Credit Card Churning
Aug 4, 2006, 9:26 am
#16
Join Date: Jun 2006
Location: Lahaina, Hawai'i
Programs: HA Pua. Platinum WP, PR, QF, UA, AA, DL, NW Prince Preferred
Posts: 4,786
Originally Posted by CMHFlyerOH
The time you would have to wait all depends on the credit card. From my experience (and from reading other posts on this topic, per the search function, as the previous poster recommends) these are the time frames you must wait before being able to apply for a new card.
American Express (Delta, Starwood, etc.): Can't churn these cards. Only one signup bonus allowed.
Citibank (AA): 8 weeks
Chase (CO, BA, UA): 6 weeks
US Bank (NW): Can't churn these cards. Only one signup bonus allowed.
Bank of America (US): ??
American Express (Delta, Starwood, etc.): Can't churn these cards. Only one signup bonus allowed.
Citibank (AA): 8 weeks
Chase (CO, BA, UA): 6 weeks
US Bank (NW): Can't churn these cards. Only one signup bonus allowed.
Bank of America (US): ??
Aug 4, 2006, 12:06 pm
#17
Join Date: Jul 2006
Programs: American, United
Posts: 228
I was able to churn Citibank with no delay. About to do it again.
As a side note, my domestic partner (of 19 years) and I are getting a new home equity line of credit. Because of that, the lender gave us our credit scores. Here's the strange stuff: he got a 756, I got a 716. 99% of every credit we have is in both names, so I don't understand how I got 40 points lower. (Could it be my card churning????) There are only two differences in our credit behaviour -- I took a capital one card at zero percent for balance transfer, and moved $30,000 from my 9% home equity line to the capital one card. That one is in my name only. And two churns for Citibank that are in my name only. Other than that, both names are on everything.
The list of things that the report says adversly affected my rating were (in this order
1. Too many accounts with balances. BOGUS. I have 3 credit cards with balances, two of them get paid in full each month, the other is at zero percent.
2. No recent revolving balances. I suppose this is true -- I pay it off each month. I suppose they would like me to not do that. And my cars are paid off, etc. Only one home mortgage and one credit card @ 0% don't get paid off each month.
3. Length of time accounts have been established -- well if the new citibank cards are a factor, then I guess this is true. But it seems like the negative aspect of this should go away when I close the account... And the original Citibank card (which is the one I actually use) has been around for many many years.
4. Too many accounts recently opened -- TRUE, but they are being closed as fast as they are opened.
So I guess the churning IS hurting my score a little. Oh well, for 25,000 miles I'm willing to take a little hit on my credit score. Does anyone know if CLOSING accounts will delete the adverse effect of recently opening the accounts?
As a side note, my domestic partner (of 19 years) and I are getting a new home equity line of credit. Because of that, the lender gave us our credit scores. Here's the strange stuff: he got a 756, I got a 716. 99% of every credit we have is in both names, so I don't understand how I got 40 points lower. (Could it be my card churning????) There are only two differences in our credit behaviour -- I took a capital one card at zero percent for balance transfer, and moved $30,000 from my 9% home equity line to the capital one card. That one is in my name only. And two churns for Citibank that are in my name only. Other than that, both names are on everything.
The list of things that the report says adversly affected my rating were (in this order
1. Too many accounts with balances. BOGUS. I have 3 credit cards with balances, two of them get paid in full each month, the other is at zero percent.
2. No recent revolving balances. I suppose this is true -- I pay it off each month. I suppose they would like me to not do that. And my cars are paid off, etc. Only one home mortgage and one credit card @ 0% don't get paid off each month.
3. Length of time accounts have been established -- well if the new citibank cards are a factor, then I guess this is true. But it seems like the negative aspect of this should go away when I close the account... And the original Citibank card (which is the one I actually use) has been around for many many years.
4. Too many accounts recently opened -- TRUE, but they are being closed as fast as they are opened.
So I guess the churning IS hurting my score a little. Oh well, for 25,000 miles I'm willing to take a little hit on my credit score. Does anyone know if CLOSING accounts will delete the adverse effect of recently opening the accounts?
Aug 4, 2006, 12:20 pm
#18
Join Date: Jun 2006
Location: ORD
Programs: SPG Plat, Hyatt Diamond, AA Plat.
Posts: 706
Originally Posted by srallen
I was able to churn Citibank with no delay. About to do it again.
