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Interested In Credit Card Churning
Hey there all,
Thought I should post here for some advice/tips on CC churning in the near future.
A bit of background on me:
I am 21, currently have a total of 16 Store/Gas/Credit Cards to my name. Extremely rare for me to carry a balance on any of them, only have about 1K in CC debt (Trip to London, 0% interest thru Aug. 2013) and my car lease (approx. $300/month thru April 2014). Credit score in the mid 720's. CC utilization is always under 9% every month.
I have gotten in on the recent 30K SPG points Amex promo,
BoA Bankamericard Cash Rewards Spend $500 get $300 back
Chase SW RR Visa 50K miles
Citi Spend $500 get $200 back.
Everything looks to be in order for what I want to do, however there are a couple areas of concern that I have.
1. Due to the amount of CC's I have I have about 17 inquiries on my report. I know those never look good, but just throwing that out there.
2. Since I have opened up a few CC's this year, my Average Age of credit has decreased to about 1 year now.
3. When do I begin closing/re-applying for new cards? Obviously before the annual fee, but after I receive the bonus? Keep it for 6 months? Etc?
So what I am getting at is that I am looking at CC churning within the next 6-12 months to accrue the points/miles/hotel stays. Any tips or advice would be helpful and thank you in advance!
Thought I should post here for some advice/tips on CC churning in the near future.
A bit of background on me:
I am 21, currently have a total of 16 Store/Gas/Credit Cards to my name. Extremely rare for me to carry a balance on any of them, only have about 1K in CC debt (Trip to London, 0% interest thru Aug. 2013) and my car lease (approx. $300/month thru April 2014). Credit score in the mid 720's. CC utilization is always under 9% every month.
I have gotten in on the recent 30K SPG points Amex promo,
BoA Bankamericard Cash Rewards Spend $500 get $300 back
Chase SW RR Visa 50K miles
Citi Spend $500 get $200 back.
Everything looks to be in order for what I want to do, however there are a couple areas of concern that I have.
1. Due to the amount of CC's I have I have about 17 inquiries on my report. I know those never look good, but just throwing that out there.
2. Since I have opened up a few CC's this year, my Average Age of credit has decreased to about 1 year now.
3. When do I begin closing/re-applying for new cards? Obviously before the annual fee, but after I receive the bonus? Keep it for 6 months? Etc?
So what I am getting at is that I am looking at CC churning within the next 6-12 months to accrue the points/miles/hotel stays. Any tips or advice would be helpful and thank you in advance!
slickdeals:
