I'm done with this aspect of the game (credit card bonus bonanza's)

Discussion in 'General Discussion | Miles/Points' started by Casey Friday, Apr 6, 2011.  |  Print Topic

  1. Casey Friday
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    Casey Friday Silver Member

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    To keep a rather long story short, I acquired the following accounts for sign-up bonuses:
    • Chase Personal Checking
    • Chase Business Checking
    • Chase OnePass Continental MC
    • SPG Plat AMEX
    • HHonors AMEX
    • Citi AAdvantage MC
    I had a Delta Skymiles AMEX, but it was so useless that I canceled it.

    Just last week, I got THREE insufficient funds fees on my Chase biz account. I tried to transfer funds to it in time, but I was too late. I remember signing up for the "Decline the card if the funds aren't there" deal when I first opened the account, but they're telling me now that was only for the personal account. BS. I opened them both at the same time. 3 x $34 is $102 in fees I don't want to pay. I also got the $20 "you-didn't-swipe-the-card-enough" fee.

    When I opened my CO OnePass card, I had an $8k limit. Since opening ALL of these cards, I have never carried a balance. I have filled them up, but never carried a balance. Because I'm not playing by "FICO's rules," they lowered my OnePass limit to $5k. I have paid $1.15 in interest to AMEX due to forgetting the due date. That's the only interest I've ever paid.

    All of this is "hurting my credit," which to be quite frank, I don't care about. But it's ridiculous that by playing in this credit game, I'm getting dumped on. Ridiculous. And I've paid way too much in fees. I didn't think it would be such a hassle before I started, but I'm going back to cash/debit card only, and only USAA for banking. No more of this mess for me.

    If it works for you, and it obviously does for quite a few people, more power to you. I LOVE that everybody on these forums actually USES the miles from these big banks' promos and gets a bigger return than the banks intend for. I think that is AWESOME. But sadly - and actually not really sadly - I'm done. I won't play by someone else's rules any more. I'm canceling all credit cards and superfluous checking accounts.

    Looks like I'm going to have to start earning my miles&points from actually flying and staying! Haha!

    /rant
     
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  2. airshadow
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    airshadow Gold Member

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    We've all experienced bumps along the way with these finance-based mileage opportunities. And sometimes it's necessary to stand your ground. But after the dust settles, just know that it's ok to change your mind and re-enter the game. After all, it's the best way to get even :)

    In the meantime, enjoy the break and the fresh air. You are most likely still way ahead!
     
  3. MrPiggy
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    MrPiggy Active Member

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    "But it's ridiculous that by playing in this credit game, I'm getting dumped on. Ridiculous."

    You are getting dumped on because you overdrew your checking account not because you were playing in this credit card game. In fact it had nothing to do with credit cards at all. I cleared over $7000 cash back last month with my credit cards so play the game right and it can work out quite well.
     
  4. Casey Friday
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    Casey Friday Silver Member

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    I was talking about how my credit score is dropping, and my limits are being reduced because I'm "using the cards" too much each month.
     
  5. deant
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    deant Milepoint Guide

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    Keeping track of numerous credit cards is not for everyone. Some people just don't have the time, or energy for it. I have a couple of relatives that refuse to enter the CC arena and I can understand their reluctance. If you don't pay a lot of attention, you can get burned with high fees.

    As for your credit score dropping, the banks typically don't do any negative reporting until you are at least 30 days overdue (at least that is my understanding). If your credit score is dropping because of the applications, that is a relatively minor drop IF you have good credit otherwise. My wife and I both have credit scores in the 770 plus range and we have significant hard pulls. It would be higher but we don't have a mortgage. So you can see that churning, at the most is worth 25-30 points and that goes away rapidly if you stop the applications.

    I have never had a credit line reduced because I was using the card too much. Do you have cards sitting with significant CL that you are not using? Maybe it is your total available credit that is the problem. Look at reallocating the CLs.

    Just some ideas.
     
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  6. viguera
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    viguera Gold Member

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    Should have just given them to me.

    :)
     
  7. dayone
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    dayone Silver Member

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    Such a statement hints at why you might have run into problems.
     
  8. dayone
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    dayone Silver Member

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    How is magnitude germane?
     
  9. jrjcopp
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    jrjcopp Silver Member

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    I opened the Chase personal and business checking accounts. They linked them so there would be no monthly fees. A couple months later, I get hit with a fee. I question and they reverse. Next month, the fee resurfaces. They say I should owe it. Then they say I don't. Then they drop the Continental debit cards. I just closed the account before the next statement and didn't bother trying to get back the $40 in fees.

    I'm glad I never bothered with the SunTrust promo and I know I'm not going to mess with Citibank promos. Bank accounts are two much work unless they are going to be your primary account.

