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Is a "promotional card application" hiatus a good idea?

Is a "promotional card application" hiatus a good idea?

Old Aug 18, 15, 12:10 pm
  #1  
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Is a "promotional card application" hiatus a good idea?

I have applied for (and been accepted for) a lot of CCs over the past 12-18 months. I now have 16 "active" cards, many of which are in its first "fee waived" year, and have plenty of points to satsify my travel needs for at least the next few years. My credit score is hovering around 800.

The last card I applied for, a Chase BA card, was rejected allegedly because I opened too many credit cards recently and have too many open cards.

Is it a good idea to take a "promotional offer holiday" and wait a year or so before applying for any more cards , and just cancel those cards I would normally cancel, reducing my number of cards?

Or should I just keep taking advantage of the promos (maybe focusing on Citi and Barclay cards and ignoring Chase for awhile)?

Also, given the above, any idea how long I should wait before re-applying for Chase UA or BA cards ?

Opinions re: long range strategy?

Thanks in advance.
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Old Aug 18, 15, 1:34 pm
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16 new cards over the past 18 months? Hah! Yeah, you're already on a "holiday" whether you want to be or not, and you won't be getting any new cards for a long time, at least from some (most?) of the banks (Chase for sure, probably Bank of America, possibly others).

The game has changed significantly in the past few months.

The most abusive of the bloggers and rampant churners have killed several golden geese, and now if you have more than a handful of new credit card apps (across a long period - in some cases up to 2 years) with many banks you'll be denied. This is the new normal. Nobody knows all the details, so nobody can tell you when you might be safe to re-start. I'd give it a rest for an absolute minimum of 6 months, maybe a year or more, but since we're in new territory, nobody really knows. Enjoy your holiday.
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Old Aug 18, 15, 1:57 pm
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Originally Posted by protagonist View Post
Also, given the above, any idea how long I should wait before re-applying for Chase UA or BA cards ?
Chase reportedly won't give you a bonus on those cards if you reapply less than 2 years since your last bonus posted (which is obviously not the same as when your last bonus-earning card was opened!). It should be spelled out in the T&Cs of each online card offer (but perhaps spelled out less clearly there?).

Of course, those are the rules at present. They could change at any time. (Chase already seems to be denying churners way less aggressive than you for any Chase UR cards, since May. We don't know if/when they might extend that to any partner cards like UA or BA.)
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Old Aug 18, 15, 2:15 pm
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Originally Posted by nwflyboy View Post
16 new cards over the past 18 months? Hah! Yeah, you're already on a "holiday" whether you want to be or not, and you won't be getting any new cards for a long time, at least from some (most?) of the banks (Chase for sure, probably Bank of America, possibly others).

The game has changed significantly in the past few months.

The most abusive of the bloggers and rampant churners have killed several golden geese, and now if you have more than a handful of new credit card apps (across a long period - in some cases up to 2 years) with many banks you'll be denied. This is the new normal. Nobody knows all the details, so nobody can tell you when you might be safe to re-start. I'd give it a rest for an absolute minimum of 6 months, maybe a year or more, but since we're in new territory, nobody really knows. Enjoy your holiday.
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Old Aug 18, 15, 2:18 pm
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Thanks for the feedback.

No, not 16 NEW ones in 18 months....16 total. I'm not sure how many are new within the last 18 months, but probably at least 8 or so anyway.

I just got approved for Barclay Arrival Plus and Citi Prestige within the last 3 months, so I might still be eligible for some (though I imagine it is easier with Prestige given the hefty $450 annual premium not waived.)
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Old Aug 18, 15, 2:21 pm
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Originally Posted by sdsearch View Post
Chase reportedly won't give you a bonus on those cards if you reapply less than 2 years since your last bonus posted (which is obviously not the same as when your last bonus-earning card was opened!). It should be spelled out in the T&Cs of each online card offer (but perhaps spelled out less clearly there?).

