Thanks to all the FWF AOR gurus. I read the finance forum and learnt about AOR. After reading and reading and reading, I feel that there are still more to read and learn, and I am not sure if I am ready. Anyhow, I am eager to launch my first AOR. I am at the preparation stage right now.
Purposes: - Air mile bonus - 0% BT offers - Get more CL to consolidate and re-allocate into those CCs with 0% BT offers
Existing Credit Cards: Personal Chase United Mileage Visa $8,000, 1 year (08/2006) Chase Platinum Visa $8,500, 8 years (05/1999) Chase Buy.com Visa $17,000, 1 year (04/2006) Chase Rewards Mastercard $5,000, 3 years (10/2003) [AMEX Starwood Preferred Guest (AU) $10,000] AMEX Hilton HHonors Platinum $15,000, 6 years (07/2001) Citi AA Mastercard $20,400, 1 year (09/2005) Citi Dividend Mastercard $6,800, 2 years (02/2005) Discover Card $15,500, 8 years (06/1999) Patelco Gold Visa $25,000, 9 years (04/1998) Target Visa $7,000, 2 years (05/2005) Macy Visa $6,000, 2 years (08/2005)
Total Personal CL: $134,200
Business Chase Business Visa $16,500 AMEX Business Blue $15,000 Capital One Miles Business Visa $7,000 Advanta Business Mastercard $7,500
Total Business CL: $46,000
Total CL: $180,200 All credit cards have very low or no utilization. No BT with any of them currently. No mortgage (mortgage ended when house sold in Dec 2004), renting myFICO: 807 Privacy Guard: EQ – 767, EP – 779, TU – 766
Questions: - Are there any other cards that I should add or remove? For example: Are there any other good GM cards to apply? PNC bank Visa card now only offers 4 billing cycles, and there is no max on BT fee?
- Are there still any perks going through cardoffers.com or cardselections.com? Should I bother to go through those or any other referral sites?
- Some people have reported a limit of 2 Citi applications per 60 days but it is YMMV. Is it 2 personal + 2 business applications, or 2 applications altogether? Does it hurt to try to apply more?
- Some people suggest moving the billing cycle towards the end of the month. Will it create two billing cycles in a month? E.g. if an original billing cycle ends on the 18th, if I request to move to the 30th, will the credit card company create another billing cycle from 19th – 30th?
- Any other advice or recommendations?
Here is the final list of Credit Cards that are applied, in the priority order:
Citi AT&T Universal Rewards Card, 6,000 TYP, 0% BT 12 months, no BT fee Discover 0% For Life, apply over the phone, 0% BT 12 months, max BT fee $50, 2 purchase per month after 12 months
its 2 citi cards of each type, 2 personal cards, 2 business cards, and the professional card (which is a hybrid personal/business card) you should be able to get.
i think you are doing good. leave one citi personal and business card alone because you will have to BT launder cards that can't send checks or direct deposit to checking (such as the bank atlantic biz card) through a citi card and do a credit balance refund.
as for the chase cards, reallocate/consolidate your chase personal cards to the Sony (it comes with a welcome BT check), I think the chase business cards come with a BT check as well from what i've read in other AOR's, the citi cards you can request BT checks online, BOA will direct deposit to checking, Kroger personal finance 1-2-3 rewards comes with a BT check a week after you get your card, and discover will send BT checks upon request.
Mitch007
Member
posted: Aug. 15, 2007 @ 12:55a
wow! very respectable list! good lucks.
lhendricks92
Senior Member - 1K
posted: Aug. 15, 2007 @ 6:43a
please post your HHI and age of accounts.
lhendricks92
Senior Member - 1K
posted: Aug. 15, 2007 @ 6:57a
that is a boatload of new cards...slow your roll, my friend.
you already have several chase and citi cards, so i'm guessing you're near the max CL exposure with them. therefore, there's no need to apply for 15 chase and 15 citi. just pick one or 2 cards (preferably business) from each issuer.
also, remember to reallocate. for example, no need to apply for 2 AMEX in:XXX cards - 1 is fine.
as far as specifics...