    Credit cards are another story. I'm still in love with them.;)
     
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  10. Casey Friday
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    Casey Friday Silver Member

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    I had about $20k total available credit. That might have been it, but I find it odd that the card I used the most - the CO OnePass - would have its limit dropped. Oh well. It's canceled now.
    Also - I loved managing all the different accounts - making sure nothing went wrong. It was my hobby.
    Absolutely I should have. :)
     
  11. Casey Friday
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    Casey Friday Silver Member

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    How do you mean?
     
  12. SC Flier
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    SC Flier Gold Member

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    It looks to me as if he gave them to all of us.

    Casey, I would urge you to delete the above photos that show most of your credit card numbers even if they're supposedly canceled. Given the last 12 digits, it would not be difficult for someone to derive the full 16-digit number.
     
  13. Casey Friday
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    Casey Friday Silver Member

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    Done. Thanks.
     
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  14. MrPiggy
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    MrPiggy Active Member

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    Then you are using the card incorrectly, your credit score isn't based on how much you use your cards each month but it can be impacted by your reported balance. Use your cards all you want, keep your reported balance down. I often use 3-5 times my credit line monthly on my cards.

    By closing your accounts you are just making it worse, you've lowered your available credit which will increase your overall utilization for your remaining accounts.
     
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  15. Casey Friday
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    Casey Friday Silver Member

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    I don't know how to "keep my reported balance" down. On a few of the cards, I was pushing them right up to their limits, but I never went over the limits. I realize I'm "making it worse" by closing the cards, but at this point I don't plan on using credit for a long while, so I'm okay with that.

    What's the significance of your avatar?
     
  16. viguera
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    viguera Gold Member

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    Indeed pushing the cards to the limit is never a good idea. The amount of available revolving credit is what affects your credit score. If you have $20k worth of cards and they are all full, it's worse than if they are all half empty.
     
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  17. icurhere2
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    icurhere2 Gold Member

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    You want to be aware of the balances when each statement closes. If the statement is going to reflect an abnormal level of charges, you can pay for some of those purchases before the statement is issued. I often use online bill pay to send a payment to a credit issuer so my report doesn't look as if I charge more than my monthly salary (although I often do, with work and other reimbursements).
     
  18. Casey Friday
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    Casey Friday Silver Member

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    Hmmm. When I tried to pay most of my cards (online) before they were due, I got a message about how I couldn't make a payment because the amount due was "$0". Maybe I should have mailed a check?
     
  19. SC Flier
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    SC Flier Gold Member

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    Your bank where you have a checking account might offer online bill pay service. You would log on to your bank's website to send a "check" from your bank to your credit card company. But it's all done online without any paperwork or stamps.

    Many banks offer this service for no additional charge.
     
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  20. joanek
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    joanek Silver Member

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    That is a great suggestion---I do it regularly. Sometimes just to save me the shock of seeing a huge balance due at the end of the cycle.
     
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  21. deant
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    deant Milepoint Guide

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    As others have suggested, use your bank for a payment. Most are electronic so they post in a few days.
    I have run into the same problem as you did when it says the balance is "$0". The workaround I use is to never pay the current balance in full. For example, if I had a month end balance of $1,500 and then charged another $2,300, I would make a mid-month payment of $3,500. This leaves a "balance" of $300. I can then make another payment later in the month.
     
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  22. samonyc
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    samonyc Silver Member

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    Doing business with Chase pains me because I think the corporation is so evil, yet somehow they've managed to get my checking, savings, IRA, and two Visas over the years. Chase, AmEx, and, to a lesser degree, Citi have a lock on the better travel partner programs. Good luck with the timeout, but if you get back in the game, it's going to be hard to avoid them. (And I might add I have few complaints with AmEx and have gotten a lot of mileage out of my Delta Platinum card, pun intended.)
     
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  23. Casey Friday
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    Casey Friday Silver Member

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    Good info to know, if I ever get back into the game. Thanks!
     
  24. Toula
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    Toula Gold Member

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    You have to find your own limits and make that work for you.

    Personally I made the decision sometime ago I would only apply for cards that enhanced the programs we were already members of. I bypassed the Suntrust deal, didn't bother with the CO and UA cards. I also don't do the coins.
    I worked out the other day that excluding our American Express gold card we have cards with credit limits totalling $176,000 yet our credit remains strong because we pay our balances in full every month and don't charge beyond what we can afford, probably never more than $5k a month.

    Every card we have is set for auto payment. We have never paid any fees.
     
  25. SgtPeppers
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    SgtPeppers Silver Member

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    There are many services like mint.com and couple of others that would alert you on due dates and track credit cards for you.

    • The first thing I do as soon as credit card arrives is that I set up the alerts and assign an account to pay the statement balance in full. Automate it and forget it.
    • Then I add the card in services like intuit or mint to keep track of all transactions.
    • Then I use these services regularly. :cool:
    That's it.
     
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