SIS comes back with the App-O-Rama FAQ - AKA MAKING THOUSANDS OF $$ FROM CREDIT Link AOR stories and post your successes - Page 15 of 86

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SIS comes back with the App-O-Rama FAQ - AKA MAKING THOUSANDS OF $$ FROM CREDIT Link AOR stories and post your successes

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SecretSaver said: OK I was hoping someone could point me to a link here on FW that has all the best 0% offers and/or bonuses available for someone getting ready to do an App-O-Rama.

Thanks,

SecretSaver


SIS has such a site: linky (now, where's my referral fee, SIS? )

You can also use a place like cardoffers.com.

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mhesidence said: People here often talk about the end of the 0% money or CC companies singling us "rate surfers" out. However on NPR this morning mixed in with some complaning about CC companies being able to change terms whenever they want one of the CC spokesmen said that about 50% of people pay in full each month. Think how much free float that is. Our little BT games are a drop in the bucket.

As usual I'd like to thank the other 50% of the people who don't PIF.


I listen to NPR, but somehow missed this... It's all good only as long as the 50% that don't PIF are not FW folks taking advantage of 0% for X months

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FYI for those who have recently applied for BofA cards - I applied for a card back in mid December (teh 14th or 15th). Today, 1/26, my existing credit line with them was decreased by $5k. When I called, after being transfered to the existing credit department, I was told the $5k was reallocated to a new card (the one I had applied for almost 45 days ago and since forgot about). He told me they process an average of 300k applications/month, but in the past couple months that amount has tripled and they are backlogged, so any recent applications may be take as long as 45-60 days to process until/unless they get caught up. Just in case any of you have applied and are wondering why you havent gotten a response yet.....

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This is a TERRRIBLE post. no clue as to what or why apporama is, just one simple clear paragraph would help 100s,,,oh, i get it , if u r tht stupid, to heck with you ??

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comcast said: This is a TERRRIBLE post. no clue as to what or why apporama is, just one simple clear paragraph would help 100s,,,oh, i get it , if u r tht stupid, to heck with you ??

honestly, I was able to figure it out and do it all within a few days from the info in this post (and a few others)

it really shouldn't be attempted by people who need it detailed step by step because

1) if the concept if too complicated for you after doing some research (i.e. reading more than a few forum pages) then you should not try it, it may end badly for you

2) if the idea gets out to too many people with an easy step-by-step instruction guide, the credit companies may just decide that offering these incentives isn't worth it considering how many people are taking advantage of it

3) it's not like you are ENTITLED to this information, you should be thankful that it is out here on the web at all
If you really feel that this should be made easier for the sake of everyone (as opposed to just yourself) then edit the quick summary yourself with the perfect guide

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I have a couple of newbie questions, sorry if this was posted before...

1) Can I BT an amount X from CC A to CC B where X is less than balance on CC B i.e. I want to BT only a portion of balance avaialble on target CC ?

2) When we talk of CC utilization whether it's across all the CC one have in his name or it's CC specific ?

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fasterlight said: I have a couple of newbie questions, sorry if this was posted before...

1) Can I BT an amount X from CC A to CC B where X is less than balance on CC B i.e. I want to BT only a portion of balance avaialble on target CC ?

2) When we talk of CC utilization whether it's across all the CC one have in his name or it's CC specific ?
1) you can transfer any amount you want up to your credit limit. Alot of cards will allow you to 'transfer' the amount directly to your checking account, and you can pay off other balances from there (useful when there is a balance transfer fee that is capped).

2)Both.

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Using to many Credit Card Convenience Checks will cause "Universal Default" on your accounts and interest rate to rise with very short notice.

Here is what happened to me:

I wrote three different Credit Card Conv checks to my self and deposited them in my high yield savings and checking accounts and started to watch the money come in from all that interest. I paid the minimum balance well before the due date and paid all my bills on time. I received a letter from one of my Credit Cards that had given me a ZERO percent Conv Check offer for 6 months. It said they were raising my interest rate effective in 15 days due to changes in my Credit report, to much debt I later found out. My FICO score had taken a big drop when I went into $50K in debt using those Conv Checks. I had to pay off the account immediately and lost money because I had paid a $75 fee to write the check to myself.

