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How should I handle this situation....

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oracleicom
Valued Member

How should I handle this situation....

Hello all,
 
I just received the Amex Delta Skymiles card (2k CL) and transferred all of my cc balances to it, roughly 1500.  I was wondering how Amex likes its customers to repay balances?  I was looking to pay 200 this month and 500 every month thereafter...Should I pay off the cc in this manner, smaller increments or larger increments??? Thanks in advance Smiley Tongue
Message 1 of 9
8 REPLIES 8
Anonymous
Not applicable

Re: How should I handle this situation....

I would try to keep the UTL under 50%
 
So 2 mo's from now it will be under 50%
 
Go ahead and pay it down - 1500/4 = 375 or something that works for you.
This way you will be at a goof UTL when time to LUV again and your overall UTL will be down- your score should be up.....


Message Edited by Timothy on 06-24-2007 05:25 PM
Message 2 of 9
oracleicom
Valued Member

Re: How should I handle this situation....

Well...I'm looking to eventually request a CLI, and want to know how I should approach paying off the balance???
Message 3 of 9
oracleicom
Valued Member

Re: How should I handle this situation....

Oh, gotcha...should have read more haha Smiley Very Happy
 
But in regards to Amex do they like to see small number of big payments or a large number of small payments when paying off a balance???
Message 4 of 9
fused
Moderator Emeritus

Re: How should I handle this situation....



oracleicom wrote:
Oh, gotcha...should have read more haha Smiley Very Happy
 
But in regards to Amex do they like to see small number of big payments or a large number of small payments when paying off a balance???


Amex does NOT like high util and small payments.  If you can, pay $500 first then $200 every month thereafter until your below 20% util.  I would not think of doing a LUV until you are at least below 20% util.  With this proposed payment plan you would look for a CLI five or six months after activation.  Sooner of course if you make larger payments.
Message 5 of 9
Anonymous
Not applicable

Re: How should I handle this situation....

Is the LUV button automatic or do you have to wait for a human to process? Smiley Happy
Message 6 of 9
fused
Moderator Emeritus

Re: How should I handle this situation....



ilovepizza wrote:
Is the LUV button automatic or do you have to wait for a human to process? Smiley Happy

Nope, no humans involved and it's really fast.
Message 7 of 9
Anonymous
Not applicable

Re: How should I handle this situation....

Wow! How often can you hit it. How does one control them selves from clicking too often?
Message 8 of 9
fused
Moderator Emeritus

Re: How should I handle this situation....



ilovepizza wrote:
Wow! How often can you hit it. How does one control them selves from clicking too often?


Personally, I have attained the CL I wanted with my Blue card and will refrain from making out with the luv button.Smiley Wink  You have to wait 30 days now between each TAP.
Message 9 of 9
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