baobao73 said: Does anyone know what is the maximum number of Discover cards one can have? I already have Discover More card and Discover Open Road card. Do you think Discover will approve for Discover Miles card if I apply for it assuming my credit score is high?
From my AOR, Discover was the most fickle. I got another personal card after deferring it because they said "you don't ues your current card why do you want another?"
Ders said: jackcrawfish said: Oops. I missed a payment to Citi due to the Memorial weekend holiday (ok - I'm lying to myself - it was due to not following conservative FWF advice). The due date was 5/27/2008.
I wrote C/S asking for goodwill and they obliged.
Will that show up on your credit report as a 30 day late?
dmlavigne1 said: Ders said: jackcrawfish said: Oops. I missed a payment to Citi due to the Memorial weekend holiday (ok - I'm lying to myself - it was due to not following conservative FWF advice). The due date was 5/27/2008.
I wrote C/S asking for goodwill and they obliged.Will that show up on your credit report as a 30 day late?No, its not 30 days late just a couple of days.Not sure whether your comment was tongue in cheek or genuine but Ders was referring to contractual delinquent (i.e., 30+ days since last payment).
I performed Mini AOR in Jan 08. After AOR I have total 14 cards (4 cards for about 7-8 yrs + 10 new cards) My total credit line after AOR is about 160K. I am using 100K out of it.
I recently received a letter from Chase on 2 of my account saying that after careful consideration, they have decreased my credit line for:
- Balance owed on revolving accounts too high - Too little available credit on accounts
Is there any thing I can do?
One of the chase card is with me for couple of yrs with credit line of 6.5K. During AOR I got chase card with credit line of 21K.
I have not been using chase card with 6.5K limit after I got new chase card as it has 1% Cash Back and 0% APR on all purchases.
21K got reduced to 13.5K 6.5K got reduced to 2.5K
Anything I can do? I have been following and reading AOR threads. I am surprised how this happen to me?
Love said: I recently received a letter from Chase on 2 of my account saying that after careful consideration, they have decreased my credit line for:
- Balance owed on revolving accounts too high - Too little available credit on accountsMaybe post in this thread. Was any card over 89%? You could call them and offer to fax bank statements as proof of assets and ability to pay.
Thanks. Out of total 14 cards, I have 8 cards utilited at about 90%. 2 cards art 70%
4 cards (I owned for about 7-8 yrs) are not being used for anything and they all have CL of 10K. So out of my total credit line of 150 or 160K total I am using 90k or 100K.
I will post in the thread you suggested.
TyroneSchulace said: Love said: I recently received a letter from Chase on 2 of my account saying that after careful consideration, they have decreased my credit line for:
- Balance owed on revolving accounts too high - Too little available credit on accountsMaybe post in this thread. Was any card over 89%? You could call them and offer to fax bank statements as proof of assets and ability to pay.
TyroneSchulace said: Love said: I recently received a letter from Chase on 2 of my account saying that after careful consideration, they have decreased my credit line for:
- Balance owed on revolving accounts too high - Too little available credit on accountsMaybe post in this thread. Was any card over 89%? You could call them and offer to fax bank statements as proof of assets and ability to pay.
Kind of related here.
I did an AOR late last year. About 6 months later I received a letter from Washington Mutual saying I had too much outstanding and/or using too much of my credit line. I don't remember exactly, but they lowered my limit from $3500 to $250. This didn't affect me any because I wasn't even using the card because of the lower line to begin with and never had any balance with them.
I have/had about $140k balances between biz and personal. under 49% personal and under %89 business.
Ders said: jackcrawfish said: Oops. I missed a payment to Citi due to the Memorial weekend holiday (ok - I'm lying to myself - it was due to not following conservative FWF advice). The due date was 5/27/2008.
I wrote C/S asking for goodwill and they obliged.
Will that show up on your credit report as a 30 day late? Shouldn't. Due date was 5/27, it isn't 30 days late until later in June (in reporting terms, the June statement cycle).
I wasn't using Chase card with 6.5K linit for more than 100-200$.
I stopped using my all other (4) non-AOR cards for large purchases. I started using other cahse card with 21K, for everything as it has 1% Cash Back + 0% APR on purchses for 1 yr. I have about 11.5K outstanding on that card. I have been making all min payments.
Well, I will have to make little higher payments on this card and keep using it. Anyway to get my Cl increase?
