Author Topic: I'm 20 years old, and would like to start churning credit cards, how do i start?  (Read 18388 times)

Danfantoyota

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hey folks!!!!
I'm twenty and have been hearing alot about churning credit cards and getting miles for it. From the bits and peices that i have heard it does not seem too difficult, but could someone be gracious enough to  post a step by step guide for a clueless beginner?

Also does anyone know about this coin trading stuff?? is it a reliable way to gain points?

Any answers would be greatly appreciated!

Offline eli1571

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What's ur age got to do with this ?

Offline Dan

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Do you have any credit cards yet?
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Danfantoyota

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What's ur age got to do with this ?

not a whole lot but because im so young i dont have a very high credit score yet

Danfantoyota

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Do you have any credit cards yet?

yep!! i have chase freedom rewards that i have had since about april, and i use it very often.

Offline rm

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I'm also pretty new at this so maybe u can help me out also. The credit cards I've got are 2 united cards. One with an annual fee and one with out. Should I switch to a new card? Different miles? Etc. Please advise! I'm slightly lost!

Offline steve2

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I'm also pretty new at this so maybe u can help me out also. The credit cards I've got are 2 united cards. One with an annual fee and one with out. Should I switch to a new card? Different miles? Etc. Please advise! I'm slightly lost!

 before the Economy tanked getting a CC was no problem, ever since it tanked the Banks are Finally becareful with whom they give Credit to. So those w/o a history of having a CC or 2 or more and a bank being able to see that payments were made over a period of time, are alittle reluctant today to give someone w/o a credit history a start.

 As for your 2 CCs, Id say dont give up the free one and use every so often so that you will build up a long term usage and payment history. As for the 1 you paid the fee on, usually Id say once you get the bonus credited you can ditch it. But Id suggest that you do that ONLY after finding and obtaining a replacement CC. It wouldnt be good if you ditched it and then cant get a replacement

 as to a CC with getting miles on another carrier, that is Smart in my book, as you never know when you decide you want to use your miles which Program (alliance) will have seats available. thats why as much as I HATE DL I still keep some miles with them and have in the end used DL since they were the only ones that had what I needed available.

 Try to sign up for those CCs that dont have the 1st yr Fee, but being able to get say 25k isnt bad even for $85 but $0 is so much sweeter. also if you are going to be charging large amounts over the year it helps to reduce the per mile cost. eg I finally ended up paying for the CO CC, thought I had a way around the $85 but didnt in the end but so far in the 4 months Ive had it Ive earned over 100k (with the 25k bonus for getting it) so I think it was well worth the $85 but no way will I be keeping it past the 1st year unless some other options for getting tons of miles for purchases for not buying anything comes along

Danfantoyota

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before the Economy tanked getting a CC was no problem, ever since it tanked the Banks are Finally becareful with whom they give Credit to. So those w/o a history of having a CC or 2 or more and a bank being able to see that payments were made over a period of time, are alittle reluctant today to give someone w/o a credit history a start.

So what can i do to get myself approved? how can i start efficently building up my credit?

so is this what i do  to start churning?
1) apply for a card that will give me miles and free for the first year
2) spend the money i need to on it, and wait for the miles to post to my account
3) after three months or so cancel the card and reapply?

If i'm wrong please let me know!!!
i dont want to do this if im not sure what im doing, but i want to learn so i can get the benefits

(also, how can i do this in a way that will only impact my credit score minimally?)

all answers would be greatly appreciated!!

Danfantoyota

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oh, and also can someone please explain how to buy coins from the U.S. mint, and resell them to banks?
thank you very much

Offline gozalim

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before you start:

make sure you have 1 card that has no annual fee (so you can keep your oldest card open forever)

Offline steve2

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oh, and also can someone please explain how to buy coins from the U.S. mint, and resell them to banks?
thank you very much

 for now at least he Coins are DEAD and gone. the Mint everyday keeps uping the the tdate they will be shipping. It went from Nov 20 to Dec 14th now

 since your Credit limit most likely will be a few 1000 if that opening bank accts and funding them with a CC isnt gonna be a worthwhile hassle.

Which means you are basically left with you everyday purchases, so be very careful which CC yopu apply for, since take the Amex SPG CC, in order to get the 15k bonus pts you need to have charged $15k in the 1st 6 months you had he, if you are given say a $1000 its gonna be awfully hard. So you need to pay attention to the min you must charge and within what time period. If you dont think you can do it dont get the CC. they are CCs that you must the annual fee for from get go, but you get the Bonus miles when you use the CC for the 1st time.

