Please HELP!!

Anonymous · ‎03-05-2016

I need help for my fiancé! He has awesome credit, great income, but awful cards! He hasn't updated his card line-up since he turned 20 with a 660 score and a 30,000/yr job. He is now 32, AAoA is 9 yrs, utilization 2 %, scores range from 810-825, and income is 220,000/yr. Here is his current cards:

BofA- 2500 CL- NO REWARDS, opened 04

BofA Better Balance- 700- NO REWARDS, opened 04

Cap One Plat- 2500- NO REWARDS, opened 04

AmEx Gold Delta- 25,000- opened 07

Kohls- 200- opened in 04

He has 2 inquiries; one for a new truck, and the other our home refi. These were 6 months ago. He has student loans that are 65% paid off. Our home was 195,000 and was just refi-ed so almost all that balance is owed. The truck was purchased 3 months ago for 24,000 at 1.99% from a local CU. No other debts, cards paid in full every month. He doesn't play the 'pay balance before statement cut' game. He has good credit and we don't live outside our means so it doesn't matter to him. The mortgage for his parents house is also in his name. House is 200,000 and owned for 5 years. We also live in an area that doesn't have a high cost of living. He has no lates, collections, or derogatory of any kind.

Anyways, I mentioned that there are great rewards cards out there and he can earn point/flights/miles for our everyday spend. He's always using those damn BofA cards that earn nothing for everyday spend and AmEx for larger purchases. He's never called and asked BofA for a CLI or rewards. BUT!!- he told me I can app this weekend for a few cards that I think would be beneficial to him. Here's what I was thinking but let me know your opinions.

Discover or Freedom- for rotating categories.

Marriott- he's pre-approved and we stay there 50% of time, we usually stay in hotels about 2 nights/month

Arrival + or Venture, travel card to be used on any travel

BofA- have him call for a pc to rewards and a CLI

So he can afford a few HPs with only having 2. He is not the type to want to juggle 20 cards and spend too much effort redeeming rewards These cards cover rotating categories, everyday spend, general travel, and the hotel/airline we use most often. He PIFs so he's not chasing crazy high limits. He pron want app for 10 more years haha. We just want to get him some rewards for his normal spend. MOST IMPORTANT- He works in banking and finance, mainly handles other people's money. His score is checked annually and could lose his job if it dips too low, or lose licensing in certain states. He also has to write an explanation for any significant score drop. We don't want too many inq and new accounts to drop his score too much. Anything lower than 750 and he's in hot water. The thought process is that if you're not responsible enough to handle your own finances you have no business dealing with others.

PS- I would break my right arm to be apping with his stats.

Anonymous · ‎03-05-2016

@Anonymous wrote:
I need help for my fiancé! He has awesome credit, great income, but awful cards! He hasn't updated his card line-up since he turned 20 with a 660 score and a 30,000/yr job. He is now 32, AAoA is 9 yrs, utilization 2 %, scores range from 810-825, and income is 220,000/yr. Here is his current cards:
BofA- 2500 CL- NO REWARDS, opened 04
BofA Better Balance- 700- NO REWARDS, opened 04 You You can use the same HP to get a CLI on both BOA cards. I would do this first. Ask for 20k and let the computer counter, then call in to an analyst and they will probably honor the full amount. You could even go higher if you wanted to. I would highly suggest getting a savings account, check to see if there is any bonus offers, otherwise open it in your name and his name, and add $300. Make sure u use the BBR every month so you get $30 4 times a year. No issue in PC'ing the original BOA to a cash rewards either. I would find out what the account terms are on this though.Sometimes they have a really low apr below 7%, and if that is going to change, then just keep the card as it is. The cash reawards isnt really that great unless you are a high end banking client with them. I would def look into apping for a 2nd BBR once you finish with all the Chase Apps though!
Cap One Plat- 2500- NO REWARDS, opened 04 SStart asking for a CLI on this every 6 months. Dont waste a triple pull on more capital one products.
AmEx Gold Delta- 25,000- opened 07
Kohls- 200- opened in 04

He has 2 inquiries; one for a new truck, and the other our home refi. These were 6 months ago. He has student loans that are 65% paid off. Our home was 195,000 and was just refi-ed so almost all that balance is owed. The truck was purchased 3 months ago for 24,000 at 1.99% from a local CU. No other debts, cards paid in full every month. He doesn't play the 'pay balance before statement cut' game. He has good credit and we don't live outside our means so it doesn't matter to him. The mortgage for his parents house is also in his name. House is 200,000 and owned for 5 years. We also live in an area that doesn't have a high cost of living. He has no lates, collections, or derogatory of any kind.