Thanks
casino187 said: TyroneSchulace said: Love said: I recently received a letter from Chase on 2 of my account saying that after careful consideration, they have decreased my credit line for:
- Balance owed on revolving accounts too high - Too little available credit on accountsMaybe post in this thread. Was any card over 89%? You could call them and offer to fax bank statements as proof of assets and ability to pay.
Kind of related here.
I did an AOR late last year. About 6 months later I received a letter from Washington Mutual saying I had too much outstanding and/or using too much of my credit line. I don't remember exactly, but they lowered my limit from $3500 to $250. This didn't affect me any because I wasn't even using the card because of the lower line to begin with and never had any balance with them.
I have/had about $140k balances between biz and personal. under 49% personal and under %89 business.
Love said: Anything I can do? I have been following and reading AOR threads. I am surprised how this happen to me?
Any suggestions? Love, if you really have been "following and reading AOR threads", then you should not have been surprised that Chase cut your lines. 10 out of 14 cards with balance, all 10 over 70% utilized, overall utilization over 60%, on top of going from 4 to 14 lines very quickly.
With Chase, you could call and tell them that all these balances are in the bank and that you can pay them off at any time. If you get someone nice, they might (partially) restore your lines, particularly if they notice that you're actually putting a lot of charges on the one Chase card.
In general, you should consider paying down some balances to less than 50% utilized, at least getting your overall utilization below 50%. You might also consider paying more than the minimum. I suggest 2x the min, but many will say less, and a few will say more. If you don't pay down balances and/or pay more than the minimum, you shouldn't be "surprised" if other issuers follow Chase's lead.
Thanks. I will start paying 1.5x of min payment from now. 2 of my 10 cards will be paid of by the end of next month as they were only in for 6 mon.
That will bring down my overall utilization as one of them has credit limit of 18K and I am using 15K out of it and other has limit of 8K and I am using 6K out of it. So I will be paying of almost 20K by next month end.
I think I better contact chase after few days requesting credit line restore.
sonnysighedup said: Love said: Anything I can do? I have been following and reading AOR threads. I am surprised how this happen to me?
Any suggestions? Love, if you really have been "following and reading AOR threads", then you should not have been surprised that Chase cut your lines. 10 out of 14 cards with balance, all 10 over 70% utilized, overall utilization over 60%, on top of going from 4 to 14 lines very quickly.
With Chase, you could call and tell them that all these balances are in the bank and that you can pay them off at any time. If you get someone nice, they might (partially) restore your lines, particularly if they notice that you're actually putting a lot of charges on the one Chase card.
In general, you should consider paying down some balances to less than 50% utilized, at least getting your overall utilization below 50%. You might also consider paying more than the minimum. I suggest 2x the min, but many will say less, and a few will say more. If you don't pay down balances and/or pay more than the minimum, you shouldn't be "surprised" if other issuers follow Chase's lead.
For those of you that do large AOR of 30+ credit cards, what do you do with those cards after your BT period is over? Do you keep those lines open and don't use them? If so, how is it that a lot of you are able to do an AOR every 6 months are so? When the CC companies pull your credit report, wouldn't they be scared off from your 30+ open accounts from the previous AOR? If someone could provide some insight to this, I would really appreciate it. Thanks!
dbreaker said: For those of you that do large AOR of 30+ credit cards, what do you do with those cards after your BT period is over? Do you keep those lines open and don't use them? If so, how is it that a lot of you are able to do an AOR every 6 months are so? When the CC companies pull your credit report, wouldn't they be scared off from your 30+ open accounts from the previous AOR? If someone could provide some insight to this, I would really appreciate it. Thanks!Excellent question. See Dave's rolling AOR thread.
Today I recieved my advanta business card bill. My rate jumped from 7.95% to 19.99%. I quickly called advanta to find out why. They gave me every excuse in the book regarding a review of my credit history which is clean. Finally a supervisor told me it was because I am not using my cc. I have a $7600 balance on the card. The card was opened in 2006 15 month 0% deal. After the intro rate was over I left the balance being happy with 7.95% business financing. Advanta told me I can opt out of the change in terms which allows me to keep the current rate but they would close my account. Should I allow them to close my account? Or should I transfer the balance and keep the account open for future AOR? Remember this is a business account. Thanks in advance for any info.
pasq said: I have a $7600 balance on the card. The card was opened in 2006 15 month 0% deal. After the intro rate was over I left the balance being happy with 7.95% business financing..Thats exactly what the cc companies hope you will do. CC companies dont want you to payoff balances when the promo rate expires, they want to earn as much as they can on you after the intro promo, and thats why they raised the rate. You should never pay interest when you dont have to.
