I think FW should have an AOR day. All FWer's could hit the banks with applications on the same day. It would be kind of fun. Perhaps something to plan for during winter.

Raven1 said:It seems that starting early in the morning to get all the applications processed doesn't always work. I started 12:01 a.m on Thursday morning and I have gotten 3 calls form Citbank tonight (Friday) as they are processing the applications.Please tell me you're joking.

The idea is to start applying at 8a.m. Eastern...the beginning of the BUSINESS DAY on the East coast, not the middle of the freaking night.

burgerwars said:Question:

Lets say you do an app-o-rama and apply for 20 bankcards in one day.
You get most of them, but how much damage have you done to your credit record.
Would your FICO go from 800 to 600? What would be the expected amount of time for your FICO to get back to 800 if you keep the balances low or near zero, pay everything on time, and don't apply for other cards? Would it be two years (length inquiries appear on your credit record), or something shorter?

That is, of course, going to vary depending on the person. I know in my own case, the apps and new credit themselves dropped my FAKOs by around oh, 25-50 points. However, after those new cards where then maxed out, FAKOS were up 80-120 points lower. The maxing out was the real killer. This could be healed by paying off the balances. New inquiries are healed in 6month - year. New credit lines are healed over the course of - probably - a couple of years. That's my estimate anyway.

Raven1 said:I wouldn't have minded if it was a 1 penny credit limit since I can easily reallocate from an existing card (upromise 20K or Dividend 29K) when I am ready to do the BT.

What do you mean by this?

Raven1 said:I mean that even if I get a low credit limit on my new card, I will call Citibank and say please move $25K of credit from one or more of my existing cards (which no longer have 0% BTs) to the new card. Then I'll have a large credit line to do a 12 month 0% BT transfer on the new card. Citi never seems to have a problem doing this although Chase sometimes will want to pull your credit report if you are reallocating a large amount.

So you're saying that even if they give you a $0.01 CL they will still let you transfer large balances to it up to a CL on another Citi card? Does that mean they lower the CL on your other card to $0.01 and up the new one?

yeh im moving a large chunk from my personal platinum select to my citibusiness now to use 0%

citi is very accomodating.

I have a Citibank Professional card, I am planning on getting a Divedend Card, I have been told by a CSR that I can not reallocate my credit limit since the professional card is considered a business card. How would you handle this situation?

Citi will not allow me to reallocate from personal to business cards either. The ONLY time I was able to do this was when I applied for the citibusiness card on the phone and they wanted to only issue $1k CL, but allowed me to reallocate from other card(s).

Results: WOW! 19 applications and 19 approvals:

AMEX Business Cash Rebates – Approved $15K; $75 from Cardoffers + $50 bonus

AMEX Starwood – Approved $25K; $40 from Cardoffers + 4000 bonus points

AMEX Preferred Gold – Approved - no spending limit; $40 from Cardoffers + $100 Gift Card

AMEX Plat Business – Approved $3K; $75 from CardOffers

Citi Premier Pass Card – Approved $5K; 0% BT/ 12 months /no fee; I immediately called and reallocated 25K from my existing Div card for a $30K CL; $40 from Cardoffers + $150 Gift Card.

Citi Professional Card – Approved $1.9K; 0% BT/ 9 months/no fee; $40 from Cardoffers; $100 Gift Card; will probably use for 3% Cash Back for restaurants.

Citi Business TY – Approved; $4K; 0% BT/ 12 months/no fee; $10 from Cardoffers; $100 Gift Card

At&t Universal Card – Approved $10K; 0% BT/ 12 months /no fee; $40 from Cardoffers + $100 Gift Card

Penfed Credit Card – Approved $15K

Advanta Platinum Business Card -Approved $12.5K; 0% BT/ 15 months /$50 fee

Chase Sony Styles – Approved $12.5K; 0% BT/ 12 months /$75 fee; will reallocate from another card; $100 bonus.

Chase Marriot Rewards Visa – Approved $25K; 1 free night; 15K rewards points.

Chase Cash Rewards Plus - Approved $11.5K; reallocated 22K from existing card for a 33K CL.; 0% BT/ 12 months /$75 fee; $100 bonus

Chase Business Card cash rebate – Approved $10K; 0% BT/ 12 months /$75 fee.

Bank of America Power Rewards – Approved 10K; 0% BT / 6 months/ no fee; will reallocate $20K from existing BOFA card; $30 from Cardoffers

Additional applications – a week later:
Fidelity 529 – Approved $10K (automatically lowered a CL on an existing MBNA line by 10K)

Cap One – Approved $10K; targeted offer; 0% BT/ 12 months /no fees.

Jupiter Orbitz – Approved $31K; sweet! - 0% BT/ 12 months /no fees.

Discover Card Miles - Approved $10K; 0% BT/ 12 months /no fees; $40 from Cardoffers; will reallocate from existing Discover card.

Closing thoughts:

• $208K in new credit and even more available for 0% BTs after I reallocate existing CLs to these cards. I am surprised that I got additional Citi and Chase cards. It may have helped that I consolidated prior to the AOR. The credit lines on some are low but provide the perfect vehicle to move existing CLs to these cards for 0% BT transfers.

• Bonuses: $400 form Card offers and about $1000 in Gift cards/cash/points.

• I might have been a little too aggressive on the cards I applied for. I don’t travel much so I need to find a way to use Starwood and Marriott Rewards benefits. I will probably move most of these Credit Lines to other cards for BTs if possible.

• Probably didn’t need Penfed since I should easily be able to use other cards to BT to (with no fees).

• In my haste I didn’t realize that the AMEX cards were 0% for purchases only; oh well, at least I made decent Card Offer/cash/point bonuses on those cards

• It is interesting that I got approval for the Fidelity, Cap One, Discover and Jupiter card (because I applied for these cards over a week after the AOR started. All of the other applications were completed online on the same day.

• I need to decide what should be in my wallet. My thoughts are: existing Citi Dividend card for food and gas (5%); Citi Professional for restaurants (3%); and Fidelity 529 for all other purchases (2%).

• The last decision is how aggressive to be on utilization (always tempting to max it – especially with low risk rates at 5%). I usually go to about 90% and have never had any problems. However, that might just be luck that could easily run out.

Raven1 said:Results: WOW! 19 applications and 19 approvals:
wow. new record!!
Bank of America Power Rewards – Approved 10K; 0% BT / 6 months/ no fee; will reallocate $20K from existing BOFA card; $30 from Cardoffers
Did you have to call to waive the BT fee. My preapproval says flat 3% till July 07.
Probably didn’t need Penfed since I should easily be able to use other cards to BT to (with no fees).
So, you will funnel all BTs through Citi cards for your checks. I dont think anyone else cuts you a check.

Also, do you own a business to get the biz cards?