Of course, those are the rules at present. They could change at any time. (Chase already seems to be denying churners way less aggressive than you for any Chase UR cards, since May. We don't know if/when they might extend that to any partner cards like UA or BA.)
I haven't churned many Chase cards, though I did receive many new ones within the past 12-18 months. I think it may have been 2 years or more since I had a BA or UA card, and I was applying for a different BA card than I had previously owned. I cancelled some Chase cards over the last year prior to the renewal date (including Ink Bold and Ink Plus), but I paid the annual fee to renew my Sapphire card this month.

Anyway, it sounds like it might be in my interest (as well as everybody's) to wait awhile and settle for gathering points the old-fashioned way (including from other banks). I'm cool with that.
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Old Aug 18, 15, 10:32 pm
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I've gotten 18 new cards in the last 18 months, but I expect it will be fewer for the next 18 months, since 7 of them were Citi Hilton Visas and 3 were Citi AA cards. I mourn the loss of those two opportunities.
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Old Aug 19, 15, 5:43 am
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Originally Posted by protagonist View Post
Is it a good idea to take a "promotional offer holiday" and wait a year or so before applying for any more cards , and just cancel those cards I would normally cancel, reducing my number of cards?
You are those people who earn because they want to earn.

Your issue is simple - too many new account with too many inquiries. On this basis, I will not surprised that any new apps in the next 6-12 months will be denied. Beside, too many new account opening may generate unnecessary heat from banks (like possible blacklists, etc.)

Instead of taking a "holiday", I will suggest responsible churning instead.

BTW - your credit score has no effect to the approval process.

Originally Posted by protagonist View Post
Or should I just keep taking advantage of the promos (maybe focusing on Citi and Barclay cards and ignoring Chase for awhile)?
What I can say is if you don't take a rest, Chase will be a history to you.

Originally Posted by protagonist View Post
Also, given the above, any idea how long I should wait before re-applying for Chase UA or BA cards ?
6-12 months IMHO.
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Old Aug 24, 15, 6:37 pm
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Originally Posted by garykung View Post
Instead of taking a "holiday", I will suggest responsible churning instead.

.
Please define "responsible churning".

How do you suggest I go about that?
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Old Aug 25, 15, 6:31 pm
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I will take a contrary view. Do not stop but slow down. Take 3 months off. In that time reduce the credit line to $4k-$5k on each card. There are 2 things you are in danger of: 1) too many apps and 2) too much credit. By reducing the line on each card you free up credit - both overall % of income and amount each bank will give you. Others say do not do this, just call in when app is pending and move credit around. I prefer to be proactive and reduce it so there is less hassle later. I like immediate approvals. Also, forget Barclays they are the least likely issuer that will approve you with that many recent apps. Spread the wealth with Chase, Citi and AMEX (remember the 4 AMEX card limit.

Good luck.
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Old Aug 26, 15, 6:44 am
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Originally Posted by mileshound View Post
Take 3 months off. In that time reduce the credit line to $4k-$5k on each card. There are 2 things you are in danger of: 1) too many apps and 2) too much credit. By reducing the line on each card you free up credit - both overall % of income and amount each bank will give you. Others say do not do this, just call in when app is pending and move credit around. I prefer to be proactive and reduce it so there is less hassle later.
I second this. I took a similar approach near the beginning of this year. Since then been auto approved for 4 cards, recon once. Barclays BOA and Chase all willing to extend me more credit. Still yet to get a denial with ~30 apps in 21 months.
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Old Aug 27, 15, 5:45 pm
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I have noticed Chase will approve you and use up all of the available credit they are willing to give you. For example, you already have 2 cards and they approve a 3rd card and give you $25k in credit. If you apply for a 4th card you have no Chase credit available and either get denied or have to call in and reallocate.

If you reduce other Chase cards credit lines to $5k you free up chase credit and the 4th card will be instantly approved, in most cases. It helps greatly when you are applying for a spouse/SO and they do not want to call in.
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Old Aug 29, 15, 5:25 pm
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Originally Posted by protagonist View Post
Please define "responsible churning".

How do you suggest I go about that?
The meaning of Responsible Churning comes from the same idea of Responsible Drinking. In short, instead of earning whatever you can, you have to be cautious about your financial situation. You should not earn because you can. Instead, you should earn what makes sense to you.

For example, getting both Chase UA and BA card makes sense only when you can justify the purpose of earning the miles.
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