Will just "Buying a pack of gum" truly keep a credit card "active"?

[Anonymous]

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@Anonymous wrote:

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opened January 2015 - Double Cash $20K (SL $2.6K)- last CLI August 2015

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Anusara, question here.  It looks like you took your DC limit from $2600 to $20,000 in 7 months.  My question is did you get 1 or 2 CLIs during this time and were they both HPs, if it was 2, or was one a SP?  I would think you took a HP following activation (and if so it would be cool to know what your limit was bumped to) and then you either took a SP at the 6 month mark or another HP at that time.  Thanks for your info here!

[Anonymous]

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@Gmood1 wrote:

Citi uses the EQ Bankcard score 8.

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Do you have any idea what differences go into Bankcard score 8 verses classic 8?  I have no clue what my Bankcard score is.  You'd think it would have been included with my Citi welcome packet from May, but I'm not seeing it.  I'm just curious if this number runs higher or lower than my classic 08 that I monitor very closely.

[Anonymous]

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@DaveInAZ wrote:

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@Anonymous wrote:
Checked my mortgage after reading this thread, too bad PNC doesn't offer CC payment option, would have been perfect for meeting the bonus spending requirement  on my new 2% PenFed card.

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I'm pretty sure no mortgage lender directly accepts a CC for monthly mortgage payment, because the don't want to incur the swipe fee, and also because it's so risky - paying your monthly mortgage payment with a CC is a recipe for disaster if you don't PIF. And paying .5% above your rewards is not a good long term strategy, but incurring a few bucks expense to meet a spend bonus is well worth it, and that's what I was doing - using Platiq to pay my mortgage payment to help meet the high 3 month $1500 spend for my Penfed 2% Power Cash Rewards. I've met the Penfed spend requirement, so next month I'm using my Barclays Cashforward to pay the mortage, incurring a few bucks more expense as it's only 1.5% rewards - but it will push my rewards to Cashforwards crappy $50 redemption level as I intend to SD Cashforward after redeeming my rewards.

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Well now I feel stupid after a quick search for third party payment options, I thought "Plastiq" is just your cool way of saying "plastic" haha.  I'm really considering this option, it beats moving a bunch of auto pays or charges earning higher % to the PenFed Power Cash for a few months just to meet the 1500 bonus spending.  This will only be a one time payment for me, and PIF goes without saying for anyone attempting this.

[Gmood1]

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@Anonymous wrote:

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@Gmood1 wrote:

Citi uses the EQ Bankcard score 8.

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Do you have any idea what differences go into Bankcard score 8 verses classic 8?  I have no clue what my Bankcard score is.  You'd think it would have been included with my Citi welcome packet from May, but I'm not seeing it.  I'm just curious if this number runs higher or lower than my classic 08 that I monitor very closely.

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All my Bankcard scores are higher than the regular FICO 8 scores. It has been as much as 30 points higher. I haven't researched the differences. I like the Bankcard better! 😂

[Anonymous]

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@Anonymous wrote:

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@DaveInAZ wrote:

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@Anonymous wrote:
Checked my mortgage after reading this thread, too bad PNC doesn't offer CC payment option, would have been perfect for meeting the bonus spending requirement  on my new 2% PenFed card.

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I'm pretty sure no mortgage lender directly accepts a CC for monthly mortgage payment, because the don't want to incur the swipe fee, and also because it's so risky - paying your monthly mortgage payment with a CC is a recipe for disaster if you don't PIF. And paying .5% above your rewards is not a good long term strategy, but incurring a few bucks expense to meet a spend bonus is well worth it, and that's what I was doing - using Platiq to pay my mortgage payment to help meet the high 3 month $1500 spend for my Penfed 2% Power Cash Rewards. I've met the Penfed spend requirement, so next month I'm using my Barclays Cashforward to pay the mortage, incurring a few bucks more expense as it's only 1.5% rewards - but it will push my rewards to Cashforwards crappy $50 redemption level as I intend to SD Cashforward after redeeming my rewards.

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Well now I feel stupid after a quick search for third party payment options, I thought "Plastiq" is just your cool way of saying "plastic" haha.  I'm really considering this option, it beats moving a bunch of auto pays or charges earning higher % to the PenFed Power Cash for a few months just to meet the 1500 bonus spending.  This will only be a one time payment for me, and PIF goes without saying for anyone attempting this.

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Update for the next guy, Plastiq told me they can no longer use Visa to pay mortgages.  Tried Tio and the fee they quoted was 2.85% which is $12.99 extra after 2% cash back on a $1500 payment, a little high but still workable.