 So if your monthly charges dont amount to much then do NOT get more then 1 new CC at a time. Now if you drive so between the gas and if you have EZPass have it be automtaicaklly refilled with the CC and then theres a cell phone. Lastly use the CC for everything even if its only a $1.49 purchase , them small purchases add up

Danfantoyota

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before you start:

make sure you have 1 card that has no annual fee (so you can keep your oldest card open forever)


My oldest card is a chase college account that i got when i was eighteen, but then i lost it like four months ago and never reported it lost/stolen. i will do that now and receive a new card and continue to charge on it so that i can keep the account active...

Offline steve2

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So what can i do to get myself approved? how can i start efficently building up my credit?

so is this what i do  to start churning?
1) apply for a card that will give me miles and free for the first year
2) spend the money i need to on it, and wait for the miles to post to my account
3) after three months or so cancel the card and reapply?

If i'm wrong please let me know!!!
i dont want to do this if im not sure what im doing, but i want to learn so i can get the benefits

(also, how can i do this in a way that will only impact my credit score minimally?)

all answers would be greatly appreciated!!

 #s 1 & 2 are correct, as for #3 if you spend enough every month then no need waiting 3 months to get another CC. When you are about to finish the min spending on the 1st CC, apply for a different type. eg you get teh UA CC, so when you are about done with whatever the min is apply for a CO or DL or AA CC. It doesnt ahve to be with the same bank. Get a DL or SPG Amex or at least try to

 Now some Carriers have offers for both MC and Visa CCs , so you can apply for 1 of each. Just make sure you will beable to get the spending done within teh T&Cs. If you get turned down, try a CC with another bank for a different carrier or Hotel group (the Hotels arent that great except for the Amex SPG, but some give you some pts and a free night cert).

Offline eli1571

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My oldest card is a chase college account that i got when i was eighteen, but then i lost it like four months ago and never reported it lost/stolen. i will do that now and receive a new card and continue to charge on it so that i can keep the account active...
well u better make sure to cancel it fast cause how do u know who found it and might just kill ur credit for u

Offline eli1571

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I personally think u don't even have to cancel ur 2nd card u can just change it into a card with no annual fee true u won't get any miles for it but letting it sit around i don't think will do any harm

Danfantoyota

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well u better make sure to cancel it fast cause how do u know who found it and might just kill ur credit for u

thanks so much for your concern!
dont worry though, this account is linked to my online chase account, so i always check up on it to make sure the balance is zero and no one is putting fraudulent charges on it
:)


Danfantoyota

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for now at least he Coins are DEAD and gone. the Mint everyday keeps uping the the tdate they will be shipping. It went from Nov 20 to Dec 14th now

 since your Credit limit most likely will be a few 1000 if that opening bank accts and funding them with a CC isnt gonna be a worthwhile hassle.

why will this be worthless? isn't a few thousand miles a month a good way to start?

what do you mean the coins are dead and gone?

thanks a million for answering!!

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why will this be worthless? isn't a few thousand miles a month a good way to start?

what do you mean the coins are dead and gone?

thanks a million for answering!!

 well for starters if you are given say a $1500 limit then thats all you can charge till its paid off. Personally I never suggest a person 1st starting out to constantly prepay the CC off.(This means charging and then paying what you owe off so you can charge some more, oddly they dont like when this happens, and it tells them all you are interested in is getting the pts or whatever).

thusly once you max out the CC you need to wait till that statement period closes before paying it off and thusly getting the full amount of your Limit available again for charging. So in the long run you wont have a full 30 days to charge the max of your limits.Even paying it off the day after it closes it still takes a couple of biz days till its all credited and your limit has been uped to the max again.

 as for the Coins, just as posted, no one can order them or if you can they arent presently shipping any and maybe wont do so again at least in the way it was done till now. I have $3500 on back-order for weeks and I doubt Id ever get them.Its anyones guess as to what will be, maybe they will start up again but as before only 2 boxes and not unlimited amounts, then they might charge for the shipping which was free till now, they might change how they code the transactions so that it wont go thru as a Purchase. Anyone who tells you otherwise is simply Guessing

 Thats why I said upthread if the reasons for getting the CCs was the coins and you wont have much in the way of charges besides that, THINK it all thru and proceed cautiously and dont blow your Credit at such a young age by getting a zillion CCs and not getting any of the bonuses.

 Im sorry to tell ya pretty much the Party is over, till the next item comes along. Thats why to me the 2k for the BA CC I will simply buy some Gift Cards that I will use during the year and that comes with a 10% discount. So although Im lying out the $$ as long as I use them up before the end of '10 it would be worthwhile as Im saving 10%

Offline rm

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Whats DL miles???

Offline Dan

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Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.