Anyways, I mentioned that there are great rewards cards out there and he can earn point/flights/miles for our everyday spend. He's always using those damn BofA cards that earn nothing for everyday spend and AmEx for larger purchases. He's never called and asked BofA for a CLI or rewards. BUT!!- he told me I can app this weekend for a few cards that I think would be beneficial to him. Here's what I was thinking but let me know your opinions.

Discover or Freedom- for rotating categories.
Marriott- he's pre-approved and we stay there 50% of time, we usually stay in hotels about 2 nights/month
Arrival + or Venture, travel card to be used on any travel Use one inquiry with barclays apply for the Arrival Plus and for the Cash Forward so you get $500 after $3500 spend. Then after a year if the arrival plus doesnt make sense to keep and pay the AF, move the limit to the Cash Forward and close the A+.
BofA- have him call for a pc to rewards and a CLI

So he can afford a few HPs with only having 2. He is not the type to want to juggle 20 cards and spend too much effort redeeming rewards These cards cover rotating categories, everyday spend, general travel, and the hotel/airline we use most often. He PIFs so he's not chasing crazy high limits. He pron want app for 10 more years haha. We just want to get him some rewards for his normal spend. MOST IMPORTANT- He works in banking and finance, mainly handles other people's money. His score is checked annually and could lose his job if it dips too low, or lose licensing in certain states. He also has to write an explanation for any significant score drop. We don't want too many inq and new accounts to drop his score too much. Anything lower than 750 and he's in hot water. The thought process is that if you're not responsible enough to handle your own finances you have no business dealing with others. The only way his scores are going to drop below 750 are if he starts pyramiding debt.

PS- I would break my right arm to be apping with his stats.

I would read the link in my signature by themanwhocan just to look at your overall annual spending in certain categories. You are going to want to maximize your cash back and I would also pick a few cards with a nice bonus so you are not wasiting inquiries. This is a lost opportunity. It is not hard work to find a fun vacation destination and then open the cards to get you there. Just make sure you meet the requirements and bonus spend so that you get the bonus. He could open 6 cards easily and not drop below 750 I guarantee it.

I would: 1. App for Chase Sapphire Preferred 50k points offer, add you as an AU for added bonus ( you can remove yourself later if you want) These points will transfer to mariott. 2. App for chase freedom and also add you as an AU to get 17,500 more chase points. Next month he can apply for the mariott card, but it might not hurt to try going for the 3rd card now although 3 chase cards in 1 month can be pushing it. Do 1,2, and 3 within minutes of each other on Monday morning. You may not be instantly approved for the Mariott but I bet they might just approve him anyway. You can call in to the app status automated line and check every few days. If it says 2 weeks or 30 days that is usually an approval, if and only if it says 7-10 days would u want to consider talking to someone. I am not telling you to get these just because of the bonus. It is because you mentioned Mariott and it would be great for mariott stays.

Not sure how often you fly with delta. That is what you gotta figure out. If you do live near a delta hub then it may benefit you to get a Amex Membership Rewards earning product. The everyday preferred would be great because it would easily earn 4.5 mr/ dollar on groceries, 3 mr/dollar on gas, and 1.5 on everything else, as long as you have 30 transactions in a month. Having a 2nd card would make this simple to do.

Discover and their promos arent going anywhere so if you want to wait for that you can, but with yalls income I would get it now while they have the double cash back promo.

DO NOT apply for the Venture or any capital one products. You do not need them. WIth your level of spend, you can stay more than 2 nights a month for free if you follow these steps.

You won't get rich from this, and its certainly risky behavior, but you have all the loans and stuff that you need. I would also advise that you, the OP get in on this and start applying in batches and alternate with your husband. Start taking him on fun experiences that you normally wouldnt be able to do (or at least on the cheap) and he will be hooked.

You dont have to worry about juggling cards when you do this. You dont carry them with you all the time. And you always pay then in full so no risk of late payments. Pay them off weekly if you have to to stay organized. Use apps like Award Wallet to keep your bonus points on track.

IF and only IF all of this sounds too daunting, then shift all of this to straight cash back. You have high enough of income, just find the highest cash back card for each category and do that.

