kamello said:What happens to the credit score if I do an AOR with out using the BT. I just want to increase my credit line, wait 6 months and do a huge aor.

Is it true that for each cc inquiry it will drop 3 to 5 points, but that only will count against you for six months or a year ?

so if i apply for 10 cards is 30 to 50 points drop ???
The first inquiries seem to count more than the later ones, but it depends on your file as well. They have less of a bad impact after 6 months, but they're still there for 2 years. Nobody can give you the exact number you'll lose for each inquiry, just look for past AORs with stats similar to yours. Many FWers report their scores as they go along so you'll see what they were before the BTs hit.

I have a question about a payment on a card (FIA) I have a big cash advance on. My normal minimum payment is close to $900 but statement say's I have a one time reduced payment offer of only $15. Can I just pay that amount without it screwing my 0% which I have another 9 months of? Thanks

Reduced Payment Offer A month in which you can make a reduced payment in place of your normal minimum due. You must pay the reduced payment amount on time to avoid a late fee, and finance charges will continue to accrue on the balance of your account. Keep in mind that if you accept a reduced payment offer, your reduced payment may not be enough to pay off your finance charges. (GoldOption® accounts only: Paying the reduced payment amount will extend the term of your account.)

devildoc said:scott-
Sounds like it should be fine, but ...
Probably the safest is to call and have the CSR specifically tell you the 0% will not be affected.
Consider recording the call or at least making notes, since you know they have it recorded.
Certainly a hassle, but probably worth it.
Oh, and let us know what happens. I've never had a reduced payment offer, but maybe someday.
Thanks, Just paranoid they are trying to trip me up. This is the card that transferred into my bank account $100k , 14 months 0% capped at $75. Did pay $15k before it reported. From the terms of the offer it looks like I should be okay in just paying the $15 but will call just to verify

I would like to know too

MakeMoneyGiveMoney said:Hello all,

Well, I bit the bullet and did an mini AOR about 2 weeks but didn't really plan it out too well. Some of the cards I really needed were applied for at the end and denied. I am trying to maximize my BT but unfortunately my largest credit lines are with AMEX and Chase with which I have no 0% BT options. Maybe I will get lucky and chase will mail me a 0% BT offer soon. Without getting any additional cards is there a way to tap my AMEX and Chase lines for BT? Any suggestions would be appreciated.

Existing cards
AMEX cash rebate ($16k)
Chase Amazon visa ($10k)
Chase Rewards visa ($7k)
Chase Rewards visa ($16k)

New cards
AMEX business gold (ULT)
AMEX Hilton HHonors Platinum ($25k)
Chase Buy.com visa ($5k)
Chase Freedom ($2k)
PNC platinum business ($12k)
Citi Diamond Preferred ($10k)
Discover Miles ($5k)
Advanta ($2.5k)

So, what cards did you apply for that you were declined for? That might be helpful in determining what you might be able to do. Often times, and more than once on my Feb 28th AOR, I had to call the issuer to get them to approve me over the phone, even though their automated system had declined me.

EDIT: I can't find an AOR thread for you. What does your credit history look like? Scores? Utilization? These types of information may help answer why you were denied for some of the later cards and given low limits on several (like the 2.5k on Advanta).

Call Chase and see if they will reconsider your Sony Card application. I had to do that with the Chase Freedom card. It took a few minutes, and they ask several questions to confirm your identity, etc, but it might be worth it for you if you really need that card.

kamello said:What happens to the credit score if I do an AOR with out using the BT. I just want to increase my credit line, wait 6 months and do a huge aor.

Is it true that for each cc inquiry it will drop 3 to 5 points, but that only will count against you for six months or a year ?

My goals were similar. I applied for nine cards, eight of which pulled Experian. That cost me about 22 FAKO points.

However, two factors may be more important than inquiries: account age and utilization. My utilization is near 0, so that hasn't been a factor for me. (Read a couple reports from other people and you can get an idea of how it can effect your score.)

All these new cards lowered my average account age from 4.3 to 1.1 years. Equifax, which received no inquiries, has dropped 67 FAKO points already. My prior credit history was short and small. Obviously this will impact you less if you have a longer credit history.

Available credit appears to be a very small factor. Some issuers might not like it, but most won't care. The CC issuers want to make money off of you. So far they haven't. In fact, you've cost them money. All those mailings, customer support calls, pulling your credit report, printing the card, affiliate sales commissions, etc. So they give you another card, hoping you'll use it this time. Maybe a bigger limit will tempt you to do some impulse spending. Some might give up eventually, but not this soon. They need to make their money back somehow.

..............

sammy1224 said:Hey guys, please entertain me for just a sec... I know this topic has most likely been covered here before, but what I'd like to know is something related to business card arbitrages.

Specifically, what barriers do you see in establishing multiple (let's say ten or so) startup businesses for the sole purpose of obtaining 0% BT money? I would think one might be able to pull in some serious cash doing this.

Just a couple of considerations:

1) The business has to be legitimate (i.e., ABC Consulting Services, etc...).
2) Each business must be its own entity (must use FEIN and not SS# on applications).
3) There may be a need for significant investment in time to keep all records straight.

Perhaps I've just lost my marbles, but what the heck... If pursued properly, it may just work.

I don't think the concept is too wacky, but your personal credit will take an inquiry hit for each app, and that will be somewhat limiting. The upside, of course, is that the utilization is (usually) not reported on your personal credit files.