civico

Hey guys, I've been following many of you on this forum for a while now and have built up points and miles in a scattered way, applying for a card here and there, but I've never done a full app-o-rama.

A few basic questions:

1. Outside of consolidating all of your apps on one day, meaning it is easier to keep track of when you applied for each, are there any other positives to doing all apps at one time? How likely is it for apps for the same company (Chase or Citi) to combine in to one pull?

The major downside I see to the app-o-rama is that all the spends happen at the same time, making it harder to make requirements.

2. I currently have one Chase card, the Sapphire Preferred. How many of each company can you put in a app-o-rama, usually? Could I apply for 3 chase cards on this app-o-rama and be ok?

Lastly, here is my planned app-o-rama. I already have the Amex PRG, the AA/Visa, the Barclays USAir, the Alaskan Air Visa, and the Chase Sapphire Preferred. I don't value hotel points as much as miles, but I think I'm going to shoot for some this time just to start having a bank of them. Also, I'm thinking I'll hold out for bigger bonuses on the United Explorer and possibly the AmEx Platinum (although I'm really tempted to get this one now).

AA/Visa Biz 50k
Chase Ink Bold 50k
Chase Marriot 70k
Amex Hilton 60k
Hawaiian Air (both cards) 35x2- I'll probably transfer to Hilton

I'd prefer more airline cards, but the bonuses seem really weak right now. The only thing I see that is a little bit interesting is the Virgin Atlantic card, that can get you about 45-50k.

Am I missing something good? Would you add something different?

Thanks.

TheManofaThousandPlaces

My rule for making sure I can arrange financing for a car: If I can't pay cash, I can't afford the car.

TheManofaThousandPlaces

These are exactly the kinds of questions I was hoping to answer with my Evel Knievel churn. I have started a thread where people can document their experiences with multiple apps in a single day, which lenders will approve the apps, and how inquiries are handled.

One Lender, Multiple Apps on same day

As of now, there are only a couple data points, but you will find some of them useful. Please add to the thread if you have relevant experience.

Thanks!

As to your point about all the spend happening at the same time, this is partially true. However, cards have different time frames. Some spend must be done in 60 days, others in 6 months. Making sure you ladder the spending requirements is important. I created a spreadsheet to help me do this. You can find it here. (See ChurnPlanningTool)

PatMike

Ditto

sashiez

Congratulations on your Evil Knievel churn. I have a question and I don't think it was answered on this thread.

Do all the cards have waived annual fees for the first year?

What do you do when you hit your first anniversary? I know it's not a good idea to starting closing cards but what happens then? Do you downgrade some cards (without the possibility of credit score problems) or do you pay the fees for all?

slider34

I'm glad that works for you and a good way to manage your money. Even if I can pay cash for a car I would take the 0%, .9% financing and invest the money while paying off the car.

I can do much better on my return that way. Just like throwing away free money on these churns, so is turning down FREE financing when it's there.

IMO

TheManofaThousandPlaces

Three cards do not have waived annual fees: the Bank of America cards and the Bank of Hawaii cards.

Some of these cards have no annual fees. I will likely keep them for a long time.

Others are not "keepers" and I will cancel or transfer them to a no-fee version over time. I will not likely do it all at once. I will only pay the fee if I decide I use the card regularly and it justifies the fee. I expect only one or two cards will meet these criteria, but possibly none.

TheManofaThousandPlaces

This is getting off topic, but 0% financing is only available on a limited number of new cars. I also don't find new car purchases to be the best approach to car buying.

Still, you do raise a good point that 0% financing on a purchase you would otherwise make is a no-brainer.

DavidAL

^ Buy a couple year old car, and save 30%. I'm kind of surprised that more people don't own their cars out right, but finance them.

slider34

True but like anything else you wait until the offer is good enough (like credit card deals). I won't pay 6% financing for a car I want, will just wait until I can pay cash or a better deal comes up.

Sometimes a used car makes sense to but even then, great financing deals can be had that make sense.

Agree though, a little off topic. Congrats on your recent churn.

Viajero Millero

Fresh meat here. New to the game as of November. Quick background story first.

Graduated last year from college and have had three credit cards for 4 years now. Two of those started as secured cards. Been using them since while being completely ignorant to the bonuses and rewards side. Two B of A Platinum visa cards and one Capital One Visa all opened around the same time. Since January, I have being employed full time in a job with significant domestic travel that frequently involves expenses reimbursement for me and my group...I'm disgusted at myself for all the points/miles I could have collected this year from ACTUAL spending. But anyways...

I've followed Ramit Sethi's advice the last couple of years and during that time I picked up some good knowledge on financial automatization and credit scores. One day he recommended the Amex SPG and I thought, "why not? I don't have an Amex, let me increase my credit limit." I applied at the wrong day of the month and got rejected in early July. Re-applied for it again in mid-October and was approved (745 credit score). As expected, both ended up as separate hard inquiries on Experian.