[Anonymous]

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@Anonymous wrote:

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Update for the next guy, Plastiq told me they can no longer use Visa to pay mortgages.  Tried Tio and the fee they quoted was 2.85% which is $12.99 extra after 2% cash back on a $1500 payment, a little high but still workable.

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So you have to use a non-Visa logo card?  I use my DC which is a MC, no issues there.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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Update for the next guy, Plastiq told me they can no longer use Visa to pay mortgages.  Tried Tio and the fee they quoted was 2.85% which is $12.99 extra after 2% cash back on a $1500 payment, a little high but still workable.

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So you have to use a non-Visa logo card?  I use my DC which is a MC, no issues there.

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Yes you can use any other brand, the PenFed Power Cash is a Visa so no go for me.

[Anonymous]

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@Gmood1 wrote:

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All my Bankcard scores are higher than the regular FICO 8 scores. It has been as much as 30 points higher. I haven't researched the differences. I like the Bankcard better! 😂

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I just read an article on FICO Bankcard 8 verses Classic 8.  It seems the differences that are referenced are that the scoring range is broaded (250-900) with Bankcard 8.  Also, as possibly suggested by the name, Bankcard more heavily weighs your revolvers into your score compared to Classic 8.  For this reason, utilization is more heavily weighed; if you are reporting higher utilization, Bankcard will sting your scores more.  On the flipside, where Classic will slam you good for an isolated late payment, Bankcard is more forgiving with respect to payment history.  The article suggests that more credit card companies are moving to using the Bankcard 8 model, since it focuses more on revolvers and after all, that's the product that's being applied for.

[Revelate]

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@Anonymous wrote:

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@Gmood1 wrote:

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All my Bankcard scores are higher than the regular FICO 8 scores. It has been as much as 30 points higher. I haven't researched the differences. I like the Bankcard better! 😂

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I just read an article on FICO Bankcard 8 verses Classic 8.  It seems the differences that are referenced are that the scoring range is broaded (250-900) with Bankcard 8.  Also, as possibly suggested by the name, Bankcard more heavily weighs your revolvers into your score compared to Classic 8.  For this reason, utilization is more heavily weighed; if you are reporting higher utilization, Bankcard will sting your scores more.  On the flipside, where Classic will slam you good for an isolated late payment, Bankcard is more forgiving with respect to payment history.  The article suggests that more credit card companies are moving to using the Bankcard 8 model, since it focuses more on revolvers and after all, that's the product that's being applied for.

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Not sure, other than Citi and I think Commentiy I don't know anyone else providing a bankcard score through FICO Open Access, which means they aren't using it for their account reviews at any rate.  Unless FICO releases something that shows pull distribution over time or we clearly see a lender switch, not sure I read much into any statement by the media.

For the original question: anecdotally I've never gotten a CLD that I didn't request and I spend maybe $20 / year on some of these cards; basically I'll throw some small lunch or quick snack from the gas station or similar on it instead of the the usual CSR a few times a year.  Admittedly my limits aren't as high as some, and the big ones I do have tend to get pretty solid use, I probably need to get better at abusing small recurring charges.  Also if I have multiple cards with an issuer I only really use one out of them with the exception of Chase since the CSR and FU togther cover nearly all of my spending.

[DaveInAZ]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

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Update for the next guy, Plastiq told me they can no longer use Visa to pay mortgages.  Tried Tio and the fee they quoted was 2.85% which is $12.99 extra after 2% cash back on a $1500 payment, a little high but still workable.

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So you have to use a non-Visa logo card?  I use my DC which is a MC, no issues there.

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Yes you can use any other brand, the PenFed Power Cash is a Visa so no go for me.

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I saw something about that a month or so ago, I think it was on Doctpr of Credit. But Plastiq charged my Penfed PCR Visa on 6/26 with no issues. It was Visa that told Plastiq they would no longer allow a Visa card to be charged for a mortgage payment. I think the difference is whether Plastiq sends your payment electronically or by check. My mortgage lender is a smaller one, BMO Harris Bank, and Plastiq always sends the payment by mailing a check. When I used Cap One Quicksilver the charge showed up as "lodging", when they just charge a Visa card for $$$ & mail a check they can play around with the charge category, probably can't do that for a direct electronic payment. And as I said earlier I'm switching payment to Barclays Cashforward MC, to push my rewards over the $50 redemption requirement so I can cash out the rewards and sock drawer the card, 1.5% rewards with such a high redemption level doesn't cut it anymore.