|California Forest Photography by Anne|
Another lesson learned and to be passed along. As many of you know, I did a six-card application in mid-February with terrific results (five of six approvals). I then got greedy and tried the American Airlines 75K frequent flier miles offer on the last day of the promotion, 2/28/11, and was denied as a previous card holder. They had pulled a credit score (at least that is what the denial said).
Well, I went in again, and got a flat out denial on the Capital One card for the 100K frequent flier mile match. I don’t have the reason yet, but too many inquiries will be the answer. It is not my credit score or history.
So what is the lesson here? Even experienced applicants can get caught up in the excitement of the moment. There was no way I should have applied for that card.
We are in a very tempting time. The sign-up bonuses are so huge and profitable they are very hard to ignore. I got five nice offers approved in February and have taken seven hits to my credit report. I expect my scores will have dropped 15-35 points. We are fortunate that our home is paid for and we have sufficient cash reserves that we don’t need any loans.
I’m going to have to review my methodology. The bunching I use in my applications (multiple applications all on the same day) may need to changed. I may have to start just taking the monster offers when they happen one at a time. There are just so many. If I take that approach, I’m sure that there will be denials in my future for too many inquires in recent months. Time to back off and regroup.
So I’m out of the game for a few months at least. If a biggie offer comes along, I’ll have to pass until some more inquiries fall off my report at the two-year mark. I’m guessing I may not apply for credit cards again until late summer. Excess denials just don’t make sense. I am at that point now. I’m glad I have plenty of miles in the bank. But its time to take my own advice again:
Your credit is one of your most important assets.
IHG® Rewards Club Select Credit Card
- Annual Fee: $49 fee waived for the first year
- Foreign Fees: No
- Card Type: Hotel
The IHG Rewards Club Visa is often cited as one of the most underrated hotel credit cards, with good reason. The official offer is for 70,000 points after $1,000 spent within three months, with the first year’s fee waived. The card comes with an annual free night certificate that can be used at any IHG property, including Intercontinental hotels - making this certificate worth upwards of 50,000 points. This is far more generous than some other hotel cards, which limit the categories in which free night certificates can be redeemed.
Cardholders earn 5 points per dollar at IHG hotels; 2 points per dollar at gas stations, grocery stores, and restaurants; 1 point per dollar everywhere else. Moreover, you’ll get a 10% rebate on award redemptions, up to 100,000 points per year. The card also comes with Platinum status, though that doesn’t get you much with IHG. Still, this is a fantastic card to have in your wallet, with benefits that far outweigh the already low $49 annual fee.
- Earn 70,000 bonus points after you spend $1,000 in the first 3 months of account opening
- Enjoy a free night of card membership at over 4,700 hotels worldwide
- Earn 5 points for each $1 spent at our hotels
- Earn 2 points per $1 spent on purchases at gas stations, grocery stores and restaurants
- Bonus points redeemable at hotels such as Intercontinental® Hotels & Resorts, Crowne Plaza® Hotels & Resorts and Holiday Inn®
- Automatic platinum elite status, as long as you remain a cardmember
- $0 introductory annual fee the first year, then $49