The Same Day Credit Card Applications Hack | A Strategy for Getting More Approvals

You may just be wanting to dip your toes in the water.  That’s fine.  However, what we’re going to talk about today is jumping right into the waters of free travel by getting approval for multiple credit card sign up bonuses.

Those who have been doing applications for a long time know the value of the same day credit card application strategy.

What is the same day credit card application strategy?

Let’s say a person has several cards on her ‘to apply list’.  They want a Chase card, an American Express card, and a Citi Card.

They could apply in moderation.

  • Month one they apply for a Chase account.
  • Month two they apply for an American Express plastic.
  • Month three they apply for a Citi credit card.

What may happen, depending on your credit score and credit history, is that when you sign up for your AMEX card, they may wonder why you want another card when you just applied for a Chase account last month.  Citi might wonder why you want another card when you just got an AMEX and Chase account.

However, you could do all your applications in one day:

On the same day you apply for a Chase, AMEX, and Citi card.

Why would anyone do that?

When these companies do a credit pull, they won’t see your other applications (because they’ll all be processing it on the same day).  In addition, if you apply for two cards with the same company (not recommended with Chase, but it can work) you only get one credit pull with that company.

If you signed up for two American Express Cards, two Citi cards, and two Chase cards in one day, you’d only end up with three credit pulls and six credit card approvals.  In addition, you wouldn’t be as likely to be denied for too many credit inquiries.  You should have a higher credit score when you apply for each card because the impact of your first two applications haven’t been applied yet to your score.

Man of a Thousand places talks about how he applied for 13 credit cards in a single day.  The result was 550,000 miles worth of sign up bonuses.

The downside?

The primary downside is the required minimum spend.  If you get three cards that have a $2,500 minimum spend, then you’ll need to spend $7,500 in 90 days.  That may be possible for some of you, but not for all.

Anyway, this hack is not new by any means, but in case you’d never heard of it, I thought you might like to know that sometimes it’s better to get all your applications out of the way in one day.

The Frugal Travel Guy even suggests a mythical credit card churn schedule for 2012 so you can see how this type of approach would pay off over the year.

Comments

  1. Carol says

    On December 22nd, I applied for 2 Chase cards – Marriott Rewards and Southwest Airlines – and a U.S. Airways card, Bank of America Virgin Atlantic card and Bank of Hawaii Hawaiian Airlines card.

    I got an instant approval for the Chase Marriott card, with a generous spending limit, and a denial letter for the Southwest Airlines card citing, “Too many requests for credit or opened accounts with us” and “if your credit report is updated or you have additional information that would help us re-evaluate this decision, please call us at 888-270-2127 within 30 days”. I have an open Chase B.A. card and a recently cancelled Chase Continental card that had a 0 balance when I cancelled it in early December.

    I am hoping to apply for a Chase United card when there is a generous bonus. Rumor has it that this is likely to happen in the first quarter of 2012. My question is, should I call for a reconsideration or, since I want to apply for a United card, should I let it go? One consideration is that the Southwest card only has a 40K mile bonus but there is no minimum spend requirement.

    I also got an instant approval for the U.S. Airways card and the Bank of America Virgin Atlantic card.

    I got a phone call with a lot of questions concerning my app for the Bank of Hawaii Hawaiian Air card. The rep I spoke with first said he would be able to give me an approval or denial after a “few” questions, but at the end of our conversation, he said he would need to forward the info to another department for further evaluation. One of the questions was, “I see that you also applied for the Virgin Atlantic card and that you already have a Bank of America Hawaiian Airlines card. Why would you want all three?” I was so unprepared for this I think I said something lame like wanting to keep household and personal expenses separated. He asked if the sign-up bonuses had anything to do with my decision and I said “Yes”.

    I haven’t gotten a decision yet but am wondering if I should call and offer to close my Bank of American Hawaiian Air card. I could really use the Hilton Honors points so I would like to have the Bank of Hawaii card approved!

  2. Carol says

    Craig,

    On December 22nd, I applied for 2 Chase cards – Marriott Rewards and Southwest Airlines – and a U.S. Airways card, Bank of America Virgin Atlantic card and Bank of Hawaii Hawaiian Airlines card.

