Alimo's 1st AOR (2/26/08): UPDATE: ALL RESULTS IN. Score Dropped from 749 to 677 :-(

***FOR APPROVALS/DENIALS, GO TO BOTTOM OF THIS POST OR REFER TO QUICK SUMMARY***

REFER TO QUICK SUMMARY FOR SCORE UPDATE AND INQUIRIES

GOAL:
- Get 8-10 total new cards
- Get good rewards cards
- Bonuses - Cash/Gift Cards ONLY (NO miles/hotels/car rentals/etc.)
- Develop good base for future AOR’s
- NO 0% BT offers (I will start doing BT's next AOR)
- NO miles/hotels

I will start in ~2 weeks, unless there's reason to do it at another time.

I. BACKGROUND
Age: 20
Length of Credit History: 2 years
HHI: $200k (living with family)
Credit Score: 749(TU)/749(EQ)/748(EX)

II. CURRENT CREDIT CARDS
Issuer & Card Name_______________Credit Limit______Balance______Utilization_________Age
BOA Professional Plus_____________$12,000_________$0-600________0-5%___________1 year
Wells Fargo Student Plat___________$1,100___________$0___________0%_____________2 years
Macy’s Card_____________________$1,500___________$0___________0%____________1.5 years
Total___________________________$14,600_________$0-600________0-4%___________1.5 years

III. AOR CARDS W/BONUSES
cards that will be used for REWARDS underlined

CS = carselection.com

** = may not apply for these cards

PERSONAL CARDS
Issuer & Card Name..................................................Bonus Amount....................Additional Comments
**1. AMEX Preferred Rewards Gold Card...............10k points + $30 CS...........cancel after 1st year ($125 annual fee)
2. AMEX The Nest or The Knot Credit Card...........$50 + $30 CS
3. BOA Rewards AMEX Card....................................$100......................................thanks markkundinger
4. Chase Freedom Card............................................$50 +$25 CS
5. Citi mtvU Plat. Select Visa Card........................$25 CS
6. Citi Platinum American Express Card.............15k TYP.................................cancel after 1 year ($99 annual fee)
7. Discover More Card...............................................$40 CS

BUSINESS CARDS
Issuer & Card Name....................................................Bonus Amount.............Additional Comments
8. AMEX SimplyCash Business Card.......................$60 CS
9.Chase Business Cash Rewards Card.................$35 CS
10.CitiProfessional w/ThankYou Network.............15k TYP
11.CitiBusiness w/ThankYou Network..................15k TYP

IV. AOR REWARDS CARDS

Issuer & Card Name......................................Rewards..............................................................................................................Additional Comments
4. Chase Freedom Card...............................3% in top 3 categories
5. Citi mtvU Plat. Select Visa Card............5% Restaurant/Fast food/bookstore/music+video stores/theatre
6. Citi Plat. AMEX Card.................................5 TYP grocery/gas/drug store, 3TYP everything else for 2yrs....................cancel after 1 year ($99 annual fee)
12.WAMU Platinum MC.................................Getting for free monthly credit report

I PLANNED ON APPLYING FOR THE CARDS IN THE FOLLOWING ORDER:

Results listed next Card name. It didn't exactly go in the order I planned. No one told me you can't apply for multiple cards from the same lender and push the submit button at the same time. NOOBS TO AOR'S: LEARN FROM ME! LOL

APPROVED/DENIED
Applied February 26,2008 @ ~10:30AM PST
6. Citi Plat. AMEX...........................................Deferred - Approved. $11k, 11.99%.
4. Chase Freedom.......................................Deferred - Approved. $4000, 17.24%
5. Citi mtvU.....................................................Deferred - Approved. $1200. 13.99%. Pretty disappointing.
7. Discover More...........................................Deferred - Denied. No Checking, No Savings, Excessive Inquiries in last 3 months.
12.WAMU Platinum......................................Instant (WOO HOO!!) $2500, 8.99% APR (0% for 6 months)
10.CitiProfessional w/TYP..........................Deferred - Approved. $12k, 11.99% APR.
2. AMEX The Nest.........................................Deferred - Approved 2/27/08. $1100, 14.49%. This card looks like crap, but whatever.
3. BOA Rewards AMEX................................Deferred - Approved $2000, 9.99% APR (after intro period)
11.CitiBusiness w/TYP................................Deferred
8. AMEX SimplyCash Business.................Deferred. They emailed and requested "Business Phone Number" and "Company Exists Verification." Whatever. I'm scared of the dreaded FR. Maybe next time.
9. Chase Business Cash Rewards..........Deferred - Denied. Too many requests for new credit, Total credit lines on open accounts too low, Delinquencies on other past or present credit obligations (EQ pull. Does anyone give free EQ reports? I shouldn't have any delinquencies)

CLI request from current Wells Fargo Student Platinum: Went from $1100->$1800

I was hoping for at least 1 more instant, but we can't always get everything. I hope I don't get too many denials.