As a side note, my domestic partner (of 19 years) and I are getting a new home equity line of credit. Because of that, the lender gave us our credit scores. Here's the strange stuff: he got a 756, I got a 716. 99% of every credit we have is in both names, so I don't understand how I got 40 points lower. (Could it be my card churning????) There are only two differences in our credit behaviour -- I took a capital one card at zero percent for balance transfer, and moved $30,000 from my 9% home equity line to the capital one card. That one is in my name only. And two churns for Citibank that are in my name only. Other than that, both names are on everything.
The list of things that the report says adversly affected my rating were (in this order
1. Too many accounts with balances. BOGUS. I have 3 credit cards with balances, two of them get paid in full each month, the other is at zero percent.
2. No recent revolving balances. I suppose this is true -- I pay it off each month. I suppose they would like me to not do that. And my cars are paid off, etc. Only one home mortgage and one credit card @ 0% don't get paid off each month.
3. Length of time accounts have been established -- well if the new citibank cards are a factor, then I guess this is true. But it seems like the negative aspect of this should go away when I close the account... And the original Citibank card (which is the one I actually use) has been around for many many years.
4. Too many accounts recently opened -- TRUE, but they are being closed as fast as they are opened.
So I guess the churning IS hurting my score a little. Oh well, for 25,000 miles I'm willing to take a little hit on my credit score. Does anyone know if CLOSING accounts will delete the adverse effect of recently opening the accounts?
As a side note, my domestic partner (of 19 years) and I are getting a new home equity line of credit. Because of that, the lender gave us our credit scores. Here's the strange stuff: he got a 756, I got a 716. 99% of every credit we have is in both names, so I don't understand how I got 40 points lower. (Could it be my card churning????) There are only two differences in our credit behaviour -- I took a capital one card at zero percent for balance transfer, and moved $30,000 from my 9% home equity line to the capital one card. That one is in my name only. And two churns for Citibank that are in my name only. Other than that, both names are on everything.
The list of things that the report says adversly affected my rating were (in this order
1. Too many accounts with balances. BOGUS. I have 3 credit cards with balances, two of them get paid in full each month, the other is at zero percent.
2. No recent revolving balances. I suppose this is true -- I pay it off each month. I suppose they would like me to not do that. And my cars are paid off, etc. Only one home mortgage and one credit card @ 0% don't get paid off each month.
3. Length of time accounts have been established -- well if the new citibank cards are a factor, then I guess this is true. But it seems like the negative aspect of this should go away when I close the account... And the original Citibank card (which is the one I actually use) has been around for many many years.
4. Too many accounts recently opened -- TRUE, but they are being closed as fast as they are opened.
So I guess the churning IS hurting my score a little. Oh well, for 25,000 miles I'm willing to take a little hit on my credit score. Does anyone know if CLOSING accounts will delete the adverse effect of recently opening the accounts?
I am in a simular positio. My score is about 40 points lower than SO. I also churn AAdantage cards. They have a revolving credit limit.
http://www.flyertalk.com/forum/showt...citi+revolving
Aug 4, 2006, 12:21 pm
#19
Join Date: May 2003
Location: CA
Programs: AA Lifetime Gold, HHonors Diamond
Posts: 2,879
Originally Posted by srallen
The list of things that the report says adversly affected my rating were (in this order
4. Too many accounts recently opened -- TRUE, but they are being closed as fast as they are opened.
So I guess the churning IS hurting my score a little. Oh well, for 25,000 miles I'm willing to take a little hit on my credit score. Does anyone know if CLOSING accounts will delete the adverse effect of recently opening the accounts?
4. Too many accounts recently opened -- TRUE, but they are being closed as fast as they are opened.
So I guess the churning IS hurting my score a little. Oh well, for 25,000 miles I'm willing to take a little hit on my credit score. Does anyone know if CLOSING accounts will delete the adverse effect of recently opening the accounts?
As has been said in other threads, churning will hurt your score by about 30 or so points. Sounds like your case is right in line with that.
Also, just because you close an account does not mean that it goes off your credit report. Even closed accounts stay on your report for a minimum of 2 years.
Aug 4, 2006, 7:28 pm
#20
Join Date: Dec 2002
Location: PDX
Programs: AS MVP, HH Diamond
Posts: 2,561
[QUOTE=anaggie]then this will hardly place a dent as long as you do not go crazy
QUOTE]
define 'going crazy'...
QUOTE]
define 'going crazy'...
