Credit Card Utilization

[SouthJamaica]

---

@Anovice wrote:

Thomas_Thumb, you are spot on with everything that you said, and I will make some early payments to lower statement balance in months where a card is heavily used. Alternatively, if I have a larger expenditure, I could always pay with check. What tripped me up recently, is that I put my yearly auto insurance on my Citi Visa. In retrospect, I should have paid it from "Pay Bills" from my checking account.

If I can get some thoughts on a credit card to get, that would be greatly appreciated. Again, the interest rate is of no moment because I pay 100% as soon as I receive my statement.

---

The simplest thing is to get a 2% cash back card, which gives you 2% cash back on everything, including categories that don't usually get bonus cash back rewards such as insurance, rent, utilities, professional services, etc. Examples are the Citi DoubleCash MC, the PenFed Power Rewards Cashback Visa, and the FNBO Evergreen cash back Visa.

The best way to get the most useful recommendations would be to put a new post under "Credit Cards", asking for recommendations for cash back cards, and describing how you would use the card.  You'll get a wealth of valuable information that way.

[ThomasJNewton]

---

@CH-7-Mission-Accomplished wrote:

I just noted that myFICO bleeped the c-u-m in my honors degree.   How silly.  I mean it's Latin.

---

Funny, I thought you were making a joke like "Magna-F---ng-Laude" hence "Magna bleep Laude", however, not being valedictorian is still an embarrassment. :-) 

[NoMoreE46]

@Anovice 

If the point of your question is ultimately getting the lowest Mortgage rate on a vacation home then You should post in the Mortgage section.  (Incidentally, I don't think lenders differentiate 797 from 825 for rates...)

Personally, I would get a third card to hedge any further AA as @ThomasJNewton noted.

What is your timeframe for the other home?

---

@Anovice wrote:

• Should I call Capital One and ask them if they will do an auto-CLI? If they won't and I ask for a higher limit, does this hurt my credit score? 
• I have never been late on paying a bill in over 50 years. I understand why Capital One's computers cut my credit score in half, but I do not like it. Also, I like buying American and would rather talk with customer support here than in Panama of the Philippines.
• If I go the route the another credit card, in addition to Discovery, can someone receommend a few? I do not care what the interest is because I pay immediately upon receiving the statement. 
• If I get another credit card how long will this impact your scores for?
• Thomas_Thumb said " It also means double payments - one before statement cuts and then a 2nd after cut date to PIF." By example, does this mean that if my statement says $500, then I pay $500 before the statement cuts and $500 after the statement cuts? What does PIF mean?

Where I am driving is I am thinking of purchasing a vacation home next year where I will need a mortgage and would want the lowest interest rate possible.

---

[Anovice]

---

@NoMoreE46 wrote:

@Anovice 

If the point of your question is ultimately getting the lowest Mortgage rate on a vacation home then You should post in the Mortgage section.  (Incidentally, I don't think lenders differentiate 797 from 825 for rates...)

Personally, I would get a third card to hedge any further AA as @ThomasJNewton noted.

What is your timeframe for the other home?

---

@Anovice wrote:

• Should I call Capital One and ask them if they will do an auto-CLI? If they won't and I ask for a higher limit, does this hurt my credit score? 
• I have never been late on paying a bill in over 50 years. I understand why Capital One's computers cut my credit score in half, but I do not like it. Also, I like buying American and would rather talk with customer support here than in Panama of the Philippines.
• If I go the route the another credit card, in addition to Discovery, can someone receommend a few? I do not care what the interest is because I pay immediately upon receiving the statement. 
• If I get another credit card how long will this impact your scores for?
• Thomas_Thumb said " It also means double payments - one before statement cuts and then a 2nd after cut date to PIF." By example, does this mean that if my statement says $500, then I pay $500 before the statement cuts and $500 after the statement cuts? What does PIF mean?

Where I am driving is I am thinking of purchasing a vacation home next year where I will need a mortgage and would want the lowest interest rate possible.

---

I expect to start looking this time next year.

[NoMoreE46]

@Anovice ,

Your scores will recover from a  new card in a year's time.

I encourage you to check/post here for more mortgage related information:

https://ficoforums.myfico.com/t5/Mortgage-Loans/bd-p/loans

[Anovice]

Approximately 5 years ago, I put a security freeze on my Equifax, Experian, and Transunion credit file. To apply for a new credit card:

1. Do I need to unfreeze with all three?

2. If so, how do I do this?

3. If so, for how long? 

4. If so, should I unfreeze only for the credit card company in which I am applying or make general?

Is there anything else that I should know?

[Horseshoez]

Each of the three bureaus have their own unique way of unfreezing, and each has instructions on how to do it.  I've applied for credit three times since I started freezing my accounts and in each instance, I've simply scheduled a "temporary thaw" for say three days, and so far at least, it has worked each time.