If you’re applying for mileage cards with regularity, you will be denied from time to time. This is part of the game so don’t freak out. Another part of the game is that, many times, you don’t have to take “no” for an answer. When you’re denied by Chase, you should be calling the reconsideration department every time. Every single time I’ve called, I found a way to get my “no” turned into a “yes.” Often, they approve the application if you agree to close an existing card (basically exchanging a new card for one of your old ones). So today’s tip is this:
Lets say you have multiple Chase cards to choose from for your exchange. One of the cards is 6 years old, one is 3 years old, and one is 9 months old. You should be closing the 9 month card. Length of credit history is the part of your credit score that can be most hurt when “churning” cards incorrectly. Leaving old cards open will keep your credit score high. No matter what, if you keep opening cards, your available credit will be the aspect of your score most helped by churning. If done correctly, you will actually increase your credit score while churning. Hundreds of thousands of miles in exchange for a better credit score – what a country!
