pjxf99 wrote:
cheddar wrote:
Signature Cards are Visa cards. A World MC is the MasterCard version of a Signature Visa.
Oooohhhhh. How did I miss that?So, I do want to let that statement drop before I pay, yes? I think it drops Aug 8 or 9. I should run it up as high as possible before then, then that will be my CL, right?
There are essentially four ways to handle this:
1) Change to a card that reports a limit. This may not be ideal if you really want the card you got for other reasons.
2) Pay the card before the statement drops so that it it always reports a $0 balance.
3) Run the card up as high as you can one time and then PIF it immediately after the statement drops, so that the reported high balance will be high enough so as not to effect your utilization in the future. If you do this, your card will report as maxed out for one month, however, and depending on what else is on your reports, your scores may plummet temporarily and you may face AA from other lenders. This alternative is not for the faint of heart. I would never do it, myself.
4) Just use the card normally and let the FICO chips fall where they may. 
thanks for the little chat, Cheddar! I'll go pay that card off now.
There are essentially four ways to handle this:1) Change to a card that reports a limit. This may not be ideal if you really want the card you got for other reasons. I want the Continental Onepass miles, so no.2) Pay the card before the statement drops so that it it always reports a $0 balance. Normally that's what I do.3) Run the card up as high as you can one time and then PIF it immediately after the statement drops, so that the reported high balance will be high enough so as not to effect your utilization in the future. If you do this, your card will report as maxed out for one month, however, and depending on what else is on your reports, your scores may plummet temporarily and you may face AA from other lenders. This alternative is not for the faint of heart. I would never do it, myself. I just got a new Amex a couple months ago, so yeah, I think I'm just going to pay it off.4) Just use the card normally and let the FICO chips fall where they may.
LOL. I like option 4. I just got approved for the Travelocity World MC and will likely not use it much. They sent a pre-approved and I liked the palm trees and a chance to break it off in Barclay's who declined me a while back for something else.
pjxf99 wrote:
thanks for the little chat, Cheddar! I'll go pay that card off now.
There are essentially four ways to handle this:1) Change to a card that reports a limit. This may not be ideal if you really want the card you got for other reasons. I want the Continental Onepass miles, so no.2) Pay the card before the statement drops so that it it always reports a $0 balance. Normally that's what I do.3) Run the card up as high as you can one time and then PIF it immediately after the statement drops, so that the reported high balance will be high enough so as not to effect your utilization in the future. If you do this, your card will report as maxed out for one month, however, and depending on what else is on your reports, your scores may plummet temporarily and you may face AA from other lenders. This alternative is not for the faint of heart. I would never do it, myself. I just got a new Amex a couple months ago, so yeah, I think I'm just going to pay it off.4) Just use the card normally and let the FICO chips fall where they may.
I just realized something! #3 isn't actually accurate. In most cases, you only need to run the balance up and then PIF it a few days later after the high balance posts to the card. You don't actually have to let that balance report as a statement balance, so your other creditors would never need to know.
I don't know what I was thinking when I typed what I typed above. This option would still make me nervous, however.