You can also inquire about APR's on all of the mentioned accounts. Amex and BOA are really good about reductions. You might not want to waste your time with it, but it is never a bad thing to have great terms on an account either. I have a feeling that capital one card might have a great APR.

The fact you are saying he wont app for 10 more years, it is do or die time. Get a bonus or two then, and really study up on what cards in your state you are able to app for. Its not going to be these cards u see ads for on TV believe me. Do the research and it will pay off.

You have to decide how much traveling you actually do because sometimes it makes sense to get the cash back, other times it makes more sense to get points. If you have travel flexibility with redeeming MRs or delta miles, then I would take a good look at that. If you have less flexibility with flights, then do cash back when you arent shopping in a freedom 5x ur, dining, or travel 2x UR category.

http://millionmilesecrets.com/2015/01/23/transfer-chase-ultimate-rewards-points-to-korean-air-again/ Not well versed in Chase UR but it appears you can transfer chase UR to delta by using korean air. Others will chime in on the best way to do this. Need to consider if you want access to any lounges. Some of the higher end cards might be a good fit. I am leaning towards the CSP, Freedom, and Mariott. Then get a Amex EDP with or without a PRG to top off delta miles. Fill in the gaps with top cash back cards like discover, and a unique card or two that Themanwhocan has discovered. You have come to the right place!

Anonymous · ‎03-05-2016

I logged into his Cap One accounts and he actually has 2 cards, both at 2500, opened in 04. His last payments were in 2011, so I'm guessing that's the last time they were used. One is so old it still has a lighting bolt design, the other is a platinum that was bought out from another bank I think. He wasn't approved for a CLI so I'm assuming it's because they haven't been used in 4 years. But you're right, with his credit and scores he doesn't need a Venture.

So so far I apped for Marriott for him because we have a 9 day vacation coming up in June at a Marriott property. Approved for 25k. We did Discover for the 5%, the double cash back, and we have a joint checking with them. Approved 18k. We did the NHL version because we're season ticket holders. He doesn't want a Freedom. He claims to hate them (he's never had accounts with them so idk.) Does BofA have chat? So I can pretend I'm him and pc to the rewards and ask for CLI, and he gave me permission to do this. His banking is there also.

Next is Barclay.. Will app for Arrival +, he is pre approved. The Cash Forward came up as pre approved too so may go for that. Will ask if he wants CSP but he really doesn't seem to like Chase. He only let me app Marriott cuz we stay there and have a rewards account.

Anonymous · ‎03-05-2016

And we do live by a Delta hub. We're right outside a major international flight hub so all airlines are available to us.

Anonymous · ‎03-05-2016

@Anonymous wrote:
I logged into his Cap One accounts and he actually has 2 cards, both at 2500, opened in 04. His last payments were in 2011, so I'm guessing that's the last time they were used. One is so old it still has a lighting bolt design, the other is a platinum that was bought out from another bank I think. He wasn't approved for a CLI so I'm assuming it's because they haven't been used in 4 years. But you're right, with his credit and scores he doesn't need a Venture.

So so far I apped for Marriott for him because we have a 9 day vacation coming up in June at a Marriott property. Approved for 25k. We did Discover for the 5%, the double cash back, and we have a joint checking with them. Approved 18k. We did the NHL version because we're season ticket holders. He doesn't want a Freedom. He claims to hate them (he's never had accounts with them so idk.) Does BofA have chat? So I can pretend I'm him and pc to the rewards and ask for CLI, and he gave me permission to do this. His banking is there also.

Next is Barclay.. Will app for Arrival +, he is pre approved. The Cash Forward came up as pre approved too so may go for that. Will ask if he wants CSP but he really doesn't seem to like Chase. He only let me app Marriott cuz we stay there and have a rewards account.

Ok well by not getting the chase freedom you are basically missing out on an easy $1500x5urx4 a year if you max that out, thats 30k UR a year.....Hope u got the mariott 80k offer after 3k spend. (mark your calender 90 days from today that u need to spend 3k by then, and send a SM to chase and if you somehow didnt app for that offer they should honor it) I would just explain to him that mariott is chase, and the other chase cards transfer points directly into mariott and you would get a much higher rate of return that way. Not to mention 50k UR points, plus extra for adding an AU, plus an easy 17.5k ur for the freedom, thats another 70+k points to transfer to mariott before u even account for your spending.

