I love credit cards so much!

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Question here...I have a good credit score. I also have 5 major credit cards but only use one. I've wanted to close a few of them but also have read that that will effect your credit if a negative way.

But it seems my credit is being effected because even though I only have one store card, I had applied for 2 other store cards (months apart ) and was refused both.

And I do have a mortgage and a car loan. Just wondering why I'm not able to be approved for store cards...
 
Question here...I have a good credit score. I also have 5 major credit cards but only use one. I've wanted to close a few of them but also have read that that will effect your credit if a negative way.

But it seems my credit is being effected because even though I only have one store card, I had applied for 2 other store cards (months apart ) and was refused both.

And I do have a mortgage and a car loan. Just wondering why I'm not able to be approved for store cards...

your acceptance rate does have some relations to your debt -- income ratio. so your mortgage/car loan may have causes it. I could be wrong though.
Yes, you are correct about closing your cards, it will lower your total utilization. they usually tell you to never go over 30% of your total utilization, by doing so will affect your credit score as well.
Other situation could be, someone else opening cards and ruining your credit? could be a possibility, i would run a credit report and see whats up.
 
Amazing story! I'd love to hear the specifics!
Warning: TLDR; :) I'm rambling about which cards I signed up for to get 6 people to Barcelona and the difficulties of a newb navigating miles databases.

Two months ago -- pretty much to the day -- I found this thread. I was facing the task of getting my family of 6 to Barcelona for the cheapest fare possible (since I was spending my parents' money). I was looking at rock bottom prices of about $415 per person. But you guys got me thinking.

I searched for flights from the East Coast to Barcelona (I was willing to take any airport from Boston down to DC), and found consistent reward availability on a United direct flight from Newark to Barcelona. Realizing that I could accommodate my whole party in economy very easily, I set my sights on business class. The United flight would cost 57,500 miles per seat, but partner business saver awards were pricing at 70,000 miles, so I wanted to be sure I had enough of a cushion that I could pay the higher fare if necessary. Turns out it was good that I did. Here's how it worked out:

Each of the 4 adults applied for a United Visa card. With $1,000 spend and a charge by the authorized user, that gave each adult ~36,000 miles. That's 4 cards worth of spend: 2 cards spend was accomplished by each household prepaying $1000 worth of propane (that's about 2 months' worth of heating here in New England). I completed my other spend by paying some work-reimbursed expenses and buying $750 worth of grocery gift cards for spending that I had already budgeted. My dad completed their second spend with household expenses.

To get us up to 57,500 each, my mom and I applied for the Chase Sapphire Preferred. The 55,000 sign-up bonus, with the 4,000 points generated by the spend itself, got my parents up to 65,500 miles each: enough for the United flight. My dad has had a Freedom card for a long while now, and had 12,000 points sitting in that account. So they were set even if I had to go up to 70k in airfare.

It was a bit more complicated for us. Even with the bonus miles I got paying $4,000 down on the cruise to meet my CSP spend, we were just covering my and my husband's airfare -- still two kids to consider! The timing on this is funny, because the night I applied for my CSP I called Chase recon, and they explained how busy they were because of this big new card that had just debuted that day: the Chase Sapphire Reserve. WOOHOO!! I immediately had my husband apply, met the spend by paying off another $4,000 of the cruise and got 3x points for that.

The final bit was that we were scheduled to visit my in-laws in Japan at the end of September. My DH had booked us on ANA, and so I was able to have our miles credited to our United Miles Plus accounts. The only annoyance there was that the kids ended up with their own mileage accounts. No big deal, right? Chase lets you transfer points to household members, right?

The night before the reward tickets became available on United's site and the night before the very last of our UR points posted with our credit card statements (talk about nerve-wracking), I tested out how to transfer UR points to my children's Miles Plus accounts... except... I now find out that you can only transfer to a person who is in your household AND an authorized user on the account. Oh, and you can only transfer to ONE authorized user, chosen for the entire year. EEEEEP. I quickly added my daughter to my CSP account, but I'm NOT about to pay $75 to add my son to my DH's Reserve card. It's 6pm -- only 7 hours before the tickets will become available -- and I'm informing my DH that he has to apply for a CSP *right now* and add our son as an AU. LOL Poor man was eating dinner and talking to recon because I typo'd our income on the application. The awesome news is that his CSP was approved and immediately appeared on the Chase website, so I was able to use it to transfer points to my son's Miles Plus account that night. WHEW!

