#1
dgwright99 , Mar 25, 2008 7:10 pm
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.
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.
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
#3
dgwright99 , Mar 25, 2008 8:52 pm
Well, I searched before posting, but obviously not very well, because I found the answer just a couple of threads down the page - http://www.flyertalk.com/forum/showthread.php?t=801318
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.
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.
#4
Duckouttahere , Mar 25, 2008 9:53 pm
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
#5
Quote:
If you have decent credit, your post is completely wrong.Originally Posted by Duckouttahere
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
#6
Duckouttahere , Mar 25, 2008 10:17 pm
Quote:
Here's from a CNN article about improving your credit. Originally Posted by johnep1
If you have decent credit, your post is completely wrong.
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."
#7
Seattlenerd , Mar 26, 2008 7:34 am
Quote:
Actually, it's not. It can impact your numerical credit score.Originally Posted by johnep1
If you have decent credit, your post is completely wrong.
However, as to credit rating , a more general term, you may be right.
#8
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.
#9
dgwright99 , Mar 27, 2008 9:13 am
Quote:
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.Originally Posted by Duckouttahere
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
Quote:
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.Originally Posted by trucker
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.
#10
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.
#11
Quote:
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).Originally Posted by pushback
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.
#13
Good to know - I'll send off another application !
#14
Quote:
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.Originally Posted by jackal
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).
Quote:
and if you didnt churn so many you would have a mid 800s Originally Posted by dgwright99
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.