11 People Helped
Member Since: January 2014
You're not alone but I discovered something to keep my scores high. I pay almost all JUST BEFORE MY STATEMENT CUTS each cycle. Let's say my balance on Disc is $205 cuts on July 12, I make a payment of $200 5 days that date so when statement cuts, it reports $5 to CRA. I do this on all my active cards and I maintain my scores in the 800s. I have a high revolving credit limit because I carry several cards, I keep the ones with the longest history while the ones that I have gotten my rewards from and have high annual fees, I just close them before the fees are charged. My credit score gets dinged with those applications but as long as I get approved and get my rewards, I don't mind. What matters is I don't get into debt while squeezing rewards and cash back for using credit cards.My scores bounce back in 3 months after several applications when I pay my balance in full.
While many say CCs are evil, I have to disagree. It can be a great financial tool when used responsibly.
inDOzarks's reply was:
I can't help but laugh either. I'm 'punished' for having 0% utilization since my balance is a few hundreds while my credit limit is several hundred thousands? It doesn't make sense to me at all since I have a long credit history and even if I spend a few thousands spread into 3 cards that are active, I pay all the balance in full even before the bill comes. I'm not contemplating on any loans and I'm over 750 mark so I am at ease and can sleep soundly that I'm not getting sucked to advice online to keep a balance to meet below 30% credit utilization. No thanks.