BofA - looks like you're a BofA virgin! nice, they're gonna love ya. apply for 2 or 3 personal and 2 business. find that "generic" personal card with 0% for 12 months and no bt fees. this will be the destination for all your new BofA credit. (your cardoffers link for the Financial Rewards card is only 6 months).
USAA - careful - they are no longer credit balance friendly (look for the adbracadabra thread). the good news is they offer no fee cash advances, but you need to take the CA BEFORE you transfer a balance. (btw, does your patelco card have no fee cash advances?)
good luck!
markkundinger
Senior Member - 2K
posted: Aug. 15, 2007 @ 7:03a
Oh man, I've got a bad feeling about this one.
- You mention miles as a priority, but with whom? You've got America, United, Midwest, along with an existing Starwood. Any particular loyalty to any particular joint that should be a concern in tweaking your AOR? - Too many citibank cards, 4 personal, 1 AT&T, 1 Prof, and 2 business? - Too many Chase cards (4 personal, 3 business, including a couple with no particular "deal" that other cards don't have?). - Two AMEX IN cards. - Five BofA cards, and not a single one is the zero-fee BT card that's been done in previous AORs. - USAA is sometimes very credit balance unfriendly.
One final thing to not about the UA cards. If you're really gung-ho about United, there's a super premium card that not only grants you miles, but EQMs to qualify for elite status, as you spend. Annual fee is unavoidable on that one, though.
jleung
Senior Member
posted: Aug. 15, 2007 @ 9:48a
Squeezer99, thank you for your information on the BT. I am planning to reference the following links when the BT time comes after the AOR applications are approved: BT1 BT2 BT3
jleung
Senior Member
posted: Aug. 15, 2007 @ 9:50a
lhendricks92, HHI, mortgage situation, age of personal accounts are updated in OP.
How can I find out the age of business accounts? They do not appear in the credit report.
lhendricks92
Senior Member - 1K
posted: Aug. 15, 2007 @ 10:02a
jleung said: lhendricks92 said: please post your HHI and age of accounts.
HHI, mortgage situation, age of personal accounts are updated in OP.
How can I find out the age of business accounts? They do not appear in the credit report.
thanks, that helps. as your business cards don't affect your personal FICO, their age is less important for predicting results.
jleung
Senior Member
posted: Aug. 15, 2007 @ 10:07a
lhendricks92 said: that is a boatload of new cards...slow your roll, my friend.I thought in general, the more CCs you apply, the more CL you will get, isn't that true? I tried to apply more cards just to consolidate the CL together into 1 card.
lhendricks92 said: you already have several chase and citi cards, so i'm guessing you're near the max CL exposure with them. therefore, there's no need to apply for 15 chase and 15 citi. just pick one or 2 cards (preferably business) from each issuer.My utilization is low or zero in most of the cards. I am not sure if it is what you mean by "max CL exposure". I plan to request CLI on the existing cards right after the AOR. I apply some of the cards solely because of the air miles and bonus, not BT.
lhendricks92 said: also, remember to reallocate. for example, no need to apply for 2 AMEX in:XXX cards - 1 is fine.But will I get more CL when I am applying 2 cards? And then I can consolidate the CL together?
lhendricks92 said: BofA - looks like you're a BofA virgin! nice, they're gonna love ya.Yes, I am a BofA credit card virgin. But I do have savings, checking, debit card, and NEA account with them.
lhendricks92 said: apply for 2 or 3 personal and 2 business. find that "generic" personal card with 0% for 12 months and no bt fees. this will be the destination for all your new BofA credit. (your cardoffers link for the Financial Rewards card is only 6 months). I will find out and replace with the 12 months "generic" one.
lhendricks92 said: USAA - careful - they are no longer credit balance friendly (look for the adbracadabra thread). the good news is they offer no fee cash advances, but you need to take the CA BEFORE you transfer a balance.Maybe I should drop this card then?
lhendricks92 said: (btw, does your patelco card have no fee cash advances?)They are currently running a promotion with no BT or cash advance fee until August 31. Their BT rate is 8.9%.
lhendricks92
Senior Member - 1K
posted: Aug. 15, 2007 @ 10:18a
all issuers have a maximum amount of credit they will extend to you. if you've reached this limit, applying for more cards will not gain you any more CL (caveat: some issuers treat business and personal CL somewhat separately). for example, citi gave me a $500 CL on my new driver's edge card. why? because i already had over $50K of credit with them.
remember, each new PERSONAL account will cost you FICO points. you want to be as efficient with new lines as possible.