After that, it was pretty simple. United totally up-ended availability on their direct to Barcelona flights, so I had to get creative to find room for all 6 of us in business class on one flight. Still, a 9.5 hour stop-over in Vienna means Schonbrunn Palace and time for a nice lunch and a peek at the downtown area. There was a bit of a snafu with the short hop flight from Vienna to Barcelona: when I started it showed availability for 6 people, but, after booking my children's flights, that flight totally disappeared from United's system. I've talked to 4 different agents and none of them could do anything, even though the flight is there with oodles of reward seats the day before and the day after. Ah well: the UR points from my DH's emergency CSP will more than cover purchasing those tickets separately. :)

Aaaaand, in the meantime, I got awfully jealous of my husband's CSR, so I had to get one for myself. :rolleyes1 Turns out the sign up bonus is just what I need to put us up for 2 nights in a lovely hotel in the Gothic Quarter of Barcelona.

:goodvibes:goodvibes:goodvibes:goodvibes:goodvibes
 
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Question here...I have a good credit score. I also have 5 major credit cards but only use one. I've wanted to close a few of them but also have read that that will effect your credit if a negative way.

But it seems my credit is being effected because even though I only have one store card, I had applied for 2 other store cards (months apart ) and was refused both.

And I do have a mortgage and a car loan. Just wondering why I'm not able to be approved for store cards...

Depending on what credit limits you have on the cards you already hold, you might consider lowering the credit limit on one of them to see if that would make room for another card to accept you. What I would do is apply for something, and, if rejected or put on "pending," call recon and ask why.
 
My dh called recon this morning. He was denied because of too many new cards in last two years :( I counted multiple times to make sure and thought for sure he had at least one left he could open. The lady he spoke to was foreign with a super thick accent and he couldn't understand much of what she said. Will the denial letter being mailed show all the cards opened and when he would be eligible to open another? I guess there is no point in calling recon again? So bummed!
 
Warning: TLDR :)
great story! btw, TLDR means Too long, didnt read. how to use it ~ TLDR *insert a summarized sentence here for people who dont want to read the entire post but want to know whats going on...*
I have started to churn since a year ago, have collected over 300k points alone. i have yet to do anything with it :(

Depending on what credit limits you have on the cards you already hold, you might consider lowering the credit limit on one of them to see if that would make room for another card to accept you. What I would do is apply for something, and, if rejected or put on "pending," call recon and ask why.

This may work with multiple cards with a certain bank like chase, but it wont work for store cards... But you are right about calling in. call in to find out the reason for your rejection. good advice!
 
great story! btw, TLDR means Too long, didnt read. how to use it ~ TLDR *insert a summarized sentence here for people who dont want to read the entire post but want to know whats going on...*
I have started to churn since a year ago, have collected over 300k points alone. i have yet to do anything with it :(

Oooh, you should do something fun!! Where have you always wanted to travel? :D

And, really, the TLDR was just meant as an admission that I didn't really expect anyone to read my ramblings LOL. A summary of, "I'm rambling about which cards I signed up for and the difficulties of a newb navigating miles databases" seems equally self-centered LOL. :P
 
And, really, the TLDR was just meant as an admission that I didn't really expect anyone to read my ramblings LOL. A summary of, "I'm rambling about which cards I signed up for and the difficulties of a newb navigating miles databases" seems equally self-centered LOL. :P

I read it, thanks for the detailed explanation! I felt your anxiety when you were trying to get all of your ducks in a row at the last minute before the flights went on sale! I'm just starting out myself, and I was able to book round trip flights to London this December and cover most of our accommodations already using just the CSP bonus and the travel credit from the CSR. We'll reach our 4K spending for the CSR next month and then we'll have another 100K UR to work with for the next trip. It's certainly motivating to read how successful others have been. It can be incredibly confusing, but there really are some great deals to be had. My next goal is the Southwest companion pass, and DH will be getting one of the hotel cards soon, I just haven't figured out which one yet.
 
Does anyone have any kind of spreadsheet that they use to keep track of cards you have, etc? Or how exactly do you keep all of this straight as far as what you have, when you opened it, what the % are for each category, etc?

