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Everything posted by PotO

  1. Sure, I will give it a try. Sent from my iPad using Tapatalk
  2. Card issuers like to close or at least reduce credit limits on unused accounts. Nothing wrong with sign-up bonuses. One thing to watch out for is that opening a lot of accounts will keep your average age of accounts low. An AAoA of around two years or less makes you look like a newbie to potential creditors. Also, opening what they consider too many accounts within two years looks bad and is a very common reason for denial. Sent from my iPad using Tapatalk
  3. My new (and second) HSBC Premier MasterCard which replaces the defunct HSBC Rewards MasterCard. Now with two of the same card, I wonder if they will let me do a combo. Sent from my iPad using Tapatalk
  4. I must agree with you 100%. Regarding the purpose of late fees, I defer to your expertise. One thing I would imagine is that if the purpose of late fees is to provide an incentive and the SJWs at the CFPB eliminate the option to provide that incentive or seriously reduce that incentive, credit card issuers will find new and exciting ways to stress on-time payments. Perhaps if late fees are off the table, they will just close accounts or slash limits when a cardholder pays late. But make no mistake about it, they definitely will find a way to grab you by the [emoji461]️[emoji461]️ if you pay late. Sooner or later even the staunchest SJW deadbeat will be begging for the return of late fees. Sent from my iPad using Tapatalk
  5. I heard they reduced the maximum exposure for CLOC. Fortunately they grandfathered in those who had the old maximum exposure limits of $15k. Sent from my iPad using Tapatalk
  6. Sometimes when you get the adverse action notice you have to read between the lines. Credit card companies are not known for being particularly clear and forthcoming with their reasoning. How old is each of your open credit card accounts? How old were the ones you closed? Any credit card account that is not over two years old is considered new. Card issuers generally dislike seeing new accounts and some dislike them more than others. Sometimes when an issuer says you have too many accounts that means too many for you. They can look at someone's stated income and the total limits on all your cards and think that is why you have too many credit cards. How many of your cards report a balance on statement date? It can be that you have too many or even too few that report a balance and banks do not like that. Another factor is just the general economic conditions at present and the general economic forecast. I have noticed that lately it is a bit more difficult to get approved even if you have excellent credit. Regarding your experience with Capital One, I doubt that it just the number of accounts. I have around 80 open revolving accounts and CapOne bombs me with pre-approvals even though 5 of my accounts can be considered new. Sent from my iPad using Tapatalk
  7. I find that sometimes the shotgun approach is not a bad strategy. I agree that applying for every Comenity card possible is a poor use of resources. One definitely should not waste time on a closet full of Stinkrony and Comenity, but they do have some potentially worthwhile offerings. I don't see much downside in experimenting. It's not like buying stock where you can end up losing everything. With a CCC (crap credit card) you take the SUB and then dump the card if it becomes a liability to maintain. Were I just starting out, I'd probably go for as many as I could get approved for and let them all mature together for a couple of years until losing the stench of a thin file. I find it easy to manage accounts -- lots of accounts. All you need is 15 minutes per day and a few tools: Excel, a legacy copy of MS Money, e-mail / mobile alerts and automatic payments. Sent from my iPad using Tapatalk
  8. This is something everybody here on CB should have learned if they paid attention to our illustrious ancestors Bob Wang, Mindy, Mr. Juggs, Hegemony, Kat58 et. al. One name I forgot, ashamedly, is a guy who had a nice, long thread on the Installment Loan Hack. He always had a solid grasp on the credit game. Sent from my iPad using Tapatalk
  9. Yes, that will be the eventual outcome. LOL Sent from my iPad using Tapatalk
