Fiance-Rama and App-o-Rama: Applications Submitted!

My fiance and I both plan to do an App-O-Rama within in the next several days. Here are the details:
** See the Quick Summary for latest Application plan, running list of Q&A, and a collection of wisdom from other FWF members**

Goals
1 - Signup Bonuses (ie. ThankYou points, Cash, Miles, etc.)
2 - 0% Cash
3 - Improved & consolidated credit lines
4 - More daily use oriented rewards cards

Current Financial Situation
1 - Roughly $210k HHI total, both aged 31
2 - Revolving balances - usually PIF (generally run a few $K per month)
3 - 2 small auto loans, one on my report, one on hers - total outstanding balance of around 7k combined
4 - 1 personal loan on the Fiance's report for about $3k
5 - Small amount of consulting income that can be reported as business income (20k for me, 10k for her)

Credit Scores/Inquiries
1 - Mine (according to WAMU/TransUnion) - 788 FICO - 4 inquiries (presumably on TU)
2 - Mine (according to MyPrivacyMatters) - 769 FICO - 4 TU, 7 EXP, 5 EQ inquiries
3 - Fiance (according to MyPrivacyMatters) - 755 FICO - 3 TU, 5 EXP, 4 EQ inquiries

Current Accounts Under My Name - $104.6k total lines ex. store cards
1 - AMEX Blue - Limit 24k
2 - Chase Cash Plus Rewards - Limit 18.5k
3 - Citi Professional Cash - Limit 20k
4 - Citi Cash Returns - Limit 20k
5 - Fidelity FIA - Limit 15.1k
6 - WAMU/Providian - Limit 4.5k
7 - HSBC GM Card - Limit 2.5k
7 - Store Cards - 3 store cards - not sure about the limits - all zero balances and never used
8 - There is also another Chase account which is showing up on my report as a CC, but I think it may be an overdraft line on my checking account.

Current Accounts Under Fiance's Name (will look up the limits, mostly low, ie. 5k or less)
1 - Discover
2 - Chase Cash Plus Rewards
3 - Citi Drivers Edge
4 - Wells Fargo
5 - Store Cards - 10 store cards - told her no more unless they are REALLY compelling - lol

Well, two people with good income, good credit scores, and decent existing lines should in general yield good results.

Assuming you want to do the 0% thing at all, then I would get a 0% business card from Chase (use it to reallocate credit to, then advance, it will be hidden off the credit report). I'd also probably get a BofA card, like their NEA personal card, or one of the business cards just in principal (they have a few rewards cards too). Might want to apply for a Discover as well, just to check it the last major lender off your list.

How much do you favor various rewards programs?

If you're very serious about United tier status, you can apply for the "Platinum Class" MP card, which can even earn EQMs via regular spending, as well as a few extra perks. But you can't waive the annual fee.... so if you're less serious, I'd stick with the link you have.

AX also has a Hilton card, and it's generally superior to the Citibank one as a daily spender (I'd apply for both)

Also, use the 0% money to open accounts with Fidelity for $100 bonuses and more airline miles.

Generally the wisdom here would be to alternate the ramas of the two people, so that one's credit report has a chance to recover while the other is carrying all current 0% BTs. In this environment, though, I'd probably do an AOR ASAP, as lenders might get much stingier with limits.

stook2001 said: What is the typical timeframe for credit recovery once the 0% balances are paid? I'm not planning on being all that aggressive with the AORs or BTs since I dont particularly want adverse action taken (particularly on my AMEX, which I have had since the mid 90s). I mean, I am not THAT worried about it, but not planning on going super aggressive in this credit environment either.
You don't necessarily have to wait until balances are paid off in order for your credit to recover. Start bumping immediately; don't go way overboard on the personal-line utilization; try to shift to Biz cards. With HYS rates down, it may not be the best of times to overdo it anyway. But you can certainly acquire new cards and increased CL's so that you'll be ready for round 2 later.

