***I am announcing my intention of doing an AOR. I am researching which cards to apply to by looking at this APP-O-RAMA site. Currently using this thread as a placeholder - will continuously update as info comes in.***
Purpose of AOR: To reap free monetary rewards, free miles and free gifts. To utilize 0% BT offers to make money with other people's money.
Profile: Age: 24 Gender: Male Status: Single FICO: 767 Credit History: 8 years
Background: Founded Azurik Inc., an e-commerce/consulting company as a sophomore in college. Earlier this year, I accepted a job offer to work for a government defense company financing their Missile Defense. In process of completing a partnership with a team in Thailand to fund my next entrepreneurial venture. Oh, and obsessed with Fatwallet Finance
Personal: American Express Blue -------------- $25,000 (increased from 11k) MBNA Merrill Lynch Platinum Plus --- $29,000 (increased from 9k to 20k, then allocated 9k more from Schawb) Citi Dividend ----------------------- $5,000 (wouldn't budge without a hard pull) Discover Classic -------------------- $1,000 (wouldn't budge without a hard pull) Discover Platinum ------------------- $6,250 (increased from 5k, wouldn't go higher without a hard pull) BoA Platinum VISA ------------------- $5,000 (increased from 2k, wouldn't go higher without a hard pull) MBNA Charles Schawb ----------------- $1,000 (increased 10k from 8k, then decreased 9k for allocation to Merrill) Providian PayPal -------------------- $1,000 American Express Rewards Gold ------ (unspecified)
*I have never manually asked for any of my credit limits to be increased. The big difference in credit limits comparing my personal to business is probably because I almost use the business ones exclusively. I charge all business related purchases on one card and personal purchases throughout the other lines of business cards I have. I have an EXCELLENT relationship with American Express and have no doubt my personal CL's would be higher if I apply for new cards from them today or ask for a credit limit increase.
**I plan to call all my existing credit card issuers up to increase any credit lines that won't require a hard pull. Will update this through parenthesis next to the card.
Update 09/20: I have increased my EXISTING lines up $32,250 so far without any hard pulls.
American Express Fidelity Gold / (Approved: unspecified) American Express Starwood / 10,000 SPG points / $40 / (Approved: $49,500)
BoA Choice Privileges / 1 Free Hotel / $30 / (Approved: $10,000) BoA WorldPoints Platinum Plus / $50 & iPod Nano after $2000 purchases and/or balance transfer (Approved: $8,000)
Chase United Mileage Plus Visa Signature Card / 25,000 miles after $250 in purchases (Pending: tba) Chase Sony Rewards / $150 after first purchase (Approved: $20,000)
Citi Diamond Preferred Rewards / 0% APR 12 months (Approved: $2,000) Citi Honors HHilton Signature / 0% APR for 12 months (Approved: $15,000)
Discover Miles Card / 0% APR for 12 months / 12,000 bonus miles (1000 miles per purchase/month) / $40 (Approved: $10,000)
Business:
American Express Gold Rewards / $100 credit after $100 purchase / $75 (Approved: unspecified) American Express Gold Delta SkyMiles / 15,000 SkyMiles after 1st purchase / $75 (Approved: $27,500)
Chase United Mileage Plus Visa Signature Card / 25,000 miles after $250 in purchases (Approved: $10,000)
CitiBusiness PremierPass / 0% APR for 12 months / 15,000 points after 1st purchase (Approved: $7,500) CitiBusiness Professional / 0% APR for 9 months / 10,000 TY points after 1st purchase / $40 (Approved: $20,000)
Other Accounts:
Fidelity Brokerage Account / 25,000 United miles after $50,000 deposit ($50,000 sent) Fidelity Brokerage Account / $100 after $10,000 deposit ($10,000 sent) United Airlines Account / 10,000 miles after submission of college diploma (received points)
Lessons Learned: #1. Get $720 FREE from applications.
Reap Free Miles & Rewards: #2. Receive 85,000 UA miles from applications (enough for 3 roundtrip tickets with 10,000 leftover miles). #3. Receive 15,000 Delta Skymiles from applications. #4. Receive 10,000 SPG points from applications (enough for three free nights). #5. Receiev 12,000 miles from Discover to transfer to airlines. #6. Receive 5,000 AMEX Membership Reward Points from applications. #7. Receive iPod Nano. #8. Receive 1 free night at any Choice Hotels. #9. Receive 25,000 TY points, redeem for multiple giftcards. #10. Receive 15,000 Hilton Hotel points.
