4 ms·

I met a guy who would register for dozens of free credit cards offers that included air miles on sign up just to get the air miles. He was retired and used this

I met a guy who would register for dozens of free credit cards offers that included air miles on sign up just to get the air miles. He was retired and used this technique to fly around the world. He always canceled the credit cards a few months later. Funny thing is apparently when he called to cancel, they would often offer him more air miles if he chose to keep the card. It those cases he would take the air miles and cancel a month later.

boucher 17y ago
This is probably a good strategy if you are older. But its definitely bad for your credit rating, so might not be a great idea if you are younger or otherwise trying to maintain a good credit score.
- eli 17y ago
  Thanks to the utterly bizarre credit scoring system, the part that could really hurt you is closing the cards. Keep them open and it may well improve your score (certainly your debt to credit ratio would get a boost)
  - dnsworks 17y ago
    Not really. FICO dings you for having more than 2 installment loans, or more than 4 revolving accounts. Plus you get dinged for having more than 2 "outside" inquiries in a year. More points disappear from your FICO for having a balance, or for having revolving accounts that have been opened in the previous year. Having a dozen accounts opened in a year (if even possible) triggers a high abuse potential and can even get existing accounts closed in a pre-emptive strike.
  - dnsworks 17y ago
    Not really. FICO dings you for having more than 2 installment loans, or more than 4 revolving accounts. Plus you get dinged for having more than 2 "outside" inquiries in a year. More points disappear from your FICO for having a balance, or for having revolving accounts that have been opened in the previous year. Having a dozen accounts opened in a year (if even possible) triggers a high abuse potential and can even get existing accounts closed in a pre-emptive strike.

boucher 17y ago

This is probably a good strategy if you are older. But its definitely bad for your credit rating, so might not be a great idea if you are younger or otherwise trying to maintain a good credit score.

eli 17y ago
Thanks to the utterly bizarre credit scoring system, the part that could really hurt you is closing the cards. Keep them open and it may well improve your score (certainly your debt to credit ratio would get a boost)
- dnsworks 17y ago
  Not really. FICO dings you for having more than 2 installment loans, or more than 4 revolving accounts. Plus you get dinged for having more than 2 "outside" inquiries in a year. More points disappear from your FICO for having a balance, or for having revolving accounts that have been opened in the previous year. Having a dozen accounts opened in a year (if even possible) triggers a high abuse potential and can even get existing accounts closed in a pre-emptive strike.
- dnsworks 17y ago
  Not really. FICO dings you for having more than 2 installment loans, or more than 4 revolving accounts. Plus you get dinged for having more than 2 "outside" inquiries in a year. More points disappear from your FICO for having a balance, or for having revolving accounts that have been opened in the previous year. Having a dozen accounts opened in a year (if even possible) triggers a high abuse potential and can even get existing accounts closed in a pre-emptive strike.