Right now, DH and I have each opened the SW cards (DH twice and me once) and I just opened the CSR for DH since he has the Chase freedom card that we've had forever is in his name. I figured that would be the only way we could move the UA points around easily. I'm wanting to open the Ink+ card soon for DH so that hopefully we could keep the 5% categories if they change that, but I don't want to mess something up because of my bad record keeping.

So, I was just wondering what methods others use to keep track of everything.

Thanks!
Awardwallet!
 
Sneaking back in with a bit of a success story to share!

Thanks to you folks, I now have 6 business class tickets from Newark to Vienna on Austrian Airlines. My kids already have their connection through to Barcelona that evening, and I'm just waiting to finish my CSR spend to buy the rest of us onto that short commuter flight.

We're getting to Barcelona next September in business class, thanks to you all!!! Total out of pocket cost? $120!

I didn't know ANYTHING about miles until I found this thread. My folks and I agreed that I'd pick up the tab for our cruise if they paid for airfare and lodging to get us there. Airfare done, and now I'm about 2 months of points away from reserving our hotel rooms, too. For 6 people, we were ready to spend over $5,200 on economy airfare and lodging...

I simply cannot thank you folks enough.

LOL And since I've been away for the last 2 weeks, I now have over 10 pages of thread goodness to catch up on! :)
Warning: TLDR; :) I'm rambling about which cards I signed up for to get 6 people to Barcelona and the difficulties of a newb navigating miles databases.

Two months ago -- pretty much to the day -- I found this thread. I was facing the task of getting my family of 6 to Barcelona for the cheapest fare possible (since I was spending my parents' money). I was looking at rock bottom prices of about $415 per person. But you guys got me thinking.

I searched for flights from the East Coast to Barcelona (I was willing to take any airport from Boston down to DC), and found consistent reward availability on a United direct flight from Newark to Barcelona. Realizing that I could accommodate my whole party in economy very easily, I set my sights on business class. The United flight would cost 57,500 miles per seat, but partner business saver awards were pricing at 70,000 miles, so I wanted to be sure I had enough of a cushion that I could pay the higher fare if necessary. Turns out it was good that I did. Here's how it worked out:

Each of the 4 adults applied for a United Visa card. With $1,000 spend and a charge by the authorized user, that gave each adult ~36,000 miles. That's 4 cards worth of spend: 2 cards spend was accomplished by each household prepaying $1000 worth of propane (that's about 2 months' worth of heating here in New England). I completed my other spend by paying some work-reimbursed expenses and buying $750 worth of grocery gift cards for spending that I had already budgeted. My dad completed their second spend with household expenses.

To get us up to 57,500 each, my mom and I applied for the Chase Sapphire Preferred. The 55,000 sign-up bonus, with the 4,000 points generated by the spend itself, got my parents up to 65,500 miles each: enough for the United flight. My dad has had a Freedom card for a long while now, and had 12,000 points sitting in that account. So they were set even if I had to go up to 70k in airfare.

It was a bit more complicated for us. Even with the bonus miles I got paying $4,000 down on the cruise to meet my CSP spend, we were just covering my and my husband's airfare -- still two kids to consider! The timing on this is funny, because the night I applied for my CSP I called Chase recon, and they explained how busy they were because of this big new card that had just debuted that day: the Chase Sapphire Reserve. WOOHOO!! I immediately had my husband apply, met the spend by paying off another $4,000 of the cruise and got 3x points for that.

The final bit was that we were scheduled to visit my in-laws in Japan at the end of September. My DH had booked us on ANA, and so I was able to have our miles credited to our United Miles Plus accounts. The only annoyance there was that the kids ended up with their own mileage accounts. No big deal, right? Chase lets you transfer points to household members, right?

The night before the reward tickets became available on United's site and the night before the very last of our UR points posted with our credit card statements (talk about nerve-wracking), I tested out how to transfer UR points to my children's Miles Plus accounts... except... I now find out that you can only transfer to a person who is in your household AND an authorized user on the account. Oh, and you can only transfer to ONE authorized user, chosen for the entire year. EEEEEP. I quickly added my daughter to my CSP account, but I'm NOT about to pay $75 to add my son to my DH's Reserve card. It's 6pm -- only 7 hours before the tickets will become available -- and I'm informing my DH that he has to apply for a CSP *right now* and add our son as an AU. LOL Poor man was eating dinner and talking to recon because I typo'd our income on the application. The awesome news is that his CSP was approved and immediately appeared on the Chase website, so I was able to use it to transfer points to my son's Miles Plus account that night. WHEW!

