The Money Mustache Community
Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: rahby1us on August 26, 2016, 09:31:44 AM
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ughhhh, getting married in 2 weeks, closing on a rental property the next week after that. Was cruising through the miles earning game but now per the lender can't apply for any more debt- and we've got a lot of vendor bills that would have basically covered a lot of the initial spend thresholds (i.e. spend 1k in 3 months and get a bunch of free miles)! I don't think there is any way to make this work- any crazy ideas out there?
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This is probably the wrong section for this post. You can try reducing your credit limits if that is the issue. Also Chase has the 5/24 rule in place so could be a bunch of reasons for it. Good luck.
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This is probably the wrong section for this post.
Good point. MOD NOTE: Moved to AAM.
You can try reducing your credit limits if that is the issue. Also Chase has the 5/24 rule in place so could be a bunch of reasons for it. Good luck.
This is not the issue.. the house closing means they can't apply for new credit cards or they risk the underwriter not approving the mortgage.
Probably not much to do, except see if some of the vendors accept NET30 pay (i.e. pay them within 30 days), so you close on the mortgage, then apply for the CCs, then pay the vendors, 2-3 weeks after the wedding. Most won't, they'll be pay immediately, but you never know.
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Hindsight being 20-20 makes me realize how much I wished I had thought about credit card churning during the timeframe leading up to our wedding.
We had a lot of expenses as we were getting married that would have made it so easy to churn cards completely legitimately.
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Look at your current portfolio of cards to see where you can best use the points. Do any have categories that will get you double points? Do you have cards with flexible points (e.g., UR, TY)? Any points accounts that need topping off (e.g, you have 28k [points in an airline program that requires 30K for a trip you want)?
I know it sucks to feel like you missing new spending thresholds, but its all part of the game.
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If the problem is that you are bumping up against your existing credit limits and can't get more, you need to pay off the charges as soon as they come in to free up that amount of credit, rather than waiting until the end of the month to pay them. Although if miles are earned on the balance at the end of the month, you are stuffed (by which I mean, you are maxing out the credit card limit for miles.) Which isn't a big tragedy, really.
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Can you ask any of your existing card issuers to switch an existing card and credit limit to a new card and offer? I've had this work before (in the UK) after I called and said I was thinking about closing the account because a competitor had a better offer.