Delta SkyMiles (60k miles on $3k spend referral):
How’s it going everybody this is pete the bush today i’m gonna talk about my experience in opening so many credit cards that they start denying me now my theory with a lot of things is that i just like to try things myself even when someone says oh no you cannot do that you never know if they’re just taking that out of word-of-mouth or is it through their own
Experience when i try it myself and i get a certain result i have personal experience with this so with a credit card i applied as many as i can to try to get my score to go down you know to a comfortable range and then i just applied some more until i get denied now you might wonder how many credit cards that is but i think the number of credit cards actually
Really depends on how fast you actually apply for all of them and also how strong your credit score is to begin with now over the past twelve months i applied for twelve total credit cards sometime in may i applied for american express gold and most of the credit cards i applied for started somewhere at the end of july until now and since then i applied for
A capital one spark bank of america merrill plus a advantage citibank barclay arrival bbva compass clear points spg starwood’s preferred an american express card an american express delta skymiles wells fargo’s cash wise which is a pretty good card you get 200 bucks for using a certain amount i forget how much and then i got a second bbva compass clear points
But they only gave me $500 limit on it and you have to spend 1500 in order to get i think $100 in addition to this i wanted that uber card but i applied and i couldn’t get it so now okay now i can’t get my what was it i think it’s three or four percent restaurants cashback so out of all these i didn’t really get denied until you know about half a month ago when i
Reapplied for a whole bunch more i got rejected for the wills forgo cash wise because i wanted that $200 i also got rejected for the uber card those are the two cards and i actually got these rejection letters here let me read to you what reason they gave me for rejecting me for the uber visa card by bar play card the sighted reason is too many new counts opened
For the wells fargo cash wise card now i don’t even have a wells fargo credit card i don’t have checking or savings with them at all and they still denied me you would think that if i have nothing with them they would you know kind of want me as a new customer but they cited these following reasons for not having me as a new customer amount owed on bank card with
The highest balance it’s too high relative to the credit limit i guess this might be because maybe i have one of the credit cards you know maybe it’s only $1500 and i actually charged it ran it up to the limit because i wanted to pay mortgage so i’m like okay just put it all on there and if i waited until that disappeared because i paid it off really quickly i might
Have gotten this card i don’t know the second sighted reason is too many credit accounts opened in the last three months we look at how much new credit you may be taken on okay well yeah last three months i had a lot like eight nine of them or something so yeah i don’t blame them at all because i was doing this on purpose i wanted to know what reason they want to
Give if i keep on applying for it so i’m you know purposely drilling down my credit score i’m purposely putting my credit score down because basically i don’t really need my credit score do you say so i’m like okay why not just get as many credit cards as i can get as much benefits as i can and just kind of push it a little bit kind of like an experiment it seems
Like these days i do a lot of experiments with myself you know i have to at my expense if i’m doing this very carefully i’m not totally completely obliterating my credit score here once it dropped down to 800 or so my anticipated reaction to this is after you know i pay it all off and stuff after i wait a year until all the newhart increase goes away i you know
The credit score will likely bounce back so this is like a temporary thing the third reason is no open retail cards or credit lines reported we look for recent credit use that shows how you’re managing credit i think this is a probably an error because i do use my credit cards and generally for you know the third reason it’s usually a very insignificant factor they
Might just want to list three things and the most important thing might be a huge contributor and then by the time they list like something that does not contribute very much it might be like a very very minor factor so from all this you might be wondering how my credit score fare through all this action at one point i had a really high credit score of 848 out of
850 now after that you know i’ve been using my credit to my advantage i’ve been applying for stuff so then i’m not just trying to get the highest score as i can so i actually use it even if my credit score will go down just to get more cash back and stuff so it normally hovered around 835 for the past few years so from all this i logged into a whole bunch of
Different credit cards and then you can see my history all of them sort of shows you the history over time you know at least six data points so you can kind of see oh yeah it was very high and then all of sudden it dropped from all these different credit cards i realized i can get my credit score from every single credit bureau for example citibank supplies you a