Utilize 0% BT Offers to Make Money with Other People's Money: #1. Leveraged business card spending, Fidelity's AMEX Gold Card for balance transferring when issuers won't directly issue a check (instead they pay this card and the money goes directly into my savings account there, WOO!). Currently have over $124,000 as of March '07 earning 5.5%+ interest.
***I am announcing my intention of doing a SECOND AOR. It will be several more months for my current AOR game to clear, so I'm currently using this thread as a placeholder - will continuously update as info comes in.***
Revised Purpose of AOR #2: To reap free monetary rewards, free miles and free gifts. To utilize 0% BT offers to make money with other people's money. To take advantage of a stronger and bigger credit profile.
Current Profile: Age: 25 Gender: Male Status: Single FICO: 767 Credit History: 9 years
Looks like it's sort of boring to work there Or, who knows, there might be a governmental type of black card worth applying for (provided it can be applied for). Do you miss your biz one?
Can't wait to see OP's present cards list. BTW, the FW Finance virus is widely spread, funny thing that you brag about
g10ny said: Looks like it's sort of boring to work there Or, who knows, there might be a governmental type of black card worth applying for (provided it can be applied for). Do you miss your biz one?
Can't wait to see OP's present cards list. BTW, the FW Finance virus is widely spread, funny thing that you brag about
It's a bit different working for a corporation than working for yourself. There's positives/negatives to both. I actually enjoy a lot with what I am doing - the work is fast-paced and dynamic, which fits my personality well. It also gives me an eye-opener on what to expect from Fortune 100 companies. There's a lot I have learned so far and that's been great. What I miss most is probably the non-structure of a new business and the fact that all profits eventually go into my own pocket instead of dividing it up.
I will post my present cards list soon. It's NOT a big list, probably contains 15 cards or so between personal/business.
kamalktk said: Technologist said: And I am Sooooooooo subscribed to this thread....
Good Luck Azurik... I know that betweeen your business acumen, and Sis's help, you should reap some big $$$$$!!!
Ditto, this should be really good.
Thanks guys, glad there's some interest in my little project. I was initially going to do this in private, but I figured, why not just share it with the FWF community?
highmktgoods
Senior Member
posted: Sep. 12, 2006 @ 1:12p
I've read some on your history, and I can imagine you have a good relationship with AMEX. However, are you willing to lose your credit due to a financial review? I think that would be a hoot. It would be like AMEX shooting themselves to prevent you from gaining arbitrage money.
Personal: American Express Blue --- $11,000 American Express Rewards Gold --- unspecifiedIs this actually how they report -- the Centurion shows up as a $1 million limit? What are the high balances on the cards that don't report limits?
Out of curiosity, why are you paying annual fees on 4 inferior AMEX charge cards? (It is my understanding that they don't waive them for Centurion holders.)
Personal: American Express Blue --- $11,000 American Express Rewards Gold --- unspecifiedIs this actually how they report -- the Centurion shows up as a $1 million limit? What are the high balances on the cards that don't report limits?
Out of curiosity, why are you paying annual fees on 4 inferior AMEX charge cards? (It is my understanding that they don't waive them for Centurion holders.)
Actually ironically enough, out of curiousity, I asked AMEX what my "soft limit" was and that was there response. They said they'll put this under my AMEX online account so I can track how much CL I have left. As for the annual fees, I applied to a few of the cards because they offered cash incentives. They offered the first year free so I haven't bothered to cancel yet. I pay half the annual fee for the AMEX Business Platinum charge card through a discussion with long long ago. I probably won't keep the Centurion forever so the Platinum would be my primary card sooner or later.
The high balance would probably be in the $20k range for the unspecified ones I listed. I haven't checked my credit report in a little while so I would have to double check.
dr84 said: Azurik said: dr84 said: Wow a Centurion card, not bad. Is it a 0%?
No, it isn't. It's a charge card, not a revolving credit. There isn't an "APR" rate unless you default on your payment.
So why include it in the App-O-Ramma? BTW how did you get it?
Those are the cards I CURRENTLY own. The next thread I haven't updated yet will be the cards I will apply for. The list was just to give you a reference of what my credit ownership looks like at this moment before the APP-O-RAMA.
I have an EXCELLENT relationship with American Express and have no doubt my personal CL's would be higher if I apply for new cards from them today or ask for a credit limit increase.
Master of the understatment. Pity that doesn't post on your personal credit report.
