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Hello all ...
I have lots of cards as of now and with 740+ credit score. I applied for 50% of my existing cards to ripe welcome bonus and some exciting offers. I am quite confident that my utilization and AAOA will not impact if I cancel couple of them. I would really appreciate, if you can help me understand below queries and give some insight.
If I cancel/close my credit cards from Chase, Amex, Discover, Barclay, US Bank, GE store cards and others which I might have kept in socks drawer and plan to reapply for the same card down the line may be after 12 months or so :
1. will respective banks approve me ?
2. will I be eligible for welcome bonus for the second time ?
3. will I go thru interrogation with a credit analyst and do I need to explain why I cancelled in past and why I am applying now ?
Why cancel what you already have to reapply later? Hopefully this isn't to gain sign up bonuses again because the company has a choice in whether or not they honor them.
Thanks for the response .. do we know which companies will have concern and whcih will not .... as i asked in my initial post
I believe all of them would have a concern with this kind of practice. It's offer chasing (looking for the new credit card sign up offer). Some companies don't honor sign up bonuses for "previous" customers. They are specifically geared toward new customers. I believe it's listed in most credit card application terms and agreements. Hopefully someone else can chime in with more insight into this.
@CardsLifeLine wrote:Thanks for the response .. do we know which companies will have concern and whcih will not .... as i asked in my initial post
Chase and Amex have lifetime bans for sign up bonuses
@CardsLifeLine wrote:will respective banks approve me ?
We can't answer that question regardless of person and creditor. As indicated above, AmEx and Chase are not churn-friendly.