I am closing My AOR and my wife's AOR very soon (mine first). Man have I been itching for AOR 2.0. The net totals between the 2 AOR's are about 18K in interest + sign on bonus's + retention bonus's, + the final interest to come. Overall worth it and even with current rates worth re-uping.
Things I have learned from the first AOR: 1. After being nervous, it was really pretty easy. 2. Autopay made it simple for 36 payments and I had to manually remember 4 (2 citi business, 2 advanta) 3. I should have maximized my CD's time because of the falling interest rates. I made a spread sheet of all of the paybacks about 1/2 way through that gave me a $ total of the money due each month. Wish I had done it before setting the conservative CD time. See the attached spreadsheet for how I now calculate payback amount. 4. 15 month cards are semi a waste along with waiting until AFTER the statement cycle closes to pay off the balances because they are delaying AOR 2.0. There is a point of diminishing returns (assuming a successful re-up) and I passed it. 5. Large numbers no longer bother me... 38K, 70K, 15K payments, no biggie... 6. Adverse action.... I went over 90% on my cards and experienced a little (Citi, lowered lines, Juniper lowered lines, AMEX lowered lines) and all were returned except AMEX. Overall was it worth it? YES!! I would have sacrificed ~10K in interest staying at 50%. Worth the ~4 hours spent arguing, you bet. 7. Ask about the date of the 0% expiration, then ask again, then ask a month later. I bet you get 3 different dates as the date approaches. I know I did on multiple cards.
Closing plans for AOR 1.0
1. Pay off US bank 8K about a month early to totally clean my credit report -> EDIT: This took over a month to clear!!! 2. Credit report should be clear about 11-15-08 -> EDIT: Try 12/15/08 3. Call AMEX on principle and get my Blue cash line repaired w/o hard pull -> EDIT: failed on this 4. Sign up for some credit monitoring service now that PM 123 has expired. 5. Close and CLR, Bank Atlantic, Discover Miles, Citi Professional, BOA platinum, Advanta for new apps.
Generic plans for AOR 2.0
1. BT money of course. 2. Hit chase and others for some free miles and freebies. -> EDIT: Chase only allows one app per 6 month period now. 3. Look for some freebies now that interest rates are low. Limit is $100 per application on the low end. 4. No AMEX apps! They just lowered my wifes line (11=6-08) from 17K to 1K on a card that has been active a year and paid off for 6 months. All of her payoffs are within the next 20 days. I'm not going to waste an experian INQ on these guys for a denial.
Changes from 1.0 1. Limit the cards down, I no longer need a ton of cards because of existing lines (assuming successful CLR) 2. Hit Chase and succeed. EDIT: one app only no success 3. No bumpage, no freezes. Take the INQ's like a man because bumping seems about dead and I am not paying for 10 services to accomplish it. 4. More business cards. 5. CLR to business BEFORE transfer. Hide as much as possible.
Bank Card Open Date Line (K)Owed (K)Notes
Personal
AMEX Blue Cash 2003 0.5 0 ** was 31K before Adverse Action
BOA Rewards 2006 0.5 0
HSBC Rewards 2006 25 0.5 Gas and grocery card
Citi Diamond 2003 2.5 0
Citi Pro 2006 10 0 CLR -> New Card and closed
BOA Fidelity 2005 20.1 2 daily spender
Discover platinum 2000 7.5 0.4 5% cash bonus
Citi Drivers Edge 8/17/2007 10 0 Took the cl buydown expecting $550 for 6K cl
Citi Pro Cash 8/17/2007 70 0.4 paid CLR -> New Card and closed
BOA Platinum Plus 8/17/2007 38.5 0 CLR -> New Card
US Bank Platinum Plus 8/17/2007 11.5 0 CLR -> New Card and closed
US Bank Baylor 8/17/2007 18 0 CLR -> New Card 7.5K
Juniper Parks 8/17/2007 5 0 CLR -> BA Biz Card and closed
Discover CB Bonus 8/17/2007 15 0
Wamu Platinum 8/17/2007 5 0
Business
Citi Business TYP 8/17/2007 7.5 0
Chase Business TYP 8/17/2007 35 0
NC Small Business 8/17/2007 23 0
Juniper Bank Atlantic 8/17/2007 24 0
Advanta Business 8/17/2007 10 0
Total Personal Lines:239.1K
Total Business Lines:99.5K
HHI: $210K
AGE: 31
Mortgage 1 House $~120K of $189K original balance opened in 2003
Mortgage 2 HELOC 30K limit 0 balance opened in 2006
Bank Card Type Status Bureau Line
BOA Platinum Personal DA EX,EQ 15K from other card -> CLR to 38.4k
Juniper Bank Atlantic Business DDA TU Called after denial and old line was restored 20K
Citi Associated Personal IA EQ 25K
Citi Professional Personal DA EQ CLR -> 80K
Citi Business TYP Business D NA Require audited financial statements. Letting go
53 Platinum Personal DA EQ 5K
Chase Disney Personal DA TU 9K
US Bank Linux Personal DA EQ 5K ->clr 25K Worthless 5k
Advanta Business Business DA EQ 2.5K (whoppee)
Chase United Personal DD EQ One app per 6 month
Chase United Business DD EQ One app per 6 month
NC Life Springs Personal DA TU 12.5K
Answered questions: Closing new cards and CLR before close: (Discussed below) Does anyone have any factual statistics on how it will hurt your credit score if you CLR the lines then close? I have multiple cards and multiple lines and do not think it will thin my credit file that much. Discover was a total pain because I already had one personal card with them last AOR. I think I will close and CLR my Citi pro card and reopen it for the bonus.
