Inspired by SIS'sposts, I've gone through two Application-O-Ramas (AORs) previously, both with excellent results. (My first AOR and the results, good and bad. The second was a mini-AOR back in April 2005.) Here's the results from my most recent one, which ended up being more stressful than either of the two previous and ended up with a few surprises regarding which CRA received each hard inquiry.
My goal for this AOR was to refresh a few of my 0% BT offers, get a few gift card rewards and cash bonuses, and continue to build toward larger credit lines by applying for cards from creditors whom I already have existing credit lines with.
The reason why this AOR was more stressful than any of the past was because I'd shifted some balances from one card with an expiring 0% BT offer to another (MBNA via BillPay) and I'd also just used a CapitalOne purchase check to max out my account for roughly 2 months. As a result, I had roughly a two day window where my credit report would indicate that I had only $13K in balances instead of the roughly $53K I'd really extracted -- this would be the period I'd target for kicking off the AOR.
The real catch? The different CRAs update their information on different schedules, and so I'd have to only apply for cards / accounts that I expected to pull from one CRA that was showing me in the best light. As a result, I did what research I could using my past Credit Reports (i.e. which CRA had been pulled for applications from the same lenders in the past), using WhoPulledMyCredit? and CreditPulls.
October 25th: The first CRA to update was Experian (EXP). EXP is in my experience the most up-to-date and accurate of the three CRAs. Their updates happen the day after each billing cycle closes (or exactly on the first for those that send updates on the first).
October 26th: Past experience indicated that Discover, AMEX, and Providian would pull EXP, so I applied for cards here. AMEX unfortunately pulled TUC (oops, guess the Business AMEX lines pull EXP for me, while the consumer credit lines pull TUC) and Providan did too (apparently because of the recent merger with WaMu).
October 27th: EXP was up to $29K, but Equifax (EQF) had updated, dropped to $12K and was ready for the AOR. So I fired off a salvo of new applications to HSBC (CC and OnlineSavings), BofA (CC and Checking), PenFed, 1st National, Citi, and BECU (all CC). Luckily things went a little smoother at this point and every single one hit on EQF except the HSBC CC, which went to EXP. Oh well.
Then, a long pause...TransUnion...just...never...got...updated.
November 1st: Finally on November 1st, I started getting antsy and decided to go ahead with my Chase applications -- which "always" pulls TransUnion for me. Unfortunately, it ended up pulling EXP instead.
November 4th: Went ahead and submitted my MBNA and National City Bank applications. NCB pulled TUC as expected, but I was surprised to find that MBNA pulled EXP as they, like Chase, always pull TUC for me.
November 6th: Found that the small repair job at Firestone ended up totalling close to $800. Applied for a Firestone credit line to get the 10% discount and received a $2K credit line.
November 7th: Applied for B of A Business Platinum, which pulled TUC instead of EQF. Looks like the business and personal lines pull different locations. Called Discover and got their decision -- another 10K CL approved!
November 8th: Called MBNA and talked with a Credit Analyst. Nice people! Approved for a new credit line and should have $30K available for BTs after reallocation from my existing MBNA WorldPoints card.
Results of the AOR:
Accounts that pulled Equifax:
1. PenFed Platinum Cash Rewards CC -- requested $25K CL, received $25K CL 1.25% Cash Back, no BT offers
2. 1st National Rewards Advantage CC -- Requested two BTs just under $15K, received $15K CL 0% BT / 6 months / no fee
3. B of A Power Rewards CC -- Requested a $10K BT, received $13.1K CL, consolidated w/ existing $17.4K line for a total of $30.5K. 0% BT / 6 months / no fee
4. Citi Simplicity Rewards CC -- Didn't request BT, received $4.5K CL, reallocated to $26K CL 0% BT / 12 months / no fee -- $100 gift card after first purchase
5. BECU VISA CC -- Didn't request BT, received $10K CL
7. BofA Checking -- Approved $50 for Online Application
Accounts that pulled EXP:
1. HSBC Cash Back Platinum -- Requested two BTs, just under $15K, received $5K CL, requested another $5K at end of AOR (request pending) 0% BT / 12 months / no fee
2. Discover Card Platinum -- Requested two BTs, just under $15K, received $10K (same as existing Discover CL, currently in use w/ $6300 in 0% for Life) 0% BT / 12 months / no fee
3. Chase Platinum -- Didn't request BTs, Received $5K CL, reallocated from other lines for a resulting $55.9K CL 0% BT / 15 months / $75 fee
4. MBNA Elite Rewards -- Didn't request BTs, Received $8K CL, reallocated from other lines for a resulting $30K CL. 0% BT / 12 months / $75 fee
Accounts that pulled TUC:
1. AMEX Clear -- Didn't request BTs, Received $10K CL.
2. Providian Platinum Rewards -- Requested one BT, just over $10K, Request DENIED. 0% BT / 12 months / $75 fee
3. Firestone (retail card) -- $770 bill, Received $2K CL. 10% off first Firestone purchase, 5% off future Firestone bills.
4. B of A Business Platinum -- Requested two BTs, just over $11K, Received $15K CL. 0% BT / 12 months / no fee
5. National City Bank -- Requested a $9,750 BT, Decision pending. 0% BT / 6 months / no fee
Closing thoughts:
* All applications were done online, and all posted inquiries on the same day of the application. The one exception was a call to the GM Card for a CLI request, which was made late at night and showed as posting on the following day.
* Felt kinda bummed that the crappiest card didn't feel I was worthwhile to extend credit to. Admittedly, the Providian card's max credit limit was $15K and there was a BT fee, but I would've liked it just for the FICO score. Oh well.
* As I mentioned before, Providian pulled TUC, likely because of the WaMu merger. The surprise was that Chase pulled EXP, likely because of the BankOne / FirstUSA merger.
