RESULTS FROM MY FINAL AOR....OR IS IT ;)

Discussion in 'Other Credit Card Programs' started by mo26, Nov 12, 2012.  |  Print Topic

  1. mo26

    mo26 Silver Member

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    After several weeks of research and input from fellow MP's, I ran my last AOR to start the clock for a mortgage hunt.

    Originally, I was going to wait until the end of the month in case some better deals popped up....but i couldn't take it and had to pull the trigger!

    My plan was for the following:

    CSP Mastercard (having the visa version already)

    Citi Hilton Reserve

    US AIR Mastercard (i'm not an airline mile guy, but i figured with the combination of a barclay's pull, and the odds of sitting on these for a year or so and having them convert to AAdvantage during the merger :)

    Well things got off to a rocky start when I realized all of the CSP Mastercard links were dead. I went through the Mastercard website and it just directs you to Chase's website. (two weeks ago when I got the mrs. this card, the app popped up right from the mastercard website).

    I got the decline notice and called reconsideration, explaining that my intent was for a Mastercard. The rep told me that the mastercard links had been pulled down to prevent people from receiving both versions of the same card......She was very nice and reissued my CSP as a Mastercard....Also, since I was declined so fast, she said no hard inquiry was made.

    Next up I applied for the Citi HHonors Reserve, no instant approval, but a 15 minute phone call of processing got me approved with a 10k limit.

    I then applied for the Barclay's USAir and got an instant approval for 5k.

    Then I went to lunch, and while I was enjoying my sandwich, I realized that I an extra inquiry thanks to Chase, so as soon as I got home I decided to throw down for the BOA Hawaiin and pad some more HHonors points.....Approved instantly for 7500.

    A pretty good day for me. While I hate to say goodbye to the game for a couple years (especially since the game might not be around in 2yrs), the main reason I wanted to get this round in ASAP was to have the requisite 61+ days from CITI in case the AA bonuses climb back up to 75k......That would bring me back to the AOR game and throw the house-hunt cycle off a few months....but oh well!!!

    Thanks to everyone who shared their thoughts over the last month!

    - MO
     
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  2. mo26

    mo26 Silver Member

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    +1.......Link for the 80k PC VISA, points on first use. :)
     
  3. flightnurse

    flightnurse Silver Member

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    I'm just surpised that someone would put off buying a house to play the CC game. Once you are approved and closed on your house the CC games is easy. Also in todays mortgage world, banks do not like seeing so many open CC accounts.
     
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  4. mo26

    mo26 Silver Member

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    I think if i was putting off buying a house just to churn, that would be a real low :) The hold on the mortgage is related to building up a down payment....Which looks like it will be 2 more yrs, hence the post.

    The comment about banks not liking so many open accounts seems reasonable....but i hope they don't mind seeing several closed at the 10-11 month mark ;)

    -MO
     
  5. flightnurse

    flightnurse Silver Member

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    The banks today really go over your Credit reports, and I'm sure having many open account and closed accounts will throw up red flags, just be ready with an explanationin in form of a letter to the bank why you have them. It is really crazy these days. Also be ready for the bank to pull your credit about 3 times the week of closing.... My refi is complete, so I'm now ready for my first Chrun.... It has been a tough 2 months for my refi, but it is done... Good luck.
     
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  6. mo26

    mo26 Silver Member

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    same 2 u, thanks for the advice!!
     
  7. servo

    servo Silver Member

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    This also depends on where you're getting your financing from. Big Banks? Sure, they're going to be a little bit tighter, and with good reason after the mess they got into. I can get a great rate through my credit union and actually sit down face to face with the guy who's going to underwrite my loan. It's not all doom and gloom. If you still have a 760+ (780+ would be ideal) credit score, and strong history, then you should still be fine.

    I personally even disagree with the 2 year cutoff, because I can't imagine inquiries more than 1 year old would have much, if any impact on the loan decisioning. The only real risk is that with the high number of closed accounts and high number of inquiries, that your BNI (bankruptcy indicator) score would drop some, and that's a different flag altogether, and is taken as a factor in the decision. However, that risk is only aggravated if there were some hiccups on your past credit record, or high CC balances. If you have a declining BNI, but a rising credit score and strong recent history, the BNI isn't really a major issue.
     
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