Author Topic: Credit card churning, how to continue?  (Read 1869 times)

Catica

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Credit card churning, how to continue?
« on: June 08, 2019, 04:45:21 AM »
Hi,

I'm curious how people can constantly do cc churning.  I've done a bunch of cards, have excellent credit but now I keep being denied with an explanation that I've opened too many accounts.  How is it possible for anyone to keep on churning?

kpd905

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Re: Credit card churning, how to continue?
« Reply #1 on: June 08, 2019, 07:12:03 AM »
How many have you opened, and in what time frame?  And which cards are you getting denied for?

Chase has a 5/24 rule, which means they will deny you if you have opened more than 5 cards in the last 24 months.  I think Barclays has a 6/24 rule for the Arrival+ card.

Frugalicious

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Re: Credit card churning, how to continue?
« Reply #2 on: June 08, 2019, 07:12:16 AM »
Business cards that donít show on your credit report. 


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Papa bear

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Re: Credit card churning, how to continue?
« Reply #3 on: June 08, 2019, 07:21:46 AM »
Business cards that donít show on your credit report. 


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Where do you find business cards that donít pull your personal credit?  Iíve been told Iím personally liable up until the business has annual revenue > 10million. So basically itís a ďbusiness cardĒ that is actual my own card. 




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Frugalicious

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Re: Credit card churning, how to continue?
« Reply #4 on: June 08, 2019, 07:34:01 AM »
Yes, business cards do pull your personal credit, but if they issue a card, some banks do not report the card on your credit report.  So you are able to get more cards with the only impact to your credit being the inquiry.  This method is helpful for getting back under 5/24.   American Express, Bank of America, Citibank, and Wells Fargo do not report business cards on credit reports as long as there is nothing negative (missed payments, etc) to report.


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Papa bear

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Re: Credit card churning, how to continue?
« Reply #5 on: June 08, 2019, 08:23:38 AM »
Yes, business cards do pull your personal credit, but if they issue a card, some banks do not report the card on your credit report.  So you are able to get more cards with the only impact to your credit being the inquiry.  This method is helpful for getting back under 5/24.   American Express, Bank of America, Citibank, and Wells Fargo do not report business cards on credit reports as long as there is nothing negative (missed payments, etc) to report.


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Ahh thank you for the clarification. Thatís something I need to look in to more.


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MrsWolfeRN

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Re: Credit card churning, how to continue?
« Reply #6 on: June 08, 2019, 11:51:51 AM »
If you have a spouse/partner, you could take turns opening cards with them and pool your spending.

secondcor521

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Re: Credit card churning, how to continue?
« Reply #7 on: June 08, 2019, 02:52:05 PM »
There are lots of good tricks out there.  The general method I use is to find likely sources of detailed information and then read.  A lot.  The gems are hidden in plain sight.  You just have to dig through a lot of dirt.

One source of information that I think is good is /r/churning.  I've been churning for over 12 years so I haven't read much there, but I've heard it referenced several times and have glanced over it and think it probably is a good place to read up on it.

My guess is that you're going at it too hard and too fast.  If you want to churn for a long period of time, you need to treat it like a marathon and not a sprint.  Personally, I sit down about once a year, collect all of the good offers available then, and apply for them all at once.  I then use the next several months to do the spending and collect the bonuses.  I then put it away for nine months or so and do it all over again.

This year, I was approved for ten new credit cards and am mostly done collecting bonuses and rewards worth $8,165 to me.  Last year I was approved for eight new credit cards and collected bonuses and rewards worth $5,530 to me.

exterous

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Re: Credit card churning, how to continue?
« Reply #8 on: June 09, 2019, 06:58:00 AM »
Another tip I would recommend is to track your card approval dates and closure dates. It's been very useful as banks have started adding in restrictions about X number of applications over the past Y years. If I hadn't been tracking them that would have made churning much harder

Car Jack

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Re: Credit card churning, how to continue?
« Reply #9 on: June 09, 2019, 07:14:14 AM »
Stay away from Chase, Cap One, Amex and Citi.  Everyone else is open season and you likely will be approved.  BBVA, US Bank, Wells, Bank of America.......  Look at Doctor of Credit for their recommendations.  Ignore Credit Karma's recommended cards.....I've been rejected from every one they say I'm about guaranteed to be approved for. 

Catica

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Re: Credit card churning, how to continue?
« Reply #10 on: June 09, 2019, 07:34:27 AM »
I've been denied by Chase and Capital One and Barclays.  Chase told me that I've opened too many credits cards recently and Capital One never gave me any explanations.  I don't remember Barclays reason. 

bacchi

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Re: Credit card churning, how to continue?
« Reply #11 on: June 09, 2019, 10:06:35 AM »
Recent Data points-

Me:
US Bank denied a business card. That's a first.
Cap One denied a $500 Savor card at 12/24. Bummer.
Citi card.
Citi business card.
BoA denied at 11/24. The recon rep actually listed all of my recent accounts in the past 24 months. "Reapply in a year," I was told.
BoA website recommended a business card shortly after. Applied and received with a hard pull on personal report.

