Need advice on app spree

[johnpalley]

sorry almost forgot ghoshida. heres the cards im tryin to get

bofa - bank americard visa

chase - slate

usaa - Military Affiliate World MasterCard

barclay - ring

citi - diamond preferred 

discover it

amex - blue cash

i dont think im leaving any out.

[Anonymous]

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@johnpalley wrote:

sorry almost forgot ghoshida. heres the cards im tryin to get

bofa - bank americard visa

chase - slate

usaa - Military Affiliate World MasterCard

barclay - ring

citi - diamond preferred 

discover it

amex - blue cash

i dont think im leaving any out.

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Discover is a crap shoot.  I'll just let you know now - there isn't a real rhyme or reason for approvals or denials.  They like thin files and perfect files but everyone who falls somewhere in between may as well flip a coin, from what I'm seeing here.  You may want to put them earlier rather than later because they may deny based on too many inquiries (which is lame and you may be able to recon that but it happens).  Barclay is inquiry sensitive.  So is AMEX.  Chase can be.  Citi is borderline inquiry sensitive.

Basically, what I'm getting at is when you go on an app spree, you may want to try to order your applications in such a way that the most inquiry sensitive companies go first, and maybe look through the credit pulls database (try a google search) to and try to align your applications in such a way that you won't start getting 7-10 day messages or flat denials sooner rather than later.

ETA: sorry about that MarineVietVet, my mistake.

[Ghoshida]

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@johnpalley wrote:

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@Ghoshida wrote:

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@Imperfectfuture wrote:

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@Ghoshida wrote:

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@johnpalley wrote:

i got a question for you guys. im about to go on an app spree and get 5-6 new cards in one day. then because of the 0% apr on the cards im gonna do several cash advances on my barclay ring card and then keep transfering money over to my new cards. im gonna end up taking out 25k to invest in the stock market and spread it out throughout all the cards or most. im investing in a very safe etf untill the 0% is up and then il tranfer the money back to pay off the cards. my question is what is the easiest way to go about doing this? am i gonna have to keep doing 5k withdrawals and transfers from the ring over and over and then it'l take a few weeks to get done or is there an easier way? im guessing the new ring card i get will start me off at like a 10k limit and il have similar limits with the other cards also. 

what is the easiest way to get 25k at 0% from all these new cards. i need to do it quick cause theres an investment that i need to get in on before it starts gaining value. just a heads up i dont want to hear peoples opinion on weather this is a good idea or not. i just strictly want to talk about the easiest way to get something like this done. i plan on wiring the funds from my bank account to the brokerage. once again NO OPINIONS WANTED PLEASE!

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1. Cash advances on Barclay Ring seems pretty low-cost but it's still 8% so not completely free.

2. Some of the credit cards allow writing a cheque to yourself. E.g. Discover. Some others don't (in my experience, Chase didn't). If you get hold of BT cards which allow writing cheques to yourself, make use of them. That way you can get the money straight to you instead of processing multiple BTs between Barclay and the other cards.

3. Try to avoid cards with a large BT fee. Many cards come with 0% BT APR but have a 2-4% BT fee. Also make sure that if they allow writing cheques to yourself, then it's a BT cheque and not a convenience / cash advance cheque. The former will have the 0% APR (if you got the 0% BT APR) but the latter will charge you crazy fees and some APR like 24% from the first day.

Also, I might be wrong but Barclay might not be very happy if it keeps getting different BT cheques from different credit card companies in a short period of time. I'm pretty sure it may not like multiple cash advances in a short period either. 

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They also tend to not like over paying a balance transfer, then requesting a check for the excess.

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Something tells me doing that more than once may lead to account freeze, if not an outright shutdown. 

But again, many people here say Barclay or AMEX doesn't like balance carrying, and I have carried large balances on them, so who knows how something gets triggered. 

However to be on the safe side, I wouldn't risk an adverse action right after an app spree; or the newer lenders may all go crazy. 

OP, what are your current FICO scores and which cards are you looking at?