EDIT: and not just FICO points..."too many recent accounts" is a common reason for application rejections. you should always be thinking about your next app spree.
lhendricks92
Senior Member - 1K
posted: Aug. 15, 2007 @ 10:18a
if you've got a sweet targeted BT offer from USAA, go for it. otherwise, you might look elsewhere for a BT laundry card.
Don't let BOA try to downsize your applications. They kept me to one biz and on personal card. If they call and try to get your to pick between your apps, make sure that they are giving you a sweet credit line, or don't back down. Say you need ALL of there cards. Be prepared to say why. They caught me off guard.
I had only one citi card, and they only gave me the professional and a business card. They denied me one the ATT one and another business. So while I heard the 2 in 60 days, for me, it was less. I got good lines at least.
jleung
Senior Member
posted: Aug. 15, 2007 @ 10:20a
markkundinger said: Oh man, I've got a bad feeling about this one.
- You mention miles as a priority, but with whom? You've got America, United, Midwest, along with an existing Starwood. Any particular loyalty to any particular joint that should be a concern in tweaking your AOR? - Too many citibank cards, 4 personal, 1 AT&T, 1 Prof, and 2 business? - Too many Chase cards (4 personal, 3 business, including a couple with no particular "deal" that other cards don't have?). - Two AMEX IN cards. - Five BofA cards, and not a single one is the zero-fee BT card that's been done in previous AORs. - USAA is sometimes very credit balance unfriendly.
One final thing to not about the UA cards. If you're really gung-ho about United, there's a super premium card that not only grants you miles, but EQMs to qualify for elite status, as you spend. Annual fee is unavoidable on that one, though.
I prefer UA and AA miles, as I need to travel between US and Canada a few times a year.
So in general too many cards from 1 issuer is not good? Again, my intent is to re-allocate the CL together into 1 card when/if the application is approved.
Again, maybe I should drop USAA?
I am not going to spend a lot, so I may not be able to collect a lot of miles with the UA premium card with annual fee. What is EQM?
I thought advanta only allowed one card. Since you got one already. I don't think you'll get another??
jleung
Senior Member
posted: Aug. 15, 2007 @ 10:56a
find that "generic" personal card with 0% for 12 months and no bt fees. this will be the destination for all your new BofA credit. (your cardoffers link for the Financial Rewards card is only 6 months).
jleung said: find that "generic" personal card with 0% for 12 months and no bt fees. this will be the destination for all your new BofA credit. (your cardoffers link for the Financial Rewards card is only 6 months).
FYI, the Pulaski card may be a PIA. Here's a number to call before your app is submitted. Ask them what is needed in order to apply. They always seem to require a pay stub. Sometimes more. I just updated the FAQ link with their number. Here it is: 800-217-7715
Additionally you can look to cyberkost's experience here and here
vcxzfdsa said: I thought advanta only allowed one card. Since you got one already. I don't think you'll get another?? You are correct. They only allow one card. It would be interesting if you cancelled your current one and reapplied. No one has tried/posted about that as of yet, and I'm curious if this is the way to get another 15 month 0% BT out of them.
djspray said: vcxzfdsa said: I thought advanta only allowed one card. Since you got one already. I don't think you'll get another?? You are correct. They only allow one card. It would be interesting if you cancelled your current one and reapplied. No one has tried/posted about that as of yet, and I'm curious if this is the way to get another 15 month 0% BT out of them.
If I cancel my current one, how long does it take before I can apply for a new one? Hmmm..., does it mean that I should drop it ......
busterbaxter
Senior Member - 1K
posted: Aug. 15, 2007 @ 1:56p
jleung said: I have CitiGold. Do you have to call them to waive the $75 fee? Or the system will waive it automatically?
per previous threads, you have to call them. They will refund the fee.
jleung said: djspray said: vcxzfdsa said: I thought advanta only allowed one card. Since you got one already. I don't think you'll get another?? You are correct. They only allow one card. It would be interesting if you cancelled your current one and reapplied. No one has tried/posted about that as of yet, and I'm curious if this is the way to get another 15 month 0% BT out of them.
