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
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.
chtrich
Senior Member
posted: Nov. 5, 2008 @ 5:55p
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
Senior Member - 2K
posted: Nov. 5, 2008 @ 8:12p
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.
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.
Sunburn4
Member
posted: Nov. 7, 2008 @ 2:02a
the garmin from discover is dead, sorry. http://www.fatwallet.com/forums/hot-deals/831034
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?
markkundinger
Senior Member - 2K
posted: Nov. 7, 2008 @ 2:13p
People have been doing Chase Disney or OptionsXpress (personal) for capped 0% deals.
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.
Rorer714
Senior Member
posted: Nov. 7, 2008 @ 5:32p
dmlavigne1 said: Also, any National City cards still at a 12/0 bt?Have not been able to find any NC 12/0, 6/0 is the best so far.
sethdallob
Senior Member - 1K
posted: Nov. 9, 2008 @ 1:23p
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
win333
Senior Member - 2K
posted: Nov. 15, 2008 @ 7:50p
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!
dmlavigne1 said: and checking if BOA allows multiple platinum cards. BofA will allow as many of whatever you want, within the maximum overall limit they're willing to give you. And once you hit that, you can just call and reallocate old limits to establish new accounts.
cyclepoints
Member
posted: Nov. 19, 2008 @ 9:25a
US Bank gave me a $2K credit line a week and a half after applying. I asked if they could CLR from an existing line, and he said the existing line was a factor in my low new line. He said he would go ahead and move most of it, but I haven't actually seen it happen yet. Of course, I asked him to make some BT's over the phone, so maybe that's additional motivation for him. Also, the new line automatically showed up on my login to access the existing line. I've seen that for BofA, WaMu, and Chase as well. Also, I have a BofA Platinum Plus Visa and MC. Haven't tried to CLR yet though.
cyclepoints said: US Bank gave me a $2K credit line a week and a half after applying. I asked if they could CLR from an existing line, and he said the existing line was a factor in my low new line. He said he would go ahead and move most of it, but I haven't actually seen it happen yet. Of course, I asked him to make some BT's over the phone, so maybe that's additional motivation for him. Also, the new line automatically showed up on my login to access the existing line. I've seen that for BofA, WaMu, and Chase as well. Also, I have a BofA Platinum Plus Visa and MC. Haven't tried to CLR yet though.
You can check out my AOR link for some US Bank CLR stories. In short, they can do it, but probably only in reference to increasing or approving a new line. I managed to move 20K from my Baylor to my Irish card.
Credit Line Reallocation IE I get 10K on a new card at 0% then move more lines from other cards in the same bank to that card so I can take out more BT money.
it'll be interesting to see the CL if you get the new BofA card, since it says online "up to $15k". sounds like a bit of a starter card, but hopefully can do a CLR above that level if you have it on another card.
So I started the dispute with EQ on the US Bank Balance last week because of the run around. When I went to EQ's website it said that disputes for my area were managed by CSS credit. I went there and filled out the dispute form online. It cleared on Monday and I started the AOR. Today I look and there is a inq from "EFX-RES046" on Equifax report... Is this from the dispute? Has anyone seen this tag before? I didn't think for a dispute they could HP your credit!
Edit NM it looks like the heloc pull I put in for Equifax REAL ESTATE SERVICE from my actual EQ file
NeedCash911
Member
posted: Dec. 21, 2008 @ 1:12p
hey bro..just wondering if you got any of the inquires yet since the economy is pretty bad..did you get most of those inquires on the same day that you launched..??
Well the less than spectaculur results are starting to come in.
Advanta 2.5K. Are you kifdding, I cancelled a 10K Advanta. Called CSR and asked WTF the nice foreign CSR asked if I wanted a CLI, I said yes but with no hard pull. Explained the situation, he said that if "I make a couple of payments they might reconsider." I said that I made 15 payments on the last card and wanted the same line or more.
