Am I a credit card rate surfer?
Guest: usmsci
Credit Expert (100+ Posts)
Post subject: Am I a credit card rate surfer?
Posted: Fri Sep 15, 2006 12:19 pm
will i be pegged as a rate surfer? you tell me what you think...
i was accepted for BOA World Points and MBNA World Points with an initial $3,500 and $2,500 CL respectively. both 0% for 12 months. i received the BOA world points card first and made a BT that nearly maxed it out. i read on here that MBNA was loose with CLI's so i figured since BOA bought out MBNA or rather they are merging BOA would be the same way.
I clicked the online LUV button which actually takes you to an online form to request what you would like your increase to be and some other info like salary and other verifications. within 10 hours my CL went from $3,500 to $6,000, which is how much i requested..granted in hindsight maybe i should have asked for $10K since i wasnt given another CLI. i then merged the MBNA world pts onto this card to give me a $8500 CL. Then i immediately applied for a MBNA elite rewards card. got it in the mail with aCL of $5,000. i dunno what i did or if i tricked any computer system but thats a lot of transactions in a 15 day span.
I am also in the middle of CC hopping once all my BT rates expire.
so i wonder would i be considered a rate surfer?
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Guest: JoyJoy
Credit Expert (100+ Posts)
Posted: Fri Sep 15, 2006 12:56 pm
Bikshu, what did you mean by "I'm not going to give you squat if you use of of those bloody access checks"? MBNA sent my friend Alecia 0% access checks and 0% balance transfers good until Sept., 2007. You wouldn't give her a higher CLI if she were to use one of these checks?
_________________
J~J
"You may never know what results come from your action. But if you do nothing, there will be no result." Mahatma Gandhi
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Guest: hesiden
Credit Expert (100+ Posts)
Posted: Fri Sep 15, 2006 2:13 pm
JoyJoy wrote:
Bikshu, what did you mean by "I'm not going to give you squat if you use of of those bloody access checks"? MBNA sent my friend Alecia 0% access checks and 0% balance transfers good until Sept., 2007. You wouldn't give her a higher CLI if she were to use one of these checks?
He's say a human can give you a better deal then the checks. Of course it'd be hard to be 0%, may a longer period.
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Guest: Bikshu
Posted: Fri Sep 15, 2006 2:23 pm
Wow... I'll try to answer these one at a time. But I may have to postpone a few of them until late tonight or this weekend... as I have to make my way over to the bank in a few minutes so I can answer even more questions for the next eight hours!
Fenster: Our HAL as you call it (and yes I definitely appreciate the 2001 reference) analyzes your usage across all of your accounts. So it you have four accounts, keep two in a drawer, one just for BTs, but use the other for some retail that's absolutely fine in the bank's eyes. But don't think for one moment that there is "no discernable award or dispensation pattern" when it comes to CLIs. Such a notion is preponderous. What bank is going to risk its own money randomly and without rhyme or reason? I said above that even after working in the bank for as long as I have its hard for me to pinpoint how the computer strategies work exactly. All I was pointing out is that there is indeed a method behind the madness... and I have noticed a few alternative trends that all tend to lead to the same end result: auto CLIs.
And again, remember that my recommendations above do not involve you necessarily making us money directly out of your own pocket. I said simply to keep your FICO decent (no expense there), keep your debt level managable (which is prudent advice anyway), call in to the BT department every now and then (doesn't cost you a penny), and tease the bank with the potential for making money (tease being the key word).
How about this: You continue to do whatever makes you happy. Its your life and I'm certainly not trying to tell you how to live it. And I will continue to do what I do very well, which is manage credit card accounts and offer promotional rates. And should our paths ever cross in a professional setting (meaning you call and happen to get someone in my department to review your request for a promo) we will see that you are a rate surfer and offer you whatever we feel like offering you. If its a 0% then fine. If its a 4.99% then that's fine as well. And if you don't like it, you are more than welcome to get your loan from any one of the other ten thousand banks out there. That's all for now, I'm out...
