I currently have a Hilton Honors Visa . I was wondering the following:
1) If I cancel it ,then wait some unknown time period ,can I re-apply and get the 10- 15000 mile new card bonous again?
2) If you have some expierience with this ,please advise and also how much time to wait before I re-apply.

Most people do this alot.... depends how much of a hit to your credit rating you want.

You may also want to check out the Hilton forum for more info. Several threads there.

William

I'd say "many," not "most," but the concept is right on. (Perhaps "most FTers," but even there I tend to doubt it.) Unless your credit rating is borderline and you expect to need it not far down the road, I wouldn't worry.

So how much time to wait from closing to re-apply

Correct me if I am wrong. I thought the sign-up bonus for Amex HH is the same as Amex Delta Skymiles & Amex SPG as a once in a lifetime deal, which is different from the good-old-days Chase MP visa (Chase is stopping issuing multiple sign-up bonuses recently). Don't know about HH Visa though.

At the moment it is no so clear that Chase has stopped doing multipule signup bonuses. This rumor has been floating around for a long time. Does anyone have current, factual support for this claimed change by Chase. Did it actually happen to you?

Added comment: apparently this has begun happening to some people, based on other threads in UAL forum. Wonder what this means for the apps made earlier or still pending. I suspect that the new policy will be applied very erratically, at least for a bit.

Yes. I got a letter from Chase stating they will only honor one bonus with the Chase Visa/United card. The days for multiple applications for the 20k or 25k bonus are oficially over.

Here's just a few tidbits on CREDIT and what affects what...

The Following Analysis was Based on a credit file from one of the 3 reporting agencies. It is general information for everyone so it is not a problem to post it here, but in cases where you see (...) the numbers have been changed to protect anything that could be similar to anyone's real stuff out there. What this information will do, is to give you an idea of what some of the factors could be in determining credit, etc., and how applying for stuff can affect you or otherwise:


Credit Score (let's say it's like 690)

Your credit score is higher than 35% of the U.S. population.

Your credit scores are based on the information in your credit bureau reports. The majority of credit scores are between 350 and 850. The higher your credit scores, the better. With a higher credit score, you are more likely to be eligible for the best credit card and loan offers, including terms and conditions, such as interest, fees, and benefits. Keep in mind that when lenders evaluate a credit application, credit scores are not the only factor they use in making their decision. They usually ask for additional information (such as income and monthly payments) to determine your ability to repay the loan.

Thanks to your high credit score, you are likely to get good offers from lenders, whether for an auto loan, mortgage, or personal loan. However, this may not be true for credit card offers because credit cards usually require very high scores to qualify for the lowest interest rates and highest credit limits. Note that the additional information you provide as part of your credit application, such as income and monthly payments, will be important in determining whether you get the best offers available.

There are both positive and negative factors that influence your credit score. The most important factors of each kind are listed below, in their order of importance. Remember, these factors vary in how strongly they impact your credit score. For example, if you have a very high credit score, the negative factors in your analysis are likely to have a small impact. The same is true for positive factors if you have a very low credit score.

Positive Factors
Here are the top factors that raise your score:

You have never been late with your payments, and no collection accounts or negative public records are listed on your credit report.

This raises your score. Any history of late payments (including missed payments and derogatory payment statuses) is a negative factor. No reported history of payments on any account is also negative because lenders cannot tell whether you paid on time or were late. Some cases of late payments are worse than others. If you have not been late with any payments recently, lenders may think you are responsible and do not (or will no longer) miss payments. Lenders realize that many people occasionally pay late. Therefore, being late with a single payment is typically not as harmful as being late with two or more consecutive payments. Similarly, being late on many accounts is typically worse than being late on one. Also, lenders may view late payments as a more serious problem if you have collection accounts or negative public records such as bankruptcies or court judgments. These types of credit records indicate a pattern of credit problems. Finally, it may not be as harmful to be late with your payments if the past due balances are small, because lenders stand to lose less money if they remain unpaid.

On average, your open revolving accounts have a credit limit of $(less than 10k). This only includes accounts for which the credit limit is reported. Lost or stolen, transferred, or sold accounts may be excluded from this factor.

This raises your score. Having accounts with a high credit limit or loan amount is a positive factor, because it indicates to a lender that other lenders have trusted you with a lot of credit in the past. On the other hand, having accounts with low credit limits or loan amounts is a negative factor. It may suggest that your credit reports contained information that was of concern to lenders at the time they determined your credit limits or loan amounts. Finally, having no accounts with a reported credit limit or loan amount is a negative factor because lenders cannot evaluate how much other lenders have trusted you with credit so far.

You have (less than 8) installment loan(s). Lost or stolen, transferred, or sold accounts may be excluded from this factor.