If I cancel my current one, how long does it take before I can apply for a new one? Hmmm..., does it mean that I should drop it ...... I'm not really sure how long they would require to churn a new card. If you aren't using your current card for a BT, and don't mind losing the (now) crappy reward structure, it might be worth a try. I realize you have a decent CL of 7.5k, so I guess its a gamble. I've seen over half a dozen people try to get a second card from them claiming different business names, "I don't even know who that person is at my business," etc. and they don't budge.
UpZone
Member
posted: Aug. 15, 2007 @ 7:30p
PRETTY EXTENSIVE, probably the most important of all is what could happen after you get the new accounts....and your CR showing over or close to 40 inquiries and perhaps more than 30 new accounts...IT is important to take that into account. CHASE has been closing accounts or reducing Credit lines for having too many new accounts or inquiries. AMEX is also reducing CL etc. I had a long phone conversation with Chase on Monday trying to increase my CL by 2,000. They could not barge and insisted that I have too many inquiries on my report. (12 inquiries in total: 9 new 2 old)... SO IT IS IMPORTANT TO HAVE YOUR GUARDS UP, AFTER EFFECT. Please post your results, Iam sure everybody will love to know.
jleung, take a look at this archived thread for more details on how many citibank cards you can apply for. Citi Apps thread 2 months ago, I was approved for: Business $12K, Business PremierPass $6K, PremierPass Elite $20K, AT&T $7.5K, Driver's Edge $7.5K, Professional $15K, HHilton Honors $25K and Business AAdvantage $40K in that order. I had no other open Citi cards at the time.
I suggest you find out which CRA your applications will likely pull and try to avoid excessive Experian pulls because you will not be able to bump them off (unlike TU and Equifax). Here's a Credit Pulls Database from creditboards. (You'll need to register)
I used cardselection for as many apps as I could and already cashed one $115 check and have another on the way after 3 citi and 1 chase apps required extra legwork. Here is the list of apps that I went through cardselection:
Date Card Reward Status 08.14.2007 Citi® Drivers Edge Credit Card $25.00 Paid 08.14.2007 Chase Platinum Visa® Business Card $40.00 Paid 08.14.2007 Citi® Hilton HHonors® Visa® Signature Card $25.00 Paid 08.14.2007 AT&T Universal Rewards Card $25.00 Paid 07.17.2007 IN:NYC® Card from American Express® $30.00 Paid 07.17.2007 American Express SimplyCashSM Business Card $60.00 Paid 07.17.2007 Advanta Platinum BusinessCard with Rewards $25.00 Paid
I agree with some others that you need to reel it in a bit. Try to be more picky about which personal cards you apply for from the major issuers and try to find more business cards from smaller banks (like the BankAtlantic and M&T that you have listed and this Fifth Third Bank Business MasterCard (0%, 12 months, no fee) that you don't. The reason is that you can max out all the business credit lines without causing much if any adverse action, while if you use more than 50% of your reporting personal lines there will likely be some consequences. I've been reading about a lot of account closures from Chase recently, in particular. Dave Hanson's thread that you referenced as BT3 should be studied to help guide your strategy moreso before than after the AOR.
jleung
Senior Member
posted: Aug. 15, 2007 @ 10:09p
UpZone, it seems that the overall comment (including yours) is, I need to be more selective, especially with CHASE and AMEX applications. For Citi, worst case I will get denied without much adverse effect.
r0man, thanks for the information about the Credit Board Database. It is very useful.
I will add Fifth Third Bank Business MasterCard to the list.
If there are other similar smaller bank business cards, please let me know and I will add them to the list.
I will keep the whole list of cards in the OP. When I decide the subset of cards to apply, I will post them in the Quick Summary.
