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  #31  
Old 01-15-2020, 01:08 PM
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LifeIsAPoissonProcess LifeIsAPoissonProcess is offline
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Do you close cards every few months too? Just wondering if the credit score impact is on closing the account versus acquiring.
Yes, I'll product change if possible, but most of the time I just close the account.
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  #32  
Old 01-15-2020, 02:56 PM
Klaymen Klaymen is offline
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I churn as much as I can, usually three credit cards in a year, and my FICO is 825.

From now on I keep the account open 11 months so as to avoid any annual fees while minimizing the appearing of churn, and so I have the dates on a spreadsheet...
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  #33  
Old 01-15-2020, 03:47 PM
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I do some of the bank bonuses. Usually if its >300 per pop (I do one for me and one for wife). Last year I did the WF 400 checking (x2) and this year Im looking at the 300 chase checking.

only caution: know how to close them. I dont do any that require in branch close, way to annoying for me.

Im more of a CC SUB guy. you can open and close Citi cards online. same with amex.
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  #34  
Old 01-15-2020, 05:22 PM
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I do some of the bank bonuses. Usually if its >300 per pop (I do one for me and one for wife). Last year I did the WF 400 checking (x2) and this year Im looking at the 300 chase checking.

only caution: know how to close them. I dont do any that require in branch close, way to annoying for me.

Im more of a CC SUB guy. you can open and close Citi cards online. same with amex.
tell me more about your proc. i've got a couple of accounts coming up to the end of their bonus clawback time. i'd planned on doing an ACH of the funds to my full time MM account and then closing the accounts once the transfer completes. i actually opened the bonus accounts at local brick and mortar outlets and thought i'd do the closing in person too, but maybe not.

banks are Regions and Chase
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  #35  
Old 01-16-2020, 08:33 AM
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Originally Posted by LifeIsAPoissonProcess View Post
Yes, I'll product change if possible, but most of the time I just close the account.
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Originally Posted by Klaymen View Post
I churn as much as I can, usually three credit cards in a year, and my FICO is 825.

From now on I keep the account open 11 months so as to avoid any annual fees while minimizing the appearing of churn, and so I have the dates on a spreadsheet...
Just curious, do either of you have one account you keep open long-term? I closed my longest credit card account and got two new ones not long before buying a house, so I didn't have any credit accounts open for longer than a year when I applied for the mortgage. I was told this was hurting my credit score (bringing it down to something like 780). Have you noticed anything like that?
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  #36  
Old 01-16-2020, 09:15 AM
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LifeIsAPoissonProcess LifeIsAPoissonProcess is offline
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Just curious, do either of you have one account you keep open long-term? I closed my longest credit card account and got two new ones not long before buying a house, so I didn't have any credit accounts open for longer than a year when I applied for the mortgage. I was told this was hurting my credit score (bringing it down to something like 780). Have you noticed anything like that?
Yes - l keep my no-fee cards open, my longest being 13 years. Sometimes when I close an account my score will dip 10-20 points for a month or two and then go right back.
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  #37  
Old 01-16-2020, 10:04 AM
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This all sounds like a lot of work.
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  #38  
Old 01-16-2020, 10:09 AM
Westley Westley is offline
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This all sounds like a lot of work.
Yeah, the tracking which dates matter and closing the account and of course I assume they hassle you even more than the hassle I get when I close an account, which is horrible.

I don't think it's worth it for the money. If you enjoy the idea of "getting away with something" or "outplaying the banks", etc, then the money on top of that is a nice bonus IMO.
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  #39  
Old 01-16-2020, 12:59 PM
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i'd probably stop short of going out and looking for the bank offers. these offers showed up in my mailbox and were pretty easy to do.
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  #40  
Old 01-16-2020, 10:13 PM
ActuarialFun ActuarialFun is offline
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This all sounds like a lot of work.
Serious question. What are you going to be doing instead? Watching TV? Even if the reward per hour invested is less than we make as actuaries, it still beats doing... nothing.
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