After that, it was pretty simple. United totally up-ended availability on their direct to Barcelona flights, so I had to get creative to find room for all 6 of us in business class on one flight. Still, a 9.5 hour stop-over in Vienna means Schonbrunn Palace and time for a nice lunch and a peek at the downtown area. There was a bit of a snafu with the short hop flight from Vienna to Barcelona: when I started it showed availability for 6 people, but, after booking my children's flights, that flight totally disappeared from United's system. I've talked to 4 different agents and none of them could do anything, even though the flight is there with oodles of reward seats the day before and the day after. Ah well: the UR points from my DH's emergency CSP will more than cover purchasing those tickets separately. :)

Aaaaand, in the meantime, I got awfully jealous of my husband's CSR, so I had to get one for myself. :rolleyes1 Turns out the sign up bonus is just what I need to put us up for 2 nights in a lovely hotel in the Gothic Quarter of Barcelona.

:goodvibes:goodvibes:goodvibes:goodvibes:goodvibes

I read it all and I am grinning from ear to ear, so happy for you!


My dh called recon this morning. He was denied because of too many new cards in last two years :( I counted multiple times to make sure and thought for sure he had at least one left he could open. The lady he spoke to was foreign with a super thick accent and he couldn't understand much of what she said. Will the denial letter being mailed show all the cards opened and when he would be eligible to open another? I guess there is no point in calling recon again? So bummed!

I would call recon again. If any of those cards are store or AU cards, let them know that they aren't supposed to count towards the 5/24 rule. Whenever you don't like the answer HUCA (hang up call again).

Those who got their CSR, did you get a shipping notice? I got approved on Thursday. Wasn't at my house yesterday. Went into the branch and they called on it. It's shipped but they said they have no way to track it even though it's coming UPS. They were willing to cancel and reship, but I would think Chase should have some sort of tracking number on this! Even my branch guy was baffled with what they were telling him on the phone.

Next...now that I have the CSR how would you handle this?

We have a trip booked to NJ (driving) to visit my sister at Thanksgiving. We will be staying at a starwoods hotel I have booked now for 4 night using my starwoods points (and basically cleaning the balance out). The nightly rate isn't too crazy. Would you use the points? Would you book using the SPG Amex? Or would you book using the CSR? We used to be gold w/ SPG but haven't been in a year or so, so we don't have any crazy perks coming.

If it will be a hardship to make the spend otherwise, then use the CSR. If paying with the SPG AMex is in the budget and it won't impact making the spend on the CSR, I'd go that route. 5 SPG points per $ are worth way more than 3 UR points per $. JMHO
 
Can someone talk about making a payment before a cc statement closes? For example, if I change $100 tonight, I could go online and pay $100 instead of waiting for the payment to be due.

Is this a good idea? Bad idea? I've been reading a lot of blogs lately and for some reason I realized this is something I have seen mentioned but I have not absorbed whether the advice is to do it, or not.

Thanks!
 
Can someone talk about making a payment before a cc statement closes? For example, if I change $100 tonight, I could go online and pay $100 instead of waiting for the payment to be due.

Is this a good idea? Bad idea? I've been reading a lot of blogs lately and for some reason I realized this is something I have seen mentioned but I have not absorbed whether the advice is to do it, or not.

Thanks!

With the caveat that I'm a newb, what I have read is that it is preferable to leave at least a bit of a balance on at statement closing to show that the card is active even if you pay off most of the balance to keep your credit utilization ratio low.
 
With the caveat that I'm a newb, what I have read is that it is preferable to leave at least a bit of a balance on at statement closing to show that the card is active even if you pay off most of the balance to keep your credit utilization ratio low.

You don't have to keep a balance as in you don't have to (and shouldn't IMO) pay interest on any amount. However, the credit bureaus don't get your daily spending. The card issuer reports the balance monthly when the statement closes. So if you pay off the entire amount you spend as you spend it then no use/payments get reported. This can affect your credit score.
 