I got messed up due to UNIVERSAL DEFAULT. Anyone else experience this while attempting to make money using Credit Card Conv Checks to make interest income?

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What was the name of the credit card?

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conversationist said: Using to many Credit Card Convenience Checks will cause "Universal Default" on your accounts and interest rate to rise with very short notice.

Here is what happened to me:

I wrote three different Credit Card Conv checks to my self and deposited them in my high yield savings and checking accounts and started to watch the money come in from all that interest. I paid the minimum balance well before the due date and paid all my bills on time. I received a letter from one of my Credit Cards that had given me a ZERO percent Conv Check offer for 6 months. It said they were raising my interest rate effective in 15 days due to changes in my Credit report, to much debt I later found out. My FICO score had taken a big drop when I went into $50K in debt using those Conv Checks. I had to pay off the account immediately and lost money because I had paid a $75 fee to write the check to myself.

I got messed up due to UNIVERSAL DEFAULT. Anyone else experience this while attempting to make money using Credit Card Conv Checks to make interest income?


Man, you really have to come back and edit your post! If not for more (specific) information, then at least for things like "I paid the minimum balance." Also, I think UNIVERSAL DEFAULT is inability to pay ANY obligation -- sounds like you were pretty far from that ... and it's pretty hard to mess up due to universal default, usually it's the other way around -- if you mess up (big time) then you might end up in the universal default.

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HELP! I could really use an offer code for a Chase Visa Card, I need 0% for at least 12 months on balance transfers and a $100 sign up bonus would be great as well. Thanks.

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Someone said:

Man, you really have to come back and edit your post! If not for more (specific) information, then at least for things like "I paid the minimum balance." Also, I think UNIVERSAL DEFAULT is inability to pay ANY obligation -- sounds like you were pretty far from that ... and it's pretty hard to mess up due to universal default, usually it's the other way around -- if you mess up (big time) then you might end up in the universal default.
=========================
Reply:

It was Chase that raised my rate due to Universal Default. I had been paying the minimium balance for a few months because I wanted to have access to as much of the money I got in my bank account from the proceeds of the Credit Card Conv Checks, so I could collect maximum interest as long as possible. Again I was paying all my bills on time.

What happened to me was all this new debt had reduced my FICO score and the Credit Cards saw this and used the Universal Default to change my interest rate.

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Did you have a clause that allowed them to yank the 0% offer for a credit score? OR were you late on some other bill? Universal Default can be caused by missing a payment to ANY CREDITOR not just your Chase Bill. So did you miss another payment?

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Well, I just read the Default clause on Chase. One of the items says:\\

We may consider you to be in deafault if any of these occurs:

We obtain information that causes us to believe that you may be unwilling or unable to pay your debts to us or to others on time.

If we consider your account to be in default, we may close your account without notice and require you to pay your unpaid balance immediately.


What the hell does that mean? I guess they can pull the 0% at anytime. That is a bummer

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...Experian not reporting my credit limits on Chase, Citi and Capital One. My FICO score has not budged, even after paying all my accounts down to zero in preparation for AOR.
There is an "NA" in the credit limit column, they do show the high balance and "0" for the oustanding balance. It seems this effects utilzation., I do have other bebts, outstanding HELCO loans, but there is no way the CRA computers can get a correct figure for credit limits if there is an "NA"...and I don't believe the CRA computers will default to the high balance column to get a figure for the FICO score.
How do I get CRA's to show credit limits?

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I paid ALL my bills on time from Credit Cards and other places I owed money to. The Credit Card Companies all must have a way to find out how much I owed or they would not have pulled a UNIVERSAL DEFAULT on me.

