AT LEAST SEVEN, APPARENTLY: FWF’s resident credit card expert, who goes by the nom de plume imbatman, did what is known as an app-o-rama a few months ago. This is a practice wherein multiple credit cards are applied for at once in order to maximize either the amount of available credit offered (this would have been the case 4-5 years ago when 0% offers flowed freely and savings account rates were 3-5%) or, as is more common now, to maximize the signing bonus.
He applied for eight cards simultaneously: Starwood Amex, Gold Biz Amex, US Bank FlexPerks, Chase SouthWest Airlines, Barclays USAir, Citi Premier MasterCard, Citi Premier Visa, and the Discover IT.
The results? Approved for all cards except the Citi Premier Visa.
But wait, you say… surely his credit score has tanked to subprime levels? No: Experian went from 751 before to 725 now, Equifax went from 796 to 771, and TransUnion went from 753 to 737. And we can pretty much guarantee you those scores will be back to where they were, if not higher, in a few more months.
$5 OFF $25 AT AMAZON: Here you go, and all you have to do is type a name and post your response to Facebook.
A CLOSING THOUGHT: “In cable news, debate means two opposing ideologues get equal time to spout bullshit. In trading, opposing views means someone is actually going to be right and someone is actually going to be wrong. Seek out debate and use it to clarify or disprove your thesis. Find people who will challenge your opinions and listen carefully to their arguments. Don’t be afraid to change your mind.” –10 Tips From the Trenches, Dynamic Hedge (H/T: Barry Ritholtz)