Aug 7, 2006, 2:28 pm
#21
Original Poster
Join Date: Jul 2006
Posts: 10
I just signed up for and used a chase CO Mastercard for the first time. Now that I am about to get charged the annual fee i have called to cancel it. The CSR said that I wont get the miles, did i do something wrong or do they just not know? I am about to do the same with a citi HH visa card and dont want to make any mistakes again if I made one. Please help a newbie with churning. Thank you.
Aug 7, 2006, 5:13 pm
#22
Join Date: Mar 2006
Location: Chicago
Programs: Mileage Plus, Rapid Rewards
Posts: 949
Typically you need to wait until your miles actually post to your ff account before you cancel.
Originally Posted by dtm122380
I just signed up for and used a chase CO Mastercard for the first time. Now that I am about to get charged the annual fee i have called to cancel it. The CSR said that I wont get the miles, did i do something wrong or do they just not know? I am about to do the same with a citi HH visa card and dont want to make any mistakes again if I made one. Please help a newbie with churning. Thank you.
Aug 9, 2006, 6:42 am
#23
Join Date: Jun 2006
Programs: AA Exp
Posts: 284
[QUOTE=psychtobe]
Post number 5 here
http://flyertalk.com/forum/showthrea...50#post6195850
Originally Posted by anaggie
then this will hardly place a dent as long as you do not go crazy
QUOTE]
define 'going crazy'...
QUOTE]
define 'going crazy'...
http://flyertalk.com/forum/showthrea...50#post6195850
Aug 9, 2006, 9:54 am
#24
Join Date: Jul 2006
Programs: American, United
Posts: 228
Originally Posted by CMHFlyerOH
Typically you need to wait until your miles actually post to your ff account before you cancel.
Aug 9, 2006, 10:59 am
#25
Join Date: Jan 2006
Location: ELP
Programs: AA EXP/LT PLAT, Marriott Titanium/LT PLAT
Posts: 4,120
[QUOTE=psychtobe]
4 cards in the same month...I usually do one every 2 months...so that I earn 100,000 - 120,000 miles in a year on AA just on bonuses...
Originally Posted by anaggie
then this will hardly place a dent as long as you do not go crazy
QUOTE]
define 'going crazy'...
QUOTE]
define 'going crazy'...
4 cards in the same month...I usually do one every 2 months...so that I earn 100,000 - 120,000 miles in a year on AA just on bonuses...
Aug 10, 2006, 5:18 pm
#26
Join Date: Jan 2006
Location: ELP
Programs: AA EXP/LT PLAT, Marriott Titanium/LT PLAT
Posts: 4,120
Just churned another Aadvantage card...so that is now 2 cards within the last 4 months..not bad...45000mile earned...but the good thing is that with the Chairman Card you can consolidate credit lines which brings my total credit limit to 47000USD...
woohoo....am shooting for the 100,000USD mark....
woohoo....am shooting for the 100,000USD mark....
Aug 10, 2006, 5:32 pm
#27
Join Date: Mar 2006
Location: Chicago
Programs: Mileage Plus, Rapid Rewards
Posts: 949
Originally Posted by anaggie
Just churned another Aadvantage card...so that is now 2 cards within the last 4 months..not bad...45000mile earned...but the good thing is that with the Chairman Card you can consolidate credit lines which brings my total credit limit to 47000USD...
woohoo....am shooting for the 100,000USD mark....
woohoo....am shooting for the 100,000USD mark....
Aug 10, 2006, 6:20 pm
#28
Join Date: Jan 2006
Location: ELP
Programs: AA EXP/LT PLAT, Marriott Titanium/LT PLAT
Posts: 4,120
Originally Posted by CMHFlyerOH
And since the Chairman card and other "no preset spending limit" cards don't report credit limits to the agencies you're golden!
Exactly...since there is no preset spending limit, they do not let you charge like crazy but approve your decision based on your payment...this way with the high credit limit, the card will not declined for any big purchase...
Love this card !!!!
Aug 11, 2006, 12:24 am
#29
Join Date: May 2006
Location: ORD
Programs: UA
Posts: 129
Originally Posted by srallen
On a related note, with Citibank the 25000 bonus miles plus the ??? miles I spent on a purchase credited to my AA miles 2 days after I made the purchase, way before the statement was issued or paid.
Aug 11, 2006, 12:53 pm
#30
Join Date: Jul 2004
Posts: 78
Citi AA Amex
Has anyone had success churning Cit AA Amex?