Bumping: Is it still worth it? (Discussed Below) I really don't want to shell out for a ton of services. What is the minimum maximum? IE how many services do I need for how long?
Any other good cards that I missed and someone can point me to, I would appreciate it. Found this awesome link on 0% cards and free offers
BTW, save the attached file as an .xlsx file. It switched it to a zip on upload
Members of our community may attach files to a post in accordance with the User Agreement. FatWallet is not responsible for the content, accuracy, completeness or validity of any information contained in any attached file. Files have *not* been scanned for viruses. Be especially wary of Excel files which may contain malicious content.
To enter a coupon code in your post please enter the following info:
Coupon Code:
Coupon Offer:
Merchant:
Expires (optional):
Restrictions (optional):
saving...
Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.
1. Citi will only allow one professional card now (I have 2 currently) but will allow closure and reopening with line transfers.
2. Citi is asking for business verification (1040 etc) on business apps currently
3. Chase will now only do one application per 6 months so pick one and go for it.
4. Bank Atlantic Biz denied me and I had to call to get my original line restored (better than Advanta)
5. Spanning Christmas and New Years delayed everything greatly.
6. Bank Atlantic will only do 20K/BT, thus making my additional 5k CLR worthless.
7. Even though Chase only allows one app per 6 months, they will pull your credit every time! 2 wasted hard pulls.
8. Chase used to allow CLR from personal to business (and I assumed the reverse), it is not true any more. I have a 35K line on business that I can't CLR to my personal card.
Summary:
How I got the cash: BOA Platinum -> DD to checking 38.3K Citi Associated -> issued check with card 24.9K Advanta -> $50 from CS and cancelled NC Life Springs -> Check to me 12.4K 53 platinum -> Launder through Associated 4.9K US Bank -> Launder through BOA 24.9K Bank Atlantic -> Launder through BOA 20K Citi Professional -> Check to me 79.9K Chase -> Check with card 8.9K
dmlavigne1 said:3. No bumpage, no freezes. Take the INQ's like a man because bumping seems about dead and I am not paying for 10 services to accomplish it.
I bumped my TU and EQ clear within a month using only 3 pay services. It came right to the wire to avoid rebilling on some, and I may have timed it fortunately around choppage, but it worked.
I'm also pretty sure you can't CLR from Citi Professional to a Personal card. If a recall, you can go from personal to professional or business, and professional to business, but not the other way. And of course you can't CLR to a Citi card with a 0% offer (at least as of my AOR last month)
I was able to CLR from Diamond to Professional on my last AOR. I'll see about it on the new AOR if Citi has become an issue. Which services did you use for bumpage? I might try if it is a month and only 3 services.
Nice things learned. #4 and #6 especially. Hadn't thought about #4 before, but the point is very valid. I totally agree on #6. I was way over 90% on all my cards. Had very little adverse reaction.
Btw, I just completed my AOR #1 as well and am readying for #2. Trying to get a list of good offers. Got anything to pass along?
markkundinger said:Wait, Chase didn't zap you last time? Wow.
Anyway, regarding closure, I would guess your credit report is plenty "thick", so worry about age. Your accounts will have an average credit age.
If you close accounts older than the average age, it will hurt you
If you close accounts newer than the average age, and reallocate the limit elsewhere, it will help you.
That was what I thought. I am not planning on closing the oldest card from the issuer so I should be safe.
Chase zapped my wife with a couple of minor things (like lowering lines). They never touched me. The beauty was that she was maxed out so who cares. They took about 6K back out of 200K. I didn't even call to complain.
chtrich said:Nice things learned. #4 and #6 especially. Hadn't thought about #4 before, but the point is very valid. I totally agree on #6. I was way over 90% on all my cards. Had very little adverse reaction.
Btw, I just completed my AOR #1 as well and am readying for #2. Trying to get a list of good offers. Got anything to pass along?
I'll compose the list in the next couple of days. Really, all I do is just look here on FW and cherry pick the good links. Nothing special.
Off the top of my head, Citi business 15k typ 0% 0 fee Citi Associated BOA Platinum 0% 0 fee Advanta Discover for the garmin Discover business Citi professional 15k typ Chase (pick one) 0% $75 fee Bank Atlantic 0% 75 fee US Bank 0% 0 fee
More later with working links....
