FlyerTalk Forums - Churn question

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Quote:

Originally Posted by biggestbopper (Post 16814969)

The purpose of this rule appears to be to keep card companies from handing out cards to folks who can't pay the bill. http://www.federalreserve.gov/newsev.../20110318b.htm Not such a bad thing.

And, note that it will likely have close to no effect in community property states.

Yes, but the government is the master of the Law of Unintended Consequences.

See: The Mint

Replace "will not" with "should not.":p

Quote:

Originally Posted by Dr Jabadski (Post 16801511)

...banks will not approve an identical account at the same time as one has an open account...

Household vs individual income

Quote:

Originally Posted by kleintalk (Post 16804661)

I recently applied for the Surpass card. Evidently they have already begun to consider individual income and not household income. I stay at home. When asked my income I was not prepared..Needless to say I was denied. Never been denied a credit card before.

How will this affect me? My credit score? Ability to apply for other cards? Ability to apply for Amex cards? Any information or wisdom would be appreciated. I'm freaking out!

Someone I know applied for an Amex Gold card yesterday (7/29) listing income as zero. The nice CSR rep told this person that the card can't be approved with zero personal income, but the rules list salary or "other income", asked if the person had any "other income" and casually noted that this number is not verified. This applicant then quoted income on investments for this prior year, that number was entered, and the instant approval was completed.

Most of the CCs with good bonuses in Canada seem to have an annual fee, so if I want to churn them, do I have to wait out the first year (and pay the $120 or whatever) or can I cancel them after x months, keep the bonus, and get a pro-rated refund on the fee? What is x, if something like that is doable?

New to churning, so help would be great :) Thanks.