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Old Mar 25, 08, 7:10 pm   #1
 
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Churning the AS Signature Visa ?

Has anybody tried cancelling and re-applying ?

Can you churn this card like you can the AA/Citi cards, and keep getting repeat bonusses ?

I have both platinum and signature; I had been carrying a balance on a low rate offer on the plat card, but with rates falling it's not worth doing that anymore, so I paid it off. So, now I can use the plat card for my 1k booking bonuses, I'm wondering about cancelling the signature card, leaving it a few months and re-applying.
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Old Mar 25, 08, 8:31 pm   #2
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I may stand corrected but I think you only get the bonus miles if you are a first time cardholder. However I dont know if its like a first time home buyer where you can wait so many years after selling a home and be qualified as a first time home buyer again
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Old Mar 25, 08, 8:52 pm   #3
 
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Well, I searched before posting, but obviously not very well, because I found the answer just a couple of threads down the page - Odd Alaska Airlines credit card behavior

So it seems that probably my best option for a bonus may be to kill the signature card, and then upgrade the plat card to signature for a 5k bonus.
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Old Mar 25, 08, 9:53 pm   #4
 
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It can impact your credit rating!!!!

It's not worth getting a card and dumping it and getting another card and dumping. It makes your credit history look bad because of how short a time you had the card. The longer you have a card the better. If you don't believe me, check with credit bureau's like www.experian.com
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Old Mar 25, 08, 9:57 pm   #5
 
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Quote:
Originally Posted by Duckouttahere View Post
It's not worth getting a card and dumping it and getting another card and dumping. It makes your credit history look bad because of how short a time you had the card. The longer you have a card the better. If you don't believe me, check with credit bureau's like www.experian.com
If you have decent credit, your post is completely wrong.
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Old Mar 25, 08, 10:17 pm   #6
 
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Originally Posted by johnep1 View Post
If you have decent credit, your post is completely wrong.
Here's from a CNN article about improving your credit.

http://money.cnn.com/2002/02/15/debt...s_creditscore/

"Don't close unused credit card accounts near loan time. If you have several credit card accounts but are only using a few of them, you'll only raise your balance-to-limit ratio if you close the unused ones. You also shouldn't open new accounts when applying for a loan if possible. If you have a short credit history or very few accounts, opening a new credit line may lower your score since you don't have a proven track record, said Jan Davis, an executive vice president at TransUnion. What's more, a new account will lower the average age of your accounts, another factor in your FICO score."
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Old Mar 26, 08, 7:34 am   #7
 
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Quote:
Originally Posted by johnep1 View Post
If you have decent credit, your post is completely wrong.
Actually, it's not. It can impact your numerical credit score.

However, as to credit rating , a more general term, you may be right.
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Old Mar 26, 08, 7:45 am   #8
 
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No need to cancel the first card. Just apply for a new one. I had an AS signature visa, and then signed up for another one a few months ago. Same mileage plan number as my first card. I got 20,000 miles in my account, and the $50 companion coupon as well. I did pay the annual fee. I called and cancelled the new card within a month or two of receipt, and asked that the credit limit on that card be consolidated with that of my older AS Visa. No problem.
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Old Mar 27, 08, 9:13 am   #9
 
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Quote:
Originally Posted by Duckouttahere View Post
It's not worth getting a card and dumping it and getting another card and dumping. It makes your credit history look bad because of how short a time you had the card. The longer you have a card the better. If you don't believe me, check with credit bureau's like www.experian.com
If you are worried about 10-20 points either way then don't churn. If you have an otherwise excellent credit history then IME is doesn't maek much difference - I churn 3-4 mileage cards/year, and my FICO score is high 700s. A factor is the average age of accounts - so if you have a bunch of long-open accounts then closing newish accounts helps keep the average high.

Quote:
Originally Posted by trucker View Post
No need to cancel the first card. Just apply for a new one. I had an AS signature visa, and then signed up for another one a few months ago. Same mileage plan number as my first card. I got 20,000 miles in my account, and the $50 companion coupon as well. I did pay the annual fee. I called and cancelled the new card within a month or two of receipt, and asked that the credit limit on that card be consolidated with that of my older AS Visa. No problem.
Thanks for the input trucker ! So it seems that it may be worth trying a churn. I don't care about combining my limits - BofA give me $20k+ anyhow. I wonder if my wife can get the referral bonus on the new application.

Last edited by dgwright99; Mar 27, 08 at 9:21 am.
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Old Mar 28, 08, 3:05 am   #10
 
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I ran through two of the cards last year. Got the bonus miles each time. Now when I apply (and I have tried several times since then) I don't even get a rejection letter. No card, no letter, no nothing. It's as if I never applied.
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Old Mar 28, 08, 5:05 am   #11
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Originally Posted by pushback View Post
Now when I apply (and I have tried several times since then) I don't even get a rejection letter. No card, no letter, no nothing. It's as if I never applied.
That's strange. I thought they had to, by law, send you a rejection letter with the reason you were declined, to prevent you from being declined over something you didn't know about (say, a false item in your credit report).
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Old Mar 28, 08, 6:13 am   #12
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BofA cards are, in fact, churnable. Whether they'll remain so into the future is an open question.
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Old Mar 28, 08, 7:27 am   #13
 
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Good to know - I'll send off another application !
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Old Mar 28, 08, 10:32 am   #14
 
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Quote:
Originally Posted by jackal View Post
That's strange. I thought they had to, by law, send you a rejection letter with the reason you were declined, to prevent you from being declined over something you didn't know about (say, a false item in your credit report).
So did I! But nope--no rejection letter or anything. I've done it at least six times. Whether or not they are running my credit I don't know as I don't have any monitoring service.
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Old Mar 28, 08, 7:49 pm   #15
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Quote:
Originally Posted by dgwright99 View Post
If you are worried about 10-20 points either way then don't churn. If you have an otherwise excellent credit history then IME is doesn't maek much difference - I churn 3-4 mileage cards/year, and my FICO score is high 700s. A factor is the average age of accounts - so if you have a bunch of long-open accounts then closing newish accounts helps keep the average high.


and if you didnt churn so many you would have a mid 800s
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