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What does everyone do with all this credit?

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jl4
Established Contributor

Re: What does everyone do with all this credit?

Makes sense. My current daily spender was my CO QS and I PIFed 2 day before the due date since it lined up nicely with a pay day.

That’s a good ratio to keep in mind. I’d love to keep down below 8.9% collectively and it sounds like so long as I don’t let more than that carry over to a future statement, I should be good.

Please correct me if I’m wrong Smiley Happy
EQ8: 779 (Inq: 1) | TU8: 771 (Inq: 0) | EX8: 763 (Inq: 4)
Total Rev: $182,500
Message 31 of 40
Thomas_Thumb
Senior Contributor

Re: What does everyone do with all this credit?

Staying below 8.9% will keep you from losing Fico points due to high utilization. However, unless card is 0% interest, best not to carryover a balance to avoid interest payments. No issue with allowing balances to report on statements, just pay in full before due date to avoid interest charges.

Fico 9: .......EQ 850 TU 850 EX 850
Fico 8: .......EQ 850 TU 850 EX 850
Fico 4 .....:. EQ 809 TU 823 EX 830 EX Fico 98: 842
Fico 8 BC:. EQ 892 TU 900 EX 900
Fico 8 AU:. EQ 887 TU 897 EX 899
Fico 4 BC:. EQ 826 TU 858, EX Fico 98 BC: 870
Fico 4 AU:. EQ 831 TU 872, EX Fico 98 AU: 861
VS 3.0:...... EQ 835 TU 835 EX 835
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950
Message 32 of 40
Anonymous
Not applicable

Re: What does everyone do with all this credit?


@Thomas_Thumbwrote:

Staying below 8.9% will keep you from losing Fico points due to high utilization. However, unless card is 0% interest, best not to carryover a balance to avoid interest payments. No issue with allowing balances to report on statements, just pay in full before due date to avoid interest charges.


I've done this many times with 0% interest offers but I also have money a side just in case something goes wrong. I really love and value all of my credit profile I'd rather have no money then owe.

Message 33 of 40
sarge12
Senior Contributor

Re: What does everyone do with all this credit?


@jl4wrote:

I'm new to the > $20k club, myself. That's a question I haven't been able to figure out an answer for. 

I see folks with tens or hundreds of thousands in revolving credit. What do y'all do with it? How do you manage it all? I love the idea of having substantial revolving credit but having two (maybe three) cards, all with 3-month spending bonuses feels like it'll be tough to manage coming from having zero cards ever that had such a perk. 

 

Or is it really just a game that I haven't figured out how to play and win, yet... Smiley Happy 


I personally have about 150k or more in credit limits on credit cards. The only reason to have that much is to keep utilization very low. I pay every card used in full at least twice a month, so I never pay any interest. All 3 of my fico 8 scores stay consistently over 800, and that is easy to maintain with the very high limits. Buying a 1300 dollar refrigerator on the credit card does not hurt my score even if I let it post, because that is still less than 1% utilization. The high credit limits are all about keeping a low utilization for most of those who use credit cards smartly.

TU fico08=812 07/16/23
EX fico08=809 07/16/23
EQ fico09=812 07/16/23
EX fico09=821 07/16/23
EQ fico bankcard08=832 07/16/23
TU Fico Bankcard 08=840 07/16/23
EQ NG1 fico=802 04/17/21
EQ Resilience index score=58 03/09/21
Unknown score from EX=784 used by Cap1 07/10/20
Message 34 of 40
sarge12
Senior Contributor

Re: What does everyone do with all this credit?


@Anonymouswrote:

 

Credit "game" can be very dangerous. Very few have the necessary discipline to win this game in the long run. Most people out there don't. I am sure there are a lot of MyFicoers here who are always on the lookout for new cards and CLI's, and are able to take advantage of the promotions and bonuses that come with new CC's, and manage their credit well. But I have a feeling a lot of people also get carried away, apply for more credit than they reasonably need, and get burnt in the long run.  But then that's not just with credit. That applies to so many other areas in life.


I do not know about that....once you get in a habit of PIF every card every month...it is fairly easy!!!! I have not paid a dime in credit card interest in at least 10 years. Credit cards make me money and extend my warranties.

TU fico08=812 07/16/23
EX fico08=809 07/16/23
EQ fico09=812 07/16/23
EX fico09=821 07/16/23
EQ fico bankcard08=832 07/16/23
TU Fico Bankcard 08=840 07/16/23
EQ NG1 fico=802 04/17/21
EQ Resilience index score=58 03/09/21
Unknown score from EX=784 used by Cap1 07/10/20
Message 35 of 40
Anonymous
Not applicable

Re: What does everyone do with all this credit?

Sarge!  Where in the heck have you been?  Glad to see you back, buddy.

Message 36 of 40
sarge12
Senior Contributor

Re: What does everyone do with all this credit?


@Anonymouswrote:

Sarge!  Where in the heck have you been?  Glad to see you back, buddy.



I've been lurking, just not much new since I decided to garden for at least a year.

TU fico08=812 07/16/23
EX fico08=809 07/16/23
EQ fico09=812 07/16/23
EX fico09=821 07/16/23
EQ fico bankcard08=832 07/16/23
TU Fico Bankcard 08=840 07/16/23
EQ NG1 fico=802 04/17/21
EQ Resilience index score=58 03/09/21
Unknown score from EX=784 used by Cap1 07/10/20
Message 37 of 40
Anonymous
Not applicable

Re: What does everyone do with all this credit?


@sarge12I've been lurking, just not much new since I decided to garden for at least a year.

I've been gardening for nearly the last year as well.  Your posts and contributions are always appreciated, so it's good to see your name again Smiley Wink

Message 38 of 40
sarge12
Senior Contributor

Re: What does everyone do with all this credit?


@Anonymouswrote:

@sarge12I've been lurking, just not much new since I decided to garden for at least a year.

I've been gardening for nearly the last year as well.  Your posts and contributions are always appreciated, so it's good to see your name again Smiley Wink


Glad someone even remembers me....I have been somewhat lazy about posting.

TU fico08=812 07/16/23
EX fico08=809 07/16/23
EQ fico09=812 07/16/23
EX fico09=821 07/16/23
EQ fico bankcard08=832 07/16/23
TU Fico Bankcard 08=840 07/16/23
EQ NG1 fico=802 04/17/21
EQ Resilience index score=58 03/09/21
Unknown score from EX=784 used by Cap1 07/10/20
Message 39 of 40
Anonymous
Not applicable

Re: What does everyone do with all this credit?


@sarge12

Glad someone even remembers me....I have been somewhat lazy about posting.


For sure.  There's only one way to fix that... let's get you posting more often.  I'm all about value-adding members posting as much as possible!

Message 40 of 40
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