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About LinkBacksOkay, I need some advice. I keep getting these really good credit card signup deals in the mail. Even though I have applied for them in the past and they all turned out good, I still think there must be a catch or someway I will get hurt down the line.
Here is my situation:
My question. Does it hurt my credit score if i use the card just to get the incentive and never use it again and don't cancel it? Is it not smart to cancel credit cards?
- My credit score is about 770.
- I have about 30 credit cards. I have so many because of all the signup offers I keep getting and applying for. I have never cancelled a card.
- I am very careful with my money and don't believe I will ever get in trouble with credit cards.
- There is no way I can use each of these cards every month or even every other month.
- I never spend money just to receive the signup bonus. I just take the charges I would make in a normal month and move them between cards.
I can really use these incentives they offer. The last one was a $750 Home Depot card for opening an account with American Express and spending $2000.
Thanks for any advice and help
Angellagirl
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Green Member
- Join Date
- Nov 2011
- Location
- midwest
- Posts
- 1
Applying for credit cards to get signup promotions/deals?
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Centurion Member
- Join Date
- Apr 2009
- Location
- Texas
- Posts
- 542
As long as you follow all the rules to the letter and are aware of all the loopholes I think you should keep working it. It sounds like you know what you're doing. Just don't start carrying any balances. If I were you, I would make sure I checked in on all of my open accounts periodically to make sure no sneaky charges were assessed and that there was no fraudulent use.
CARDS (and why)
FIA Card Services: Fidelity Amex (best cash back excepting 5% cards), Fidelity Visa (spare)
Chase: Freedom (only for 5% reward categories, purchases under $10), Sapphire (not in use), Amazon Rewards (for Amazon purchases only)
CapitalOne: No Hassle Rewards (no foreign transaction fee, my only MasterCard, not in use)
Amex: Blue Cash Everyday (not in use)
Discover: More (only for 5% reward categories)
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Centurion Member
- Join Date
- Jul 2011
- Location
- Newton, MA
- Posts
- 122
How many of your accounts have annual fees? Also with 30 cards what is your total credit limit?
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Platinum Member
- Join Date
- Aug 2011
- Location
- USA
- Posts
- 63
Yes, it CAN potentially hurt because you could end up developing a relationship with the credit card company where they'll see your information pop up for a new card application and go, "Oh wait! Here's someone who has a history of applying for credit with us to get the promotional benefits... only to never use the card again!"
There is or was a guy/gal who posted in these forums that they've worked as a credit rep before and that this is one of the things they watch out for when processing applications.Personal Collection:
AMEX: Blue, Macy's (cobranded)
MASTER: Citibank Dividend Platinum Select (non-World version)
VISA: Chase Amazon Signature, Chase (bank issued)
GE: Care Credit (medical expenses), Macy's (store), JCP (store)
Business Collection:
AMEX: Costco True Earnings
MASTER: None
VISA: Chase Ink Cash
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Green Member
- Join Date
- Nov 2011
- Location
- Robbinsville, NJ
- Posts
- 1
Should I sign up for every cash reward program I get?
Hi all, I have a credit score in the high 700's. My wife and I have used Amex Blue Cash exclusively for years and we usually get about $600 to $700 back each year. Recently we signed up for a Citi Dividend card to take advantage of their 0% APR offer and $100 cash back. I paid off the balance before accruing any interest and got my $100. This past weekend, I got a similar offer for a Chase Freedom card with a $300 cash back promotion. Both my wife & I got one, but I doubt they'd let us both get the $300 offer each? Anyway, the offer was we simply had to make one purchase on the card and then we could request a check.
I'm thinking about taking advantage of this, as well as any other similar offers that come. What is the downside? Would it affect my credit score if I sign up for multiple cards and then immediately pay them off? I will not carry balances on any of them and will pay in full before accruing any interest.
Thanks.Last edited by admin; Nov 28, 11 at 10:46 am. Reason: merged from new thread
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Gold Member
- Join Date
- Sep 2011
- Location
- Ohio
- Posts
- 39
If both you and your wife got accounts, neither of which were joint, yes you would be able to get the $300 each. Downside whenever opening any type of account is the hard credit inquiry which will bring your credit score down for 1-2 years.
Amex Blue Cash Everyday - 15k CL | Chase Sapphire Preferred - 8k CL
PenFed Platinum Rewards - 8k CL | Chase Freedom - 5k CL
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Banned
- Join Date
- Sep 2011
- Location
- Philippines
- Posts
- 58
Credit card rewards and promotional deals are very tempting. Some cards have real good deals. However, if you are going to get a card because of the deal, make sure also that the credit card will also be useful and the rewards are appropriate for your lifestyle in order to maximize the use of the card. This way, you get the benefits of the deal, the rewards and most especially be able to build your credit score. Prevent lowering your score because of a cancelled card.
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Platinum Member
- Join Date
- Sep 2011
- Location
- dallas
- Posts
- 63
yes, just got a pre-approved offer from Chase Freedom with the reward of $200 once you spend $500 in the first 3 months.. Not bad actually, but gonna skip it for now, just got a couple of cc last month.
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