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Credit Card Apps - All in same day
Posted on 10/22/13 at 3:24 pm
Posted on 10/22/13 at 3:24 pm
I know this board loves them some credit card talk. I've always read about credit card "app-o-rama", but never really understood it. I utilize the hell out of cards and points, but never really understood why some play the "apply for 5 cards in a day" game. Browsed through the Flyertalk Forums but they were more discussing the game than why.
Is it to make a point grab and be able to churn them faster, or because they don't think their credit will allow them to be approved for so many cards when they otherwise don't? My wife or I apply for a new card every 3-5 months. Max the bonuses or benchmarks for extra bonuses and move on to another card. Cancel most at 1 year mark unless annual fee is waived or card gives enough annual reward to justify keeping.
Anybody do this? Success?
Is it to make a point grab and be able to churn them faster, or because they don't think their credit will allow them to be approved for so many cards when they otherwise don't? My wife or I apply for a new card every 3-5 months. Max the bonuses or benchmarks for extra bonuses and move on to another card. Cancel most at 1 year mark unless annual fee is waived or card gives enough annual reward to justify keeping.
Anybody do this? Success?
2
Posted on 10/22/13 at 3:31 pm to LSUAfro
Basically because the bureau's can't communicate quick enough with the Lenders so it won't flag the multiple requests as too many open lines of credit within a short period.
Posted on 10/22/13 at 3:33 pm to LSUAfro
quote:
My wife or I apply for a new card every 3-5 months
how much of an impact does this have on your credit report with having some many hard inquires?
quote:
Cancel most at 1 year mark
again, wouldn't this cause you credit history as well as your utilization % to be negatively affected?
Posted on 10/22/13 at 3:36 pm to Golfer
quote:
Basically because the bureau's can't communicate quick enough with the Lenders so it won't flag the multiple requests as too many open lines of credit within a short period.
So that's it? Just to take advantage of timing?
Posted on 10/22/13 at 3:41 pm to iAmBatman
quote:
how much of an impact does this have on your credit report with having some many hard inquires?
Very little. We have great scores. 2-3 on each of our credit per year.
quote:
again, wouldn't this cause you credit history as well as your utilization % to be negatively affected?
We keep several non fee cards open.
Posted on 10/22/13 at 4:11 pm to LSUAfro
I just got an email offer for a Marriott Rewards Visa Card for 60,000 bonus points if I spend $1000 in the first three months, 1 Free Night stay, plus a few other perks. should I pull the trigger? Seems like a no brainer. $0 annual fee the first year and $85 after that.
Posted on 10/22/13 at 4:18 pm to LSUAfro
quote:
So that's it? Just to take advantage of timing?
Pretty much.
An ancillary benefit is if you want to book a trip soon. You do your "app-o-rama," hit all the bonus requirements, get all your points, book your flight and wash your hands of it.
I follow a lot of this stuff pretty closely and have been building up my credit this year. Started the year with about maybe $8,000 in CLs and now have about $40,000.
I do about a new card every six months. Getting in nice and slow and building up my Chase relationship as I think they got the best suite of cards. Once, I'm done with them I may try Amex. Regardless I request CL increases every 6 months for just about every card I hold.
quote:
how much of an impact does this have on your credit report with having some many hard inquires?
Each application is about 2-5 points off your score and recovers quickly. Most effective individuals have scores north of 720 to do this.
This post was edited on 10/22/13 at 4:24 pm
Posted on 10/23/13 at 9:06 am to Teddy Ruxpin
quote:Nice. In the last 2-3 years I've done similar. I probably started with about 5k CL and probably at any given time have about 30-40k.
I follow a lot of this stuff pretty closely and have been building up my credit this year. Started the year with about maybe $8,000 in CLs and now have about $40,000.
quote:
Once, I'm done with them I may try Amex. Regardless I request CL increases every 6 months for just about every card I hold
I started my wife on the AMEX SPG to take advantage of the 30k sign up bonus and to establish a relationship with them. I've been using the Sapphire Preferred/UnitedExplorer/Freedom for the 2 years and about to sign up for another Chase in the next couple of months. I'm hoping one of them bumps up their bonus offers. The United Explorer is worth keeping just for the free bags/club passes.
Waiting for Amex business Gold to hopefully offer the 75k bonus point sign up again and I'll probably jump in to Amex at that point. $10k spend in 4 months
.Posted on 10/23/13 at 9:30 am to LSUAfro
quote:
I started my wife on the AMEX SPG to take advantage of the 30k sign up bonus and to establish a relationship with them. I've been using the Sapphire Preferred/UnitedExplorer/Freedom for the 2 years and about to sign up for another Chase in the next couple of months. I'm hoping one of them bumps up their bonus offers. The United Explorer is worth keeping just for the free bags/club passes.
Waiting for Amex business Gold to hopefully offer the 75k bonus point sign up again and I'll probably jump in to Amex at that point. $10k spend in 4 months .
Ya, I am waiting on those Amex offers to go back up as well.
I'll probably end up with the United Card here soon, already have Sapphire Preferred and Freedom, and the fiancee got her Preferred a couple months ago (will downgrade it in a year) and will get her own Freedom soon as well.
FYI for your wife since you already have the United card, rumor has it the sign up bonus is 50,000 miles (instead of 30k) if you apply within the Chase branch.
Posted on 10/23/13 at 10:05 am to Teddy Ruxpin
quote:
FYI for your wife since you already have the United card, rumor has it the sign up bonus is 50,000 miles (instead of 30k) if you apply within the Chase branch.
Nice. Thanks for the heads up.
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