I am thankful for your inputs. I truly appreciate your input.
Please allow me to clarify the confusion. At first I don’t want to repeat this task over and over. I just want to know how that would work.
The reason I had this thought in my mind is . I have the BOA Credit card at 22 % APR currently for standard purchases . I don’t say that the I am not interested in 0% Promotional APR. The 0% promotional APR did allure me to end up with this idea.
But My main concern in the back ground was the standard 22% APR for regular purchases. How could I reduce this Standard APR of 22%. I know I can put a request BOA, but I am not sure they are going to reduce my regular 22% APR for purchases.
So after reading some posts online, I ended with this question below.
Question: What If I pay the full balance amount to BOA and close this credit card and apply the same credit card after couple months. My main intention here might be to get a lower APR for the second time I apply the credit card with BOA.
Any way I highly appreciate your input.
kdm31091 wrote:Closing it and then reapplying for the same card 3 months later is a bad idea. You're going to (correctly) appear to be gaming the system/churning and thats if they even approve you again.
So what? If it's within the rules he's not doing anything wrong.
The ONLY downsize is AAoA, and also if it's noticed as a pattern some lenders MAY not like it. Oh well. If he's willing to pay the price of having an account closed then re-opened, more power to him.
OP bear in mind you won't automatically be approved, but odds are with good history with them and overall history you probably will be.
But as far as "gaming" the system, oh please, the whole system is a game. Think about it. Who here hasn't opened a card for the sign up bonus, or a BT? In fact, the lenders use these things to try to get people to open cards. And so when someone does accept that, they are bad?
I just shake my head. I guess this terrorist of credit (who should be tortured for his crimes against ALL lenders) will burn in hell for all eternity if he churns a card....thanks for the chuckle to start my morning.