* Wondering whether the lack of a TUC update was because TUC really never received the updated information or because TUC has a mechanism which prevents those sort of significant changes (i.e. $20675->$0 balance in one month) from registering. In other words, I'm guessing that TUC will update properly and show the correct information next month when it receives a second message from AT&T that my balance is still $0. This might be a safeguard against this kind of gaming the system.
* I didn't request BTs on some cards because 1) they didn't have 0% promo rates, or 2) I knew I could reallocate / consolidate my existing lines to get larger lines *after* securing a CC with the promo rate.
* Also requested CLI's for all my existing cards and received increases on my Discover, HSBC GM Card, and US Bank card.
* Feeling pretty good about the results. Resulted in $122.6K of new tradelines and $187.5K of 0% BT funds (so far). Will report back as final details come in.
Edit: Added additional linkage... Edit 2: Added MBNA, BofA Platinum Business, and Firestone decisions, as well as National City app...and adding a pic showing the damage so far.
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Thanks for the info. You mentioned an increase on your HSBC GM Card. How were your initial credit lines on that card? I just did a mini AOR last week (only 6 cards). I applied for the GM Card and HSBC gave me a $600 credit limit. Other than the very first credit card I ever had (12 years ago), which was a $500 limit, this is the lowest limit I've ever seen by a margin of over $2K. Heck, HSBC even gave me a $3800 limit on a furniture store card 6 years ago. No particular problems on any of my CR's that would have caused this. But I don't want to detract from your AOR by discussing my own...just curious if the GM Card was initially stingy for other too.
LordKronos said:Thanks for the info. You mentioned an increase on your HSBC GM Card. How were your initial credit lines on that card? I just did a mini AOR last week (only 6 cards). I applied for the GM Card and HSBC gave me a $600 credit limit. Other than the very first credit card I ever had (12 years ago), which was a $500 limit, this is the lowest limit I've ever seen by a margin of over $2K. Heck, HSBC even gave me a $3800 limit on a furniture store card 6 years ago. No particular problems on any of my CR's that would have caused this. But I don't want to detract from your AOR by discussing my own...just curious if the GM Card was initially stingy for other too.
My family's GM cards had our highest CLs($18,500 and $13,000 respectively) until our own recent mini apporama.
mbaker4096,
Did you check to see if you had any preapproved offers from Bank of America? I checked online and there was one for the Power Rewards CC waiting for me. They approved me and none of the CRA's show any inquiries from B of A. They did do an inquiry for a banking product of theirs, but not for their credit card. Did you get two seperate inquiries from B of A for your credit and checking applications? Thanks for reporting your experience.
Comment on the AT&T not showing up on the TUC. Thought I read in one of the AOR threads that it is better to pay down to $1 or something and let it float for a month (for updating) as some cards don't report if you have a $0 balance. Don't have any experience on that, just thought I recalled reading it somewhere.
emaij said:What are you planning on doing with the moolah?Safe, liquid investments. Part of this is continuing to finance the "payoff" of my HELOC. After investing another $15K into I-bonds last month, my outstanding debt is roughly $37K...the other $100K or so will be sitting in an ED Savings or Presidential Checking account.
LordKronos said:How were your initial credit lines on that card? I just did a mini AOR last week (only 6 cards). I applied for the GM Card and HSBC gave me a $600 credit limit.Yep...they did the same to me during my initial application long ago. Terrible. Here's a thread where I whined a bit about it.
slimcustomer said:Did you check to see if you had any preapproved offers from Bank of America? I checked online and there was one for the Power Rewards CC waiting for me. They approved me and none of the CRA's show any inquiries from B of A. They did do an inquiry for a banking product of theirs, but not for their credit card. Did you get two seperate inquiries from B of A for your credit and checking applications? Thanks for reporting your experience.That's intriguining. I didn't check until after the AOR, but I *do* have a pre-approved offer for a business card with 12 months at 0%, but I'm wondering whether it would be wise to take them up on that offer at this point in time, i.e. just after they've extended me the other new credit line. *shrug* What's the worst this that could happen, eh? I might as well... BTW, only one inquiry for both my bank account and the new credit card -- both were done online on the same day.
vrb747 said:where did you research the CCs u did apply for ? (apart from cardoffers & fatwallet i.e.)I looked at offers on cardoffers.com and cardweb.com, but didn't use any of them this time around. Truthfully, this AOR included applications that have been mentioned here in recent threads, or were ones that davelanton had mentioned in his own AOR back in May.
SIS's original threads (referenced in OP) are classics in their own right, DidYouSearch has a good thread here consolidating suggestions for external research, and additional excellent reading can be had in DaveHanson's AOR thread and xerty's AOR thread.
Thanks for the nudge! Just went through the application process for the preapproved card on B of A's site and I've added another 15K CL at 0% for 12 months.
I'll post tomorrow whether another inquiry appears or whether it appears they're using a historical, soft inquiry.
For folks who do many balance transfers on a regular basis, I'd be interested in hearing how much time and stress you have to deal with making sure that you are NEVER EVER EVER late with a payment. What is your "hourly wage" when you take into account the monthly paperwork?
I mean, if I had to juggle so many cards, it would drive me crazy.
Do everything online. I don't have a ton of cards right now, but it only takes me about 5 minutes/month/card. I have all my cards setup to have the due date near the beginning of the month. I log into each account online around the 15th-20th and setup a payment to be made a few days before the end of the month. I then login to each account once again on the last day of the month to verify the payment actually went through as expected. Of course I'm not maximizing my float, but the couple dollars a month I lose to that is a small price to pay for the peace of mind of having several days buffer to fix the problem if something went wrong.
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