Author Topic: Churning Methods  (Read 34391 times)

Offline Daniel

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Churning Methods
« on: May 29, 2008, 10:18:49 AM »
I know it's been discussed many times before, but for this new forum-

Dan's always said the best way to churn a card is to transfer the credit-line to another card.

When you do this, does the card from which you transfered the credit-line automatically close? Is it viewed as if you never opened it, without any reports back to the credit bureaus?

Do AMEX, Chase and other banks keep a record of all your activity with them? For example, when you call up a rep and give them your social, do they see on their screen that you've opened up and closed/transfered tons of credit cards? I always feel weird asking them for favors and demanding points when there was hardly any activity on the cards and they can see that I'm doing it just for the points.

Should we maybe make a master post about churning and which cards have been churned successfully in the past?

Offline coralsnake

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Re: Churning Methods
« Reply #1 on: May 29, 2008, 02:52:51 PM »
When combining credit lines on 2 Chase cards, they would not allow me to 'automatically' close the other card, nor would they allow me to move the entire credit line.

I had to leave a small credit line on the other card, then close it.
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Offline Dan

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Re: Churning Methods
« Reply #2 on: May 29, 2008, 04:27:12 PM »
Citi definitely lets you consolidate 2 cards.
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.

Offline Yitzter

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Re: Churning Methods
« Reply #3 on: May 29, 2008, 05:51:06 PM »
I just consolidated two citi cards. They were very nice about it, and they did it on the spot.
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Offline AsherO

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Re: Churning Methods
« Reply #4 on: May 29, 2008, 05:53:19 PM »
Citi consolidated credit lines for me several times, just don't let it get out of hand or you'll get hit with an AmEx F/R for having a high CL on Citi cards.
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Offline Dan

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Re: Churning Methods
« Reply #5 on: May 29, 2008, 06:14:55 PM »
Citi consolidated credit lines for me several times, just don't let it get out of hand or you'll get hit with an AmEx F/R for having a high CL on Citi cards.
Or a Citi "adverse action" as it is called, although I think that is more for people who play the BT game with citi too often.
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.

Offline Daniel

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Re: Churning Methods
« Reply #6 on: May 29, 2008, 07:44:53 PM »
What's the BT game?

And AMEX looks at your credit report even after you get approved?

Offline Dan

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Re: Churning Methods
« Reply #7 on: May 29, 2008, 08:01:05 PM »
What's the BT game?
Signing up for a card with 0% balance transfers and depositing your entire credit line into a money market account.
You can imagine why the CC companies don't like that one!
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.

Offline jef4320

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Re: Churning Methods
« Reply #8 on: May 29, 2008, 10:16:05 PM »
after you consolidate 2 cards why can't u call up to lower your credit line?

Offline Avid Reader

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Re: Churning Methods
« Reply #9 on: May 29, 2008, 10:56:17 PM »

Dan's always said the best way to churn a card is to transfer the credit-line to another card.

When you do this, does the card from which you transfered the credit-line automatically close?


I have the same question. When you transfer the credit line to the newer (going to be churned) card, does the older account automatically close out? are we supposed to ask them to close it out? what exactly do we do so that we push off the annual fee for another year?


Should we maybe make a master post about churning and which cards have been churned successfully in the past?


Lets do it!
:D

Offline Avid Reader

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Re: Churning Methods
« Reply #10 on: May 29, 2008, 11:04:00 PM »

Is it viewed as if you never opened it, without any reports back to the credit bureaus?



Definitely not. Every account you have, whether still open or closed is reported to your credit report. These cards will show up as closed (if you closed them) and stay on your credit report for seven years. I'm talking from experience with my own credit report.

Offline Dan

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Re: Churning Methods
« Reply #11 on: May 29, 2008, 11:09:52 PM »
I have the same question. When you transfer the credit line to the newer (going to be churned) card, does the older account automatically close out? are we supposed to ask them to close it out? what exactly do we do so that we push off the annual fee for another year?

Citi will automatically close out the older account.  By consolidating you retain your entire credit line so your utilization ratio won't go up, you won't have to pay the annual fee on the older card, and you won't have to "fight" with them or give excuses as to why you are closing your account.
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.

Offline Avid Reader

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Re: Churning Methods
« Reply #12 on: May 29, 2008, 11:39:22 PM »
Citi will automatically close out the older account.  By consolidating you retain your entire credit line so your utilization ratio won't go up, you won't have to pay the annual fee on the older card, and you won't have to "fight" with them or give excuses as to why you are closing your account.

So when I consolidate, do they leave my older account still open (other then citi)? how will it show up on my credit report?

Offline Yitzter

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Re: Churning Methods
« Reply #13 on: May 30, 2008, 01:36:31 AM »
It will show that it was closed by consumer.
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Offline Yitzter

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Re: Churning Methods
« Reply #14 on: May 30, 2008, 01:36:58 AM »
From my understanding of course.
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