Chase - 2 letters, one wanting an address, the other sating I was denied for excessive inq. Anyone have any advie on dealing with the Chase credit ninjas? Chase has been a royal PITA for me through 2 AOR's, they have been a breeze for my wife.
Associated Bank card came in today with the BT check. I am going to BT the 53 money (5 whoppin K) to the associated card if they give me an issue about a checking account.
Overall, a depressing day.
NeedCash911
Member
posted: Dec. 24, 2008 @ 10:21p
did you get approved for 25k for the citi that you applied for..you shouldnt be upset if you got approved for a 25k card bro
PolarDude
Senior Member - 1K
posted: Dec. 29, 2008 @ 3:03p
Any denial letters listing reasons for denial?
This AOR really shows the credit freeze is hardkore.. The associated citi is a good win but this really depresses me.. you could end up getting some AA from your existing cards for the new accts and inquiries.
PolarDude said: Any denial letters listing reasons for denial?
This AOR really shows the credit freeze is hardkore.. The associated citi is a good win but this really depresses me.. you could end up getting some AA from your existing cards for the new accts and inquiries.
Are there any other cards out there right now even CLOSE to the Associated Bank Citi Card? I would love to find another one like it for some more free money...
Citi changed their professional card policy to one per holder (I currently have one TYP and one cash). I can CLR my 80K in lines and close the other 2 but am going to wait for the statement to cycle because of the ~$50.00 in Cash Back. This is a win!
I have a new BOA account that is 15K. They took 15K from my FIA card. I don't care I have about 70K in lines with them. Another win!!
National City Life Springs came in with a 12.5k line but I can't clr from a business card oh well.
Citi wants all sorts of documentation on the "business". I am letting this go. Hopefully I can CLR my previous business line to my new Pro card.
US bank came in at 5K -> CLR'd from baylor (leaving 9.5K) and closed platinum (yeah there was a maintence fee) to 25K
Talked with Chase and now they will only do one app per 6 months boo
Overall a good day. I will update the summary and OP when I get a chance.
lefty331
Member
posted: Dec. 31, 2008 @ 3:27p
Hi dmlavigne,
Thanks for the write-up. FYI, I did a 6 app AOR on December 2, so I am working just a couple of weeks ahead of you. I was moderately successful; using similar applications as you I was able to get 114K of BT money stashed into Dollar Savings Direct plus 2 Reward checking accounts. One interesting thing is I did it while continuing to carry a 12K balance on a CapOne card that I got as a targeted 18 month 0% offer last spring. So I guess its still OK to do an AOR while carrying one balance. I don't bother with bumpage, since I only plan to do apps once a year, and don't do too many anyway.
Well good luck, I'll be watching your thread to see if you get any AA.
I looked up my Bank Atlantic App to find I was denied due to "Sufficient Juniper Credit." I called the CSR and explained I closed the line to reopen it for the BT, she approved my app for the old amount of 20K. I plan to move my Juniper National parks line of 5K to the Bank Atlantic line and take the whole thing.
This means that I only have the Chase Disney App and to close and reopen my Professional card to go.
clar
Senior Member
posted: Jan. 6, 2009 @ 8:51a
I got Citi associate bank recently after looking at threads like this, but doesn't get the limit that i wanted. I have a driver's edge with high limit. Will Citi be able to move my limit over from driver's edge to associate bank easily? I just don't want them to lower both of my cards' limit when they look at my acct.
To clarify, you got the Chase "1 card every 6 months" on the one business card you applied for? If so, this is interesting to me becuase I always thought Chase pretty much segregated their personal and business card departments for application and CL purposes.
Unless they are cracking down on the self-reported $0 net income/0 years in business sole proprieterships that worked last year on their business card applications, maybe it's worth using the single Chase application "bullet" for future AORs on the business end, since those aren't going to report on a personal credit report and thus less apt to start an AA chain?
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