833 FICO and getting Turned down on Cash Back Cards

[Anonymous]

This is my 1st post

I have a Fico score of 833 and No Credit card bills and House paid off and bought a 2020 Dodge Challenger for cash and making $112,000 a year...For the Last 10 - 15 Years I have been getting Credit cards every other month and get the Flyer Miles,Hotel and Cash Back Points from

Chase,Citi,Wells Fargo,US Bank among others and I always CLOSE the account once I get and use the Points.(must have at least 50 canceled cards}

I have 3 active cards with $75,000 Credit Limit and a $4000 Lowes card for the 10% that I will be useing to buy Hardwood floors.

For years I would get a Amazon Card online just for the $75 - $100 instant Credit and Cancel the card a day later.

I have had Bank America Cards twice a year for years just for their $200 Cash Back Bonus.

And the Same with all the other banks.

Well the last 2 Cards I tryed to get Citi with $200 Bonus and Another BOA with $200 Bonus but was turned DOWN because I have had too many credit cards but was about to get a American Express last month for their $200 offer and Canceled the card a day later.

All these banks in the last 10 - 15 years have NOT made a Penny on me.

This is a Game where I get paid useing different cards and can care less about buying a Future house or Car or anything else and my bank enjoys my month that I put into it each month lol.

Just wondering are any others doing what I am?

Let the Banks pay us cause they are getting rich on the people with little or no money..................JT

[designated_knitter]

Um, Yay you?

Not sure what else you want us to say.

[Anonymous]

r/churning/

Doing what you've been doing for the last 10 - 15 years, I'm surprised you haven't heard of them.

[Beast26]

Does this not hurt your credit to keep doing it for so long?

[JNA1]

What you are doing is considered card churning, and the CCCs are not a fan of it. Their software algorithms now look for that activity, and that is most likely why you are getting denied for cards despite having an excellent score and decent income. 

Many of us are doing what you are doing by getting cards with sign up bonuses and not paying anything in interest, but we keep the cards and use them for rewards going forward. I've earned more money in cash back on all of my regularly used cards than I did the sign up bonus in less than year's time. 
This benefits us by getting rewards dollars and large total available credit lines, and the CCCs stay happy because they make money from continued swipe  fees on the cards. 

[Remedios]

@Anonymous  hi and welcome 

Is there a question in your post other than "is anyone else doing it?" or is this manifesto on Banks Are Evil But I Don't Pay Interest? 

To answer both questions, yes others do it, and are typically stopped by lenders at some point. It's not an original concept.

If what you typed is true, you aren't going to get approved by anyone worth filling an app for in a long time. 

As far as Evil Banks go,  one thing to always keep in mind is that you need them more than they need you. 

[AverageJoesCredit]

Churning  nowadays gotta be harder than yesteryear.  Open a credit card only to close it as soon as you get the bonus , the banks arent stupid and todays algorithms  are on to it. I would get used to future denials. 

[IgnatiusReilly]

Newton's 3rd Law.  In the words of Brad in Fast Times at Ridgemont High: "Learn it, know it, live it.".

[Brian_Earl_Spilner]

No, I don't think many people are doing what you're doing because most that are churning know that to be successful at it, you can't close the cards right away without getting blacklisted. Each lender has rules and if you don't play by them, it's a really short ride.

[designated_knitter]

I'm going to go out on a limb and assume that OP is fairly young, single and no kids.  Also, based on stated income, probably MID-level IT or MBA type.  

If OP does ever want to have kids, at some point, they'll need a bank.

If OP ever loses their job in the next real recession (the kind that impacts professionals and not just "non essential workers" like this past year, the OP is going to need a bank.

If OP ever has major medical issues, they are going to need a bank.

If OP ever has to replace his house and all of its belongings due to a natural disaster, they're going to need a bank.

If OP is ever going to need an investment portfolio and a place to stash all the money he's not paying banks, he's going to need, um, a bank!

Banks are like Insurance, doctors, and lawyers... popular to hate until you actually need them.

One would think being a surgeon would be a recession-proof gig.  A family member of mine thought so too... until he was laid off due to Covid earlier this year.  His wife had to take a major pay cut as an ob-gyn as well because, well... Covid.  Oldest kid just started college.  Youngest is about to start college.

Yes, they have savings and investments.  No, they don't really want to liquidate their assets because they are nearing retirement age. 

Enjoy your new challenger.  Pretty soon life and age will catch up to you like the rest of us and you'll be driving the same thing your parents did... something probably cheaper and older so they could pay for your college tuition.