I'll keep you guys updated. I think some younger people on the fence might benefit more from this AOR, given my thin credit file.

I recommend linking to your current card applications so others may use them like I did here and here. Most of the AOR posts as of late have been lazy in this aspect.

UPDATE 1: Columns made straighter, Cards linked, 2 cards dropped, 1 card added, Questions added to Quick Summary

dmlavigne1: links added

Thoreau: Thanks for the reply. Would 2 personal and 1 business card from AMEX and Citi be too much? I think dropping the AMEX Starwood personal card would be the best card to drop from the list. Also, should I replace the Starwood Business card with an AMEX card w/out an annual fee?

Regarding the Citi Platinum AMEX card, I figure a score of 760+ would be better for this card, but since my last Credit Report, my oldest card has hit 2yrs, my youngest is over 1yr, and CL went from $6,100 -> $12,100, so I'm guessing I'm around 740 right now. I just thought it would be worth the risk of getting rejected . Am I wrong?

I also added a Discover More card. For Juniper, their Natl Parks card has a really nice BT offer, IMO (3%, max $50). If I get the card, will I be able to reapply for it next year?

My HHI is high because I live with my family. BOA's CLI app has a separate place for my income and HHI...do CC apps? If they do, I should be fine, right?

markkundinger, I wouldn't mind going for a more intense AOR, I just really don't want to mess with the BT business 'til the next one. I suppose more cards would be fine, but if I should focus on getting a maximum of only 1 business and 1 personal card per issuer, how would I get more cards?

I have a CitiBusiness card on the list, however, for the Citi Professional card, I've only found a 10k TYP bonus, not 15k. Would I be able to reapply for this card next year when I do start looking for BT cards?

Also, if I were to drop the AMEX Next/Knot card, what should I get? I'd like to have a card that I won't cancel after the first year.

Thanks for the BOA link...I had the same card listed but the link only had a $50 statement listed.

Thanks for the "trick" tip. I updated the OP with it so others can go to it directly.

I added the SimplyCash Business card as one of the Business cards. For now, I'll leave all listed cards for a couple days so people can see where I'm coming from.

As for the Hilton card, I want cash/gift card bonuses only. I mean I'm only 20...I fly maybe once every 2 years

Economist said: 8 new cards with only 2 major CCS currently on the report may be pushing it, and making your profile look very risky, especially in the current environment. I'd apply for 4 cards - or have the "rolling" AOR, so that you apply for more cards if you get one or more denials on your first four apps.

Could you expand on the "rolling" AOR? If I apply for 4 cards, and 4 more 3-6 months from now, wouldn't I still look like a risk if I have 4 inquiries on my record?

Also, could banks do some adverse action if you don't apply for one of their cards? Like if I don't apply for a BOA card, they won't lower my CL or anything because of new lines from other lenders, right?

Hi. i would like to do a AOR and understand a litle but Im still confused. Where would be a good place to go to learn how to do correctly?? For example, I get %0 BT cards but when I call and ask them to make the check out to me, Ive only find one that does that. Where do you have the money sent?? They say I can only have it sent to other credit cards. I need some help.

Im am still confused how you get the money if they will not make the check payable to you. All the ones I spoke to will only make the check out to another credit card company. Is this a new hurdle to the AOR or are there was around this??

Ok, so I've cleaned the OP a little bit and have responded to the Quick Summary section (I didn't find out 'til today that someone's responded to it ).

I'm also closer to the final selection of cards. I would really appreciate it if people could give specific recommendations on what to add and if I should get rid of a card, why?

Thanks a lot FWF members

edit: I've also updated my Credit Scores (749/749/748)

The citi professional reports to your personal credit report even though it says business. I agree with the previous posters that you are overloaded on AMEX. With your short credit history, I would try to avoid cards that you will cancel because of the fee. You want to build history and cancelling cards is not the way to do it.

You could get the ATT citi card which gives 6K typ after first use.

