I am a newbie to the board and to the whole concept of AOR's. However, I've done some research and I am definitely looking to pull the trigger on my first AOR within the next couple of weeks. With that said, I am hoping to get some help and suggestions from the experienced. Here are my vitals:
Age: 20 (junior undergrad student) Credit Age: 2 years (got my first credit card when I turned 18) Credit Score: 737 (from TrueCredit 30 day free trial) Household Income: $120,000 Extra Info: I currently live at home and have been an authorized user on my parents' credit cards since I was 16.
Goals: 1. To make some extra cash on BT's 2. To build credit history and increase my FICO score (I know I will take a short term hit by doing an AOR) 3. Cash in on some extra bonuses that the banks are giving
Credit History: Citi Simplicity - $9,000 limit Discover CashBack Bonus - $1,250 limit 3 Merchant Cards - $1,000 limit on each
So far I plan to apply for up to 10 credit cards. Here is my current list of cards I plan to apply for, but I need your help for more:
1. Citi mtvU 2. Bank of America Visa LINK 3. American Express IN:LA Card 4. Citi Upromise (not sure if this applies to Citi's 2 card per 60 days policy)
Please help me out with some more. I'm definitely looking for cards with 0% as well as no fees on BT's. Any suggestions would be useful as I begin my App-O-Rama. Thanks in advance.
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You need to wait a few years, man. Your credit history is much too short to qualify for any high credit limits. Wait another 3 or 4 years, when your credit limits are more like 20k instead of 9k. That is when you can make good money. I am a college junior as well, with a 2 year old credit history. I would love to do an AOR now but there is no point because I won't get any decent credit lines. Wait a few years so that you can truly profit.
Remember tho, you will need to hold off on the AOR if you are looking to rent a place, apply for car insurance, get a car loan, personal loan, etc. (because the AOR will put a dent in your credit history for one or 2 years)
wiredspider said:Why not? He can use the higher HHI to get some decent lines.
You can check out my AOR from a few months ago here. I had even less credit history than the the OP.
Are you sure? Heck, then I might as well jump into the AOR game now, since my HHI is around 105k.
But the reason why I doubt all this is because 2 years of credit history is not enough to get accepted for most 12 month BT cards. Some might accept you, but most will not. Creditors keeps telling me that my credit history is too short even when I request a CLI.
And despite my HHI of 105k, are they gonna give me 15k credit lines? I doubt it. Credit history is too short and they might also not like the student loans.
wiredspider said: You can check out my AOR from a few months ago here. I had even less credit history than the the OP.
I looked at your AOR and you got a lot of deferred apps. Also, you got a total credit line of around $65,000. Shouldn't I wait a few year so that I can get a total credit line of $150,000? That will bring in much more interest than 65k.
TheThinker said:wiredspider said: You can check out my AOR from a few months ago here. I had even less credit history than the the OP.
I looked at your AOR and you got a lot of deferred apps. Also, you got a total credit line of around $65,000. Shouldn't I wait a few year so that I can get a total credit line of $150,000? That will bring in much more interest than 65k.
Well, new cards, bigger limits, reallocate lines to maximize the 0% promos... if there are any then.
Anyways, just signed up for the freebies, going to China courtesy of Citi. Spending money courtesy of Chase and AMEX.
after applying for 25 cards, are you sure you wanna do a 2nd AOR someday? Won't it be weird having a credit report with 50 credit cards listed on it? And besides, won't it be a hassle managing all those cards?
thinker, you really need to read the AOR threads. there are multiple people here approaching or exceeding 100 cards. I have never had a lender concerned with all the accounts, and they are not a hassle to manage.
TheThinker said:after applying for 25 cards, are you sure you wanna do a 2nd AOR someday? Won't it be weird having a credit report with 50 credit cards listed on it? And besides, won't it be a hassle managing all those cards?
Don't make me do all the thinking here.
Collect rewards, determine which cards are worth keeping, reallocate lines if possible from cards that will not be used, close those cards.
SUCKISSTAPLES said:thinker, you really need to read the AOR threads. there are multiple people here approaching or exceeding 100 cards. I have never had a lender concerned with all the accounts, and they are not a hassle to manage. ...and all the mail makes you seem important.
SIS, I realize some people on here have 100 cards. But isn't that overkill? When lenders pull your credit report, are you sure they won't find it highly unusual that one person has 100 cards? Maybe you didn't have any trouble but I still find it hard to believe that I can have a credit report filled with 100 cards and not raise any red flags.
djspray said: ...and all the mail makes you seem important.
Good point. Getting 50 account statements each month? That's a bit crazy. Are a few thousand bucks interest worth a credit report filled to brink and a mailbox stuffed like crazy? Even if you opt for e-Statements, that's a lot of email!
TheThinker said:djspray said: ...and all the mail makes you seem important.
Good point. Getting 50 account statements each month? That's a bit crazy. Are a few thousand bucks interest worth a credit report filled to brink and a mailbox stuffed like crazy? Even if you opt for e-Statements, that's a lot of email! I dont mind sorting through mail when I see this every month . With lots of accounts, and high credit lines, you can be making a few thousand in interest per MONTH, not per year. For me, its enough to pay the mortgages on 2 of my homes. If you have that many cards, you build credit lines substantial enough to start making serious cash.
TheThinker said:djspray said: ...and all the mail makes you seem important.
Good point. Getting 50 account statements each month? That's a bit crazy. Are a few thousand bucks interest worth a credit report filled to brink and a mailbox stuffed like crazy? Even if you opt for e-Statements, that's a lot of email! You only get bills for cards that you use, and sometimes they even cancel small amounts(see here). It's not really as bad as you'd think, all the solicitations for new cards and offers are more of a pain to sift through...until you strike gold.
TheThinker said:I looked at your AOR and you got a lot of deferred apps.What does it matter if it's instant or deferred?
TheThinker said:Also, you got a total credit line of around $65,000. Shouldn't I wait a few year so that I can get a total credit line of $150,000? That will bring in much more interest than 65k.Doing some back of the envelope math it looks like 5% of 65k is only $3250 - you're completely right, Thinker, it's best to leave that alone and wait around a couple of years.
For the OP: there's a list of good 0% offers linked on the first page of the AOR thread. Start your research there.
One of the main reasons I want to do an AOR is to build credit history. I'm not trying to go all out and to get $100k of credit right off the bat as I know thats unlikely. I'm hoping for around $30k to $50k in credit that I can dump into a high yield savings account. Also, I won't be renting a house, buying a car, or taking out a loan for at least the next year to 2 years.
But back to the subject, does anyone have any other suggestions for me?
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