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New Contributor
gpfirestone
Posts: 93
Registered: ‎02-20-2013
0

Why is it so hard to go to the garden?

It's gotten to the point where I can apply for just about any credit card and get accepted.  There are no denials for inqs.  I have about 20 now.  There are so many great signup deals that I can never seem to get to the garden.  Every few months I go on an app spree.  I got my home with a prime rate based on relationship with morgan stanley and could do so when I purchase again and my score is only around 680/690 right now last I checked today.

 

Does anyone else seem to do this too, just apply for anything anytime a good bonus comes up and then cancel as soon as they qualify?  If I do this for years will I feel a backlash from CC companies?  Do they monitor this stuff or is it accepted?

:Capital One Spark Business $45k:::Chase Sapphire Preferred $18k:::Chase Amazon Visa $3k:::American Express BC $6k:::Chase Ink Plus $15k:::American Express Business Plum:::American Express Business Platinum::Citi Diamond Preferred $14k:::REI Visa $6k::Capital One Quicksilver $15k:

FIA/BOA is the plague. AVOID THEM!
Senior Contributor
Open123
Posts: 4,155
Registered: ‎02-23-2011
0

Re: Why is it so hard to go to the garden?

In my view, unless you have a big loan or project to finance, there's time enough to garden when the signing bonus wars are over.  I don't think people realize how rare it is to have whopping $500 sign up bonuses.  We've never seen sign up bonsues like this, and once this golden age of bonus passes (when int rates no longer 0), we'll never see it again.

 

Will have all the time in the world to garden once these bonuses go away.  After this, I'll likely garden for the next 10 years.  Can't imagine applying for a card without a sign up bonus moving forward.

Contributor
BearOSO
Posts: 96
Registered: ‎10-03-2012
0

Re: Why is it so hard to go to the garden?

Just because you could doesn't mean you should. 

 

Source: 2008 recession


Starting Score: 656 12/2012
Current Score: FICO (USAA pulled) EXP:678 | myFICO EQ:676 | myFICO TU:685 | App free since 2/1/2013

New Contributor
gpfirestone
Posts: 93
Registered: ‎02-20-2013
0

Re: Why is it so hard to go to the garden?

I got 75,000 MR pts for my platinum card at amex and 50,000 for my gold card.  the only cards i don't expect to have those kind of bonuses are 2% cash back cards since I've never seen a flat 2% card have a signup bonus.  im tempted to cancel my business plat and go back to personal and get a signup bonus from the personal too and then in 13 months go back to plat business if i can.  does amex frown on this kind of rotation?

:Capital One Spark Business $45k:::Chase Sapphire Preferred $18k:::Chase Amazon Visa $3k:::American Express BC $6k:::Chase Ink Plus $15k:::American Express Business Plum:::American Express Business Platinum::Citi Diamond Preferred $14k:::REI Visa $6k::Capital One Quicksilver $15k:

FIA/BOA is the plague. AVOID THEM!
Senior Contributor
Open123
Posts: 4,155
Registered: ‎02-23-2011
0

Re: Why is it so hard to go to the garden?


BearOSO wrote:

Just because you could doesn't mean you should. 

 

Source: 2008 recession


Are you referring to debt; orr, free rewards on money I'm going to have to spend anyway?  On the former, couldn't agree with you more.  The latter, I've never seen an arbitrage opportunity I did't like!

 

 

New Contributor
gpfirestone
Posts: 93
Registered: ‎02-20-2013
0

Re: Why is it so hard to go to the garden?

money i have to spend anyways.  i purchase inventory on my CC for business, a lot through paypal since the seller has a merchant rate of 1.9% with them (and is happy to eat 1.5%).  i have a monthly spend of between $50k-$80k on my CCs.

:Capital One Spark Business $45k:::Chase Sapphire Preferred $18k:::Chase Amazon Visa $3k:::American Express BC $6k:::Chase Ink Plus $15k:::American Express Business Plum:::American Express Business Platinum::Citi Diamond Preferred $14k:::REI Visa $6k::Capital One Quicksilver $15k:

FIA/BOA is the plague. AVOID THEM!
New Contributor
gpfirestone
Posts: 93
Registered: ‎02-20-2013
0

Re: Why is it so hard to go to the garden?

Going forward I plan to stagger my closing dates on the c1 spark (1st of month) and chase ink plus (16th of month) and put anything over the 15k max on each of those on the plum card.  this lets me maximize my purchase power and have the cash in account for maximum time.

:Capital One Spark Business $45k:::Chase Sapphire Preferred $18k:::Chase Amazon Visa $3k:::American Express BC $6k:::Chase Ink Plus $15k:::American Express Business Plum:::American Express Business Platinum::Citi Diamond Preferred $14k:::REI Visa $6k::Capital One Quicksilver $15k:

FIA/BOA is the plague. AVOID THEM!
Senior Contributor
Open123
Posts: 4,155
Registered: ‎02-23-2011
0

Re: Why is it so hard to go to the garden?

Amex is fine if you churn their cards once, but don't keep doing it.  After a couple of times, they may flag you.

 

Post signing bonus, if you value cash, your best bet is a 2% or 1.5% statement credit for all spend.

Established Contributor
ObeyJohnny12
Posts: 591
Registered: ‎05-05-2012
0

Re: Why is it so hard to go to the garden?

Apping is not a habit it's a lifestyle. Lol
It is hard i can tell you that. I supposedly started gardening today but im already itching a for a GE card since they cli often via sp but i dont want to pull the trigger. :smileysad:
Gardening Since: March 4, 2013.
In My Wallet: Chase: Freedom Visa Signature | Sapphire Preferred World Mastercard. |
Senior Contributor
youngandcreditwrthy
Posts: 6,232
Registered: ‎08-16-2012
0

Re: Why is it so hard to go to the garden?

Well... My scores have sunk from 740 to arouns 680-690.

From what Ive read, 680 is prime.
Ive stopped myself from app'ing any more because a dip below 680 could cause aa or instant denials!!!!

While aa is rare, it does happen.

Ive never had any significant clds, but we should all be aware of the snowball effect of continued app'ing!
Just be careful!!

And who is offering a $500 sign up bonus!!!!!!???!! I need someone to pay for my Spring Break vacay!!!!! Lol !!
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| Wmt Discover $12.5k | BR Visa $12.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Arrival $12.7k | Smile Gen $7.25k | Dillard's $5k| West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k

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