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Doesn't this slam your credit rating by taking out so many credit cards? Or does he (and other people who do this) not care?
by swang 11y ago
Doesn't this slam your credit rating by taking out so many credit cards? Or does he (and other people who do this) not care?
- saryant 11y agoIn your early days, yes, you can take a hit from churning, but after a year or so your credit should stabilize (assuming you never miss a payment). I've been churning for a few years and my FICO is around 780.
- swang 11y agoAnd do you just never close the cards either?
- saryant 11y agoSome cards I close. If there's an annual fee, I weigh the benefits each year. If the benefits don't justify the fee, I try to get the fee waived. Failing that, I cancel. OTOH cards with no fee get tossed in a drawer. I have 5 no-fee Citi Hilton cards just sitting in my file cabinet.