So I received my SPG late October and as I tried to familiarize with the program I ran across a couple of blogs...then two more...and then it happened...I saw the light...and boom. My (unintentionally staggered) App-o-rama experiment began:

10/22 American Express SPG (Approved) (Experian Inquiry)
11/2 Citibank Advantage Visa (Approved online)
11/2 Citibank Advantage Amex (Approved online) (Both of these have yet to show up on Experian or Transunion. Equifax I assume?)
11/2 Chase Southwest (Pending) (Experian AND Transunion)
11/6 Chase Marriott (Pending) (Experian AND Transunion)
11/6 Citibank Hilton HHonors Signature Visa (Denied via email on 11/9) (No show on Experian/Transunion)

So that's where I stand at the moment. Originally, the Sapphire was one of my main targets, but the double whammy of Citi AAs + SPG has my required spending tied up. I have checking accounts in BofA and Citibank but never had a single Chase product. For more extra info, I actually do need a (non-Starwood) hotel rewards card, hence the last two apps.

How do you think I stand? Do I have a shot at the Chase cards? Should I contact Citi for reconsideration of the Hilton? Any other input/advice?

PatMike

Don't think you will get the 3rd CITI as you used up you 2 on the AA cards.

You might want to give the Hawaiian Airlines cards a shot. One is B of A and one is Bank of Hawaii (ignore the Hawaii residents only). Both are $79 (not waived), but you get 35K each, which you can transfer to Hilton points at 1 for 2 (i.e. 70K HH points). That was my original plan, but I already have a ton of HH points and thought I might just use it for Hawaiian flights to Hawaii. I recently noticed that you can redeem Hawaiian miles for Virgin Atlantic flights and their Business Class looks awesome ! (onboard bar, chauffeur service to airport, etc...) When you have the Hawaiian cards, you can transfer points from anyone into your Hawaiian account (parents maybe that you can talk into getting one of the cards ?)

You got a great start ! Most of us wish we started this "hobby" at your age !

TheManofaThousandPlaces

Welcome to FT!

You can't do more than 2 Citi apps in a 60 day period. That's why your 11/6 request was automatically rejected (with no inquiry).

Chase doesn't usually like more than 1 app every 30 days. (Although, I've done a business and a personal card on the same day.) I've also heard that the 1 app in 30 days rule doesn't apply, but 2 apps in 60 days does apply. I'm interested to see if both of your Chase apps are approved. I would guess one app is approved and the other is rejected, but I'm happy to be wrong. If you are not approved, definitely try the reconsideration line. If you explain that you recently started a new job that involves lots of business travel, they will be eager to have your business. Just explain why the program would be of benefit to you and why you would use the card regularly. (Don't talk about the sweet sign-up bonus.)

Amex is reportedly lenient about multiple applications in a short amount of time. The Amex Hilton has a nice bonus right now. You may want to add it to your next churn.

You should consider getting on a quarterly churn schedule (or something like it). This will lessen the impact of previous inquiries on your new applications (both in terms of your score and the willingness of an underwriter to approve a new account).

Good luck!

PatMike

Chase reconsideration # is 888-245-0625. I have called it many times and always had good luck with it.

Your Chase cards are for 1 airline and 1 hotel program so just tell them what the "The Man" mentioned above.

drbobguy

I also got both Experian and Transunion pulls from a recent Chase app (in August). I'm in Maryland.

The 11/6 Citi card was indeed denied I'm sure because of the no multiple apps in 65 days Citi rule. If you're lucky there was no credit pull, but you'd have to see your equifax report to know for sure.

I think you definitely have a chance to get one of the Chase cards approved. Call the reconsideration and be prepared to answer their questions truthfully. But definitely don't try to get both reconsidered at the same time. Pick the one you want the most, call them and ask for "reconsideration" and see what they say. If they approve you, then call back for the second card.

As others have said Chase has the most flexible reconsideration of any of the major credit card issuers, with probably way over a 50% success rate on reconsideration, so you should definitely try this. Personally I have received 3 Chase cards in the last 6 months, and the last two of those I had to call for reconsideration but they gave them too me after explaining why I wanted them. Be sure to have a good reason (e.g. I'm staying at a Marriott for an upcoming trip and want the extra bonus points if I pay for it with a Marriott card). Also be prepared to explain why you have gotten so many cards recently. Tell them honestly that you have a job that involves a lot of travel and only recently realized there were cards targetted at the many airlines/hotels out there and you are trying to cover all of the different brands you use regularly so you're getting their branded cards.

EDIT: Also I should add that you probably want to cool it after these apps. There aren't many good offers out there right now compared to what was offered earlier this year. And if you rack up too many inquiries too quickly you will start getting a lot of denials. After these cards (and I expect you will get at least one of the Chase cards) I would focus on meeting the spend and wait until mid-February for your next round of apps.