BOA does have chat but you wont be able to complete the PC by chat AFAIK. You can request CLI on both cards now, it could be a SP, and it may not be much just request more and ask for 25k and if the system counters with less he will have to call in to an analyst to get the full approval.

Why do you want the arrival plus and the cash forward? It would be nice for an easy $400ish towards travel and then $100 cash on the CF but you were pretty concerned with adding too many new accounts it is not really going to benefit you that much unless you want the chip and pin and other features. Dont app on impulse here!!!

Congrats on all those approvals and barclays can be picky with too many new accounts so if his heart is set on that I would probably get it. They may or may not say yes to a second card.

There are higher cash back percentages than what you see on tv!!! Once the arrival plus annual fee kicks in its going to take some time before it matters due to the bonus, but there are better cards. I do like pairing a cash forward app with the a+ in case keeping the a+ doesnt make sense you can move the limit to the cash forward and close the arrival plus, or at least attempt to. Then you havent completely burned barclays. They do have a few hotel cards but they are not that great.

Cashforward is in essence a dud because you could try chatting with cap1. See if they will let you PC one of the cards (ideally with the lowest APR) to a quicksilver for unlimited 1.5% cash back to use for general spending. Then you can try to combine the two cards together,

When he calls BOA after u take the HP for the CLI, ask for an APR reduction too. Make sure that you guys start placing some spend on the BBR and PIF (heck even put netflix on it set it to auto pay), get into your BBR account rewards section and set it to deposit into his checking so you get the extra $5 per quarter ($120 a year free money)

You guys are obviously wealthy so I'm sure the little bits and pieces that mean so much to me would be a drop in the bucket for yall. But still, its all about travel hacks. If you guys routed most of your spend, bills etc, no debit cards, through chase and amex you would be pretty impressed with the outcome... He should still be able to get a card every now and again and not get in trouble. Why the hatred towards chase lol

Anonymous · ‎03-05-2016

Okay so I'm really happy with how this turned out!! I just apped for the Arrival + for him. Approved for 12k! We want the Arrival to help with trips that don't fall into being Delta and Marriott. We (he) did get the 80k Marriott offer with the mailed pre approval I apped for him through. I'm going to talk him into the Freedom and I think that will be it. Again, he's not the type of person to have dozens of cards. He won't be chasing sign up bonuses and standing in line thinking about which card would earn the most point/mikes/etc. We also now have 6k bonus spend to meet (3k Arrival and Marriott) so I think that's enough. We have the funds for the min spend and can easily make them but we really do live way below our means. Another card with a 3k min spend right now is too much! Combined were a little over 300k/year but almost half our income goes to savings, 401ks, etc. We'll spend money on 2 longer vacations a year, a few fun quick weekends in cool cities, a boat that's paid for, and that's it. Most spend goes toward gas, groceries, and cheap restaurants. He's not the type of person to spend money we normally wouldn't spend for a CC bonus.

Will talk him into the Freedom, that's only 500 min spend for a 150 bonus. After 3 months I will have him go for CSP. Than www will have another 3 months for bonus spend. Than he will reevaluate in 10 years haha. He should be okay closing or downgrading CSP after 1 year since he hasn't closed any other cards ever. I'll also make sure he calls BofA to pc to rewards. I'll go on chat and ask for a CLI right after.

I'm debating adding me as an AU for Freedom and CSP. I'm rebuilding credit and not sure the new accounts is worth the extra bonus? What do you think? I have lots of new accounts. I'm on the BofA accounts and went on my report back to 2004. Is it beneficial to be added to a new acct with 25k or no?

Also, this apping for him has me and my 607-643 score jealous as hell. I'm excited for a 1.5k limit, and he shrugs at 25k haha. I have to app based on what I think will be approved. He can app based on what he wants. I was at 493 10 months ago so at least I'm rebuilding well.

Anonymous · ‎03-05-2016

I have no idea why there is Chase hatred! I think in some way they may be a competitor to what he does for work, but only a little bit, and indirectly. And that would mean Bank of America is a competitor too yet most banking is done through them. I guess everyone has 1 bank they hate, I irrational or not, and his is Chase. Maybe they denied him in the past. That brings me to a new question....