This raises your score. Having accounts listed in your credit reports is a positive factor because the payment history of these accounts shows lenders how well you pay your bills. Therefore, having too few accounts or too few open accounts may be considered negative. However, having too many accounts or adding new accounts too quickly may also be considered negative because lenders worry that you are spending (or preparing to spend) beyond your means, even if you have never been late with any payments. Note that closing accounts will not improve this. Also, if you do not currently have credit, getting your first few credit cards may be difficult and may involve high fees, high interest rates, and low credit limits. Note that accounts from personal finance companies (which specialize in lending to people with credit problems) may be considered negative.


Negative Factors

Here are the top factors that lower your score:

You are currently using at least 50% of your credit limit on 3 open bankcard(s). This only includes accounts for which the credit limit or highest balance is reported. This is because if the credit limit is not reported, your highest balance is used instead. Lost or stolen, transferred, or sold accounts may be excluded from this factor.

This lowers your score. High usage (such as balances above 50% of the credit limit) is usually considered negative because lenders worry that you may be using more credit than you can reasonably afford to repay. In fact, as little as 15% usage may lower your score if you have no serious negatives (such as late payments) in your report. Being "maxed out" or overlimit on a credit card (when your balance is close to or above the credit limit) is particularly bad for your credit scores. The more accounts in this situation, the more it affects your scores. On the other hand, low usage is usually considered positive because it provides lenders with information on how you use credit. It also shows that you do not need to use all of the credit available to you. However, not using your credit accounts may be considered a negative factor, because it does not provide lenders with information about how you typically use credit and repay your debts.

You opened (7-10) account(s) in the past 24 months. Lost or stolen, transferred, or sold accounts may be excluded from this factor.

This lowers your score. Having accounts listed in your credit reports is a positive factor because the payment history of these accounts shows lenders how well you pay your bills. Therefore, having too few accounts or too few open accounts may be considered negative. However, having too many accounts or adding new accounts too quickly may also be considered negative because lenders worry that you are spending (or preparing to spend) beyond your means, even if you have never been late with any payments. Note that closing accounts will not improve this. Also, if you do not currently have credit, getting your first few credit cards may be difficult and may involve high fees, high interest rates, and low credit limits. Note that accounts from personal finance companies (which specialize in lending to people with credit problems) may be considered negative.

You currently owe $(over 65k) on your revolving account(s). This only includes accounts updated in the past 6 months. Lost or stolen, transferred, or sold accounts may be excluded from this factor.

This lowers your score. High balances are a negative factor because lenders worry that you are living beyond your means and may not be able to repay them. This is particularly true for credit cards. For installment loans such as mortgages and auto loans, lenders often use the proportion of the loan that is still unpaid to judge your ability to take on new debt. If very little of your installment loan balances have been repaid, lenders may not give you more credit that could add to your debt. In general, lenders evaluate how much you owe (your debt) in relation to how much you earn (your income). However, no matter how high your income, having a lot of debt may lower your credit scores because lenders know that adverse changes in your employment and life events such as divorce or illness may make it hard to pay your bills. Low balances, on the other hand, are a positive factor because lenders do not stand to lose as much if you become unable to repay them. However, not using your credit accounts may be considered a negative factor, because it does not provide lenders with information about how you typically use credit and repay your debts.

You applied for credit (1-4) time(s) in the past 12 months, as recorded in this credit report. Mortgage and auto loan applications within the last 30 days do not count towards this total. All mortgage applications before that within a 14-day period count as a single application. This is also true of applications for auto loans.

This lowers your score. Applying for credit many times within a short period can lower your credit scores. When you apply for any type of credit (such as an auto loan, credit card, department store card, or mortgage), the lender considering your credit application checks your credit history. This is recorded in your credit reports as a "hard inquiry." Although inquiries are an unavoidable result of applying for credit, lenders dislike seeing many inquiries within a short period (such as 6 months). This is because they cannot tell whether you are "shopping" for the best offer or if you are desperately trying to get credit because of financial trouble. Therefore, try to limit your comparison to a small number of lenders when "shopping" for the best offer.


I hope this was helpful info. I know it can relate to many other threads on these subjects, but that's my 2 cents, so enjoy it. PS, I have only tried twice in my life to get a new bonus on something I once did before. One is pending now so I shall see, and I shall report it (that's the 3k sign up bonus you get with Alaska Airlines if you get the BofA checking account and chose their debit card) and the other was a new bonus for an AMEX card. I did get that. I dunno if Chase or others give you new bonuses if you get new/additional accounts or cancel and set up again. Worth trying if you love/need miles, and also depending on how the above affects you.
MM