New to this - a few quick questions
Dec 11, 2011, 11:43 am
#16
Join Date: Jan 2010
Posts: 1,708
When I started doing this my score dropped like 60 points the first time. Now after a couple years my file is thicker and I only lose maybe 20-30 points if I get 4 new cards. My score usually recovers to where it was before if I do nothing for 6 months.
As others have said, your fico score only needs to be about 720 to get these cards. If you don't plan on applying for a loan in the next year, then it really does not matter whether your score is 720 or 820. Even if you were looking to apply for a mortgage, anything beyond 760 is not going to get you a better rate.
You can play around on a FICO simulator to get a feel for how it all may affect your score.
http://www.myfico.com/FICOCreditScor...Estimator.aspx
You can also learn a lot about how the FICO score works on the myfico.com community forums.
Dec 11, 2011, 12:04 pm
#17
Join Date: Jan 2009
Location: Everywhere
Programs: AA EXP - 3.7MM, Bonv LIFETIME Titan, HH Dmd, Hyatt Glob., Priority Clb Dmd, Ntnl Exec El., Sixt PLT
Posts: 1,690
2. Starwood is great but you have to be PLT (i.e., stay quite often) i order to enjoy it fully. If you are only focusing on CC, I suggest to look at HHonors. HHonors would give you their GLD and even the top-tier Diamond status based just on CC spending. SPG GLD is nice but for stays outside USA HHonors GLD is better. Personally, I do not even have HHonors credit card.
Dec 11, 2011, 12:05 pm
#18
Join Date: Mar 2000
Location: Santa Cruz, CA USA
Programs: AA, UA, WN, HH, Marriott
Posts: 7,290
The score was actually reported to me by the bank that has recently taken over Diners Club. It was in a letter from the bank explaining the new terms, credit limit, and payment schedule they had set up. So it actually was a financial institution getting my score, not just me checking it.
Dec 11, 2011, 7:00 pm
#19
Join Date: Nov 2010
Location: Traveling some where hopefully
Programs: AS, AA Gold, and Hilton
Posts: 1,954
The score was actually reported to me by the bank that has recently taken over Diners Club. It was in a letter from the bank explaining the new terms, credit limit, and payment schedule they had set up. So it actually was a financial institution getting my score, not just me checking it.
Dec 12, 2011, 1:27 pm
#20
Join Date: Aug 2011
Location: SLC
Posts: 392
Here is a pretty extreme example. In November, I did a big App-O-Rama:
And here is the recap, one month later:
Everyone's score will be affected a little differently, based on the strength of their credit profile.
I recommend starting with a 3-4 card app to see what happens. Then wait 2 or 3 months until the next one.
Has anyone scored 500,000 points or more in a single App-O-Rama?
I'm on track to do it. It includes 13 card applications (so far, 10 are confirmed approved). The beauty of it is that I only expect 7 or 8 inquiries. Once my credit score "bounces back", I may still have difficulty getting approvals due to a high number of new accounts, but I'll worry about that later. I estimate more than $5,000 in value from this churn.
Here is a list of the cards involved:
Amex Gold Business - 50,000
Amex SPG Business - 25,000
Amex Delta Gold Business - 30,000
Citi ThankYou Premier - 50,000
Citi ThankYou Preferred - 50,000
BoA Alaskan Airlines - 25,000
BoA Hawaiian Airlines - 35,000
BoH Hawaiian Airlines - 35,000
Chase Ink Bold Business - 50,000
Chase Priority Club - 60,000
Barclays Travelocity - 20,000
Barclays US Airways - 40,000
Discover Miles - 12,000
More details here.
I'm on track to do it. It includes 13 card applications (so far, 10 are confirmed approved). The beauty of it is that I only expect 7 or 8 inquiries. Once my credit score "bounces back", I may still have difficulty getting approvals due to a high number of new accounts, but I'll worry about that later. I estimate more than $5,000 in value from this churn.
Here is a list of the cards involved:
Amex Gold Business - 50,000
Amex SPG Business - 25,000
Amex Delta Gold Business - 30,000
Citi ThankYou Premier - 50,000
Citi ThankYou Preferred - 50,000
BoA Alaskan Airlines - 25,000
BoA Hawaiian Airlines - 35,000
BoH Hawaiian Airlines - 35,000
Chase Ink Bold Business - 50,000
Chase Priority Club - 60,000
Barclays Travelocity - 20,000
Barclays US Airways - 40,000
Discover Miles - 12,000
More details here.
It has been exactly a month since my Super-Mega-App-O-Rama and it’s time for the credit report update. If you’ve been following along you will remember that when I checked my credit report on Nov 15, CreditSecure showed no impact to my credit scores. Well, my scores now reflect my churning activity and all those new inquiries and accounts sure pack a whallop! 44 points to be exact.
I expected this to be a useful experiment to demonstrate the impact aggressive churning can have on a credit score. My new score results are evidence of how large that impact can be.
Read more about it here.
I expected this to be a useful experiment to demonstrate the impact aggressive churning can have on a credit score. My new score results are evidence of how large that impact can be.
Read more about it here.
I recommend starting with a 3-4 card app to see what happens. Then wait 2 or 3 months until the next one.