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im not really sure what you mean by over paying a balance transfer? please explain clearly what that is if you dont mind

i can tell you all my scores in a couple weeks. sorry but before i buy all 3 scores i need to straighten out an electricity bill thats on my experian. its currently in dispute. if i had to guess though my scores will be in the mid 700's somewhere with no baddies

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That's where you draw / buy say 5k worth with your Ring, then pay them 6k using Discover BT, then ask Barclay for 1k back in cheque because you paid extra. Anecdotes say banks see this as risky behavior.

In my experience, Citi and Discover both allow you to write BT cheques to yourself, or even use the direct deposit to your bank account. I believe Chase does not. I don't know about BoA. You can definitely check with the cards CSR or on this forum once you have the cards. 

With regards to the spree itself, get the FICO scores and the reports with you. Citi, Discover, and Barclaycard will help you in the long run with free FICOs. Make sure you run the online pre-app checks again before apping. Keep a backup plan if things don't go your way. Good luck.

[SunriseEarth]

Upon review, certain comments have been edited or removed from this thread, as they were off-topic and didn't fall within our FSR guidelines.  All discussion on this forum must be Friendly, Supportive, and Respectful.   Differences of opinion are welcome, but must be expressed respectfully.   If you don't agree with or don't want to hear someone's opinion, simply don't respond.

I should also note that this thread includes ideas that many would not consider to be sound financial advice.   Discussion should be "informational only" and doesn't constitute recommendation of ideas in the thread.  

[Ghoshida]

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@SunriseEarth wrote:

Upon review, certain comments have been edited or removed from this thread, as they were off-topic and didn't fall within our FSR guidelines.  All discussion on this forum must be Friendly, Supportive, and Respectful.   Differences of opinion are welcome, but must be expressed respectfully.   If you don't agree with or don't want to hear someone's opinion, simply don't respond.

I should also note that this thread includes ideas that many would not consider to be sound financial advice.   Discussion should be "informational only" and doesn't constitute recommendation of ideas in the thread.  

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Ok I was guessing y'day where did the thread go.

First there was a lockdown on comments and then the thread was missing for some time. So was it because of people not playing nice in this thread?

To be clear, OP isn't violating the T&C of the forum with this question; correct me if I'm wrong. BTs are well within guidelines Couldn't figure what was so wrong with this thread.

OP is (I presume) a grown-up who's asked us some questions. I believe it's against the decorum of this forum to question OP's intentions or demand justification. However, being friendly internet-users (yes, oxymoron) that we are, I think I'll conclude my posts on this thread with a word of caution:

1) Banks may take adverse action (such as credit limit decrease or account closure) if multiple high-volume BTs show up at the same time

2) Investments by nature are volatile; the days of taking a BT and gaining 5-6% in CD are behind us. Keep in mind that there's an inherent risk of losing part or all of it, even in a short period.

[johnpalley]

sorry for takin so long to respond ghoshida. they banned be for 24 hours lol. im not sure why either but it is what it is. im just gonna ignore peoples posts from now on if there off subject. thats some really good info you gave me about the bt checks i appreciate it. after i get my cards im gonna try to get checks for as many company's as i can and spread out the money like that. i know its a risk and might look fishy to certain banks but im gonna take the risk. i think it'l look better than cash advanced plus i can utilize more of my cl. my last question to you is can you recommend a certain order i should apply for these cards in? i was thinkin

1- barclay - ring

2 - usaa - Military Affiliate World MasterCard

3 - citi - diamond preferred  

4 - bofa - bank americard visa

5 - discover it

6 - chase - slate

7 - amex - blue cash

in that order. fyi im in massachusetts

i always hear about how sensitive to inquiries barclays is thats why there first. plus thats my dream card. amex is last because i burned them before and they prob wont give me another chance. i heard they we're strict like that. im not really sure about which one i should do first between the chase and discover though. the first 4 are the most important to me. then again im not sure which one i should do first between citi and bofa. lol who knows

[Ghoshida]

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@johnpalley wrote:

sorry for takin so long to respond ghoshida. they banned be for 24 hours lol. im not sure why either but it is what it is. im just gonna ignore peoples posts from now on if there off subject. thats some really good info you gave me about the bt checks i appreciate it. after i get my cards im gonna try to get checks for as many company's as i can and spread out the money like that. i know its a risk and might look fishy to certain banks but im gonna take the risk. i think it'l look better than cash advanced plus i can utilize more of my cl. my last question to you is can you recommend a certain order i should apply for these cards in? i was thinkin