Thoreau: Is 2 personal and 1 business for AMEX fine? Or would you recommend me cut it down to 1 personal and 1 business? Also, why the AMEX Blue for Students card as opposed to the regular AMEX Blue?

BTW, I've added the order I plan on applying in (i think i'll need help with this lol)

dmlavigne: I know the Professional card posts to your CR so I'm wondering if there's any advantage getting the CitiBusiness card instead? I have a short credit history so I figured getting a CitiProfessional would be better for me since it can help age my report. Also, I can't find where it says the Citi AT&T card gives 60k bonus points? Maybe the deal expired?

win333: Is there anything special about the the Chase Professional card? IMO, it's the Chase Business card without the $35 bonus.

thanks for the posts

ok so maybe answering this question might help me...if I have a lot of inquiries, would that be reason for the credit card companies to take A/A or not? The reason I wanted to limit my AOR to 10 cards is so I don't have too many inquiries on my report. That's one reason why I only have 3 business cards listed...so I don't have like 20 inquiries but only 7 new accounts reported on my CR.

Alimo said: ok so maybe answering this question might help me...if I have a lot of inquiries, would that be reason for the credit card companies to take A/A or not? The reason I wanted to limit my AOR to 10 cards is so I don't have too many inquiries on my report. That's one reason why I only have 3 business cards listed...so I don't have like 20 inquiries but only 7 new accounts reported on my CR.The number of inquiries could very well lead to adverse action, but it is unrelated to the number of new accounts (alot of new accounts could also cause A/A but unrelated to inquiries). A theory has been presented here regarding a possible inquiry-to-new account ratio, but there has yet to be even anecdotal evidence of it being utilized by any issuer.

In regards to avoiding A/A, 10 inquiries for 10 Biz cards (that wont show on your report as new accounts) would actually be safer than 10 inquiries for 10 personal accounts that do show up on your report as new. Of course many other factors come into play when discussing adverse action, but apples-to-apples this will generally be the case.

You'd be suprised, most A/A doesn't happen right away, if at all.

Glitch is right about the 10 biz not reporting being better than 10 that do report.

You can B* in 3 to 4 weeks if you really want too! Then you get to apply for more Biz cards

I use 4 services and other techniques, so I can apply for more accounts EVERY month.

But, to each his own. I just thought I'd make sure you knew about B* and the rest. Also you might find that by the time your done applying you might only have a few INQs per reports. Your not going to get 7 per report.

AMEX isn't real friendly when it comes to letting go of 50,000. So MY choices are Chase, BofA, Citi, then anything else I can get. Those are my choices.

But you and I have diferent goals, I don't do bonuses much.

Of course you'll be a bumper, it's only a matter of time

the point was even if you had 50K limits.

Your trying to build credit with the best creditors, I would think. But I just thought I'd mention it.

I generally recommend applying for cards in order of desirability (so you have less inquiries on your report for the cards you really want).

The exception would be cards like Capital One which pull all three bureaus. Might want to lower- or higher-prioritize such an app.

Alimo said: Oh, ok, I thought you meant like they're not willing to give $50k limits easily. Your second sentence was pretty much the reason I'm going for AMEX.

My 2nd sentence ment, " AMEX is not a good creditor". Applying for 3 cards could get you 30,000 - 50,000. Just try getting the money.

If they F/R you, then they'll close the personal accounts and it wont help your credit building. I don't have a personal AMEX for that reason. If they closed my biz cards, I won't mind because it won't hurt my credit.

BTW, I'm thinking of dropping the BOA card and the AMEX Preferred Rewards Gold Card. I'm also thinking of dropping 1 or 2 business cards. Any objections to that? And recommendations on which business card(s) to drop? I'd like to hold onto the CitiProfessional card.

Alimo said: BTW, I'm thinking of dropping the BOA card and the AMEX Preferred Rewards Gold Card. I'm also thinking of dropping 1 or 2 business cards. Any objections to that? And recommendations on which business card(s) to drop? I'd like to hold onto the CitiProfessional card.

Don't drop any biz cards, I'd add about 10 or 20 more. But thats just me and venturion, Mark and brian and well, pretty much everyone else doing the AOR dance.

But like I said, that just my opinion!

I updated the Quick Summary with the EQ inquiries and my EQ score change.

I dropped from 749 to 677. I didn't think I'd get screwed this bad...I was expecting 690-710. Oh well. Just gotta wait it out. I'll CLI when my score are above 700 again. At least my next A0R won't be so bad cause I'll have a lot more accounts influencing my account age.