Is anyone successfully doing this on a massive scale? What are your experiences so far?
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Is anyone successfully doing this on a massive scale? What are your experiences so far?
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Rolling over half a dozen cards every 12-18-24 months is a great way of burning your credit file.
The effort vs. value isn't high enough in my opinion, if only people started looking a bit more heavily on the income column, instead of the expenditure they'd realise their true potential.
Also the guy wears a bow tie.... that's enough for me not to take him seriously.
Why's he wearing a bow-tie?
If opening multiple cards is a hit on your credit file, then is closing them a positive influence?
Is having multiple cards that are never in default with no late payments that bad?
How long until things improve on your credit history?
Across all my cards, my credit limit is quite large, but I never pay late and just have revolving BT's @ 0% and the cash sitting in offset against home loan. I guess the savings are not that great @ 4.94%. But if we had 8-10% interest rates, the savings would be much greater.
I did it more as an experiment and definitely can relate to the whole 'not enough benefit vs. effort in maintaining it'. I think this is the last round that I'm going to do it.
If opening multiple cards is a hit on your credit file, then is closing them a positive influence?
Is having multiple cards that are never in default with no late payments that bad?
How long until things improve on your credit history?