I’ve been lurking here for awhile reading and absorbing information for my next AOR. This will be my second AOR (first full). I did a mini August 2006 and a couple cards later. I am hoping those more experienced can help me with some of the finer points. Also I am unsure of some of the issuer limits. If I excluded anything just let me know.
Goals: Maximize 0% money -> HYS interest Increase CL’s for future AOR’s Bonuses directly from issuers and indirectly through Card Selection
Info: HHI: $80K – 100K (salary + other income) --> ended up putting $90K Age: Early 30’s Sole Proprietor TrueCredit FAKO scores 9/9/07: TU 776 / Exp 758 / Eq 753 Rent $975/month
I have some closed accounts that I don’t know if they are worth including. Made sure personal BT cards from last round had balance below 35% and reported to CR.
With the above candidates I am unsure if I should get more or less per issuer.
Millenium (First Bankcard) - More than one? I have 2 listed above Advanta – already have a card Cap 1 – Unsure if I can have another or would want one if I could. Discover – Venturion’s Biz AOR says personal & biz are underwritten together if a Sole Prop. Chase – From what I have read they seem liberal, but I don’t want to push it too far. BofA - Unsure of this one too.
HYS accounts: Currently using AmTrust Plan to open a GMAC account after apps. Read they hard inquiry.
Notes: - Still researching BT to cash methods for each issuer before executing the AOR. Much of this is in 2 threads at FWF dedicated to this. - If there is an annual fee or no BT maximum then I discard it as a candidate. I also discarded BT offers 6 months or less, but if anyone suggests one that I makes sense for my goals I may include it. - Keeping my mind open to methods to convert purchase offers to cash (i.e. broker accounts). - More non-BT cards to balance utilization? - Utilization?: Personal: 89% highs/49% overall; Business: No limits
National City Visa Business -> Deferred -> Denied Juniper Business Card (Bank Atlantic) -> Deferred Citi Business Card with TYP -> Deferred Chase GM Business Mastercard -> Deferred -> $12000 Chase Platinum Visa® Business Card -> Deferred -> $10000 Discover® Business Miles Card -> Deferred
Personal
Bank of America® Platinum Plus® MasterCard® -> $3600 Citi Professional Cash Card -> $6000 Lifespring Health Visa -> Deferred -> $12500 NEA WorldPoints™ Platinum Plus® Visa® Card -> Deferred National Park Foundation Platinum Visa -> $7500 Washington Mutual Platinum MasterCard -> Denied The RBS Platinum™ MasterCard -> Deferred/$9500 BT with app -> $12000/$95000 BT hit CitiBusiness account on 10/2 Principal Bank "Low Rate" -> Deferred -> $15000 AMEX Blue -> $4200
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Forget the 2 Millenium Bank cards as both are issued by First National which FNBO owns and issues there credit cards from and that bank is know to be very anti App-O-Rama and more than likely even if they approve you for a card will close the card when you call to activate or within 30-60 days after and will report the card as "Closed by Issuer".
You also currently have 3 Chase cards and are applying for 7 more Chase cards as Lasalle Bank credit cards are issued by Chase. Chase has been know to close accounts without notice on people with lots of cards or carrying large balances. Also Chase has been know to close old accounts when people apply for many new Chase cards at once without even letting you know so be aware of that possibility which could result in the loss of your Sony Card which is one of older accounts.
State Farm Bank is also very anti App-O-Rama read some of the recent App-O-Rama threads people have been getting instant approval but letters in the mail stating because of the amount of inquires recently your account has been closed with 30-60 days or flat out getting rejected.
You are applying for 3 BOA cards and your old account is a BOA account. BOA also has been know to close accounts when people apply for too many cards at once without even letting you know. If you current BOA cards get closed to open a new account your credit score will tank which could result in adverse action.
Discover only allows you apply for 1 new card every 90 days you got 2 business cards listed pick 1 or other.
If you read the Adverse Action thread lately lots of people are reporting that Barclays/Juniper has been taking adverse action against people carrying larger balances on there credit reports by lowering your limit to what you owe on the card which in effect can impact your credit score and lead to other adverse action because you will card will report 100% utilization.