After you move the balance from Advanta, thats when they will entice you to bring your balance back with a new promo offer
pasq said: Today I recieved my advanta business card bill. My rate jumped from 7.95% to 19.99%. I quickly called advanta to find out why. They gave me every excuse in the book regarding a review of my credit history which is clean. Finally a supervisor told me it was because I am not using my cc. I have a $7600 balance on the card. The card was opened in 2006 15 month 0% deal. After the intro rate was over I left the balance being happy with 7.95% business financing. Advanta told me I can opt out of the change in terms which allows me to keep the current rate but they would close my account. Should I allow them to close my account? Or should I transfer the balance and keep the account open for future AOR? Remember this is a business account. Thanks in advance for any info.
I believe Advanta is one that only allows 1 card at a time, so may as well let them close it so you can apply again in a future AOR.
Love said: I performed Mini AOR in Jan 08. After AOR I have total 14 cards (4 cards for about 7-8 yrs + 10 new cards) My total credit line after AOR is about 160K. I am using 100K out of it.
I recently received a letter from Chase on 2 of my account saying that after careful consideration, they have decreased my credit line for:
- Balance owed on revolving accounts too high - Too little available credit on accounts
Is there any thing I can do?
One of the chase card is with me for couple of yrs with credit line of 6.5K. During AOR I got chase card with credit line of 21K.
I have not been using chase card with 6.5K limit after I got new chase card as it has 1% Cash Back and 0% APR on all purchases.
21K got reduced to 13.5K 6.5K got reduced to 2.5K
Anything I can do? I have been following and reading AOR threads. I am surprised how this happen to me?
Any suggestions?
My AOR has experienced no adverse action and even credit increases on US Bank, National City and Bank Atlantic cards to the tune of over 10K.
My wife's AOR is a different story. We have the same credit BUT whe was an authorized user on all of our daily spenders. We maxed out almost all of our available BT offers on both sides, but Chase, Advante, and Discover lowered her lines because of High Utilization. Net loss of 6K in lines not worth fighting over. National City did increase her line by 1.5K. She also receives a ton of sub prime junk mail.
It's amazing with the backgrounds and results being so similar that there is much difference in the reviews. It must be her short credit card as the financially responsible person of record.
I am thinking of doing an App-O-Rama -- but My income has dropped to 2/3 of what it was previously -- With a credit score of 724 when I try for a credit line increase the response is that: I have enough credit for my income.
I am thinking of doing an App-O-Rama -- but My income has dropped to 2/3 of what it was previously -- With a credit score of 724 when I try for a credit line increase the response is that: I have enough credit for my income.
Is it worth trying an Ap-O-Rama ?Just avoid the issuer who is telling you that you have enough credit with them.
Although most will allow you to reallocate to a new card, so you can use your existing limit with a new promo offer.
And sometimes new apps are treated differently from a maximum-limit perspective than CLIs on existing accounts.
So sure, go for it. But your credit score is meaningless without the context of your credit report data and income level; no one knows if its 'worth it' without all that info.
And FYI, in response to your other comment - yes, your credit score will drop rather significantly post-A0R. But as time goes by, your score will rebound (potentially higher than when you started).
I am totally new at this, so i need some help. I am thinking about doing an A0R, but I have some questions before I go applying.
1) Has anyone done a A0R with a low HHI income? Our HHI is around $35,000-$40,000. Is that going to get me a bunch of low balance cards? However, I do have a great credit score of 800.
2) After I am approved, how do I get the money to deposit it into the checking account? Is this what everyone is calling a BT? So do i just call and request a check from the CC company?
3) This question may seem really stupid, but...If i sign up for a checking account from a bank that is not local, how do I get them the money to put into the account? (Wire it?) And how do I receive the money when I want to close the account after 1 yr?
4) Where are the cards with 0% APR on BTs and no BT fees? All I can find are cards with $75 or $99 cap on BT fees. Looks like BOA and Citi cards have no cap on their 3% BT fee. So those are not even an option. If I were to get approved for say 4 Chase cards for $5000 each, would they allow me to consolidate those into one $20,000 card? Or would it be a better idea to just try to get a big CLI? I would be happy if I could just get a few $20,000 cards that I could take $15,000 from each to put into a 5% rewards checking account.
leashy said: I am totally new at this, so i need some help. I am thinking about doing an A0R, but I have some questions before I go applying.
