Vmaxer's Mortga-App-O-Rama

Goals for M-AoR:
-HEL + mortgage for new rental property
-signup bonuses ($1k+ & plane tickets)
-investing 0% money (at least $150k) in short term accounts.
-getting 3-5 top daily use cards (3-5%rebates, BVG/PP, warranty extension, purchase protection, roadside assistance, etc..)
-increase total credit lines by $150k-200k to maintain <50% total utilization & <70% utilization per card after BTs.

Pre Mortga-App-O-Rama Financials
-1stMortgage - $315k (4.25% 5yr INT-only, so balance hasn't changed)
-Car loan - $17k (4% - $8k balance)
-10 CCs with total CL = $128.2k (1-2% utilization) (I kept out specifics to shorten this thread)
-Salary/Investments = $100k
-Household Income for AOR = $130k (true household is like $250k but I don't want to have to verify)
-Credit scores: 767 and 750 (at time of Mortgage/HEL applications).

Mortga-O-Rama
9/23 - HEL $100k (6.49% fixed 20 yr, <80%LTV, ZERO costs - not even for appraisal)
9/26 - 1st Mortgage for rental property - $165k (6.375% 30yr fixed investment property rate)
Both approved same day, got HEL in a week, closed on 1st mortgage mid-Oct.
11/02 - HEL will be refinanced to 5.99% for no fee or credit pull. New loan will be $110k.

App-O-Rama (19 CC Apps + 4 CLIs)
-Checked my credit scores thru PG,TC,Scorewatch(EQ): 10/25-10/26 - 7 scores between 730-765 (5 were 750+).
-Started early on 10/26, took 5 hrs for mostly phone applications (only did 5 online).

Immediate Approval (received cards within 9 days):
Best Buy Reward Zone (HSBC) - $1k (useless)
BoA Worldpoints Platinum Plus MC - $8k->$3k (Ipod+$50 w/ $2k 12month0%BT-nomax BTF)
Schwab Visa (BoA) - $15k ($50 credit, 12month1.9%BT-$75maxBTF)
Fidelity Visa (BoA) - $0k->$5k (1.5% unlimited rebates, 12month0%BT-nomax BTF)
AMEX Blue - $10k ($40 cardoffers, 0% purchases 15 months)
AMEX USAA - $16k->$34k (12month0%BT,noFee,noAF)
Airtran (Barclays) - $23k ($39 AF, 2.25 oneway flights, 6month 0% BT-$50 max BTF)

Deferred, but approved/received after ~9 days:
HSBC Direct Rewards Pt $4k (12month0%BT-$75maxBTF,5%back)
First National Bank of Omaha Pt $15k (0%P/BT 12months$75max,$50GC after BT)
Citi Professional-TY $9k ($100GC,12month0%BTnofee,3%rest/gas/office)
Discover Platinum $15k (0%BTforlife w/ 2 purchases - mail offer)
Citi Biz Premierpass $7.5k ($150GC, 12month0%Btnofee,AF waived 1styear)
AMEX Biz Platinum $26.7k ($75cardoffers, 12month0%Purchases)
AMEX Biz Gold Rewards #1 ($150TigerDirect/$100statementcredit/$50firstPurch/AFwaived1styr)
AMEX Biz Gold Rewards #2 ($75cardoffers/$100credit/$50after$5k purch/AFwaived1styr) - used different biz name
-Total new CL - $150.2k + two no preset limit AMEX Biz cc's.
-Total bonuses - 2.25 oneway flights (worth ~$225) + ipod (worth ~$100) + $1040.

Deferred CCs
Chase Freedom Visa (15month0%BTnoFee/Purchases - mail offer)
Chase Flexible Rewards(15month0%BTnoFee/Purchases - mail offer)
Chase CashPlus Rewards MC ($100GC,12month0%BT/P$75maxfee, 5%rewards)
-Total Bonus Potential: $100.

Declined CCs
CitiDiamondPreferred (0%BT/2-purch for life, $75maxBTfee) - letter stated too many recent inquiries.

CLI requests for existing cards:
-WaMu (denied b/c they automatically do it every 4 months)
-Citi (approved $10k ->$25k w/ hard pull)
-BoA (approved $12k->$25k, no pull b/c recent CR on file )
-AMEX Costco (approved $17.2k->$25k, but the new AMEX biz plat. pulled all CL except $0.5k due to inactivity)
-Total CLIs = $15k+$13k-$16.7k = $11.3k
Plan to request increases on the new cards prior to BT except for AMEX, BoA, Chase and Citi accounts since I feel I'm already pushing it with these banks. Hopefully Discover, HSBC, and 1stNationalBankofOmaha will raise to $25k each, but I doubt HSBC will budge. Airtran thru Barclays/Juniper wouldn't go higher than $23k.

Re-allocation of CLs
1. USAA AMEX: $16k->$34k
USAA Visa: $20k->$2k
2. Fidelity Visa (BoA): $0k->$5k (BoA saw new/old lines and wouldn't issue anymore CL so I had to do this)
BoA Worldpoints Pt+MC: $8k->$3k
3. Chase,Citi,BoA - TBD soon.

