Hi all,
I was wondering, if I churn electricity and gas 3-4 times a year and add 5-6 credit card churns, will this noticeably impact my credit score or future home loan applications?
My current score is excellent, so it seems worth it if I can earn up to $4,000 in value (ff points and utility credits) a year by churning.
ThanksI
what should an ideal number of churns be then?
Utilities will make no difference.
Credit card churning may make a small impact. I churn around that many credit cards a year and have excellent credit.
Utilities will make no difference.
Depends on the credit provider - each has different levels of risks. I tried refinancing and I was told by the credit provider that the multiple credit enquiries I've got on my report from years of churning utility providers negatively impacted my home loan application.
@Tommyaka: I can only speculate, but in my experience those people actually don't have knowledge on why an application is rejected, but they do like to make guesses.
@Aureus: Good point. I've only been declined credit a few times in my life and each time I was told they can't disclose the reasons why the application was rejected, except for this one.
Utilities will make no difference.
PowerShop does a hard search on your credit report, so it does impact it.
Soft searches and personal inquiries do not.
yes