Curious as to what kind of money you are looking at making from going ahead with this and will it be enough to offset the potential risks. In the last day we have had one poster say his home insurance went up because of credit report and another had auto policy go up. 740 seems to be a borderline FICO to start an AOR with and I would worry about a sudden drop causing problems with those other great existing lines you have. Also it seems you are in a position where you could find something more profitable than doing an AOR. Sorry to sound negative just playing devils advocate
vinhboy
Tired Member
posted: Sep. 12, 2006 @ 3:48p
wow, how fun. good luck john.
i do agree with the above poster though, at your position there are certainly easier/less risky ways to make money. but what do i know. i cant even afford dinner.
RS4Rings
Back in Rehab
posted: Sep. 12, 2006 @ 3:54p
One other thing, You say you work in Defense related industries , Could what will appear as a sudden run up in debt possible cause any problems for you?
Citi ProfessionalSM Card • 10,000 bonus points after 1st purchase, redeemable for a $100 gift card*
Citi® Diamond Preferred® Rewards Card • 10,000 bonus ThankYou Points®, after your first purchase, redeemable for a $100 gift card†
Citi PremierPass® Card - Elite Level • 15,000 bonus points after first purchase within 60 days of account opening Convert to regular premier pass after you use and get credited with 150k points to avoid the $75yr fee
CitiBusiness PremierPassSM Card • 15,000 bonus points after first purchase within 60 days of account opening Convert to regular premier pass after you use and get credited with 150k points to avoid the $75yr fee
CitiBusiness® Card with ThankYouSM Network • Receive 10,000 ThankYouSM Points after your first purchase, redeemable for a $100 Gift Card†
scott1961 said: One other thing, You say you work in Defense related industries , Could what will appear as a sudden run up in debt possible cause any problems for you?
That, is a VERY good question. We are starting to look into credit reports to see if potential new hires are financially responsible. Although, my background check is done, I am in the process of applying for my security clearance at the Secret level. That is probably something I should look into and if that presents itself as a problem, I might need to scale it down a bit - like doing a mini-AOR instead.
Citi ProfessionalSM Card • 10,000 bonus points after 1st purchase, redeemable for a $100 gift card*
Citi® Diamond Preferred® Rewards Card • 10,000 bonus ThankYou Points®, after your first purchase, redeemable for a $100 gift card†
Citi PremierPass® Card - Elite Level • 15,000 bonus points after first purchase within 60 days of account opening Convert to regular premier pass after you use and get credited with 150k points to avoid the $75yr fee
CitiBusiness PremierPassSM Card • 15,000 bonus points after first purchase within 60 days of account opening Convert to regular premier pass after you use and get credited with 150k points to avoid the $75yr fee
CitiBusiness® Card with ThankYouSM Network • Receive 10,000 ThankYouSM Points after your first purchase, redeemable for a $100 Gift Card†
I am looking through your list and another list I found earlier. I think my MAIN goal is to get as many statement credits/gift cards as I can. Secondly, I want to apply for a few 0% BT and put the BT check into a MM fund earning interest on their dime. The majority of them charge 3% BT fee though (with a cap of $50-$75), so I'm seeing if the second part of what I want to do is worth it.
tjwoody said: azurik, still selling dells at the computer show?
LOL! No, I actually stopped doing that long ago. I have little mini-outlets now that I let my brother take care of while I'm at my gov't defense job.
I have an extremely interesting idea with some people in Thailand at the moment. I tested the market out before I started the corporate life, and it raked in an average of $1,000 net profit every 8 hours. Unfortunately, due to relationship circumstances with my then long-term long-time girlfriend along with just accepting a job offer, I couldn't commit to staying over there for an extended period of time.
Before you say anything, people have already said I am crazy. Usually people go from the corporate world to a start-up, and I'm doing the opposite. I'm honestly doing it for the experience to see what it is like and to see how successful I can be in another world. I still have the entrepreneurial blood in me, and will probably persue that venture even further at a later date.
hokie94
Member
posted: Sep. 12, 2006 @ 5:18p
Azurik said: scott1961 said: One other thing, You say you work in Defense related industries , Could what will appear as a sudden run up in debt possible cause any problems for you?
That, is a VERY good question. We are starting to look into credit reports to see if potential new hires are financially responsible. Although, my background check is done, I am in the process of applying for my security clearance at the Secret level. That is probably something I should look into and if that presents itself as a problem, I might need to scale it down a bit - like doing a mini-AOR instead.
Since you only reported your CC credit lines (as opposed to other balances such as car, house, HELOC etc), it would be advisable to tread carefully. If it's a DOD clearance, DISA does not look very favorably on a sudden increase in credit lines/debt. If it's a NATO clearance, that process is a little more painful, but not as much as a TS. If your job is dependent on acquiring a certain clearance level within a certain amount of time, I would recommend putting this on hold until your interim clearance is granted.
hokie94 said: Azurik said: scott1961 said: One other thing, You say you work in Defense related industries , Could what will appear as a sudden run up in debt possible cause any problems for you?