What happened is I got a letter in the mail from one of the three Credit Cards I had a balance with (from Convenience Checks). They gave me 15 days to pay my account in full or I would be paying a high interest rate. I called them on the phone and found out that it was an issue of Universal Default. It was not because I did not pay a bill but because my FICO score dropped due to so much debt. The funny thing is my other two accounts with similar balances were not affected. I quickly paid off my account but took a small loss due to a $75.00 fee.

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How much did your score drop, or what was it when they sent you the letter? Do you know what your toal credit utilization was?

It looks like a real good way to SCAM the consumer out of $75+...because the clause I mentioned in the post above allows them to pull the 0% for ANY reason!

Kinda scary...

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conversationist said: I paid ALL my bills on time from Credit Cards and other places I owed money to. The Credit Card Companies all must have a way to find out how much I owed or they would not have pulled a UNIVERSAL DEFAULT on me.

What happened is I got a letter in the mail from one of the three Credit Cards I had a balance with (from Convenience Checks). They gave me 15 days to pay my account in full or I would be paying a high interest rate. I called them on the phone and found out that it was an issue of Universal Default. It was not because I did not pay a bill but because my FICO score dropped due to so much debt. The funny thing is my other two accounts with similar balances were not affected. I quickly paid off my account but took a small loss due to a $75.00 fee.
Doesnt sound right. COmpanies always (usually) give you the benefit of the doubt and honor their offers until you actually screw up. Have you checked your credit report to make sure negative info wasnt reported recently (dont trust what the CR said)? How much debt are we talking? You should have atleast insisted they refund the $75 transaction fee.....

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On Personal Finance | Clever credit card strategy? Not so much
Another mainstream financial article telling us we are all crazy
It was from January 18th Philly paper, syndicated in today's Sunday paper.

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NEW to AOR
I find myself mid-stream with a few 0% BT Cards active, wanting more, and not knowing if I should wait or jump in. Here is my situation. Any helpful comment is appreciated.

Before coming upon the AOR idea, I had been accumulating %0 BT credit cards to help pay off a HELOC. My process was a rolling AOR. Currently I have about 45K drawn on CCs for this purpose with 5K left on my HELOC. My current scores via Credit Monitor are EQ 724, EX 742, and TU 736. I think my credit scores are OK, but my utilization is definitely poor.

Current BT Cards
Citi AA Bronze --- 15K limit ------ 12K balance ------- 1.9% for life w/o purchases
Advanta Business - 10K limit ------- 9K balance ------- BT ends April 2008 (balance not on CR!)
Discover ------------ 8K limit -------- 7K balance -------- BT ends Nov 07
FIA World Pts ----- 17.5K* limit --- 16K balance ------ BT ends May 07
*Note: I got CLI on FIA card to 35K this month, but the CR only shows the high balance of the initial BT.

Since I already have several cards with 0% or low BT, I am thinking of doing a mini-AOR now with only business cards. From what I have read, the hard pulls would lower my credit score, but the balances would not show on my CR. This would allow me to do a larger AOR around August when my FIA is paid off. Does this sound like a good plan or am I better off waiting for some of the hard pulls to fall of my CR rather than add more?

The 4 cards I would apply for now: CitiBusiness Thankyou Points, Chase Business Cash Rewards, Chase UPS Capital Business Visa, and Chase Platinum Business Rebate.

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goldsheet said: On Personal Finance | Clever credit card strategy? Not so much
Another mainstream financial article telling us we are all crazy
It was from January 18th Philly paper, syndicated in today's Sunday paper.



EXCELLENT
I hope everyone thinking about doing an AOR/BT game reads that and is scared straight




it allows the rest of us to go under the radar

the guy in that article is investing the BT money into stocks! No way would I play that game.
I suspect that the author is a 0% BT money investor and wants to keep others out of the game

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goldsheet said: On Personal Finance | Clever credit card strategy? Not so much
Another mainstream financial article telling us we are all crazy
It was from January 18th Philly paper, syndicated in today's Sunday paper.
The author makes the assumption that the $45k in debt was racked up from prior reckless purchasing (also that the card will continue to be used for regular purchases in addition to the BT). If that was the case, then he makes a decent argument - that first step of financial irresponsibility would indicate he is not suited to this strategy overall. But very very few people understand you dont have to start with a balance to transfer a balance.