Add your fiancé to your daily spender cards for a better AOR result.

My age and HHI are similar and my results are here and my wifes are here.

We ended up with about 450K in 0% money.

Economist said: Generally the wisdom here would be to alternate the ramas of the two people, so that one's credit report has a chance to recover while the other is carrying all current 0% BTs. In this environment, though, I'd probably do an AOR ASAP, as lenders might get much stingier with limits.

Good advice...although, I think lenders started getting tighter last year...I wouldnt push things right now and might do 5-10 applications...I did that in nov. and relocated to the best bt offers and picked up a few 0% purchase cards and locked in a CD...

What is the rule of thumb about number of cards to apply to per issuer across both Business and Personal? I realize that Business is segregated from the standpoint of credit reporting, but am I correct in thinking that applications are considered in aggregate? Thanks for the great input. I will be adding some additional details about the cards in consideration. Also noticed a few dead or wrong links that I need to correct in the OP.

markkundinger said: Well, two people with good income, good credit scores, and decent existing lines should in general yield good results.

Assuming you want to do the 0% thing at all, then I would get a 0% business card from Chase (use it to reallocate credit to, then advance, it will be hidden off the credit report). I'd also probably get a BofA card, like their NEA personal card, or one of the business cards just in principal (they have a few rewards cards too). Might want to apply for a Discover as well, just to check it the last major lender off your list.

How much do you favor various rewards programs?

If you're very serious about United tier status, you can apply for the "Platinum Class" MP card, which can even earn EQMs via regular spending, as well as a few extra perks. But you can't waive the annual fee.... so if you're less serious, I'd stick with the link you have.

AX also has a Hilton card, and it's generally superior to the Citibank one as a daily spender (I'd apply for both)

Also, use the 0% money to open accounts with Fidelity for $100 bonuses and more airline miles.

FYI, the Fidelity deal you speak of is dead. The miles deal is still valid but the terms indicate 1 per household. The $100 deal is dead altogether. I already have several fidelity accounts. Might be able to do this once or twice, so I am not complaining. Just passing along the information for other readers.

As for business cards go, do you have to establish a real company? Will the CC companies request for any information pertaining to the legitimacy of the business or do you just put your own name down as the business?

curtisekarr said: Beatnitup said: As for business cards go, do you have to establish a real company? Will the CC companies request for any information pertaining to the legitimacy of the business or do you just put your own name down as the business?
That all depends. If your business is to profit on the occasional BT offer and other financial sign-up bonuses, etc. then I would suggest putting your own name down as the legitimate business. Of course, you might wish to add the word Consulting, or Esquire to the end.

Thanks for the clarification...perhaps it's time i register App-O-Rama inc

stook2001 said: Proposed list of cards updated in the Quick Summary. Any feedback? Too many cards?

I'm going to use your list as a framework for my own first AOR. One suggestion --> With all of those AMEX apps...i'd freeze EXP and sign up for a couple of credit mon services for daily pulls

markkundinger said: Well, two people with good income, good credit scores, and decent existing lines should in general yield good results.

Assuming you want to do the 0% thing at all, then I would get a 0% business card from Chase (use it to reallocate credit to, then advance, it will be hidden off the credit report). I'd also probably get a BofA card, like their NEA personal card, or one of the business cards just in principal (they have a few rewards cards too). Might want to apply for a Discover as well, just to check it the last major lender off your list.

Working on my "Micro App-o-sorta" and wondered if someone might explain how to use Chase to reallocate as described above.

Thanks so much,

T

Sorry about the confusion there.... Only my quote appeared, but I guess I deleted the question part of my post.

I was asking for clarification on the hi-lighted section, not sure what he meant there that's all.

Good luck to you!

wildroamer said: Sorry about the confusion there.... Only my quote appeared, but I guess I deleted the question part of my post.

I was asking for clarification on the hi-lighted section, not sure what he meant there that's all.

Good luck to you!

