Can one card be considered an AOR? Just got my new $100k card today which had 0% till 12/31/07, But had the 3% fees so never considered using if for AOR money. So I called to activate card and CSR asked if I wanted to do a BT or have money put into a checking account, I told him no because of the 3% fee. He then surprised me when he said how about if I could cap it at $75? I said sure. He needed to break it up and put $2425, I guess that was for the $75 fee into one account and $97500 into another. So I guess I did a mini-mini AOR but did get $99,925 of 0% money for over 14 months. Now I am worried about my 800+ FICO days being over, but I guess what was the use of having it if I did not take advantage of it. That card gave me a total CL of $182K, The other $82k shows as 0 utilization since I pay before they report. So now my utilization will suddenly be over 60%, I guess in AOR terms this is still good but will it kill my score? Now I have to learn how to live with debt. might need to be medicated
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Everyone, scott took the plunge.
(Pseudo-quote from Scott: "I just wanted to see the terms for the cards. So I entered the application webpages, and I followed through until before the final OK button. I had a bunch of these application pages opened in several browser windows. All of a sudden, the computer went nuts and ceased responding to my commands. In a matter of seconds, I could see that the webpages have changed: the computer accidentally pulled the trigger on all of them!)
Cards I had before all this started: RBS for over 10 years $20k MBNA Patriots $14,900 Chase 5% Got 2/06 $25k HSBC 5% got this month $25k 12 months 0% $75 cap MBNA Quantum $15k
CITI Preferred I applied a couple weeks and got $8,500 but got them to increase to $20k
Then I got the MBNA $100k 0% till 12/31/07 $75 Cap this week that started this whole thing, I did have to close my Quantum $15,000, And Patriots Rewards $14,900 to get the $100k
now CITI Hilton $50k 15,000 bonus points Emigrant $25k 0% 6 months $50 Cap HSBC Premier $35K 0% 12 months $75 cap Discovery $15k 0% BT and Purchases till 11/30/07 AMEX Blue Now $50k after a review BoA Platinum plus VISA, $11,500 0% 12 months BT and cash advances, No fees Chase Platinum VISA $25k
Have now applied for 9 new cards in my Rolling Accidental Appa-O-Rama in the last month and am calling it quits So now after all the new inquires here is how my scores on TrueCredit look TU Experian Equifax 773 752 791 Not terrible for all those pulls will now just have to wait to see what happens when balances start reporting
Message edited by: g10ny on 2006-12-08 06:01:08 CST
ETFnerd said:so you are now using 100% of your available cl on this card in a bt? Yes, Thought that might be bad but CSR told me it was fine. Should I pay a good amount on my first bill? I thought your report goes by total utilization? Not planning on applying for any more credit for awhile anyway's. Also was a cash advance and not a BT
I would have asked for the $75 cap in BT fees in writing. If you get hit with a $3000 BT fee, CSR can always deny that he never mentioned such a thing. Having near 100% utilization on 1 card is just asking for trouble
edit: if you do a quick AOR now before that balance shows up on your credit report it will benefit you more, otherwise that balance will cripple you if say you wanted to do a real AOR in a few months
Do I understand correctly that you signed up for a credit card and they gave you a 100k credit limit? No conolidation or anything? You may have addressed this in other threads but its news to me.
scott1961 said:Also was a cash advance and not a BTyou may have had an exception made, but this is not good if you didn't get the waiver in writing like xp suggests.
scott1961 said:Also was a cash advance and not a BT I would also check that you also get 0% APR on cash advances too. CSR might be a total idiot thinking that a cash advance is the same as a BT
jdbeast0000 said:Do I understand correctly that you signed up for a credit card and they gave you a 100k credit limit? No conolidation or anything? You may have addressed this in other threads but its news to me.
edited for ignorance he got a 100k card, he has 82k in other cards. He did a 100k BT on the single card, leaving him with 55% overall utilization, but 100% on that one card.
Who is the card issuer and what kind of card is it? I have a $102,000 CL on my Chase Premier Pass that has 0% BT offer attached to it for 12 months (well, 11 and 1/2 months now) and a $75 cap on the fees.
xpguy said:I would have asked for the $75 cap in BT fees in writing. If you get hit with a $3000 BT fee, CSR can always deny that he never mentioned such a thing. Having near 100% utilization on 1 card is just asking for trouble
Each transfer was recorded since I had to acknowledge approval and how could they have transferred $99,925 with a $100k line, if there was a 3% fee?</blockquote>
jdbeast0000 said:Do I understand correctly that you signed up for a credit card and they gave you a 100k credit limit? No conolidation or anything? You may have addressed this in other threads but its news to me.
edited for ignorance I talked about how I got it in the High credit limit thread Text
scott1961 said:Each transfer was recorded since I had to acknowledge approval and how could they have transferred $99,925 with a $100k line, if there was a 3% fee?</blockquote>They can raise your cl by $3K and if they're really nice, they can say you exceeded your limit and charge you a fee. CC folks are really accomodating in these ways. Not that this will necessarily happen to you, but you seem to have left yourself open for this possibility.
I was hoping this wouldn't be mbna. They seem strict about this kind of thing...I would think about:
(1) getting utilization down to less than 70%, (2) that the $75 fee was the only transaction cost, and (3) that my profile at mbna was not flagged going forward as a high-risk borrower. Why kill the goose for one single golden egg?
I guess it is going to hit credit score badly as soon as you cross 90% CL. May be you want to pay $10K before end of cycle so that utlization reported would be <90%.
For starters, they could tack a $3000 fee later, and magically go over your credit limit. Or they could later, upon further review, only transfer $96925 into your account to leave room for the $3000 fee. You leave a hole for them to mess up and screw you. These things shouldn't be done haphazardly.
scott1961 said:xpguy said:I would have asked for the $75 cap in BT fees in writing. If you get hit with a $3000 BT fee, CSR can always deny that he never mentioned such a thing. Having near 100% utilization on 1 card is just asking for trouble
Each transfer was recorded since I had to acknowledge approval and how could they have transferred $99,925 with a $100k line, if there was a 3% fee?</blockquote> They really don't care if you cross credit limit. I had one such experience with De1l when CSR encouraged to make a purchase for more than $$$ left on my CC. I laughed and hung up on her.
Like I said, The CSR recorded the details of the offer and I had to verbally approve. If he did play any games I will deny ever authorizing the advance which would force them to play the tape
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