SO:
Barclays denied at 5/24. SO reconed and had to answer questions regarding income but did receive card. The rejection letter crossed in the mail and it read, "You have too many recent accounts."


Bottom line: Banks, especially the big ones, are getting more strict.

Catica

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Re: Credit card churning, how to continue?
« Reply #12 on: June 11, 2019, 09:17:21 PM »
when you guys say 12/24 does that mean that you can't have more than 12 cards opened in 24 months with any bank or that particular bank that you are applying with?

secondcor521

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Re: Credit card churning, how to continue?
« Reply #13 on: June 11, 2019, 09:47:03 PM »
when you guys say 12/24 does that mean that you can't have more than 12 cards opened in 24 months with any bank or that particular bank that you are applying with?

For Chase, it's 5/24 and it's all banks.  (Honestly I've not seen reliable reports of other banks using an X/24 rule.  They have lots of other restrictions that are reasonably well known, but not in that form.)

Catica

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Re: Credit card churning, how to continue?
« Reply #14 on: June 12, 2019, 05:38:46 AM »
when you guys say 12/24 does that mean that you can't have more than 12 cards opened in 24 months with any bank or that particular bank that you are applying with?

For Chase, it's 5/24 and it's all banks.  (Honestly I've not seen reliable reports of other banks using an X/24 rule.  They have lots of other restrictions that are reasonably well known, but not in that form.)
Thanks

JSMustachian

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Re: Credit card churning, how to continue?
« Reply #15 on: June 17, 2019, 11:21:29 AM »
For those that were denied because of too many cc inquiries, how long is it recommended to wait before trying to apply for another offer?

secondcor521

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Re: Credit card churning, how to continue?
« Reply #16 on: June 17, 2019, 12:28:26 PM »
For those that were denied because of too many cc inquiries, how long is it recommended to wait before trying to apply for another offer?

Long, long ago, the rule of thumb was that inquiries become less important after 6 months and drop off after 2 years.  I don't know if that rule of thumb has changed lately.

MasterStache

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Re: Credit card churning, how to continue?
« Reply #17 on: June 19, 2019, 10:32:36 AM »
Yeah we went at it pretty heavily at first before the Chase and Barclay rules were instituted. Weíve backed off the last year or so though. Weíll be under  5/24 pretty soon. Iíve opened several business cards in that time frame. Much of what we do these days is dictated by our travel plans over the next year. Chase points will come in handy for a big trip we are planning out west next year.

secondcor521

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Re: Credit card churning, how to continue?
« Reply #18 on: June 19, 2019, 10:52:57 AM »
Yeah we went at it pretty heavily at first before the Chase and Barclay rules were instituted. Weíve backed off the last year or so though. Weíll be under  5/24 pretty soon. Iíve opened several business cards in that time frame. Much of what we do these days is dictated by our travel plans over the next year. Chase points will come in handy for a big trip we are planning out west next year.

I  take the opposite tack and ignore Chase completely because of their 5/24 rule.  Yes, Chase regularly has some of the juiciest offers out there, but their 5/24 rule effectively makes people like me choose between Chase and everyone else.  On a collective basis, everyone else has better offers than Chase.  In other words AMEX+Citi+BofA+USBank+Barclays+etc. > Chase.

Rylito

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Re: Credit card churning, how to continue?
« Reply #19 on: June 23, 2019, 09:09:04 AM »
How do you guys get to open business accounts?  Are you all actually small business owners? 

exterous

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Re: Credit card churning, how to continue?
« Reply #20 on: June 23, 2019, 06:00:30 PM »
How do you guys get to open business accounts?  Are you all actually small business owners?

We have a small side hustle that is an officially registered business.

v8rx7guy

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Re: Credit card churning, how to continue?
« Reply #21 on: June 23, 2019, 06:48:01 PM »
How do you guys get to open business accounts?  Are you all actually small business owners?

You will likely need a Tax ID number... some people say you can use your SS Number though.

MrsWolfeRN

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Re: Credit card churning, how to continue?
« Reply #22 on: June 23, 2019, 07:35:36 PM »
I use my SSN. In any given year I sell a few things online, and get a refund check from the gas company that I have to report as business income.

jpdx

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Re: Credit card churning, how to continue?
« Reply #23 on: June 23, 2019, 08:50:07 PM »
If I may ask a churning-related question here, how long after you are approved for a CC does it take for the card to arrive in the mail? Specifically wondering about the Chase business cards.

v8rx7guy

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Re: Credit card churning, how to continue?
« Reply #24 on: June 23, 2019, 08:59:22 PM »
If I may ask a churning-related question here, how long after you are approved for a CC does it take for the card to arrive in the mail? Specifically wondering about the Chase business cards.

About a week I'd say.  Chase Ink

MrsWolfeRN

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Re: Credit card churning, how to continue?
« Reply #25 on: June 24, 2019, 06:02:00 AM »
If I may ask a churning-related question here, how long after you are approved for a CC does it take for the card to arrive in the mail? Specifically wondering about the Chase business cards.

About a week I'd say.  Chase Ink

Mine just said my application was in review, then randomly showed up in the mail a week later. No email first to say the card was approved.