Just a couple of things I noticed. Not stating every adverse action will happen to you but some of the above might happen to you based on fact you really are over doing Chase with 7 apps who is a bank who is more aggressive than others at taking adverse action against people because 7 of 23 apps are from Chase if they take adverse action against you more than likely everyone else will too as your utilization across all your cards will end up being super high plus have 10+ cards listed as closed by creditor on your credit report is basically screaming at other issuers to take action against you too.
bookmark... √ subscription... √ Your list looks very good.
My only comment would be to put Bank of America® Platinum Plus® MasterCard® as your first or second application. Getting cash ACH'd to checking is very easy - they beg you to do it. It's a terrific BT laudry card.....
Agreed that the Chase apps would be too many. I've done four at once, but seven just seems silly. If I had to pick two Chase cards, I'd pick the Chase Sony card (another one, because of the $100 bonus) and one of the business cards.
Prinicipal Bank is another FNBO card, so there's a chance of an anti-AOR rejection as there as well. But a few FWFers have gotten decent credit lines through them.
dolmar said:Forget the 2 Millenium Bank cards as both are issued by First National which FNBO owns and issues there credit cards from and that bank is know to be very anti App-O-Rama and more than likely even if they approve you for a card will close the card when you call to activate or within 30-60 days after and will report the card as "Closed by Issuer". Thanks, I removed both.
dolmar said:You also currently have 3 Chase cards and are applying for 7 more Chase cards as Lasalle Bank credit cards are issued by Chase. Chase has been know to close accounts without notice on people with lots of cards or carrying large balances. Also Chase has been know to close old accounts when people apply for many new Chase cards at once without even letting you know so be aware of that possibility which could result in the loss of your Sony Card which is one of older accounts. Biz: Currently I have no biz cards with Chase. I have removed 2 from the list leaving 2 left. Is this a good number or should it only be 1? I am unsure if Chase looks at business cards separately
Personal: I removed both. I should leave one based on the updated list?
Would these be future candidates for paying off, consolidating and applying for later?
dolmar said:State Farm Bank is also very anti App-O-Rama read some of the recent App-O-Rama threads people have been getting instant approval but letters in the mail stating because of the amount of inquires recently your account has been closed with 30-60 days or flat out getting rejected. Removed
dolmar said:You are applying for 3 BOA cards and your old account is a BOA account. BOA also has been know to close accounts when people apply for too many cards at once without even letting you know. If you current BOA cards get closed to open a new account your credit score will tank which could result in adverse action. I removed one. Should I have removed 2 and only apply for 1?
dolmar said:Discover only allows you apply for 1 new card every 90 days you got 2 business cards listed pick 1 or other. Removed 1 biz.
Now there is 1 biz and 1 personal remaining. Venturion's Biz AOR comment plus yours concerns me on this one.
dolmar said:If you read the Adverse Action thread lately lots of people are reporting that Barclays/Juniper has been taking adverse action against people carrying larger balances on there credit reports by lowering your limit to what you owe on the card which in effect can impact your credit score and lead to other adverse action because you will card will report 100% utilization. Would this be for personal credit only? I have 1 of each (biz/personal). Haven't removed it yet because the updated list may impact this.
dolmar said:Just a couple of things I noticed. Not stating every adverse action will happen to you but some of the above might happen to you based on fact you really are over doing Chase with 7 apps who is a bank who is more aggressive than others at taking adverse action against people because 7 of 23 apps are from Chase if they take adverse action against you more than likely everyone else will too as your utilization across all your cards will end up being super high plus have 10+ cards listed as closed by creditor on your credit report is basically screaming at other issuers to take action against you too. Thanks, I have changed the list in the OP. I also separated those I have removed rather than deleting so others can see those cards if it suits their situation.
markkundinger said:Agreed that the Chase apps would be too many. I've done four at once, but seven just seems silly. If I had to pick two Chase cards, I'd pick the Chase Sony card (another one, because of the $100 bonus) and one of the business cards. Thanks, I've cleaned it up. I already have the Sony card, so no bonus for me. On another AOR I recall someone getting 4 Chase cards then consolidating so that is why I loaded up on the biz side. It is possible I misread it. I may have been a bit aggressive in trying to use the biz side better.
markkundinger said:Prinicipal Bank is another FNBO card, so there's a chance of an anti-AOR rejection as there as well. But a few FWFers have gotten decent credit lines through them. This has now been removed.
jackcrawfish said:bookmark... √ subscription... √ Your list looks very good.
