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Your best credit card management tips

Valued Contributor

Re: Your best credit card management tips

Very Best Management Tip, one that I got when I first came here....


READ READ READ ! ! ! !    Read this board, up one side and down the other.  Read the pinned/sticky messages.  Do searches for topics that are of interest.  Once you've read to your heart's content, take that which is important to you and apply it to your financial situation.  Others here have given great advice. 





EX = 849 EQ = 850 TU = 850 as of 07/2017
Retired and Retiring Cards!
Message 21 of 37
Frequent Contributor

Re: Your best credit card management tips

OnTheRebound wrote:



1. Don't overspend


2. Pay on time


3. Never, ever be late

I agree wholeheartedly. I will even add to number one about overspending. Although circumstances can happen, try to never charge more than your available cash that you have to spend at any given time. Like if you have $5000 savings, then never charge over that amount. That way there is really nothing that the credit card company can do to you. If they try balance chasing you, CLDing or any of the like, you have the ability to pay them off and move on with minimal damage. That doesn't mean you can never carry a balance if you like. It just means that you always have the ability not to carry it at any given time. Paying in full each month also solves that problem.
Wallet: Barclays Rewards MC-16k, Amex BCP-15k, Citi Forward V-sig-12.5k, Walmart MC - 7.5k, Amex ED-5k, Chase Freedom-6k, Target Visa- 1.5k
As of: 05/13/2015
Message 22 of 37
Valued Contributor

Re: Your best credit card management tips

Think of everything as your debit card. you don't want an od fee if you dont have the money right? thats how i see my cc. 

i was always against credit but came to fact without it i would never be able to buy a house/condo/ car unless i paid cash upfront. 

how many people have 600k lying around? 


So charge what you can pay. 

pay in full. 

check your accounts!

since i was 19 i managed 3 cards and never once missed a payment. 

now 21 with 10 accounts still low util and no missed payments. 

the only thing hurting me is aaoa obviously. 

Current: Discover Fico 709 3/15 Walmart Fico 743 4/15

Inquiries (24 Months): EQ 6 TU 1 EX 6 | Most Recent: 4/09/2015
Over 12 Months:9

2015 Goals:
Lower Utility
Earn Cash Back

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$7,400
Citi DC $10,000
Citizens Mastercard$7,000
Message 23 of 37

Re: Your best credit card management tips

Currently I dont buy anything with my card that i dont have the cash for. Unless its a major emergency I put the cash in the bank and send it in with my next payment. I might carry a small balance over, but never more than $100.


Planned larger expenses will go on the card but i've usually figured out a budget to pay it off if I cant pay it all off in one shot, but again, i try to refrain from that until i absolutely need to.

Start:FAKO:TU 507(8/11), EQ 511(8/11), EX 511(8/11)
Current FICO: TU 713(10/12), EQ 704(10/12), EX(auto loan pull)684(10/12)
Goal:760+ across the board
Wallet:Cap1 Secured MC $500, Paypal Extras MC $1500, NFCU $ 17.5k Cabelas Club Visa $6000, PCRichard $3000
Message 24 of 37
Established Contributor

Re: Your best credit card management tips

Another big one:


Always communicate with your creditors when tough situations happen.


It happens to all of us at some point in life - unexpected layoff, huge medical bill, etc. - some unforeseen event that suddenly makes paying the month's credit bills tough.


There is a natural human tendency to sort of "go turtle" when this happens. You just want to hide and hope the threat will go away. Or maybe you feel ashamed of being laid off, or maybe talking to someone about being unable to meet your obligations makes you uncomfortable.


However, the truth is that the vast majority of creditors are not going to shame you or guilt-trip you when you call in with a situation like this. Most will be happy to work with you to establish a payment plan, give you a temporary emergency grace period, or in some other way help you get over that obstacle and back in the black.


It's win-win for everyone involved, because an extended late period, chargeoff, or bankruptcy is just going to cost you and them a significant amount of money. They don't want that any more than you do.