1) Has anyone done a A0R with a low HHI income? Our HHI is around $35,000-$40,000. Is that going to get me a bunch of low balance cards? However, I do have a great credit score of 800.
2) After I am approved, how do I get the money to deposit it into the checking account? Is this what everyone is calling a BT? So do i just call and request a check from the CC company?
3) This question may seem really stupid, but...If i sign up for a checking account from a bank that is not local, how do I get them the money to put into the account? (Wire it?) And how do I receive the money when I want to close the account after 1 yr?
4) Where are the cards with 0% APR on BTs and no BT fees? All I can find are cards with $75 or $99 cap on BT fees. Looks like BOA and Citi cards have no cap on their 3% BT fee. So those are not even an option. If I were to get approved for say 4 Chase cards for $5000 each, would they allow me to consolidate those into one $20,000 card? Or would it be a better idea to just try to get a big CLI? I would be happy if I could just get a few $20,000 cards that I could take $15,000 from each to put into a 5% rewards checking account.
1. I think the credit score is what counts 2. many of them give you checks. There is a thread on this site about ways to to do it. keep looking. 3. you can send them the check via us mail or electronically transfer it from your local bank (not wire, ACH). To receive just ask the bank for a withdrawel. 4. again, there are threads here and look for peoples AOR threads. But the free BT are hard to find. you might count on 5-10k credit limit per approved card and estimate how mnay cards to apply for that way.
Just got walloped with A/A from American Express. Went from having 5 cards with them, total credit line around $75k, no balances, to having 5 cards, total credit line $2500. Have been diligently paying down my AOR I did last November, and they just now hit me with this. Unfortunate, because the AMEX Card was my daily card.
Total credit available prior to this: $250k HHI: $150k Debt on cards: $44k Highest percentage on a card: 75% (personal)
Guess AMEX loses my business forever. A $2500 credit line, sure, I understand, but $500? No thanks. It's odd that they just recently did this, though.
billkong said: Just got walloped with A/A from American Express. Went from having 5 cards with them, total credit line around $75k, no balances, to having 5 cards, total credit line $2500. Have been diligently paying down my AOR I did last November, and they just now hit me with this. Unfortunate, because the AMEX Card was my daily card.
Total credit available prior to this: $250k HHI: $150k Debt on cards: $44k Highest percentage on a card: 75% (personal)
Guess AMEX loses my business forever. A $2500 credit line, sure, I understand, but $500? No thanks. It's odd that they just recently did this, though. That is quite an AA! You might post this to List Credit Card Issuers that closed accounts....due to usage patterns . This a very troubling trend that at some point may necessitate a reevaluation of AOR strategies and approaches I think. I'd be interested in other details you are comfortable sharing (e.g. FICO, overall utilization, any recent usage changes besides your AOR last Fall, etc, etc).
No increased usage at all. I use my AMEX card as my daily spender, but don't put any more than $1500 a month through, which I always promptly pay off. I've never missed a payment in 9+ years of having a credit record.
Before the AOR, didn't do anything out of the ordinary. Strikes me as quite odd that they A/Aed me this late in the game.
No increased usage at all. I use my AMEX card as my daily spender, but don't put any more than $1500 a month through, which I always promptly pay off. I've never missed a payment in 9+ years of having a credit record.
Before the AOR, didn't do anything out of the ordinary. Strikes me as quite odd that they A/Aed me this late in the game.
A few questions:
-- Do you live in a state where real estate values have taken a dive (Calif, Fla, etc?) -- Do you have a large mortgage and/or HEL/HELOC and or car loan(s)? -- Churned a lot of cards with AMEX? -- Reallocated credit limits with AMEX? -- Sounds like you have no current balance with AMEX. Did you ever do a large BT at 0% with them?
And finally,
Are you planning to call and try to talk them out of this? I hope you do. It seems unreasonable, and I would be interested to hear what they tell you.
Best wishes, and very sorry that this happened to you. Vance
Do not use American Express transfer checks. I talk to the person on the phone and asked if it was OK to write someone a check and get 0% APR. She said yes. Lo and behold now I am stuck with high APR. I called AMEX and they will not honor their own salespeople word. I have been an AMEX customer for over 5+ years with no problems and they are going to lose me because of this!
borednewb said: Do not use American Express transfer checks. I talk to the person on the phone and asked if it was OK to write someone a check and get 0% APR. She said yes. Lo and behold now I am stuck with high APR. I called AMEX and they will not honor their own salespeople word. I have been an AMEX customer for over 5+ years with no problems and they are going to lose me because of this!
