Fallguy007

Have to admit it, I am addicted to getting the chase credit card (the one that gets you a roundtrip after first use of card, 16reward credits). Yea it has like a $59.00 annual fee but you cant beat a $59 roundtrip ticket.

I then cancel my credit card then sign back up (7-10 months later) and do it all over again.

Anyone else employ this tactic?

How soon after canceling card has anyone signed back up for a new card/reward or gotten denied for signing back up too soon?

Regards,

mritty

I find it difficult to find a $59 round trip worth the damage you're doing to your credit report by continuously opening and closing accounts.

Orlando Vic

Read Frugal Guy Ricks Top Four Travel Deals: #1: Churn Citi AA Credit Cards for 200,000 + AA miles per year http://www.frugaltravelguy.blogspot.com/

johnep1

I don't know why people continue to post this false information. It usually comes from those whom have never tried churning cards and are just repeating erroneous statements that they're heard others make.

Can churning hurt your credit score? Yes.

Based solely on their post here can you say that the OP's credit score will be damaged due to churning? Nope.

There are other factors that go into one's score than how often you apply for and open new accounts. If your credit is already awful, then yes, churning will most likely further damage your already poor score.

mritty

Based on what's in his post, can you say that it won't? Nope.

Absolutely nothing I said indicates otherwise.

ronbo83

I have had problems in the past with churning Chase Visa cards and getting the bonus again. In the fine print it says the bonus is only for first time card holders for the specific card. This was the case for the Marriott 20K sign up bonuses but I have not tried it for the SW Visa. The article above for how to churn the Citi AA cards is slightly different in my experiences because Citi never mentions the bonus is a one time thing, rather sign up spend the $750, get 25K points, rinse, repeat, no problem.

As for credit scores, I can only speak for my family but my wife and I have opened and closed over 60 credit cards in the last two years and my score is a 780 and hers is a 790. So it can vary based on a multitude of factors as mentioned above.

johnep1

1) Based solely on the OP's post and their statement that they get a card every 7-10 months, I think it is more likely that their score is not damaged by this.

2) You made the unequivocal statement that churning cards damages one's credit score, and that statement is completely incorrect.

The OP asked if anyone else employs this tactic. I sure do (not with the RR card, but with AA, AS, and Priority Club cards. I get maybe 10-25 cards each year and my credit score is the same (very high) now as it was 2 years ago when I started monitoring my score.

arizonawildcat

One strategy that has been rumored to work is to sign up on line for the Marriott Chase card but do not give them your Marriott Rewards number when doing so. They will assign you a new account number which will be imprinted on the bottom of the card. Before you use the card which triggers the 20K bonus, you need to call customer service and tell them of your current Rewards account and that you need to have this card linked to it.

philemer

Why do you say it's going to hurt your credit? Did it happen to you? See post #6 above. I also have empirical evidence that churning will NOT, by itself, hurt your credit. Our scores are in the mid to high 700s and we are churners. It has NOT hurt our credit!!

mritty

Oh for the love of god. Are we really going have this thread turn into a complain fest because I said "are" instead of "could be"?

CRIPES people get a friggin grip! Do you seriously have *nothing* better to complain about?

mritty

And you determine that how? Did the OP's post say anything indicating they've actually been monitoring their credit to see the impact it might have? Did he said anything indicating he has a good credit rating to begin with? No. You are making as completely an invalid assumption as the one you are complaining to me about.

And you made the unequivocal statement that the possibility of churning damaging a credit report is "mindless" and "drivel", which is equally incorrect.

Find something better to complain about than my use of "are" instead of "could be", please. Thanks.