Jay140's AOR 1.0 - on 07/09/08 Archived From: Finance |
I am almost ready for my first AOR. I did WOR 1.0 in Apr 08 and It was very successful, I was able to BT about 200K. I thought I should take feedback from FWF community. Goal: Personal Info: Summary Personal Cards: Business Card
Open Citi Bank Acct 16k TYP - even this acct deferred,can not believe it After markkundinger's feedback, I am thinking to drop the following apps from list Phase 2: (75%) Questions: |
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Thanks for correcting me. I am planning to do it on 07/07/08. |
How recent are those inquiries? 1 year? 6 months? Were any for car or house purchase? The count may hold you back. The standard max personal citibank cards you can get at once is two. Business cards and professional cards don't count. Associated Bank might not count. I would still recommend dropping the upromise, and probably the Associated bank app as well. With Chase, the goal is going to be to get the business card, then reallocate credit to it. Therefore, a BT on a personal card isn't that compelling. Therefore, the generic Chase Platinum app may not be necessary. You need to be in 53 bank's lending area to get a card. I don't know what that area is. Advanta has a higher than normal chance of granting a small credit limit. There's a decent chance of AA from multiple lenders doing an AOR these days. Wachovia will probably deny you, especially after a lot of inquiries. |
markkundinger said: I would personally drop it down to 10 of your favorites, OP... |
markkundinger said:How recent are those inquiries? 1 year? 6 months? Were any for car or house purchase? The count may hold you back. Most of the inquiries are less than 1 year old. I bought home last year 07/07. After that I did refinance 3 times. Right now I am thinking to drop the following apps from list. Phase 2: (75%) I am not sure about Wachovia, as I have their targeted offer as well. |
maddybeagle said:markkundinger said: |
The mortgage inquiries done in within 30 days should theoretically be lumped together by FICO, so hopefully it wont lead to denials due to 'excessive inquiries'. I didn't know the Wachovia offer was targeted. I'd go for it, then. |
markkundinger said:The mortgage inquiries done in within 30 days should theoretically be lumped together by FICO, so hopefully it wont lead to denials due to 'excessive inquiries'. hoping same. |
jay140 in his OP said: I checked and did not find Mark suggesting dropping BOA NEA card. Of all BOA cards this is probably the one you want to keep. |
markkundinger said:The mortgage inquiries done in within 30 days should theoretically be lumped together by FICO, so hopefully it wont lead to denials due to 'excessive inquiries'. FWIW I applied for a Citibusiness card and got denied with an explanation of 'too many inquiries' in the last 6 months. I had 6 inquiries, but 4 of those were mortgage related (with 3 of the mortgage inquiries within 30 days of each other). I called them a couple times and explained I was "mortgage shopping" but was told their qualification criteria does not even distinguish mortgage inquiries from any other inquiries, and the number of inquiries is all they looked at. |
That's the worry about inquiries. They may not affect your FICO, but they may still scare off wary lenders. For the record, I don't think I had an opinion of BofA previously. You should apply for at least one card from them. The generic platinum plus has the advantage of no BT fee, the disadvantage of a max CL of $15k (which may not be a practical concern). The reason to do two BofA apps would be to either hopefully get higher aggregate credit limit (I judge slightly unlikely) or to increase the chances of at least one approval. I would tentatively recommend just one of those apps, if you're trying to be modest at all with the AOR. (but I applied for three at once last year, so I'm a hypocrite) |
cyberkost said:jay140 in his OP said: |
I don't see any benefit of applying to multiple 0% 12 month BoA personal applications, when soft-pull CLI'ing already existing accounts to big CLs and reallocating with them is so easy. If more 0% money with BoA is what you are going after, simply use their CLI on crack (preferably, before you perform any applications, or next best after applying with them but before initiating any BTs with them or having any other new accounts or balances reporting.) If needbe, call their customer service number and have all but a token amount of your credit limits reallocated to your (one, single) 0% BT card. That is, unless having one more hard inquiry, one more reporting new "unseasoned" account, lower average account age and lower average credit limit reporting, and one more payment to need to manage each month for the next year doesn't bother you. |
dl73 said:FWIW I applied for a Citibusiness card and got denied with an explanation of 'too many inquiries' in the last 6 months. I had 6 inquiries, but 4 of those were mortgage related (with 3 of the mortgage inquiries within 30 days of each other). I called them a couple times and explained I was "mortgage shopping" but was told their qualification criteria does not even distinguish mortgage inquiries from any other inquiries, and the number of inquiries is all they looked at. This worries me, although I can't say exactly why. I've always known that the number of inquiries was a factor, but I didn't think it was the only one. Did you have high utilization at the time? What were your credit scores? |
RudolfSchmidt said:dl73 said:FWIW I applied for a Citibusiness card and got denied with an explanation of 'too many inquiries' in the last 6 months. I had 6 inquiries, but 4 of those were mortgage related (with 3 of the mortgage inquiries within 30 days of each other). I called them a couple times and explained I was "mortgage shopping" but was told their qualification criteria does not even distinguish mortgage inquiries from any other inquiries, and the number of inquiries is all they looked at. FICOs at 780+ and almost 0 utilization on the personal side. Note that a few months prior I had just paid off $40k on a previous citi biz card just before the 0% expired. I wouldn't be surprised if they were looking for a reason not to give me a card with the money they keep losing on me. |
I see you are planning 6 citi cards -- so I don't know if you need to apply for more. Here's a semi-interesting offer if you are willing to try another app with Citi: ADA Citibank 0% APR 12 month no BT fee
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Scorecard: total application 19 I am bit disappointed with result. particularly with Citi. |
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