  10. I find that view to be incredibly shortsighted. The key to this game is diversification. On more than one occasion I have had a [emoji90] card turn into virtual gold bullion. On the other hand, I have had cards that were considered gold turn into [emoji90]. Some time ago I was bored and caved to @Hegemony's insistence to get the AmEx Blue Business Cash Card. That card is, to me, far less valuable that a Citi Double Cash or a PenFed Power Cash Rewards Card. Now, however, the AmEx Blue Business Cash Card is more valuable than gold bullion. Every month I incur about $3,500 in FedEx charges. These charges are ultimately paid by @Hegemony's tax money. After these FedEx charges are paid, FedEx rebates 30% to me. AmEx then rebates an additional 30% of the initial amount to me because I pay with the Blue Business Cash Card. AmEx then gives me 2% rewards on the original purchase amount. I dare any Einstein here to tell me they are earning $2,170 every month for virtually no spend on any of their cards. I had long ago an HSBC card that was [emoji90]. Now it is a $100k CapOne card that, before the prevalence of 2% cards, pretty good. I still use it sometimes because they charge no foreign transaction fees. I also have cards now that were once great that have turned to [emoji90]. Diversification is key. Nobody here knows what will happen tomorrow. Those who put their faith in their HSBC cards are now getting FITA because HSBC is schlepping them off to some scum bank. Barclays used to have a decent Uber card, but that has been given the axe. The general rule is to get while the gettin' is good. You might think you have enough now, but in the future when you decide you need more it's entirely possible cad issuers are not in the giving spirit. Maybe you have enough now and then a bit later card issuers get a bug up their butt and start slashing everybody's limits. It has happened. Today's "deadwood" can be tomorrow's gold. Sent from my iPad using Tapatalk
  11. From what my account manager told me, all cards from non-Premier customers will disappear. They are just solving logistical issues for now. When solved, sayonara! He also said that the only non-Premier customers they will retain are those that have Premier status in overseas branches of HSBC. Sent from my iPad using Tapatalk
  12. I may be wrong, but it's better to get 2% cash rewards and use that to buy your own Crapto instead of just getting 1% in Crapto from Gemini. Sent from my iPad using Tapatalk
  13. I also agree about Craptocurrency rewards. I only got the card because @Hegemony has infected me with his compulsion. Sent from my iPad using Tapatalk
  14. I remember the last time HSBC started curling the herd. Instead of getting FITA as I anticipated, I came out with a $100k CapOne. Yes, Virginia, there IS a Santa Claus! Sent from my iPad using Tapatalk
  15. Give them a little more time. That card is walking dead. Sent from my iPad using Tapatalk
  16. Glad Navy is growing for you. Keep going! You can get it up to $80k, though I have heard they are getting tighter. Still, their maximum exposure is still $80k for credit cards, not including business cards. Sent from my iPad using Tapatalk
  17. USAA was, at the time, a current credit. PenFed and Nevada State Skank were not. WebBank was a current creditor only in that I have another card that they underwrite. I never opted in, and never opted out. Sent from my iPad using Tapatalk
  18. Go for whatever you want. If they don't like your amount, they will give you a counter offer. Sent from my iPad using Tapatalk
  19. Your call it FR when you have no choice but to cooperate or get nuked. I call it FR any time they try to strong arm you into a 4506-T. Sent from my iPad using Tapatalk
  20. Thanks, Marv. Things have been hectic here. I let my wife talk me into buying another house and before deciding on the right one we must have looked at over 100 candidates -- each one multiple times. Now we spend all our free time looking at various household furnishings to get an idea of what is available and then make comparisons. Sent from my iPad using Tapatalk
  21. Things have changed and the statement date is no longer necessarily the same day every month. There was legislation passed around 12 months ago that mandated that the payment due date be the same every month. Since most credit card issuers give you a grace period of 25 days, and considering that not every month has exactly 30 days, it's impossible the statement date remain the same on most months. You need to calculate the statement date yourself. Look at a previous statement and find the payment due date and the number of days in your grace period. Then look at a calendar for the current month to see what your statement date will be. Sent from my iPad using Tapatalk
  22. Thanks. I was bored with [mention=2377]MarvBear[/mention] shadow banning and then denying the obvious. Sent from my iPad using Tapatalk
  23. It will change sooner or later. HSBC will only have two credit cards: The Premier card and the Elite card. All Premier customers who had the Rewards card has recently been upgraded to the Premier card. All others will have their card disposed of. Sent from my iPad using Tapatalk
  24. Maybe AmEx doesn't like you. I am at $100k and family members are over $50k and the only FR was when I recently tried for a CLI. Wife tried for a CLI at around $70k and was hit with a FR, which she declined. She then applied for a new card and was approved without FR, but only for a $2k limit. Sent from my iPad using Tapatalk
  25. Gemini is a liar. Neither my wife or I ever signed up for inclusion on their list. Just out of the blue we got the pre-qual from WebBank. WebBank is a [emoji90] bank anyhow. They issue [emoji90] like Petal, too. Sent from my iPad using Tapatalk
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