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extra5 said: NEW to AOR
I find myself mid-stream with a few 0% BT Cards active, wanting more, and not knowing if I should wait or jump in.

In for a penny, in for a pound. Supposedly inquiries beyond 6 months have much less weight. If you're going to wait that long for the next AOR anyway, why not go all out now? You may get a few more rejections than if starting from scratch, but so what?

Usual caveat: figure out what level of risk and potential adverse action YOU are comfortable with. e.g. I did a large AOR (30ish cards) and one of the new accounts (FNB Omaha) was closed after a month. For me, that's just evidence that I pushed hard enough. For others, that might feel like a real setback.

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Fun With Balance Transfer Offers

If You Really Want to Be Clever

Play your cards right, and you can even use a balance transfer offer to earn money.

Here's how: Say you use a 12-month, 0 percent balance transfer offer to write a check to yourself and sock away $10,000 in a high-yield savings account earning 5.05 percent. Still making monthly payments of $150, you could pay back the remaining balance in full at the end of the year -- and come away with $475 in earned interest.

Hmm. sounds familiar.

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Because of FatWallet and a few other nice sites I have acquired for my wife and me 39 cards in the last 12 weeks, 19 for me and 20 for her, $356,000 in new credit between us. Sign up bonuses alone, cash(credits) and prizes(miles valued @ $.016) equal $7540.00. CitiCredit Protector adds at least another $750 and could go way higher. myFICO.com score today is 726. I have three cards with $30,000+CL (yes, I learned about consolidation at FatWallet!) I believe I can consolidate two more and have
$140-150K for 0%BT and or Convience checks with no fees.

So my question is will my ability to get accepted for credit cards dry up if I do these BT's?
What does my credit utilization per card need to look like and what does my overall credit utilizaiton need to look like?

I have to say I was doing all of this with a 93% utilization on my home depot card which i made $700 from and just BT'd to Discover so my principal could earn more interest.

Last year my credit score was 804. I cancelled some old accounts, yea I know better now, My score dropped to 786. I redid our kitchen and had 93%utilizaiton on Home Depot card, then my score was 768. I applied for some credit cards and then some more and then some more. Lowest point 660 lasted less than a week when it jumped 80 to 740! It is now 728 FICO

And my other question is Chase's Default Clause. One of the entries is so ambiugous. It looks as though it gives them the right to terminate for ANY reason--

We may consider you to be in deafault if any of these occurs:

We obtain information that causes us to believe that you may be unwilling or unable to pay your debts to us or to others on time.

If we consider your account to be in default, we may close your account without notice and require you to pay your unpaid balance immediately.


Does anyone else read it that way?

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CitiCredit Protector adds at least another $750 and could go way higher

Can you elaborate on this a bit? Are you disabled/lost job etc...?

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I am in the process of preparing for an mini App-O-Rama in a few month. I have applied for a few credit cards during the last few month to capture some signup bonuses.This was before I was reading the threads here regarding credit cards. Still worked like a charm and I was able to capture 500$ (250$ AMEX business card, 150$ Sony card, 100$ eq. gift card for Citi Prof TY card)
After reading through the threads here i decided to:

a) Reopen an old BofA card (thanks for DaveHanson
b) Apply for CLI in my Chase Perfectcard from 10K to 15K (granted). I also asked for CLI for the Chase Business card (pending).
c) Sign up at myFICO (free trial)

This is my personal credit data:

FICO 798
AMEX Business card CL:20K (2006)
BofA Financial Rewards CL: 10K (2000)
Chase Perfectcard CL: 15K (2000)
Chase SonyCard CL: 11K (2006)
Chase Business CL:9K (2006)
HELOC 30K (2003)
Chase Prof card 9K (now cancelled)

None of these cards/accounts have a balance. However I intend to run up a balance with my Chase business card to take advantage of the 12 month 0%APR. Total annual charges on Cards are about 15-20K and i always pay them off.

