I am about to start my first App-o-Rama! My goal is to make some serious money by obtaining a dozen or so new credit cards that are offering 0% balance transfer offers and/or sign-up bonuses. Inspired by steveyniu2004 on FatWallet Finance‘s detailed description of his App-o-Rama, I want to document my first first attempt at doing an App-O-Rama.
What is an App-o-Rama?
An App-o-Rama is simply a strategy of completing multiple credit card applications on the same day. By doing them on the same day you increase your chances of getting multiple cards approved and lessen the impact on your credit. Your chances are increased because an application done 2 minutes after the last one probably will not even know it exists. It is easier on your credit because multiple hard credit pulls on the same day may be treated as a single credit pull by others down the road they will all fall off at the same time rather than drag out forever.
Why do an App-o-Rama?
Because it is free money. If you are able to get $100,000 of balance transfer money and deposit it in an good interest bearing account paying just 4% for 12 months you will earn $4,000 plus the sign-up bonuses that many cards offer.
Step 1 – Gather Current Credit Information
I went to AnnualCreditReport.com and ran one of my free credit reports so that I could line out my current credit cards. I am putting together a table showing my current credit cards and some pertinent information.
- Continue reading FatWallet App-o-Rama threads
- Choose a Credit Reporting Service Free Trial Offer
- Create Current Credit Card Table to list all my current cards.
- Collect data for Best New Credit Card Offers
- Create App-o-Rama Index Page page to document my strategy and its implementation.