I am a noob to FWF, but by substantial lurking, I've gleaned a lot of info (and contributed some). Here's my new AOR contribution: My Debt Trap-O-Rama. I started this a couple of weeks before I found about FWF and inspite of that, it seems to have turned out quite ok.
6/28/06: Existing Credit & Loans(All Personal)
MBNA World Points MC: $19800 (balance paid in full) Citi Diamond Preferred MC : $1500 (balance paid in full) Citi Simplicity MC : $4500 ($4300 in 0% APR till April 2006) Chase Platinum MC : $5000 (zero balance) Auto Loan: $5100
In my ignorance, I'd closed 2 AMEX cards (one of which was 6 years old and my oldest account) over 3 months ago. They refused to reopen them subsequently.
Personal Credit Applied for: 7/25/06: Request CLi for existing Chase card from $5k to $10k reallocated below to $500 (deferred approval) --> Equifax 7/25/06:Sony Chase card: $100 on first purchase: (Instant Approval) $5k initial limit increased to $10k reallocated to $19.5k from other chase card --> Equifax 0% APR for 12 months $10-$75fee 7/25/06: BofA preapproved WorldPoints card $4500 limit 0% for 6 months --> No pull 7/25/06: Discover Card (Rejected as foreign national) --> TU 8/8/06: HSBC Platinum MC 0% for 12 months from mail offer: (InstaApproved for $750) Cancelled immediately --> Equifax
Business CCs Applied: Pre-FW 6/29/06: AMEX Business Gold Card (Guaranty Bank offer): $100 statement credit on first purchase (Insta-Approved) Equifax 7/10/06: AMEX Business Platinum Card (Guaranty Bank) : $100 statement credit on first purchase (Insta-Appoved with $4800 CL) Equifax Post-FW 7/23/06: CitiBusiness PremierPass Card: 15000 thank you bonus: (Defferred Approval for $7500) 0% for 12 --> Equifax 7/25/06: Capital One Business: (Deferred Approval for $7000) 0% for 12 --> EQ, EX, TU 7/25/06: Advanta Platinum 0% for 15 months: (Deferred Rejection - insuf mortgage, too many inq,insuf length of personal hist,insufficient bus hist) --> Equifax,RiskWise 8/1/06: BofA Business PowerRewards Platinum: Instaapproved for $15000 limit (0% for 6 months) --> Experian 8/10/06: CitiBusiness ThankYou Card: 10000 TY points: (Deferred Approval for $7000) 0% for 12 --> Equifax 8/10/06: Chase Business Card: 0% for 12 : (Deferred Approval for $6000) --> Equifax
New Bank Accounts 7/23/06: BofA Checking $100 bonus 100MBNA -->TransUnion 7/23/06: CitiBank $200 bonus CEPM --> Equifax Citi eSavings 5% APY --> Equifax NetBank Checking $75 bonus --> no pull NetBank Money Market $75 bonus --> no pull EmigrantDirect 5.15% APY --> no pull Etrade Bank Money Market $50 bonus --> no pull WashingtonFirst Bank $50 bonus --> no pull
Brokerages Ameritrade: $500 bonus for Apex (funded with $10k from MBNA Billpay) Fidelity: $100 bonus for $10k investment (bonus paid immediately) Sharebuilder: CompassBank, iplangift promos
Previous Total Credit Limit: $30300 New Credit: Personal $20250 Business $40300 Total New Credit: $60550
Total Credit: $90850 (tripled)
New inquiries: Equifax 14 -3 = 11(Removed CitiBank inq by dispute) Experian 3 TU 4
Credit Score Tracker:
Equifax ScoreWatch: 7/23/06: 736 7/27/06: 721 7/30/06: 716 8/05/06: 735 (After Citi inq dispute) 8/14/06: 700 (after BofA new account and BT reported)
Experian CreditExpert: (MSMoney free scorewatch)
7/25/06: 745 8/10/06: 746 8/15/06: 732 (after BofA new account and BT reported)
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Out of curiosity, why are you calling it a Debt Trap-O-Rama?
What are your ultimate intentions with the AOR? Pay down your car loan, earn interest on the excess cash, and then pay off the car loan + credit cards before the promo rates expire?
I like all your business cards. I think I will try that too. But you have stolen my crap-o-rama® trademark, and I must inform you that you are being sued.
My primary reasons for this AOR was CC bonuses and 0% money to invest in banks/brokerages for interest and additional bonuses. And yeah, pay down my car loan. So, mbaker4096, you are right!
I just wanted the name to rhyme with App-O-Rama, so no particular reason. I do plan to use the additional credit, so I will be in a lot of debt. Sorry cameron2003, while a Debt Trap can be crappy, it can also be quite sweet if you make the money work for you (Thanks to Sis, DH, and others). I must warn you that if you sue me, i will get advice from codename on how to sue back!!
g10ny said:Great info, OP. Any additional details about the Discover rejections on "foreign national" grounds?
I've been rejected by them in the past for the same reason. I'm on a student visa. Maybe they got that info from my previous application. Dunno. I'm not sure if I want their business anymore even if I become a US citizen in the future. And maybe they should stop sending me junk mail!!!
hey terp! this is prob a silly ? i didn't want to raise a red flag by calling cc co and askin'.
i tried to overpay by -$10k bt from chase to mbna. but mbna returned the bt to chase. what magic# should i use to overpay so i can get a credit refund check fro cc co? -------------------------------- thanx terp! humm, thinkin' -------------------------------- mbaker4096/hknight thanks for the tips. being a lazy bumb- not researching myself- i deserved that. seriously, it's all about doing homework, research, research, research. right?!
bryany127 said:hey terp! this is prob a silly ? i didn't want to raise a red flag by calling cc co and askin'.
i tried to overpay by -$10k bt from chase to mbna. but mbna returned the bt to chase. what magic# should i use to overpay so i can get a credit refund check fro cc co?
Actually I have no idea. I've heard MBNA does not like overpayments. When I said that I used MBNA billpay to fund Ameritrade, I meant just that. Ameritrade is one of the merchants available in Billpay choice. Very convenient. Just pay Ameritrade from MBNA and BT from other CC to MBNA.
bryany127 said:i tried to overpay by -$10k bt from chase to mbna. but mbna returned the bt to chase. what magic# should i use to overpay so i can get a credit refund check fro cc co?You're lucky. I'm surprised MBNA hasn't closed your account by now. Hopefully you haven't accumulated any rewards on that card -- they'll be gone after closure.
Another example of why it's bad to emulate others without researching beforehand. MBNA's negative reactions to overpayments are widely known and well publicized.
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