Net M-AOR results (as of 11/8):
- $110k HEL
- $165k Mortgage
- 15 new CCs
Total mortgage/HEL/car loans: $323k --> $598k
Total CL = $128.2k --> $289.7k
Total Sign Up bonuses: $1040 + Ipod + 2.25 oneway flights (total value to me: ~$1365)
Total 0% BT money invested: $$TBD$$

Tips/Notes
1. BoA and small banks tend to approve for exact CL during app.
2. Be careful with online apps giving error messages (both of mine transmitted w/ no confirmation).
3. Make sure you plan your top 2-3 cards for each Bank since they might catch on to same day apps.
4. Not all expired mail offers are expired (2 of my chase offers were still available).
5. I didn't utilize cardoffers.com enough, probably lost $120-160 b/c I wasn't sure if bonuses combined.
6. Discover CSR asked where the difference of salary and total household income came from. I told her "investments and
my roommate's salary". She said, "would you like to give roommate a card?" I said "no". CSR said "Ok, no problem."
7. Wasn't sure if it would help to initiate some BTs during phone apps, so I only did on two apps and gave CCs I have
fee-free 0% BT checks (USAA AMEX) or that can send me a check for negative balance (a Citi card).

Hope this info is helpful!

EDIT: fixed airtran offer (2.25, not 5 flights) (10/31) Thanks to Beckles.
EDIT: condensed and updated cards received (11/08).

Maybe I should ask a question since this supposed to be a thread?

Regarding my new CL and 0%BT goals, do you suspect I'll fail, meet, or exceed them? Also note, prior to AOR, I had existing cards with $35k and $25k 12 month 0%BT offers (so there's $42k of the $150-200k 0%BT). Another $20k card has 0.99%/6month or 1.99%/12 month but I plan to move this CL to a new card with 0% offer.

Under 2nd heading I said $130k.

Why do you say that? I've received better offers the past 3 months than over the past few years (15 month, no fee, better rebates, etc..). The only difference is some banks are now increasing their BT fee ceiling. I think it all depends on the score as to whether the well dries up for someone.

I still have 3 CR w/ FICO scores remaining for Equifax (last was 10/27), so I'm thinking I'll do it today/tonight, 2nd after I get all my cards and accounts are listed, and 3rd after I do BTs. Is it smarter to get new CRs at night? I'd think all the inquiries hit on 10/26,27, or 30th. I'm itching to hit the button now!

oops, thanks for pointing that out. I was thinking 4 credits = oneway. So it's actually 18 credits, or 2.25 one-ways. you get 8 credits w/ Visa Signature card plus up to 10 more for $10k balance tranfser (1 pt per $1k transfer up to 10). BT is 0% 6 months w/ $50 max fee. AF on signature visa is $39. they have visa platinum for no AF, but you can only get up to 14 credits.

I got the offer in the mail. You can try Here but I think it requires a personal invite code.

Also, visa signature accrues flight credits twice as fast.

Beckles said: A one-way is 8 credits, so 18 credits would be 2 one-ways and a little change.

correct, I fixed the OP and my last post.

FICO thru EQ was 755 on 10/27 and 755 10/31. 9 inquiries hit in between.
TC is slower to update. Scores have been same for 5 days too.
Still waiting to see about 9 more inquiries.

Karnal, I haven't gone thru a big AOR yet so can't answer that based on experience. I would think it depends on where you apply for the loan. CUs tend to only require a decent score and don't differentiate between a 675 and 775 like mortgage brokers. Not sure if the 15-20 inquiries would cause problems either. I'd think not if your debt/income ratio is ok.

Vmaxer said: 3) Called PFCU (PenFed) about their new lower HEL rate last week. They are lowering my HEL to 5.99% (was 6.49%) if I pull another $10k out.

Thanks for the data point. That is interesting.

Was the card that closed on you First National Bank of Omaha?

I did my AOR starting on Nov 1, and they approved me for 13.6K then, but I got a letter yesterday saying my account was closed "... due to the following reason(s): EXCESSIVE INQUIRIES" Unfortunately even tho I requested my BT on 11/1, it hasn't posted, and looks like it never will. Was looking forward to the nice long BT

Emil

EmilM said: Was the card that closed on you First National Bank of Omaha?

I did my AOR starting on Nov 1, and they approved me for 13.6K then, but I got a letter yesterday saying my account was closed "... due to the following reason(s): EXCESSIVE INQUIRIES" Unfortunately even tho I requested my BT on 11/1, it hasn't posted, and looks like it never will. Was looking forward to the nice long BT

Emil

Yup, they actually sent me the card but in between it was cancelled.

mbaker4096 said: Vmaxer said: 4)I re-allocated BoA/FIA lines to my best 0%BT offer (CL on 1 card is now ~$45k). CSR was very nice about it after I said I planned to pay down a HEL. He insisted on doing ACH for almost my entire CL. I didn't argue and plan to pay it down to 69% utilization before cycle closes in 3 weeks.Meh. Don't bother. Especially if you only have one line at 90%+.

You'd be better off making sure your other smaller lines are under 70%.

Since I doubt you would be pulling credit in the next few months, why is it important to keep your utilization down in the next 2-3 months?