Are credit card companies cracking down on “app-o-rama” (AOR) gamers, those folks who do a slew of credit card applications at the same time for to get as many bonus offers, credit lines, and 0% balance transfers as they can? After some of these FatWallet forum members did an AOR, all their credit cards were closed with one bank. For one guy, stook2001, this meant five new Citicard credit card accounts as well as three already existing Citicard accounts in good standing. The only reason given for the closing was the number of inquiries on his credit report. AOR thrived when credit card companies were throwing all sorts of enticing promotional offers in a desperate drive to get more customers. Now that credit card defaults are rising and credit card companies are trying to get rid of customers that might end up as liabilities, AOR could be just as on its way out as a no-doc stated income interest-only option-ARM mortgage.
Banks Canceling All App-O-Rama Player's Credit Cards?
By consumerist.com April 17, 2008
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