Figure I could have paid everything back in September forgoing .8 months of interest of 36K @ 3% and 2 months of 7K @3% and 3 months of 8K at 3% The cost would have been about $200 in interest total but would have got an additional $500 in interest a month assuming 3% and 200K conservatively on the re-up.
Well it looks like the caps have been removed for chase. Does anyone wtill have a capped personal and business card for chase? Also a capped business card for discover? Also, any National City cards still at a 12/0 bt?
I'd add a Citi Platinum AMEX as a new daily spender.
Edit: Link here One bonus of this card is free credit monitoring through Citi's Identity Monitor service. You also get 3 free airport lounge visits w/Priority Pass and extra Thank You points. There is a $125 annual fee, but its waived the first year, so just cancel before the free year ends.
VerbalK said:dmlavigne1 said:3. No bumpage, no freezes. Take the INQ's like a man because bumping seems about dead and I am not paying for 10 services to accomplish it.
I bumped my TU and EQ clear within a month using only 3 pay services. It came right to the wire to avoid rebilling on some, and I may have timed it fortunately around choppage, but it worked.
I'm also pretty sure you can't CLR from Citi Professional to a Personal card. If a recall, you can go from personal to professional or business, and professional to business, but not the other way. And of course you can't CLR to a Citi card with a 0% offer (at least as of my AOR last month)
I just applied for a 2nd CitiBiz card (AT&T) with a 0% $99 capped fee and was able to consolidate my $25k line on an old CitiBiz card from my 1st AOR into the new card without too much hassle. Maybe it's only the personal side of Citi that won't let you do it.
I think it is a specific card to card. I had no problem CLR on the professional side.
markkundinger thanks for the chase cards. I will add them shortly. I'll probably do one.
I still need to find the following: 1. Chase business capped 2. Discover business capped 3. Discover personal capped (if #2 is unavailable) 4. NC personal and business (hopefully longer than 6 months) 5. Bonus cards to get the bonus and to clr.
DM, for bumpage I did Credit Karma (free), AMEX CS (paid for two months), True Credit (paid for one month), Chase ID (I paid for one month, but it got refunded when I canceled).
I also did a seven day trial on PM 123, signed up for a free trial of EQ Gold (3 month trial) and citi ID (got a pull or two from each). I also hunted did my annual report checks, and a few disputes, and opened a few bank accounts that I knew did soft pulls. It took me just about a month to bump my EQ clean, less for TU.
I am certain that Citi wouldn't let me shift from Professional to my driver's edge card. As far as biz to biz, I remember the first reason was that the cards were in different company names. But after I requested a name change form, I was reletively certain that the rep said that CLR to a 0% card was still prohibited. Maybe it's a change in policy, which would be great since I have 40 grand sitting idle on various Citi Cards, including 20 on a buisiness card.
1. I was going to close my new discover miles card from AOR 1.0 and move the line to my older card much the same way I moved line to the new card. I was informed that to move any line a new CR would need to be pulled. The CSR informed me this is a new policy change and it may be reviewed in 6 months. Foo, I gave up and left it because there are no really good deals for discover now anyway.
2. I called AMEX to get the line reinstated with only about 8K in BT debt still showing on my CR. I got the same response as before!! I would have to fax in a copy of the updated report, then it would go into review, blah blah blah... I am astounded that they make the process so hard. I was going to move my daily spender to the AMEX starwood card but now refuse to because of all of these issues. I gave up and will just let the card collect dust at a $500 limit
3. I called Citi to CLR my professional TYP card to the diamond preferred but like VerbalK said it is now impossible. They view it as a business card and offered to CLR 9K of the 10K line (you have to leave 1K for the card to remain open) to my Business TYP then I could close the card. Net loss of 1K in line. I then asked if it is acceptable to have multiple professional TYP cards and the CSR responded that it was fine. I'll just leave the card open and add another app. I'll see about CLR and all after the new apps.
up next BOA Platinum Plus -> whatever and close USB Platinum -> Baylor and close Juniper Bank Atlantic -> National Parks and close Advanta -> close
any app date yet? It'll be interesting to see how you do since the credit markets are changing almost daily.
Chase cut my 3 biz cards to the current balance within the last week, I have about 5K of 200K on my personal report. 770 TU fico and 730 experian fico.
AMEX cut my lines a few months ago, but they've always been $hit!
win333 said:any app date yet? It'll be interesting to see how you do since the credit markets are changing almost daily.
Chase cut my 3 biz cards to the current balance within the last week, I have about 5K of 200K on my personal report. 770 TU fico and 730 experian fico.
AMEX cut my lines a few months ago, but they've always been $hit!
Good luck
As soon as the last 9k falls off I predict this Friday.
More CLR blues!
US Bank will not CLR at all! I tried to move my Platinum line and close and no luck.
Up next Bank Atlantic -> Juniper personal, closing Advanta and checking if BOA allows multiple platinum cards. I will be adding bonus cards shortly from the awesome FW find linked above. FF miles here I come!
Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.
I predict this Friday.