Should he get a CU card? Our local CU did his boat loan that has since been paid off and the new truck loan at 1.99%. I know they generally have not so great rewards but lower APRs. For the most part everything is PIF, but every now and than a balance is carried a bit. For example when we moved into the new house and needed to furnish the place and replace the carpet. We do have a wedding coming up. We're being cheap by getting married in Mexico and wrapping it into a vacation but weddings still cost quite a bit of money.

Anonymous · ‎03-05-2016

@Anonymous wrote:
Okay so I'm really happy with how this turned out!! I just apped for the Arrival + for him. Approved for 12k! We want the Arrival to help with trips that don't fall into being Delta and Marriott. We (he) did get the 80k Marriott offer with the mailed pre approval I apped for him through. I'm going to talk him into the Freedom and I think that will be it. Again, he's not the type of person to have dozens of cards. He won't be chasing sign up bonuses and standing in line thinking about which card would earn the most point/mikes/etc. We also now have 6k bonus spend to meet (3k Arrival and Marriott) so I think that's enough. We have the funds for the min spend and can easily make them but we really do live way below our means. Another card with a 3k min spend right now is too much! Combined were a little over 300k/year but almost half our income goes to savings, 401ks, etc. We'll spend money on 2 longer vacations a year, a few fun quick weekends in cool cities, a boat that's paid for, and that's it. Most spend goes toward gas, groceries, and cheap restaurants. He's not the type of person to spend money we normally wouldn't spend for a CC bonus.

Will talk him into the Freedom, that's only 500 min spend for a 150 bonus. After 3 months I will have him go for CSP. Than www will have another 3 months for bonus spend. Than he will reevaluate in 10 years haha. He should be okay closing or downgrading CSP after 1 year since he hasn't closed any other cards ever. I'll also make sure he calls BofA to pc to rewards. I'll go on chat and ask for a CLI right after.

I'm debating adding me as an AU for Freedom and CSP. I'm rebuilding credit and not sure the new accounts is worth the extra bonus? What do you think? I have lots of new accounts. I'm on the BofA accounts and went on my report back to 2004. Is it beneficial to be added to a new acct with 25k or no?

Also, this apping for him has me and my 607-643 score jealous as hell. I'm excited for a 1.5k limit, and he shrugs at 25k haha. I have to app based on what I think will be approved. He can app based on what he wants. I was at 493 10 months ago so at least I'm rebuilding well.

Sounds good just make sure he does not have 5 new accounts on his reports within 24 months or chase will not approve him for the CSP....

You being an AU would be good for your util but not much else. You can always see how it goes then remove yourself. Of course u would get more bonus on the mariott card (7500 more points) and more on Freedom and CSP too. Just do it for the bonus then remove yourself if it hurts your scores. You will benefit from the BOA cli too so dont forget about that.

Hopefully you guys have high yield checking I am sure that discover doesnt offer anything like that, nor does bank of america. Problem is once u hit 10 or 25k the 2-4% stops so you have to spread out money between acounts which isnt that hard to do. I would find out if he is a preferred client because if he is you guys get up to 25-75% more rewards depending on your BOA relationship. I think once you have 50-100k with them that starts to kick in. If so, I would get a travel rewards card I have seen folks talking about getting unlimited 2.65% cash back on their general spend. It would also apply to the 3-2-1 too.

@Anonymous wrote:
I have no idea why there is Chase hatred! I think in some way they may be a competitor to what he does for work, but only a little bit, and indirectly. And that would mean Bank of America is a competitor too yet most banking is done through them. I guess everyone has 1 bank they hate, I irrational or not, and his is Chase. Maybe they denied him in the past. That brings me to a new question....

Should he get a CU card? Our local CU did his boat loan that has since been paid off and the new truck loan at 1.99%. I know they generally have not so great rewards but lower APRs. For the most part everything is PIF, but every now and than a balance is carried a bit. For example when we moved into the new house and needed to furnish the place and replace the carpet. We do have a wedding coming up. We're being cheap by getting married in Mexico and wrapping it into a vacation but weddings still cost quite a bit of money.

I am a big fan of credit unions. I would look into each of you getting a separate one. Do not get a joint one. You should both easily qualify for 7.99-9.99% apr or less. His limit would possibly be higher but with your income its a toss up. You can also use the credit union cards as a line of credit often times with no bt fee. For example I have a 7.5k limit CU visa and its at 2.9% Apr until october then it goes to 7.9. I can move money to my checking for free, and it has a grace period as well.

