EDITED: Should I app for another bank/store card to learn how to build up Miles/Rewards?

[coldfusion]

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@Brooklyn2018 wrote:
Right! I like the whole churn bank accounts thing, Brian👍

Thanks, Pink. I read a few old posts about churning but, didn’t realize there could be repercussions😯.

Amex, huh? Don’t tell Remedios...😂😉

Ok. So, churning is not a good idea. Cool. Glad I asked. Thanks, guy’s.👍

Anyone else have maybe other suggestions that might fit my senecio?

Thanks

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I'll add a few comments.

Opening cards in order to meet mininum spends, collect the SUBs, then sockdrawering/closing is bonus chasing.   Banks are wary of the underlying behavior because bonus chasers aren't profitable and the behavior can resemble that of someone lining up to commit bust-out fraud.

Closing a card then later re-aquiring the same card and collecting a new SUB is churning.   This is the specific behavior that drives polices like the 48 month Chase Sapphire/24 month Citi/AMEX "lifetime" (AMEX does sometimes send out targeted offers with the lifetime restriction absent) SUB restrictions. 

Both activities assume routine ability to PIF, as interest charges erode the net value of the SUB.

There are a few caveats with chasing bonuses from opening bank accounts.

- unlike a CC SUB, those bonuses are taxable - even if you aren't sent a 1099 form you're still obligated to report them as income

- most institutions query Chex Systems and the inquiries are logged and accessible, not unlike a HP on a CRA

- much like CC issuers, different banks have different levels of sensitivity to the number of Chex inquiries on your file.  This can sometimes be mitigated if you apply in-branch instead of online.

- T&C can vary widely between the promotions and you need to both understand and follow them exactly if you want to collect the bonus and avoid monthly fees.

[tcbofade]

As your scores cross the 660 mark, start checking for SP pre approvals.  Cap One, Amex, Chase, Citi...

Starting out, I would suggest something like a Savor or Freedom.  

Your options might change between now and then, none of us know what tomorrow will bring.

If you are not planning to carry a balance, I would focus on cash back.  IMHO.

Good luck!

[AverageJoesCredit]

Wait til you hit 650+ range then load up on all Comenity card

Jk. If you wait til you are in 650+ range youll start seeing prequals perhaps and can go from there. In mean time make a list of cards you like and their benefits and what each lender likes to see for approval. This way youll be prepared

[Blackswizz750]

Well, you should figure what you want to do: travel or just collect cash back. Having many cards and spreading out rewards just dilutes either.

Also, dont just app to grab stuff, it will hurt your score and AAOA.

[Brooklyn2018]

Also, dont just app to grab stuff, it will hurt your score and AAOA.


Definitely, not my approach. I plan my apps and I don’t spree. It’s taking me a year to get this far and know ONLY age and management of the accounts will yield better scores;not apping just to app. I appreciate that reminder, tho. 😉 One can get caught up in the “app-moment” just because scores have gotten to the eligible tip(lower-end of possible approval) and acquire cards that are absolutely useless just for the approval satisfaction. That’s not me. Patience is what I have, fortunately, as well as, without many choices...so, that’s a GREAT thing, IMHO. Keeps the fingers at bay, if you will. 😂
I’m looking possibly(?) 6-8 months AND MAYBE even a YEAR(?) before I pull any triggers. I still have a few things to try and clean up on my cr’s.

I guess you can say, “ I’m window shopping for the best approach and the best time.” 😉

Thanks, again. Great advice.👍

[Anonymous]

Your Discover card pays cash back. Play with that one, eventually it may graduate 

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[Anonymous]

Your scores are very starter oriented. Luckily, I have been building for my mother and myself for the past 2 years, and have seen a lot of offers, good, great and "oh well, it's a start..."
I began with legit Comenity cards, PIF, used monthly and two small Cap1 cards, once Platinum, now QS and Venture (learned sooo much from trial and error and people like on myFICO, thepointsguy.com, doctorofcredit.com, out&out (emails), etc.
I also got every major saving and spending app like Ebates/Rakuten, Ibotta, Drop, Dosh, Shopkick, MyPoints, even have a few thousand now in Acorns and Stash. Jewel is savings site for big spending, but loves giving high a** cash back on places like Nordstrom Rack after you buy 20 shirts for $40.
I reinvested all that noise into PayPal cashback checks, got a small PayPal MC (it's was like $300). Eventually, I used Balance Transfer offers from Citi or Discover to get higher cards with big SLs. Now, I've switched those cards to travel/points, etc. Even Ebates has a great starter card that rewards you for using it's app (I'm tempted, but I want another Citi TY point card, and/or a Visa Sig (probably Nordstrom just cuz 😆)
My mom, however, has lots of old starters she's never closed that now give 1% cash back. 2 are Credit One, both a Visa and a MC, for $1500 and $2000. She also has a Cap One QS stuck at $1250 but with 1.5% back.
And this woman has an old skool SPG business Am Ex card (or soon Marriot Bonvoy, right?).🤔
So, ... yeah. Old Cap One QS, even the new Credit One cards have points. But a $39 AF. 😒
So yeah. Go to Nerdwallet or Credit Karma or Experian and get a good match offer for your profile? Lots offer lower cards, but now compete with points. 😁