*Free Money* Citi Dividend Platinum Select & Citibank Diamond Preferred $200 Cash Back when spend $500 No Anual Fee

Quote from johneed69 : I have been playing the credit card games for 2-3 years and often have 1-2 in-progress. I can tell you that doing it has dropped my score from about 805 to about 785. Still rock-solid, but to suggest it doesn't lower your score is naive. I am 50 years old, large income, small mortgage, no car payment, never missed a payment in my life, and carry zero balances. The reasons cited for demerits are always related to this activity. Lastly, I have never kept a card account open once I have secured the promotion. I have one CC that I stick with for general purpose (US Bancorp FlexPerks); all the others are just temporary for the promotions.

When you say you often have 1-2 in-progress, does that mean you're closing the accounts? My understanding is that increased available credit has no negative impact on you. Closing accounts would though.

A lot of people don't understand credit, and a lot of people think maintaining high credit score is always the right thing to do. I would say it is not true.

There will be a hard pull on your credit report when you apply a credit. Each hard pull will drag down like 5 to 7 points on your credit score. If you use your credit in a responsible way, your credit score will go back up after 6 months. Unless you know you are getting a loan soon, especially a mortgage loan, then there is no need to care about the slight drop on your credit score. Keep in mind that you don't get paid by maintaining a high credit score, but you do get paid by signing up a credit card offer. Last year my wife and I scored together for more than $3k in credit card signup bonus. Yet our credit scores did not get much affected.

Quote from UFOCIA : How do you know that the CC would bring your score down? Are you using your score for anything?

Thank you, come again.

Quote from aaba78 : looking to buy a house within 8 months should i jump on this or this affect my credit score negatively? im at 780

Don't worry. I got my contract signed this past tuesday for a house. There was no plan of buying house about 20 days ago lol... so previously, I fired away on all CC deals (just a month ago). My score did plunge to 730. My bud who also bought house (and forced me too), got over 740. Only difference between his and my loan (we both are on same job title, same salary etc etc) was that my closing cost is mere $500 more.. not a biggie...I got over $2000 in CC points...!! just thought of replying as today, I am locking my rates.

High Credit Score and No CC Bonus = No profit No loss
High Credit Score And CC Bonus - little hit on CC Bonus = Profit.

What doesn't make sense above?

I am responsible with my CC and money. Have received about 5000 dollars in CC and still have a score of 730 (per my recent mortgage app). I don't understand where I went wrong !

Quote from beaverwack : This is the major reason your score is going down, not the fact that you have opened a lot of credit cards.

Ding ding ding! We have a winner...

Quote from aaba78 : Thanks for your reply..i already got my wife the BOA(July 2012) and Chase (Jan 2012) spend $500 get $300 back..since she doesnt work shes not getting the loan I am..So i was a little hesitant to do for myself but free Money is hard to pass up..lol...i also check creditkarma to make sure nothing crazy happens. Thanks

I'll check out creditkarma, I've not used it before. And it sounds like your situation is very similar to mine. My wife only works 10-15 hours a week and was not able to qualify for the Chase promotion - so only I did it. But, she did co-sign on the loan, so I don't know if that would somehow make a difference for your situation. Either way, good luck, and thanks for the creditkarma link.

Quote from Teelerrr : Any time you apply for credit you bring your credit score down. Yes it helps your score if you pay on time over an extended period of time but just opening it up and getting the $200 and closing it right away is not doing your credit score any favors.

SDers for the most part know not to carry a balance. A 2 point ding on credit, is hardly noticeable when you are over 740 anyways. If you're smart, you won't cancel the card for at least >6 months anyways.

It's a great deal if you know what you're doing...

Quote from POPEPN : I'll check out creditkarma, I've not used it before. And it sounds like your situation is very similar to mine. My wife only works 10-15 hours a week and was not able to qualify for the Chase promotion - so only I did it. But, she did co-sign on the loan, so I don't know if that would somehow make a difference for your situation. Either way, good luck, and thanks for the creditkarma link.

For future reference...so she doesnt get denied..i applied for my wife obviosly my wife she doesnt work no income $0..but i put that she made 75k and that she was self employed not sure how you feel about the stuff...but just throwing it out there in case you didnt mind doing that in the future..

Can we apply for both Visa and Mastercard versions and get 2 sign up bonus'?

Quote from ShopLikeAJew : Thank you, come again.

nice name..

Quote from GoatSaver : When you say you often have 1-2 in-progress, does that mean you're closing the accounts? My understanding is that increased available credit has no negative impact on you. Closing accounts would though.

Yes, I always close the accounts when I'm done with them. Regardless of credit score and zero balance, the idea of dozens of active credit card accounts hanging around scares me. Lots of them have annual fees too. I don't claim to understand the intracacies of credit scores. My score has always been high enough to not only get approved, but also to the lowest interest rate where that was applicable. I haven't had incentive to investigate further, other than to observe it has in fact gone down, and there's nothing other than these CC games to attribute that to.

On a related note, I would consider myself above average at phone negotiations, particularly when it comes to promotions and getting escalated to the people most skilled at talking you out of closing/cancelling. A couple months ago, I was having a tough time cutting the cord with one of those credit card guys. My wife was impatiently waiting for us to go somewhere, and out of desperation, mid-call, I lean over and feed the CC through my shredder. It was LOUD. I asked the rep if he heard that. He paused and said "I think so, interesting way to convey your message". I replied "Hey, nothing personal, but you're prettty good at what you do, and I am in a hurry. Maybe we can speed things along now". Game Over.

so anyone know the lowest credit score this might be approved for? just asking

Seems the link for the Citi Dividend World Mastercard with $200 back after spending $500 is still active as well.
http://creditcards.citicards.com/...5CC2A3F283