Was it a new card with a 0% promotion and whom did you write it to? I just wrote a BT check for a new account and it has posted as "BT Convenience Check" and I' m a little nervous about the rate.
-- Do you live in a state where real estate values have taken a dive (Calif, Fla, etc?) -- Do you have a large mortgage and/or HEL/HELOC and or car loan(s)? -- Churned a lot of cards with AMEX? -- Reallocated credit limits with AMEX? -- Sounds like you have no current balance with AMEX. Did you ever do a large BT at 0% with them?
And finally,
Are you planning to call and try to talk them out of this? I hope you do. It seems unreasonable, and I would be interested to hear what they tell you.
Best wishes, and very sorry that this happened to you. Vance
- Nope. Not a property owner. No mortgage, car loan, or any other debt at all. - Have 4 cards with AMEX over 8 years. Blue, Blue Cash, SPG, and HHonors. None of them within the last year - Nope. Had some nice credit lines with them prior, but didn't do anything special to my knowledge to get them. - Never did a BT with AMEX at all.
It's just odd. Calling them again later this week to try to reverse this silly decision. I have other cards - I like my AMEX SPG card though.
I did a small AOR myself last year after the purchase of our house, and paid off my heloc. It's Time to pay off my cards and HELOC again
Wife's AOR 2.0 6/30/08 Name: Tim1's Wife FICO and/or FAKO : 760-780 HouseHold Income: 79,000 Reported Utilization Before: 0 Total CreditLimit Before: 106k Total new credit: 112k (after closure of all citi accounts) Total BT funds obtained: 133k which includes 24k bt funds from now closed citi accounts and existing bt offer on existing account Total Credit limit after AOR:190k Cards applied:25
Citi closed her 8 accounts after BT of 89% of CL on 2 new cards and one existing card, also cashreturns usage to fund new checking accounts, and request for refund of overpayment from existing citibusiness card. also AA from Juniper - closed both accounts, and Bankalantic closed the account
Total new credit: 112k (after closure of all citi accounts) Total BT funds obtained: 133k which includes 24k bt funds from now closed citi accounts and existing bt offer on existing account
Only problem I ran into is National citi offer is only for 6 months, terms changes the day after I applied. Also Discover More applied only a 3.9% offer to the account and I had to fax them the terms I printed out to get it fixed
tim1 said: Asked for 24,000 BT on most apps, I have already bumped 4 TU inquires scince applying yesterday using 3 pulls between AMEX CS and NC. new inquires: EX 4 EQ 5 TU 5 but already bumped 4 of them
How on earth did you bump 4 inq's the day after they appeared? Took me about 50-60 days to start seeing B* on TU, and even longer for EQ.
I'm been pulling with AMEX CS and NC identity protect daily for a a few months as of 6/22/08 EQ 3 hard 20 soft ex 1 hard 118 soft TU 0 hard 72 soft
For TU : AMEX CS yesterday showed: FIRST USA NA Banks and S&Ls 6/30/2008 ADVANTA BANK Banks and S&Ls 6/30/2008 CITIBANK USA All Banks 6/30/2008 BRCLYSBANKDE All Banks6/30/2008 US BANCORP All Banks 6/30/2008
and today for TU it only shows: CHASE Banks and S&Ls 7/1/2008
NC only shows 3 hards from 7/1/08 and none from yesterday
Unbelieevable said: tim1 said: Asked for 24,000 BT on most apps, I have already bumped 4 TU inquires scince applying yesterday using 3 pulls between AMEX CS and NC. new inquires: EX 4 EQ 5 TU 5 but already bumped 4 of them
How on earth did you bump 4 inq's the day after they appeared? Took me about 50-60 days to start seeing B* on TU, and even longer for EQ.
It's a known TU phenomenon when fresh inqs disappear for a day or two. They will come back and will need to be b*ed off properly.
tim1 said: ...I have already bumped 4 TU inquires scince applying yesterday using 3 pulls between AMEX CS and NC...
I'm willing to bet those TU inquiries (maybe not all of them) show back up tomorrow or the next day. Many of us have seen TU inquiries disappear the day after an A0R (I had 4 disappear) only to have some consolidated (e.g. BRCLYSBANKDE inquiries) and others come back on the third day.
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