You should apply for the AMEX Business Gold Rewards card. 25k Membership Rewards points after first purchase, which can be turned into miles. First year fee waived... and you might get an offer to get an additional 12.5k points by adding authorized users for free.
UpZone said: PRETTY EXTENSIVE, probably the most important of all is what could happen after you get the new accounts....and your CR showing over or close to 40 inquiries and perhaps more than 30 new accounts...IT is important to take that into account. CHASE has been closing accounts or reducing Credit lines for having too many new accounts or inquiries. AMEX is also reducing CL etc. I had a long phone conversation with Chase on Monday trying to increase my CL by 2,000. They could not barge and insisted that I have too many inquiries on my report. (12 inquiries in total: 9 new 2 old)... SO IT IS IMPORTANT TO HAVE YOUR GUARDS UP, AFTER EFFECT. Please post your results, Iam sure everybody will love to know. Agreed on the "too many recent inquiries," for which I was recently denied the Cap1 No Hassle Rewards according to the letter I received. Reason for the denied CitiBusiness still not confirmed, but possibly for same reason. Oh, almost forgot about the HSBC Premier 2% rebate card, DENIED.
My recent (inquiries) approved cc's were, Citi PremierPass Elite, Exxon-Mobil gas, AMEX Business Gold, Sonycard, BofA Univ. of Iowa Alum.
Try to not say "substract" Questions: - Are there any other cards that I should add or substract?
jleung
Senior Member
posted: Aug. 17, 2007 @ 12:59p
I have put the final (or close to final) list of Credit Cards that are being planned to apply, in the priority order for each issuer, in the Quick Summary. If there are any comments please let me know. Thanks.
lhendricks92
Senior Member - 1K
posted: Aug. 17, 2007 @ 1:09p
It's a good list - just too many. Save some for your next app spree.
OTOH, from a purely selfish perspective, i'd love to see you pull the trigger and see what happens.
lhendricks92 said: It's a good list - just too many. Save some for your next app spree.
OTOH, from a purely selfish perspective, i'd love to see you pull the trigger and see what happens.
Did those words just come out of your mouth, or mine? I'm with lhendricks92.. I'm curious to see what happens to you if you pulled the trigger, but I do think it's too many apps.
On another note, have you figured out the order of cards in which you're going to apply?
jleung
Senior Member
posted: Aug. 17, 2007 @ 1:42p
lhendricks92, maybe I will fine tune the list more.
dragoon976, the list is already in the order of application. Any comments?
Citi® Dividend Platinum Select® MasterCard®, 0% BT 12 months, max BT fee $250 Citi® Diamond Preferred® Rewards American Express® Card, 6,000 TYP, 0% BT 12 months, no max BT fee Chase Platinum Visa, 0% BT 12 months, max BT fee $75 One of: AMEX IN: NYC, 0% BT 6 months, no BT fee AMEX IN: CHICAGO, 0% BT 6 months, no BT fee
AMEX Blue, 0% purchase 15 months AMEX Platinum Business, 0% purchase 12 months BoA Financial Rewards® Visa® Platinum Plus®, 0% BT 6 months, no BT fee BoA Money Return Visa Card, 0% BT 6 months, no BT fee BoA FIA Elite Rewards® World MasterCard® Credit Card, 0% BT 12 months, no max BT fee BoA Rewards American Express Card, $50 credit, 0% BT 12 months, no max BT fee BoA Platinum Plus® Business Rewards MasterCard®, 0% BT 9 months, no max BT fee First National Elite Visa, 0% BT 12 months, max BT fee $75 (They'll never approve you this far into an AOR)
With AMEX and BofA you can easily reallocate lines so you just need 1 good BT card. More than 2-3 of apps will yield decreasing returns and will make it that much less likely that you will be approved for useful cards near the end of your list. If you must apply to several additional cards from Chase, AMEX, Citi and BofA then do those apps after you've already applied for the better cards from the smaller banks (like BankAtlantic, Juniper, M&T, Nat'l City). What will most likely happen even if you do get accepted for a 6th Chase or tth AMEX etc. is that you will get a small line and cost yourself the chance to get the other cards I mentioned which will yield much higher lines because by then you will have more hard inquiries than the smaller banks like to see.
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