700K+ Miles Earned in 7 weeks. Should I cool it a bit?
#16
FlyerTalk Evangelist
Join Date: Jul 2003
Location: Florida
Posts: 29,731
May be once he has experienced such goodies then he would join in. He needs proof that this is a very worthwhile pursuit.
#17
Original Poster
Join Date: Apr 2011
Location: New York
Programs: AA, BA, CO
Posts: 402
I've studied credit cards and credit score before and I know that many time, each credit app will drop a few points off of my score. However, 2-3 months later it all goes back up. I may also be closing a few cards soon, so that MAY help in respect that CC companies will see less risk in me.
just checked my credit score..... Experian dropped 740 to 719 and Equafax 762 to 732. No big deal.
I do see however that Chase and Amex hit the same thing .... Experian while CITI hits Equafax. So lat time they did this was on 4/21. You guys think it's been enough time to apply for CITI Amex biz card??
just checked my credit score..... Experian dropped 740 to 719 and Equafax 762 to 732. No big deal.
I do see however that Chase and Amex hit the same thing .... Experian while CITI hits Equafax. So lat time they did this was on 4/21. You guys think it's been enough time to apply for CITI Amex biz card??
#18
Join Date: Dec 2004
Location: SEA
Posts: 1,887
Canceling a credit card or lowering your credit limit actually makes you LESS credit worthy. The MORE available credit you have the MORE credit worthy you are. Think of it this way, if I'm issuing you credit, I'd much rather you to have the ability to tap other credit lines if you run into dire straits, because it allows you to screw someone else, which is better than you only being able to screw me. Similarly, if someone else has given you a lot of credit, as a credit issuer I'd view that as a vote of confidence (unless you're carrying a large balance that utilizes a lot of your credit line), and vice-versa if you've been issued low credit limits, had credit lines reduced, or are maxed out on those credit lines. I would advise you to only cancel a credit card to avoid an annual fee at renewal or to reset the clock for a churn. It doesn't really make sense to cancel a card to free up credit lines before re-applying because it just makes you look less credit worthy. An issuer will lower your credit lines on the cards you already have, and if they don't you can ask them to do so when you call for reconsideration.
You didn't say what your score and inquiries were for transunion. If you don't have any inquiries on transunion then I'd try for the 35K US Airways Barclays card. Your scores are not spectacular to be honest, so I wouldn't go too crazy unless you see a really good offer. The 35K is a good offer for Barclays (45K if you count the 10K bonus if you pay the annual fee at renewal, for comparison to cards with a first year annual fee).
You didn't say what your score and inquiries were for transunion. If you don't have any inquiries on transunion then I'd try for the 35K US Airways Barclays card. Your scores are not spectacular to be honest, so I wouldn't go too crazy unless you see a really good offer. The 35K is a good offer for Barclays (45K if you count the 10K bonus if you pay the annual fee at renewal, for comparison to cards with a first year annual fee).
Last edited by HikerT; Jun 4, 2011 at 10:43 am
#20
Join Date: May 2011
Posts: 24
Never mind, I found it: http://boardingarea.com/blogs/onemil...xecutive-club/
Can't believe I missed this! Great news!
Can't believe I missed this! Great news!
#22
Join Date: May 2011
Programs: As many as I can!
Posts: 344
But if you have only 4 inquiries on your Equifax report, you will get approved by a lender who looks at only your Equifax report.
Monitor your inquiries and see what number of inquiries causes you to be denied for a card.
#23
Join Date: Dec 2004
Location: SEA
Posts: 1,887
Some may balk at 3+. Unfortunately, there is not one rule for any given issuer and the formula might vary with other factors. There could be a different threshold depending on how well you score in other areas. The don't just use the scoring model of the credit bureau they pull.
#24
Join Date: May 2011
Programs: As many as I can!
Posts: 344
Some may balk at 3+. Unfortunately, there is not one rule for any given issuer and the formula might vary with other factors. There could be a different threshold depending on how well you score in other areas. The don't just use the scoring model of the credit bureau they pull.
However, in my experience with Chase, Citi, Amex, Barclays, and BOA the limit is usually 6 hard inquiries per 6 months - and these are the major players in the credit card bonus game!
Ric from Frugal Travel Guy also suggests not more than 6 hard inquiries.
#26
Join Date: Dec 2004
Location: SEA
Posts: 1,887
Ric from Frugal Travel Guy also suggests not more than 6 hard inquiries.
#27
Join Date: Dec 2004
Location: SEA
Posts: 1,887
Threw which one away? If you're referring to the barclays card sounds like you got rejected or the lower card? If they hit transunion and few other issuers hit transunion the inquiry didn't cost you much if anything, not much to lose, particularly for a no first year fee card. Buy a pack of gum and take a transunion inquiry for 35K miles, I'll do that all day long.
#28
Join Date: Jul 2008
Posts: 297
I never stop being amazed how lucky you USA-guys are by getting all these creditcard promotions. In Sweden, I have got 20k BA miles during a 2 year period, and thats it.
On the other hand, my government still allows me to play online poker.
On the other hand, my government still allows me to play online poker.
#29
Join Date: Feb 2011
Location: BWI
Programs: DL Gold, AA, BA, CO, US
Posts: 201
You may get lucky but why risk it? Wait another few weeks and you'll be golden.
I also think they only have a Visa business card, not that it matters much, the 75k miles are what matters. (BTW the link for the $1500 spend on Visa biz worked for me, my 75k miles posted today. ^)
#30
Join Date: Jul 2006
Location: Seoul (GMP/RKSS) HNL/PHNL
Programs: A3 *G, fmr DL PM
Posts: 404
FICO's proprietary formula is the most well known in the industry, and more closely mirrors what the banks use to determine your creditworthiness. Be aware though, every individual bank has slightly different criteria when it comes to what they consider credit "worthy" and will tweak any assessment for special interest areas of specific concern to them.
In general, however, with what you have posted so far, your score will be affected significantly if all those inquiries are with the same bureau (not every creditor pulls all three at once) or if you apply for credit where somebody decides to run all three reports and discovers all your inquiries. IMO, your biggest potential issue is applying for a mortgage anytime in the next 2 years, as you will lose out on the lowest interest brackets for sure.
I do my apps in 2 year spurts because of that. I go on an app spree when I start browsing sites like FT and fatwallet and notice a larger than usual amount of bonus miles, then I wait a year or two in order to let my report settle down. I maintain a 780ish FICO due to this, and I have a relatively short credit history (26 years old, they say most formulas like to see average age of at least 10 years account age) I'm sure that I could be in the 800s if I never applied for anything, but where is the fun in that?
You would be better off asking questions like this on a site like www.creditboards.com The forums there are more geared towards general credit building, credit repair and the mechanics and specifics behind it, here
members seem to be more focused on just the bonus points and miles aspect.