No, you're credit score will still be effected...first of all for opening the account, and then also for making payment on time...or not doing that. The first year is just interest fee, meaning you'll only have to pay back what you spend. After that first year, you'll pay interest on the purchases you don't pay off in full every month.
Yeah, they sent me an offer for the Plat, but I don't travel enough to warrant that annual fee and the perks it comes with.
thanks for the info guys... so coming back to the point of my credit score still being affected when not paying my balance in full...
$1700 and $1300 balance. But what are your credit limits? That determines the utilization % ratio. For example, if you had a 1k limit and have a balance of 800, but only paying the minium $25 a month, your utlization will be high compared to a balance of 800 with a 8k limit. Etc. If you want to pay the minoium payment but you overall have a low balance and a high limit then you're good to go score wise cause itll still be a low percent since your credit limit is so high, and vice versa if you have a high balance and low limit. you know what i mean? also, if youre tight with money till you get your new job, then theres nothing you could do and that's okay cause utilization has no memory it changes every month. Your scores may go down a bit now if you show a high balance to credit limit ratio, but your scores will go back up once you pay it all down when you get your new job, so it doesnt matter too much unless you were looking to apply for something and needed a good score right now.
thanks for the quick response man!
well your about 50% utilization on your freedom and 38% on your sapphire. I think its recommend to keep to under 20-30%, and some report 0 on all cards and leave 1%-9% utilization for maximum score. Just some info for future references. But like I said, if you're tight on funds, let it be and pay the most you can till your new job. Best of luck. BTW...You got the sapphire preferred or reserve? I thought the Sapphire reserve required a 10k credit limit at least.
thanks so much for your help man, greatly appreciated.
After reading this page, I forgot that I didn't request my increase from discover after I got my raise at work.
"Your credit line increase of $4,500
is complete"
I had this card the longest and it isn't even my highest limit. I barely use it now tho. Just did the math and i'm at about 59k in limits between 4 cards. I only requested increases on my discover card too.Discover is literally handing out big CLI like candy right now
I'll only be using them for bills/necessities...stuff I know I can pay back. May as well get rewarded for stuff I'd be buying anyway.
Discover is literally handing out big CLI like candy right now
Yeah there is literally nothing to lose .
Beezy, do you strictly use debit only now? You don't even use a credit card anymore? I mean, charge card or credit card...both needs discipline in general. I guess credit card is a good peace of mind knowing you can roll over a balance but even so thats interest to pay and prob money someone shouldnt be spending if they cant pay it off in the first place either, I think having a charge or credit makes no difference in budgeting if you know how to budget to begin with.
I'm like 97% debit. I use my charge card sometimes, like once or twice a month. Unless I'm buying a flight then I pay it off as soon I buy the tickets or if I'm going out to dinner I'll pay it off right after. I just stopped using my charge card for everything about 3 months ago, works for me .