Credit score with equifax data over here and you can see it’s out of 900 i think and then it shows 868 64 861 852 816 and then it dipped down to 807 you know 807 is still pretty good and if you just look at the score by itself you know you should be able to get approved for you know pretty much any credit card as long as you don’t open so many of them up the next
One is american express and they use experience so this is different than equifax from citibank so using experian means you can get another different credit score from a different credit bureau in that history here you can see that it pretty much hovered pretty high you know mainly pretty much the same for basically the whole year and then suddenly you know the
Last two months now it’s at 809 from barclays they use a different credit bureau and it seems like a lot of banks use transunion you can see here my score is 835 833 835 835 835 816 when i apply for a few credit score and then it became a toll for after pretty much after i did you know eight or nine of them already now the rest of them bank of america also uses
Transunion but i noticed there’s a discrepancy here between the actual score 833 833 835 835 35 35 31 33 8 12 and 814 so a 14 from transunion from bank of america versus 804 from transunion barclays they do use different scoring methods here bank of america uses fico score 8 method and i didn’t look up the transunion scoring method it’s different you can also see
Here capital one also use this transunion and then you can see that they already updated a number for december so each one of these credit cards they pull the number same time every single month so some of them might have some data for the current month and others will not so capital one happened to have it and they saw that basically i paved off all my credit cards
Whatever i had charged so that is likely a thing that brought down my credit score from capital one transunion you see i have an 815 so it you know pretty much bounced back by a lot and then we have discovered which also uses transunion and then you can see from the last four points of data here 35 34 33 12 814 that is exactly the same as the data from transunion
Bank of america so they use different scoring methods and each one of them will have a different time at which they take the temperature of your credit score and from these utilities from credit cards i’m actually learning a lot whenever you log on to it they’ll tell you you know several reasons why your credit score is not as high as it should be although it is
Very high they still give you a reason of the highest contributing factor of why it is where it is basically i applied for too many new credit accounts within one year so what this basically tells me is that although hard inquiry stays on your credit report for two full years if i wait one full year until most of them drop off i can essentially do this churning
You know churning very very hard one more time the next year over which is basically probably next year sometime in october i can just you know apply for a whole bunch of them and by then i probably would have cancelled a lot of the credit cards already if they have annual fees so i hope this was interesting for you because if you have a really high credit score
This is something that you can do to just kind of milk all the value out of it you can kind of i guess kind of squeeze it your credit score is kind of like this you can just squeeze it a little bit and i guess all the cashback bonus points you know it’ll just fall out like a sponge and then you just gotta let go and you know let it relax back to normal and then
You can squeeze it again every single year by the way since i’m wearing a thick coat some of you might go oh you know do you have the heat off or something is it cold what temperature is it right now right now in this area is 60 degrees fahrenheit for some of you it might not be cold or at all you might just be walking around in a t-shirt but i tend to be a very
Cold person i like to wear a lot of layers and sometimes when i’m in that office environment people would see me were a thick coat even though it’s room temperature of 74 degrees fahrenheit i would wear a thick coat and people would ask me hey or are you cold i’m not cold because i have the jacket on i have it on therefore i feel normal however i get what people
Are saying because you know they see you have a coat on they think you’re cold but generally you know once you have the coat on you’re not cold 60 is still a pretty comfortable temperature where you can just slap on a coat and you essentially don’t have to turn on the heat or anything if it drops any lower than that generally i would turn the heat on because you
Know like you you can’t wear enough to be comfortable that’s that’s my take on it don’t forget to give me a like on this video comment down below let me know if you think i should reapply for more credit cards within like six months or do you think i should wait a year or maybe even two years until all the hardening curries fall off you interested in supporting
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Transcribed from video
I Broke My Credit Score By BeatTheBush