So please, even though it goes against your every natural instinct, talk to your creditors in tough situations.  Cooperate with them to make sure things don't get any worse than they have to.


As someone who once did the exact opposite of this advice when he got laid off, I have the scars to prove that this is the better path. Don't do what TheConductor did!  Smiley LOL

Starting: EQ 622 (myFICO 7/7/12), EX 696 (TU FAKO 8/14/12), TU 621 (CK TransRisk 7/24/12), Total CL $1k on 2 TLs
Current: EQ 709 (CCT 2/4/15), EX 704 (CCT 2/4/15) , TU 702 (CCT 2/4/15), Total CL $110.3k on 14 TLs Goal: 740+ x3
My Wallet: Amex BCP $30k, Chase United Explorer $16k, Amex SPG $13.5k, Barclaycard Ring MC $12.5k, Chase CSP VS $12.2k, Discover it $10.5k, C1 Venture VS $6.5k, Chase Slate $3.5k, Amex Hilton Surpass $2k, Barclaycard Apple V $2k, Chase Freedom V $1100, BoA Cash Rewards V $500, Citi BestBuy $500
My Loans: Prosper $25k/36mo, Prosper $17k/36mo
My Business: Chase Ink VS $5k, Amex BRG NPSL (> 10k),
Message 25 of 37

Re: Your best credit card management tips

Great thread!  anyone else...anything that I've boosted my score i want to continue to protect all that hard work.

7/11/08: EQ: 635, TU: 658, EX: 607
10/10: TU 634, EQ 626, Ex 626
9/14/2012: TU 622, EQ 660
10/16/2012: TU 731, EQ 706 - finally on my way!
Message 26 of 37
Valued Contributor

Re: Your best credit card management tips

Max out my Cards.

Take all cash advance and spend them all in strip club.

Dont paid bills for three months.

Ask for credit limit increase.

Thread to closed my account if they don't give it to me. Lmao...jk....

Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800

Walmart: 10k |Usaa: 8k|BCE: 13k| Amex: NSPL|Dis: 9.4k|Cap: 5.5k|CAP: 2k|CSP: 13.4k| Pen:4.5k

Message 27 of 37
Frequent Contributor

Re: Your best credit card management tips

Open two (three max) credit union credit cards and build a relationship with them. Pay your balances in full each month or keep a balance less than 9% of your limit. If you must, keep a balance on only one card. By building a positive relationship with a CU will trickle down to lower loan rates on future major purchases such as a home or car.

And lastly - resist all temptation to app for everything under the sun. Is the temporary rush really worth the hurt 10,20, or 30 inquiries have on your credit report.?
Message 28 of 37
Established Contributor

Re: Your best credit card management tips

Let your CC's work 4 U and not the other way around!



"having a credit card is nice, but having cash in hand will always be king"
Message 29 of 37
Frequent Contributor

Re: Your best credit card management tips

The best thing that I can recommend is having a plan. Especially if you are making a larger purchase, like a computer, tv,  or something. As you're browsing the web for the best item you want, also come up with a plan to pay it off. How many payments will it take for you to pay that item off in 3, 6, or 12 months (especially, if you have 0% interest for a certain time). I treat every 0% interest card like I'll be charged interest retroactively. It lights a fire under me to make sure it gets paid off before the deadline set by the CC company.


If you can make a CC payment every paycheck. This will help you get it paid off faster. Set up reminders for due dates in your online banking or on the calendar of your phone.


And of course paying more than the min. amount due.

AMEX BCE: 5k; Barclay Apple: 2.5k; BoA CB: 3k; BoA BBR 4.2k; BoA Travel: 8k; Chase Sapphire: 5k; Chase Freedom: 6k; Citi Diamond: 3k; Discover IT: 9k

June 2013 FICOs: TU: 763; EX: 754; EQ: 764 (was 747 9/2012). Last app 2/20/2014 Garden until 3/2015
Message 30 of 37