As far as going out of your way just for one now? Thats up to you and him. With the impending CLI on both BOA cards...I would keep eyes peeled for massive BT offers in the mail. They are great with those. That is why I have been dropping hints about APR reductions too. You could easily get the delta gold below 7% apr if you chat once a month. Seen many BOA cards below 8% apr as well.

If you guys are saving 150k a year you must be doing quite well. That is awesome. U should easily be making 8-10% return on that each year and growing exponentially.... but still...just because you save a ton of money, there is no reason why you still cant use and enjoy credit cards...and thanks to you, he will get to do that!

I am guessing if you did some research and came to him and said, honey, here is a way for us two to travel first class round trip to hawaii for a week, for free, that he would not bat an eyelash to that. And if you do the footwork, it is not hard at all do have these free or nearly free experiences.

I would check out all sources of passive income opportunities.

Anonymous · ‎03-05-2016

Yeah that's where I am at, trying to get him to see that we can have some nice perks from CCs just by spending what we normally spend. I cringe seeing him spend on those damn BofA cards with no rewards when I know he's well qualified for so much better.

He got the Freedom for 9.5k! We'll do the CSP in 3 months or earlier if the min spend is done on Marriott and Arrival +. It won't be over the 5/24 rule. I will tackle BofA on Monday. He should be all set after that.

We generally max out employer contributions, and he maxes social security. We keep enough liquid funds for temporary job loss or some other huge blow. Everything else is put into interest bearing or investment account. The Discover joint checking account is actually our vacation fund!! We have a % of our direct deposit going there and use for trips. It was easiest to open online together when we needed to show we were on the same account. Adding one of us to an existing banking account required going there in person and, well we're lazy. Going to look into a CU in the next few months though for sure!

SouthJamaica · ‎03-06-2016

@Anonymous wrote:
I need help for my fiancé! He has awesome credit, great income, but awful cards! He hasn't updated his card line-up since he turned 20 with a 660 score and a 30,000/yr job. He is now 32, AAoA is 9 yrs, utilization 2 %, scores range from 810-825, and income is 220,000/yr. Here is his current cards:
BofA- 2500 CL- NO REWARDS, opened 04
BofA Better Balance- 700- NO REWARDS, opened 04
Cap One Plat- 2500- NO REWARDS, opened 04
AmEx Gold Delta- 25,000- opened 07
Kohls- 200- opened in 04

He has 2 inquiries; one for a new truck, and the other our home refi. These were 6 months ago. He has student loans that are 65% paid off. Our home was 195,000 and was just refi-ed so almost all that balance is owed. The truck was purchased 3 months ago for 24,000 at 1.99% from a local CU. No other debts, cards paid in full every month. He doesn't play the 'pay balance before statement cut' game. He has good credit and we don't live outside our means so it doesn't matter to him. The mortgage for his parents house is also in his name. House is 200,000 and owned for 5 years. We also live in an area that doesn't have a high cost of living. He has no lates, collections, or derogatory of any kind.

Anyways, I mentioned that there are great rewards cards out there and he can earn point/flights/miles for our everyday spend. He's always using those damn BofA cards that earn nothing for everyday spend and AmEx for larger purchases. He's never called and asked BofA for a CLI or rewards. BUT!!- he told me I can app this weekend for a few cards that I think would be beneficial to him. Here's what I was thinking but let me know your opinions.

Discover or Freedom- for rotating categories.
Marriott- he's pre-approved and we stay there 50% of time, we usually stay in hotels about 2 nights/month
Arrival + or Venture, travel card to be used on any travel
BofA- have him call for a pc to rewards and a CLI

So he can afford a few HPs with only having 2. He is not the type to want to juggle 20 cards and spend too much effort redeeming rewards These cards cover rotating categories, everyday spend, general travel, and the hotel/airline we use most often. He PIFs so he's not chasing crazy high limits. He pron want app for 10 more years haha. We just want to get him some rewards for his normal spend. MOST IMPORTANT- He works in banking and finance, mainly handles other people's money. His score is checked annually and could lose his job if it dips too low, or lose licensing in certain states. He also has to write an explanation for any significant score drop. We don't want too many inq and new accounts to drop his score too much. Anything lower than 750 and he's in hot water. The thought process is that if you're not responsible enough to handle your own finances you have no business dealing with others.

PS- I would break my right arm to be apping with his stats.