HURRY! 1 GB USB Flash Drive For Free After Rebates!

After doing some more research I am closer to getting the answer to my questions:

Having lots of credit cards is not usually bad for your credit, but many inquiries + closures aint so great.

Thus having an inquiry on your credit every month could seriously damage your credit. Consolidating seems to close the second account and would probably also damage your credit. Another thing to worry about is the fact that you don’t want to pay an annual fee on these cards so you want the “free 1st year” for the new card to transfer to the old card. But you want to keep the old account because older accounts are better for your credit. Would it be possible to keep old account but extend free year….?

Dan, have you personally done this for a while and have concrete results to work with? This would include credit scores before and after you pull this shtick and makes the assumption that you actually do this every month or two.

Due to the amazing benefits of doign this, for someone who flies a lot (or wants to fly a lot), a reasonable dip in credit score would be fine. A credit score that would stay above 700 even w/ pulling this shtick would probably be a good tradeoff.

Please tell me your personal experience with this; it has lots of potential but needs to be done very carefully.

thanks,
Bz

I dont have the time to answer your questions now, but they are good questions…remind to answer them in a few days.

I’ve done more research (flyertalk.com)
and found the following dated nov 14:

“For the record, you can’t quite do it so easily anymore. Citi now limits new applications to 1 personal app each 60 days and 1 Biz app every 90 days.

You’re welcome to submit more apps but the results we be negative. Specifically, the Citi computer pulls your credit the instant you hit the submit button on the app. Then, since you will have already submitted an app within the new wait periods the message on the screen will read “needs further reviewing”. This means decline now, though it didn’t used to. So all you got for your efforts is an extra pull on your report.

This is not speculation and this new policy is probably only 30 days old or so. If your results are different consider yourself lucky and try again if you like, though now that this is in place I don’t think its worth the dry runs.”

So looks like its 20k every 60 days + 20k every 90 days…

After doing even more research, it seems that credit card companies sometimes blacklist people for doing this type of shtick. I could not find evidence of it happening w/ citi or chase (just people who claim they saw somewhere that it happened to someone), but it did happen with MBNA.

So again, this is a risky business and if not done right can really mess you over..

when you have time post your thoughts.

/Bz