I think the idea was to get more than 1 Chase card. Reallocate credit from all the approved Chase cards to one of their 0% Balance Transfer Business credit cards. Then do a balance transfer on the Business Card only. Business Credit accounts do not appear on your Credit Report (other than the initial inquiry to open the account). The Balance and Credit utilization would be hidden, which is very advantageous since you can theoretically use a higher percentage of the credit line without damaging your credit score as much. Plus your overall % utilization of available credit across accounts will look much lower than it actually is.

I applaud your (both of your) ambition. I really want to applaud you in finding a mate that agrees with you financially. I suggest continuing to stay close financially through bull and bear you will be fine. I think that will pay more dividends than all the AOR stuff you're doing.

rogbj said: I have what I would think is a simple question. I am trying to do a mini AOR. When I call credit card companies and try to get them to send me money as a BT, they say they cant send me a check. they can only send it to another credit card account. So I had Chase send two checks to MBNA totaling $14,000. they made that account negative 14,000. I then called them and told them my account is negative and I need that $14,000 sent to me in a check. Well, 3 weeks later I get a letter saying they can only send that amount back to the company that issued it (Chase). So all that work was for nothing. M y question is, how do you get credit card companies to send you balance transfer checks?

Obviously, you did not search. Here's the thread you might want to read.

Bank of Texas card seems issued by First USA which I think is Chase now. Doesn't this mean credit is granted by Chase? If so, this should be considered as a Chase card and priotitized as such, right? Correct me if I'm wrong (I'm no expert, btw.)

Good luck!

1. Add the ATT Citi card to the personal cards (better limits and more willing to CLI than traditional Citi cards and it doesn't count against the citi limit)

2. Watch the juniper apps. My wife got denied on the Bank Atlantic business card with the response "enough credit already exists." She only had the National Parks Visa as the other app. Of all the cards, this was her only denial.

3. Add a Discover personal card because you can CLR from personal to business.

4. The 53 rewards business was a defective CL at $1500 for my wife and WAMU gave me a stunning 5K. HSBC was also defective. If I did it over again, I would not waste an application on any of them.

Just FYI...in case if this wasn't already discussed...

Wa-mu, not too long ago sent me a letter saying no more than two wa-mu cards. (They instant declined me w/o a Hard and sent me the letter because I has 2 cards with them already.)

I don't know if this is new policy (may be others know more.)

stook2001 said: dmlavigne1 said: 1. Add the ATT Citi card to the personal cards (better limits and more willing to CLI than traditional Citi cards and it doesn't count against the citi limit)

2. Watch the juniper apps. My wife got denied on the Bank Atlantic business card with the response "enough credit already exists." She only had the National Parks Visa as the other app. Of all the cards, this was her only denial.

3. Add a Discover personal card because you can CLR from personal to business.

4. The 53 rewards business was a defective CL at $1500 for my wife and WAMU gave me a stunning 5K. HSBC was also defective. If I did it over again, I would not waste an application on any of them.

Thanks for your feedback. Edited the quick summary per your suggestions.

Do you have a link to ATT Citi card 0% 12mo w/ capped or zero BT fee ? What I found has no cap 3% BT fee.

cardjuggler said: stook2001 said: Quick question.

If I still have an application pending with a creditor, is it not advisable to begin BT activity? ie. until the status of all apps is known.

Depends on how long its been. Waiting costs money ... and you may not get the card anyway. AND, waiting may give other issuers a chance to do a soft pull, not like all the new inquiries and perhaps some new accounts, and close your card before you get a chance to do a BT.
If there's a lag time between when your application was accepted and when the new account started appearing on your credit reports, especially the BT amount, I'd do the BT right after you receive the card. I think that's part of the rationale behind getting all your applications in ASAP.

Even if the credit inquiries hit immediately, affecting your credit report and score, the new accounts probably won't, thus not negatively affecting your score/report until they do. Of course, this might not apply if you're depending on new credit cards to improve your overall existing utilization percentage.