    I got an instant approval for the Chase Marriott card, with a generous spending limit, and a denial letter for the Southwest Airlines card citing, “Too many requests for credit or opened accounts with us” and “if your credit report is updated or you have additional information that would help us re-evaluate this decision, please call us at 888-270-2127 within 30 days”. I have an open Chase B.A. card and a recently cancelled Chase Continental card that had a 0 balance when I cancelled it in early December.

    I am hoping to apply for a Chase United card when there is a generous bonus. Rumor has it that this is likely to happen in the first quarter of 2012. My question is, should I call for a reconsideration or, since I want to apply for a United card, should I let it go? One consideration is that the Southwest card only has a 40K mile bonus but there is no minimum spend requirement.

    I also got an instant approval for the U.S. Airways card and the Bank of America Virgin Atlantic card.

    I got a phone call with a lot of questions concerning my app for the Bank of Hawaii Hawaiian Air card. The rep I spoke with first said he would be able to give me an approval or denial after a “few” questions, but at the end of our conversation, he said he would need to forward the info to another department for further evaluation. One of the questions was, “I see that you also applied for the Virgin Atlantic card and that you already have a Bank of America Hawaiian Airlines card. Why would you want all three?” I was so unprepared for this I think I said something lame like wanting to keep household and personal expenses separated. He asked if the sign-up bonuses had anything to do with my decision and I said “Yes”.

    I haven’t gotten a decision yet but am wondering if I should call and offer to close my Bank of American Hawaiian Air card. I could really use the Hilton Honors points so I would like to have the Bank of Hawaii card approved!

    Thanks for all your help!
    Carol H.

    • Craig says

      Carol,
      As for the Chase applications I’d probably go ahead and try and get the Southwest card. The reason is because the credit pull has already been done.

      As for the Chase United card I wouldn’t hold my breath for that one. There’s probably been a half dozen times that I’ve got an email from my contact at Chase and I’ve been told an offer is coming (even with the launch date) and then the offer gets pulled and is never publicly released.
      The United card is somewhat different as they pulled the offer as it was announced before it was schedule to go live. We’re not supposed to give any indication about coming offers.

      Basically, what I’m saying is that it may happen or may not.

      If you really, really want to get the United offer then you should pass on the Southwest card. However, you’ve already had the credit pull.
      Personally, I’d try and get the SWA now if you can get because the other (United) is a hope offer that may or may not happen.

      Before calling to close a card I’d call Bank of America and ask if it would make a difference if you close the Hawaiian account.

  3. Carol says

    Craig,

    In my haste to post my comment, I didn’t notice the boxes to check to be notified of followup comments and new posts by email. I would like to be notified of both.

    I also noticed that my comment posted twice. You have my permission to delete one of them. Sorry about that!

    Thanks again,
    Carol H.

  4. says

    Are you sure it only does one pull with Amex? And I’ve never heard of it being done with Chase. Did you have an experience where you only had one pull to confirm this?

  5. Carol says

    Craig,

    Here’s an update with my credit card apps:

    I received an approval letter from Bank of Hawaii for the Hawaiian Airlines card before I could even call them.

    What really surprised was the response to my reconsideration call to Chase for the Southwest card. I had done a lot of prep for this call so I knew that my credit score had actually gone up since right before my apps – that alone amazed me. I was also prepared to lower my generous credit limit on my Marriott card to get the S.W. card. I was prepared with other reasons why I want and should get the card.

    I was pleased that my call was answered promptly by a rep who spoke perfect English. Before I could even “state my case”, so to speak, he said he noticed that I recently got the Marriott card and would reconsider my app. I was on hold for less than a minute and he not only approved it, he said I would have the same generous credit limit that I have on my Marriott account!

    Because of the extremely short hold time, there is no way he could have done another pull.

  6. Carol says

    Alaskan Cruise Advisor,

    I’m confused. I don’t know what you mean by “a special trick”. There was no mention of using any kind of trick nor would I do that. And, where is the problem in applying for credit cards that I will use responsibly, just as I always have with all of the cards I’ve had – paying all balances in full each month, and getting bonus frequent flyer miles or hotel points that allow me to do much more traveling than I could otherwise, all while maintaining a very good credit score, which actually just went up 10 points ‘after’ my most recent credit card apps. By the way, my credit rating went from ‘good’ to ‘excellent’.

Leave a Reply

Your email address will not be published. Required fields are marked *