My only comment would be to put Bank of America® Platinum Plus® MasterCard® as your first or second application. Getting cash ACH'd to checking is very easy - they beg you to do it. It's a terrific BT laudry card.....
Good luck... Moved it to the top of the personal card pile.
Nice job for incorporating all the excellent feedback from dolmar et al. I think people underestimate the importance of minimizing the number of personal accounts you add to your credit history to 1) keep FICO happy and 2) minimize adverse action. I often see AoRs where people reach their maximum total CL with an issuer, and the incremental personal application nets a tiny CL. I'd rather be denied than take the hit of a new useless card.
Snuffer said:dolmar said:If you read the Adverse Action thread lately lots of people are reporting that Barclays/Juniper has been taking adverse action against people carrying larger balances on there credit reports by lowering your limit to what you owe on the card which in effect can impact your credit score and lead to other adverse action because you will card will report 100% utilization. Would this be for personal credit only? I have 1 of each (biz/personal). Haven't removed it yet because the updated list may impact this.
My suggestion for handling Barclays would be to apply for 1 personal and 1 business, and reallocate all but $500 to BankATL biz.
In general, I would use this same strategy (1 personal, 1 biz (maybe 2), reallocate to biz) as much as possible. You can do this with Chase and Citi, also.
My suggestion for handling Barclays would be to apply for 1 personal and 1 business, and reallocate all but $500 to BankATL biz.
In general, I would use this same strategy (1 personal, 1 biz (maybe 2), reallocate to biz) as much as possible. You can do this with Chase and Citi, also...
Maybe it's just me, but the info above from lhendricks92 is extremely useful. Collecting this data is a primary reason why I continue to devour AOR threads.
list is looking much better, but i have a few more suggestions.
i'm counting 3 citi cards which will report as personal cards. why not knock that down to 1 or 2 and add national city? (pick up the nat city biz while you're at it.)
also, you're missing some nice elan (us bank) biz cards: m&t, woodforest.
another tip about citi: you won't be able to reallocate that existing PP until you convert it to a card that reports the CL.
Those two Chase Biz cards you chose has 0% for 6 months, not 12 months, CS provides wrong info. While the two Chase Biz you removed has 12 months 0% APR
My favorite method to balance transfer is to do it to another card that has no fee balance transfer checks. A good example is Pentagon Federal. It has a low interest rate too.
You get a BT for 10,000 from Citi. Tell them to send it to Pen Fed. It will take at least 3 days. Wait 3 days and write yourself a check from Pen Fed. Deposit that into your high yield savings. In a few days the balance at Pen Fed will be zero. You will pay a few days of interest but it is at a low rate. Also if you deposit it into a high yield savings right away, you'll pay almost nothing per day.
lhendricks92 said:Nice job for incorporating all the excellent feedback from dolmar et al. I think people underestimate the importance of minimizing the number of personal accounts you add to your credit history to 1) keep FICO happy and 2) minimize adverse action. I often see AoRs where people reach their maximum total CL with an issuer, and the incremental personal application nets a tiny CL. I'd rather be denied than take the hit of a new useless card. I tried some credit report services and a couple of them said my score (FAKO) would have been higher if I had more accounts. However, I don't want to surpass whatever that optimal number is.
Definitely want to avoid adverse action and that is one big reason why I started this thread. People have already filtered out what would have been a big mistake by me.
lhendricks92 said: My suggestion for handling Barclays would be to apply for 1 personal and 1 business, and reallocate all but $500 to BankATL biz.
In general, I would use this same strategy (1 personal, 1 biz (maybe 2), reallocate to biz) as much as possible. You can do this with Chase and Citi, also.
Keep that BT debt hidden - good luck. Excellent advice!! One of my phases before the actual BT was the reallocate phase. Your answer fills that nicely.
I think my only concern at this point is if I combine the CL's and only have the option to use a BT launder card then that card needs to have a high CL to take the BT. I recall in the past I have heard of issues in which an amount BT'ed to a card is greater than the CL therefore causing issues. Currently my largest CL is $21700 (business).
Definitely agree with keeping debt on the business when possible.
Thanks again. Also want to say I have learned a lot from your previous business card posts.
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