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Credit Expert (100+ Posts)
Post subject: Am I a credit card rate surfer?
Posted: Fri Sep 15, 2006 12:19 pm
will i be pegged as a rate surfer? you tell me what you think...
i was accepted for BOA World Points and MBNA World Points with an initial $3,500 and $2,500 CL respectively. both 0% for 12 months. i received the BOA world points card first and made a BT that nearly maxed it out. i read on here that MBNA was loose with CLI's so i figured since BOA bought out MBNA or rather they are merging BOA would be the same way.
I clicked the online LUV button which actually takes you to an online form to request what you would like your increase to be and some other info like salary and other verifications. within 10 hours my CL went from $3,500 to $6,000, which is how much i requested..granted in hindsight maybe i should have asked for $10K since i wasnt given another CLI. i then merged the MBNA world pts onto this card to give me a $8500 CL. Then i immediately applied for a MBNA elite rewards card. got it in the mail with aCL of $5,000. i dunno what i did or if i tricked any computer system but thats a lot of transactions in a 15 day span.
I am also in the middle of CC hopping once all my BT rates expire.
so i wonder would i be considered a rate surfer?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: JoyJoy
Credit Expert (100+ Posts)
Posted: Fri Sep 15, 2006 12:56 pm
Bikshu, what did you mean by "I'm not going to give you squat if you use of of those bloody access checks"? MBNA sent my friend Alecia 0% access checks and 0% balance transfers good until Sept., 2007. You wouldn't give her a higher CLI if she were to use one of these checks?
_________________
J~J
"You may never know what results come from your action. But if you do nothing, there will be no result." Mahatma Gandhi
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: hesiden
Credit Expert (100+ Posts)
Posted: Fri Sep 15, 2006 2:13 pm
JoyJoy wrote:
Bikshu, what did you mean by "I'm not going to give you squat if you use of of those bloody access checks"? MBNA sent my friend Alecia 0% access checks and 0% balance transfers good until Sept., 2007. You wouldn't give her a higher CLI if she were to use one of these checks?
He's say a human can give you a better deal then the checks. Of course it'd be hard to be 0%, may a longer period.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Bikshu
Posted: Fri Sep 15, 2006 2:23 pm
Wow... I'll try to answer these one at a time. But I may have to postpone a few of them until late tonight or this weekend... as I have to make my way over to the bank in a few minutes so I can answer even more questions for the next eight hours!
Fenster: Our HAL as you call it (and yes I definitely appreciate the 2001 reference) analyzes your usage across all of your accounts. So it you have four accounts, keep two in a drawer, one just for BTs, but use the other for some retail that's absolutely fine in the bank's eyes. But don't think for one moment that there is "no discernable award or dispensation pattern" when it comes to CLIs. Such a notion is preponderous. What bank is going to risk its own money randomly and without rhyme or reason? I said above that even after working in the bank for as long as I have its hard for me to pinpoint how the computer strategies work exactly. All I was pointing out is that there is indeed a method behind the madness... and I have noticed a few alternative trends that all tend to lead to the same end result: auto CLIs.
And again, remember that my recommendations above do not involve you necessarily making us money directly out of your own pocket. I said simply to keep your FICO decent (no expense there), keep your debt level managable (which is prudent advice anyway), call in to the BT department every now and then (doesn't cost you a penny), and tease the bank with the potential for making money (tease being the key word).
How about this: You continue to do whatever makes you happy. Its your life and I'm certainly not trying to tell you how to live it. And I will continue to do what I do very well, which is manage credit card accounts and offer promotional rates. And should our paths ever cross in a professional setting (meaning you call and happen to get someone in my department to review your request for a promo) we will see that you are a rate surfer and offer you whatever we feel like offering you. If its a 0% then fine. If its a 4.99% then that's fine as well. And if you don't like it, you are more than welcome to get your loan from any one of the other ten thousand banks out there. That's all for now, I'm out...
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
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