feb 1 - statement cuts a few days later showing $x (interest applies so APR does matter)

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For the majority of credit cards (certainly any reasonable one) there's a grace period where you aren't charged interest on charges made in the statement period, between when the statement cuts and your payment due date.

In reality to not pay any interest, if you let it report you still have on the order of 28 days or whatever to pay it without being charged interest.

[kroberts67]

Ah got it.  thank you Revelation.

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@Revelate wrote:

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@kroberts67 wrote:

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@Walt_K wrote:

If you're doing this just for reporting purposes, you are not carrying a balance.  You are still paying in full.  

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I still don't think I'm wrapping my head around how everyone else is doing this so that APR doesn't matter.  What i do is this:
  

To PIF:

   Charge $xxx - due Feb 1 - PIF by Feb 1 - statement cuts a few days later showing 0 balance

If I want to let a bal report:

   Charge $xxx - due Feb 1 - Pay $x by Feb 1 - statement cuts a few days later showing $x (interest applies so APR does matter)

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For the majority of credit cards (certainly any reasonable one) there's a grace period where you aren't charged interest on charges made in the statement period, between when the statement cuts and your payment due date.

In reality to not pay any interest, if you let it report you still have on the order of 28 days or whatever to pay it without being charged interest.

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Ah gotcha.  Thanks Revelate.