Now I am considering the next steps. My idea is to get 2-3 credit card with nice BT offers to put the funds into my MM account and to get 1 or 2 more cards just for their benefits (Penfed rewards card is high on my list)To make the BT game worthwhile I would like to have substantial Credit limits (20K+).I also want to get better cards whilst keeping the number of open cards to a minimum.

The AMEX card we use a little bit for Costco purchases and such. It sure does not hurt that it has a high credit limit, but the benefits of this card are not that compelling.

The BoFA Financial Rewards card is of no use for me. I cancelled it for that reason and reopened it since i got aware that it's one of my oldest cards (thanks to DaveHanson!) and cancelling hurt my Credit score. So I simply keep it around and may use it as a source to increase my CL for other BofA cards, should I choose apply for them.

The Chase Perfectcard used to be my Workhorse, I used it for 90% of my purchases. I liked the instant rebate. However due to better benefits and rebates i now like the Chase Business card better.

The Chase Sonycard has no use for me. I intend to use it as a source card to increase my credit limit for other Chase cards and then will simply close it. I intend to try to transfer the CL to the business card (which may not work) or as a 2nd choice move it to the Perfectcard, as I hope that higher CL with existing account entice other Creditcard companies to grant my higher CL.

I am thinking of targeting Citicards (they have nice BT offers and easy transfer to checking (?). Since it going to be my first orchestrated effort to make money on BT I want to keep it as simple as possible.

I hope nobody minds my long post here. I post this to get 2nd opinions regarding my plan and suggestions how to do better. I do not think it's worthile for a newbie like me to open a new thread on this matter, so i post here.

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fatwallet2099 said: Sign up bonuses alone, cash(credits) and prizes(miles valued @ $.016) equal $7540.00.
First, congrats! Second: how about some details? Also, please add stats to the summary thread, preferably listing you and your wife separately. And, with 2 additional fields: # years of active credit, # inquiries before the AOR.

So my question is will my ability to get accepted for credit cards dry up if I do these BT's?
I pushed several cards to 89%, with overall 75%. My "real" Equifax FICO dropped from 777 on AOR day to 642 today (7 weeks later, with most things reporting). Keeping each below 50% is apparently the best way for ongoing AOR ... though you're probably close to getting turned down for too many inquiries. (At that point wait 6 months and go again.)

Lowest point 660 lasted less than a week when it jumped 80 to 740! It is now 728 FICO
Hmm; are you sure these are FICO not FAKO?

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The author makes the assumption that the $45k in debt was racked up from prior reckless purchasing (also that the card will continue to be used for regular purchases in addition to the BT).

The author does not make either of those assumptions. In fact, the statement that the man is earning 8 or 9% in investments with the $45,000 rules out reckless spending as the source of the debt.

Furthermore, the author does not say this man is investing in stocks. Only that "one generally has to take some risk - by investing in stocks or stock mutual funds, for example" to achieve those returns.

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Sorry if this has been asked, but does anyone know if you have to specify the BT during the application process for Chase (specifically Freedom World MC) and Discover? The wording is not clear - I just don't want to potentially miss the BT offer if I don't specify it during the application. TIA

Edit: Well, to answer my own question, at least for the Chase offer (0% no fee BT until April 2008, received in mail, expires Feb 2), it has to be done at application time (according to csr - she said there would be 3% up to $75 fee if done later). Guess I need to read upon getting money out of Chase BT.

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For whatever it's worth (hope it can help some of my AOR colleagues around here).
Back in Nov'06 I've pulled my free annual CR from Experian (online). I believe I went through Free Annual Credit Report (some details can be found in this thread).