You don't have to keep a balance as in you don't have to (and shouldn't IMO) pay interest on any amount. However, the credit bureaus don't get your daily spending. The card issuer reports the balance monthly when the statement closes. So if you pay off the entire amount you spend as you spend it then no use/payments get reported. This can affect your credit score.

Agreed! Pardon my unclear wording. :)
 
Warning: TLDR; :) I'm rambling about which cards I signed up for to get 6 people to Barcelona and the difficulties of a newb navigating miles databases.
:goodvibes:goodvibes:goodvibes:goodvibes:goodvibes
WOW you did all that in two months!!!! that is fast! It's also a mighty lot of spend to get the bonuses, but obviously still less $$ than paying oop for that trip! You must have stellar credit to be able to get all the csp and csr approved that quickly...(and stellar income too) great story!
On another note to check your credit history and see where you are on the 5/24 thing use credit karma- it's a great site..... AND another Chase 5/24 note(noted before but repeating) I have Chase heavy portfolio admittedly anyway, but was denied for the 5/24 rule and 2 of mine were AU..... I keep reading DP that it doesn't count but guess what,it does sometimes! That said those 2 are about to age off my report (woohoo) now to decide what to do next..... it's tough with all the mergers,etc I have specific travel goals but various choices to get there if I'm able....
 
WOW you did all that in two months!!!! that is fast! It's also a mighty lot of spend to get the bonuses, but obviously still less $$ than paying oop for that trip! You must have stellar credit to be able to get all the csp and csr approved that quickly...(and stellar income too) great story!

I don't think I could have managed the spend if we hadn't had the cruise already booked for 6 people. I had to rearrange some savings to pay the cruise off early. That said, I'm still working on finishing up the spend on my CSR and my DH's "emergency" CSP, which is proving to be a bit of a pain. I may be looking at paying off a month or two of mortgage to meet the spends, but the max out of pocket for that would be ~$200, so it's still a deal.

Our credit ratings are all over 800, so that definitely helped. I did lower the credit limit on my old Disney Visa, and it's a bit odd that they are willing to count my DH's income "twice." I'm a SAHM so his income counts as mine when I apply. There is no way we're going at actually maximize the credit limits they gave us, so I suppose it doesn't matter. :)
 
You don't have to keep a balance as in you don't have to (and shouldn't IMO) pay interest on any amount. However, the credit bureaus don't get your daily spending. The card issuer reports the balance monthly when the statement closes. So if you pay off the entire amount you spend as you spend it then no use/payments get reported. This can affect your credit score.
Agreed! Pardon my unclear wording. :)

Thanks - I understand that part of a credit score is utilization, so if the credit card company reports zero balance, then from the point of view of the credit score, I haven't used any credit. I'm wondering, though, if the practice of making multiple payments before a statement closes might raise a red (or yellow) flag with the credit card company. I have been reading the flyertalk forum on manufactured spending, and it seems that several things that I would not have thought about as problems at all really are a big problem for banks and credit card companies (such as using money orders) and can result in the bank/credit card company closing all of your accounts.
 
I've followed this thread from the beginning and appreciate all the help! Last week I applied for the CSR in DH's name since he has the Chase Freedom in his name. He was instantly approved and we are now working toward the minimum spend to get the 100,000 point bonus. As soon as he was approved, I was able to move his UR points into the CSR account and I booked a cruise at the 1.5x value of the points. I know a lot of people get much better value from transferring to airlines points, but right now, we are only flying within the US and we have LOTS of Southwest points to use.

So, for us, it was a great win to get a highly discounted 9 day Southern Caribbean cruise with points we already had sitting there. We waited until we got the card in the mail and paid the balance with the new card and our $300 travel award has already posted!

NOW, I'm looking at getting the Chase Ink or Ink+ card. Reading back through the notes that I took from this thread, it seems like it might be a good strategy to apply for the Ink+ to get the higher bonus points and then downgrade to the Ink card when the annual fee hits for the 2nd year. Does that sound right? Basically after the first year, you would just be giving up the opportunity to earn the 5x points on the category spend on any amount over $25,000 for the year. Is that right? I really think the $25,000 would be plenty, but I'd know for sure after the first year.

Thanks for all the great advice everyone! This is an awesome thread!
 
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