That, is a VERY good question. We are starting to look into credit reports to see if potential new hires are financially responsible. Although, my background check is done, I am in the process of applying for my security clearance at the Secret level. That is probably something I should look into and if that presents itself as a problem, I might need to scale it down a bit - like doing a mini-AOR instead.
Since you only reported your CC credit lines (as opposed to other balances such as car, house, HELOC etc), it would be advisable to tread carefully. If it's a DOD clearance, DISA does not look very favorably on a sudden increase in credit lines/debt. If it's a NATO clearance, that process is a little more painful, but not as much as a TS. If your job is dependent on acquiring a certain clearance level within a certain amount of time, I would recommend putting this on hold until your interim clearance is granted.
hokie94,
Thanks for the comments. Regarding other balances, I have none. My 2006 Acura TSX was paid in full at the time of purchase. I co-own a couple of houses that no longer have any mortgages - I just owe my dad payments over time. I have no loans listed in my credit profile.
I DO plan to buy a house under my own name in about 2 years (I see a lot of foreclosures coming down soon and prices softening). If I wait too long, I feel that would affect me in receieving the optimal mortgage rates (looking at either the 15/30 year fixed).
I understand some people's concern with DoD clearances; however, based on Azurik's Finacial / business background, I daresay it will have little or no effect on his clearance process. If anything, he may be asked to explain whay all the inquiries, and he can say based on his side business(es), along with future plans for additional income sources, he is enhancing his credit scores... as we all know, you take a ding for 3 to 6 months with regard to an APP-O-RAMA, but then your scores INCREASE, as your overall CL increase and proportionally your utilization percentages DECREASE.
Within the last 2 weeks, I did my annual APP-O-RAMA (sorry I haven't posted results yet)...
FICO dropped 17 points within the first week, then JUMPED up 43 POINTS, as individual utilizations decreased...
My outstanding balances are now more equally spread across my lines, and overall utilization dropped from 38% to 20%, only BECAUSE of an approximate additional $60,000 in CL!
WorkingTree
Member
posted: Sep. 12, 2006 @ 5:57p
Azurik said: In process of completing a partnership with a team in Thailand to fund my next entrepreneurial venture.Does your cunning plan involve katooeys?
Freakazoid
Thrifty Member
posted: Sep. 12, 2006 @ 6:31p
I'm anxious to see your plans. I know whatever you do will be well thought out and thorough. I'm sure the SIS and DaveHanson gods will be watching closely. Best of luck.
My question is how much will they let you get. I'm assuming your Centurion shows as a balance type credit limit. If not, I don't know how concerned they'll be about having too much available credit. I'll bet you'll be able to pull in minimum wage simply with BTs!
joey791
Happy Member
posted: Sep. 12, 2006 @ 7:49p
Azurik said: scott1961 said: One other thing, You say you work in Defense related industries , Could what will appear as a sudden run up in debt possible cause any problems for you?
That, is a VERY good question. We are starting to look into credit reports to see if potential new hires are financially responsible. Although, my background check is done, I am in the process of applying for my security clearance at the Secret level. That is probably something I should look into and if that presents itself as a problem, I might need to scale it down a bit - like doing a mini-AOR instead.
Hey Az, I have to second Scotts sentiment, I recently(in the pass 2 years) had to get access to a federal site, one of the forms I had to approve them pulling my credit report, I was against it at first because big brother knows everything about us already, but anyway when I started inquiring about why it was necessary, I was told that having or gaining alot of debt is a sign that you could be a candidate to steal or spy(worse case scenarios). With the business you have and what you are doing I can honestly say that I dont think the monetary gain from this AOR is gonna be a benefit, especially down the road.
DamnoIT said: I am surprised that your CL is so low. I mean you have started business, worked in various enterprises, pull a nice paycheck and should have nice equity. I would think that you should be around 5 mil, but then again Credit companies dont want to hand out that mauch ching at 0%. he he he
I probably blame myself for this. I always had followed the "don't put all your eggs in one basket" mantra. For my business, I increased my revenue channels and expanded my business lines, but I didn't focus too much on my credit then. I had (still have) a great relationship with American Express. I charged everything on AMEX unless they weren't accepted - rarely carrying more than a $20 bill with me. Because of the Centurion card, I didn't religiously ask for credit line increases or did any allocation. It was only until late last year did I do all of those for my first AOR.
I think once my second AOR begins though, I will have credit lines that is more aligned with my spending ability. We'll see, and stay tuned!
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