Experian gave me a number to come back and look at the report again, should I need to. It sounded as they would show me the SAME (dated Nov'06) report if I were to come back (e.g., to print it out, to dispute, etc.). Here's an excerpt from the page I saw:
---------------
Report Summary
Attention NOTE: Print this page or write down your report number and date for future access. To return to your report in the near future, log on to www.experian.com/consumer and select “View your report again” or “Dispute” and then enter your report number.

Experian credit report prepared for
XXXXXXXXXXXX YYYYYYYYYYYY
Your report number is
ZZZZZZZZZZZZZZZZZZZZ
Report date: November XX, 2006
----------------

Well, I did dispute a couple of items with them, and then checked the report again in early Jan'06 using the number they gave me (just to make sure the requested changes were properly reflected). Well, it worked, but I also noticed that along with the changes I requested their report properly showed all the other activities that happened between Nov'06 and Jan'07 ... Well, I tried to look at my report (again, using the number they gave me back in Nov'06) today. Surprise-surprise, it worked again, and it was current as of this morning (e.g., it did show my TrueCredit pull from this morning!). This whole thing as it's been going so far amounts to a free credit report from Experian for me ...

I'm not sure what to make out of it though ... Is it just because I disputed things with them and therefore entitled for smth. like 90 days of free access to make sure they've implemented the changes? Or is it because I live in NY and there is some law that requires them to make a report available to me if there has been an activity since last pull? Is it just a technical glitch? Is it a universal loophole everyone can exploit?

Disclaimer: I was not sure if this deserves a separate thread, so I put it here to be discussed by people who pay attention to their credit scores (as most AORammers should be)

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cyberkost said: For whatever it's worth (hope it can help some of my AOR colleagues around here).
Back in Nov'06 I've pulled my free annual CR from Experian (online). I believe I went through Free Annual Credit Report (some details can be found in this thread).

Experian gave me a number to come back and look at the report again, should I need to. It sounded as they would show me the SAME (dated Nov'06) report if I were to come back (e.g., to print it out, to dispute, etc.). Here's an excerpt from the page I saw:
---------------
Report Summary
Attention NOTE: Print this page or write down your report number and date for future access. To return to your report in the near future, log on to www.experian.com/consumer and select “View your report again” or “Dispute” and then enter your report number.

Experian credit report prepared for
XXXXXXXXXXXX YYYYYYYYYYYY
Your report number is
ZZZZZZZZZZZZZZZZZZZZ
Report date: November XX, 2006
----------------

Well, I did dispute a couple of items with them, and then checked the report again in early Jan'06 using the number they gave me (just to make sure the requested changes were properly reflected). Well, it worked, but I also noticed that along with the changes I requested their report properly showed all the other activities that happened between Nov'06 and Jan'07 ... Well, I tried to look at my report (again, using the number they gave me back in Nov'06) today. Surprise-surprise, it worked again, and it was current as of this morning (e.g., it did show my TrueCredit pull from this morning!). This whole thing as it's been going so far amounts to a free credit report from Experian for me ...

I'm not sure what to make out of it though ... Is it just because I disputed things with them and therefore entitled for smth. like 90 days of free access to make sure they've implemented the changes? Or is it because I live in NY and there is some law that requires them to make a report available to me if there has been an activity since last pull? Is it just a technical glitch? Is it a universal loophole everyone can exploit?

Disclaimer: I was not sure if this deserves a separate thread, so I put it here to be discussed by people who pay attention to their credit scores (as most AORammers should be)


I believe that its universal and you do not have to do a dispute. People at CB call it a back-door or something. I don't know if Experian intended the link to work like that but using old report numbers does work. The one I used is over a year old.

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Glitch99 said: goldsheet said: On Personal Finance | Clever credit card strategy? Not so much
Another mainstream financial article telling us we are all crazy
It was from January 18th Philly paper, syndicated in today's Sunday paper.
The author makes the assumption that the $45k in debt was racked up from prior reckless purchasing (also that the card will continue to be used for regular purchases in addition to the BT). If that was the case, then he makes a decent argument - that first step of financial irresponsibility would indicate he is not suited to this strategy overall. But very very few people understand you dont have to start with a balance to transfer a balance.


