noob questions : on frequency of apply for a cc?
 

I realize that the rules governing CC applications are fluid - but I am trying to get a snapshot of what we are looking at right now as far as CC application guidelines. I also realize that these rules would not be set-in-stone and may not work for all applications - but I am looking at what most people are using as guidelines.

Q1 : I am wondering how frequently I can apply for cc's from bank x?
IE;
On Apr 2010 - I got a chase-visa-united-mileageplus cc.
On Nov 2010 - I got a chase-mastercard-continental-onepass cc.
How soon can I apply for another CC from CHASE?
Assuming that it is not the same CC (ie; not the same mileageplus or onpass CC from CHASE that I already have).
Also assume that credit rating is not an issue.
IE;
I was thinking at applying for the chase-visa-southwest-rr-cc.
http://www.mychasecreditcards.com/6000054/Default.aspx

Are there any parameters around applying for cc's from bank x?
IE; Wait x months between applications from bank x?
IE; No more then x active cards from bank x at anyone time?
IE: ??


Q2 : Churning
From what I have been reading - most cc's have stopped the ability to apply/cancel/apply/cancel - all with in a short timeframe.
If I cancel a cc - how soon will I be able to re-apply for that same CC?
IE
On Apr 2010 - I got a chase-visa-united-mileageplus cc
Let say I cancel it on Jan 1 2011.
How soon before I can cash in on another chase-visa-united-mileageplus offer?
6months - 1yrs - 2yrs?

thanks in advance

www.frugaltravelguy.com is all over this stuff. Give ingy a look. ;)

Keep in mind that all those applications mean a credit rating check. The more you have of those, the more it hurts your credit score. On the flip side, the more credit you have available can actually help your credit score if you pay off monthly.

The probability of you NOT get any sign up bonus is very high even if you re-apply it in 1 yr, 2 yrs... Chase can remember your prior receipts of sign up bonus as far back as 2006 or even more! Oh, Chase would let you have a card, but then send you a nice letter to tell you WHY you get 0 sign up bonus when you think you have fulfilled the condition... And this practice is not even new - it has been that way since late 2007 early 2008, long before the financial crisis and card regulations overhaul!

+1

However, if Chase changes the credit card name (i.e. from Signature to Gold or something else), then you can apply and get the "new" bonus.

Is that true? I haven't heard that before, but I guess it makes sense. So that means that the 'new' Continental OnePass Plus card would be different from the Continental Platinum Mastercard that I currently have and received a bonus for in 4/2010?

Read Gary's web site on credit cards. He will give you a ton of information.

Correct. It is a much more sensible approach than the Citi's approach, imo.

Most likely so.

Who is Gary and what is his website? Thanks.

That was the case for me. I received bonuses for both of these cards.

Best,

PedroNY

+1

:) I am relatively new to this game, too.
Assuming it is NOT trying to churn a card you've already had; I'm finding the six months works well. Pick cards carefully as most will eventually have annual fees; although some times there will be a perk that makes the fee worth it.
If your credit will support it, many banks will allow mulitiple cards.:)

+1

You also may need to shuffle around some credit limits in order to get more cards with certain banks.

I received a second bonus from the Chase United VISA earlier this year (the 50,000 mile deal) after having closed my previous Chase United VISA just a few months before after getting the 30,000 mile bonus from that one. Many others have churned this card too so, personally, I would say the probability of churning a United VISA is quite high. But then again, I've heard many previous CITI AA cardholders are still getting new cards and bonuses despite CITI's recent crackdown on churners so I went for it myself and was rejected as a previous cardholder. This whole thing is getting to be more of a crap shoot with no hard and fast rules and causing me to be much more selective and patient than when I was getting everything approved just a year or two ago.