1- barclay - ring

2 - usaa - Military Affiliate World MasterCard

3 - citi - diamond preferred  

4 - bofa - bank americard visa

5 - discover it

6 - chase - slate

7 - amex - blue cash

in that order. fyi im in massachusetts

i always hear about how sensitive to inquiries barclays is thats why there first. plus thats my dream card. amex is last because i burned them before and they prob wont give me another chance. i heard they we're strict like that. im not really sure about which one i should do first between the chase and discover though. the first 4 are the most important to me. then again im not sure which one i should do first between citi and bofa. lol who knows

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You're welcome. 

Here's an old thread; some of it may be helpful. http://ficoforums.myfico.com/t5/Credit-Cards/My-Balance-Transfer-to-Checking-Account-Experiment/td-p...

1. For specific info on MA, check the credit pulls database. In my experience, Barclays pulls TU, Citi does EQ (or maybe EX), Discover does TU (or EQ), Chase does EX (and often TU, sometimes EQ, double pull), AMEX does EX. I don't have any experience with USAA or BoA. 

2. I'd go with Discover first. Personally, they favored me before Chase. Citi was good to me too. Chase and AMEX took their time with me; also, Chase pulls more than one CRA. I might suggest Discover at #2 or #3 even. 

3. Since you're a big fan of Barclays, remember that not only does Barclays not like too many inquiries before you apply, they are finicky about new accounts after you apply as well. If you want to keep the Ring for long term, I'd suggest not more than 1 more TU app and not more than 3 more cards after the Ring overall.

[johnpalley]

like i said before il take my chances. if barclay wants to close my account for too many accounts than screw them it is what it is. if i get lucky and get 6 or so new cards than i wont need them anyway get me? lol

im pretty positive usaa will pull equifax. so your saying do discover 2nd or 3rd? why because there very inquiry sensitive? im just not very exited about them cause the'l prob start me at a low limit. i heard there known for that

thats funny that you posted that link because i read that earlier today to find info about balance transfer checks. its a great thread thanks

[Ghoshida]

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@johnpalley wrote:

like i said before il take my chances. if barclay wants to close my account for too many accounts than screw them it is what it is. if i get lucky and get 6 or so new cards than i wont need them anyway get me? lol

im pretty positive usaa will pull equifax. so your saying do discover 2nd or 3rd? why because there very inquiry sensitive? im just not very exited about them cause the'l prob start me at a low limit. i heard there known for that

thats funny that you posted that link because i read that earlier today to find info about balance transfer checks. its a great thread thanks

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Well if one lender does take adverse action there is the risk of others following. In today's market it is rare but not unheard of. Anyway, it's a risk-vs-reward game.

That's true about Discover. However they're also known to give large limits if you tell them you want to do a big BT. Plus they let you draw BT cheques to yourself. 

You're otherwise set to go. Post the results of your spree. 

[johnpalley]

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@Ghoshida wrote:

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@johnpalley wrote:

like i said before il take my chances. if barclay wants to close my account for too many accounts than screw them it is what it is. if i get lucky and get 6 or so new cards than i wont need them anyway get me? lol

im pretty positive usaa will pull equifax. so your saying do discover 2nd or 3rd? why because there very inquiry sensitive? im just not very exited about them cause the'l prob start me at a low limit. i heard there known for that

thats funny that you posted that link because i read that earlier today to find info about balance transfer checks. its a great thread thanks

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Well if one lender does take adverse action there is the risk of others following. In today's market it is rare but not unheard of. Anyway, it's a risk-vs-reward game.

That's true about Discover. However they're also known to give large limits if you tell them you want to do a big BT. Plus they let you draw BT cheques to yourself. 

You're otherwise set to go. Post the results of your spree. 

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the thing is though i dont have any big balances to transfer and it shows on my credit reports. do you think discover will pay attention to that and say something to me if i tell them to raise the limit for a bt?