A good friend of mine has over 100K of margin which is currently costing him 10% (10,000 a yr) If he did the right sort of AOR he could have the money at little or no cost for approx a year at a time. Certainly worth the risk since he is in margin anyway. 10K is a huge amount of $$$. Not to mention he spends 1% management fee so he can manage his own money. I dont like his strategies but everyone has their own thing.

Rob

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Two "first timer" questions:

1. I now have about $65K in credit across five lines with Chase; two of these lines are new lines from my first AOR about a week ago. I'm planning to reallocate almost all of the CL to one or both of these two new lines. Will it raise any red flags to reallocate nearly all of the CL to just one of the new cards? I am concerned that Chase might get uppity with that large of a line; I know with AMEX that type of behavior could result in an FR. I am trying to avoid paying the $75 BT fee twice.

2. Do you advise starting my BT activity ASAP (thus maximizing the amount of time I can earn interest on OPM) or waiting the additional ~30 days until all the decisions have rolled in (thus minimizing the likelihood of adverse action by the CC companies who might see my new large balances)? I would of course wait until after my "first purchase" activity was complete in any case.

2Cor521

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could it be they just reset the once a year at the 1st of every year for the free reports?

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Would like to have some advice.

I am planning to consolidate my 2 Citi cards.
One is a Dividend (Platinum Select) card with CL of 6000$ and the other one is a Diamond Preferred rewards Card with a Cl of $7200.
Is it wise to do the same ? What happens to the rewards/points ?

p.s: I am planning to do a mini -AOR sometime soon.

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I'm not quite ready to do another big AOR for myself yet (still have 2 cards with BT on them for a couple more weeks - plus I just did AOR for my (loving) wife). However, I have 2 offers that I would really like to take advantage of.

The first is a Discover Miles 0% BT for life w/ $29 max BT fee, expires 2/15/2007. The second is a Chase 15 mo. 0% no BT fee offer (can't find any of those now, that I have seen at least), expires 2/1/2007 (yes, tomorrow)

So, any opinions on what I should do? Are these offers good enough to do right now, or should I just scrap them and wait a few months?

(as a side note, I would also like to open a penfed heloc, and wonder if it should be done at the same time)

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SecondCor521 said: Two "first timer" questions:

1. I now have about $65K in credit across five lines with Chase; two of these lines are new lines from my first AOR about a week ago. I'm planning to reallocate almost all of the CL to one or both of these two new lines. Will it raise any red flags to reallocate nearly all of the CL to just one of the new cards? I am concerned that Chase might get uppity with that large of a line; I know with AMEX that type of behavior could result in an FR. I am trying to avoid paying the $75 BT fee twice.

2. Do you advise starting my BT activity ASAP (thus maximizing the amount of time I can earn interest on OPM) or waiting the additional ~30 days until all the decisions have rolled in (thus minimizing the likelihood of adverse action by the CC companies who might see my new large balances)? I would of course wait until after my "first purchase" activity was complete in any case.

2Cor521


Chase may, or may not want to pull a hard to reallocate. They should tell you if they need to, though.

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SecondCor521 said: 2. Do you advise starting my BT activity ASAP (thus maximizing the amount of time I can earn interest on OPM) or waiting the additional ~30 days until all the decisions have rolled in (thus minimizing the likelihood of adverse action by the CC companies who might see my new large balances)? I would of course wait until after my "first purchase" activity was complete in any case.
Time is money. Once the credit report has been pulled (which generally happens right away), you're safe. (Except that FNB Omaha pulls again 1 month later; see the Adverse Action thread.)

rated:
Finally added my AOR link in the quicknotes. I feel it was very successful for my first AoR. Feel free to stop by with feedback good or bad.

EDLiN's Jan 2007 Milage-AOR

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