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Showing results for tags 'Usage'.
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Just wondering if anyone (or everyone) could chime in on the best way to manage usage on a PLOC/LOC? Credit Cards are PIF every month, but since this is cash, how do CU's view this type of account. Do they want PIF monthly, monthly payments, or do we just let it sit (no usage) and request CLI's? If so how often? Once again thanks in advance to all for your help!
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Hey CBers hope you are all enjoying your weekend! I have a question regarding BTs and PIF. I normally PIF, sometimes we carry a small balance or balance on a 0 percent special interest. However, I know that most of the advice on this site says to PIF, especially on cards that like to see that, Discover and Barclays in particular, which apply to our personal cc portfolio. My question is, since I also see post on CB saying that users do BTs for the 0 interest specials for 15 or 18 months, are you folks allowing these BTs to sit? If so how do the CC companies view this, since they like to see PIF monthly? My reason for asking is that we have a few BTs to do, one of $11k that we want to PIF, one of $2400 that we want to PIF and one of $3000 that has it's 0 interest special ending in January, since I recently completed an app Spree for DW, I could BT all of it and spread it out over a few cards and PIF within 1st billing cycle. Also, is doing a BT and then PIF within 1st billing cycle also viewed favorably by CC companies (like paying your monthly usage before billing cycle closes)? Just trying to get a strategy down, have been reading and learning from CB for about a year, so I am always trying to improve! Thanks for all your help!
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Here is sort of a chicken/egg question: Currently, my overall utilization is around 75%. I have around $20K in limits, with $15K in balances. By April 1, the balances will total closer to $12K, still leaving utilization around 60%. This is not crazy, unrestrained spending. I bought a major fixer-upper 6 months ago, and had to make it habitable. While I do not need new credit right now, and with the progress I am making will have the balances paid down to nothing by year end, it would absolutely help my scores (currently in 650's) if my credit limits were increased as my utilization would fall more quickly. That said, would anyone really raise my limits with 75% utilization? So, am I correct that I absolutely should wait until balances decrease before requesting any CLIs? How low should I wait for my utilization to get? In case it matters: Cap One - 2.5 years old, last CLI 9 months ago through EO Barclays - 9 months old, never a CLI Delta Amex, Lowes (GECRB), Chase Marriott, Homestore (GECRB) - all 6 months old, never a CLI Thanks! Dave
