Credit Card Whoring
 

Anyone in here know any good websites for researching the best credit cards for bonus miles and such? Also what about whoring 0% interest cards for 6 months, paying in full, then canceling? Seems like credit cards can be a good way to save some money if you're not a donk and pay them off on time.

Thanks

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Money Blog

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wouldnt credit card whoring have a negative affect on your credit score because you are constantly opening new lines of credit?

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wouldnt credit card whoring have a negative affect on your credit score because you are constantly opening new lines of credit?

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Briefly, yes. Especially if you make the mistake of canceling the cards after the 0% rate runs out.

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wouldnt credit card whoring have a negative affect on your credit score because you are constantly opening new lines of credit?

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Yes but if you don't need to get a loan (house or car) for a couple years, it probably makes sense to get some cash now.

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wouldnt credit card whoring have a negative affect on your credit score because you are constantly opening new lines of credit?

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Briefly, yes. Especially if you make the mistake of canceling the cards after the 0% rate runs out.

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Why would that be bad?

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wouldnt credit card whoring have a negative affect on your credit score because you are constantly opening new lines of credit?

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Briefly, yes. Especially if you make the mistake of canceling the cards after the 0% rate runs out.

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Why would that be bad?

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I can't remember the correct term...but it's debt to "available credit"

Like if you owe $100 and you can borrow up to $500...that's better than owing $50 and only being able to borrow up to $100.

(basically closing cards means less credit available...but also, having TOO many credit lines available is a bad thing too (especially in a short time period opening too many is bad, cause it looks like you're preparing to go on a spending spree)

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I can't remember the correct term...but it's debt to "available credit"

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Revolving utilization. This is one of the most common reasons for a below average credit score. If you use a high percentage of your available aggregate credit limit, your credit will be impacted even if you never go delinquent.

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I can't remember the correct term...but it's debt to "available credit"

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Revolving utilization. This is one of the most common reasons for a below average credit score. If you use a high percentage of your available aggregate credit limit, your credit will be impacted even if you never go delinquent.

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Let's say I normally have 2 credit cards open and use very little of my available credit on them. Then I whore some for a while and close them when the 0% APR ends, leaving my 2 original card open, still with nearly of their credit available. Shouldn't my credit score be in about the same place it started?

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http://www.fatwallet.com/t/52/632935/
http://www.fatwallet.com/forums/arcm...hreadid=431225
http://www.fatwallet.com/forums/arcm...hreadid=176104

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I can't remember the correct term...but it's debt to "available credit"

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Revolving utilization. This is one of the most common reasons for a below average credit score. If you use a high percentage of your available aggregate credit limit, your credit will be impacted even if you never go delinquent.

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Let's say I normally have 2 credit cards open and use very little of my available credit on them. Then I whore some for a while and close them when the 0% APR ends, leaving my 2 original card open, still with nearly of their credit available. Shouldn't my credit score be in about the same place it started?

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yes, but it seems that it would often be higher if you did that, and then left the now-useless whoring cards open.

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When you apply for credit cards, they do "hard pulls" which show up as inquiries on your credit report. This negatively affects your score for something like 6 months to a year. Also when you receive new cards, two things happen. Your credit limit increases- which improves your score, but your average card age decreases- which lowers your score. So if you were looking to get a loan within the next year, I wouldn't go on an app-o-rama. Otherwise, getting cards now and keeping them *CAN* be a wise choice (depends on if you are responsible or not).

So if you apply for a few cards, it would be pretty silly to cancel them. Also, the earlier you receive a card the sooner you can apply for a credit limit increase.

The cards with bonuses (that I know of) are the amazon.com card ($30), sonycard ($100 credit), and the att card ($50 gift card).

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The cards with bonuses (that I know of) are the amazon.com card ($30), sonycard ($100 credit), and the att card ($50 gift card).

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check out cardoffers.com - they are an affiliate for card signups and they kickback a bunch of the money they get if you sign up through them. I just got a $40 check for opening a amex blue cash card, they paid fast and it was super easy.

ps: i have no financial interest in that site blah blah blah just passing it along

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If one has A+ credit they should be making 59,000 a year credit whoring if they so desired.

EASY MONEY........SORT OF.

-fh-

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If one has A+ credit they should be making 59,000 a year credit whoring if they so desired.

EASY MONEY........SORT OF.

-fh-

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Making 59k or having 59k in interest free loans? If the first, please elaborate.

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If one has A+ credit they should be making 59,000 a year credit whoring if they so desired.

EASY MONEY........SORT OF.

-fh-

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Making 59k or having 59k in interest free loans? If the first, please elaborate.

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i think he means 59k in revenues by "selling" one's credit.

Barron

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If one has A+ credit they should be making 59,000 a year credit whoring if they so desired.

EASY MONEY........SORT OF.

-fh-

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Making 59k or having 59k in interest free loans? If the first, please elaborate.

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PROFITING 59K.........

-FH-

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PROFITING 59K.........

-FH-

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He asked you to elaborate...

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PROFITING 59K.........

-FH-

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Are you talking about the loophole that is currently being closed where you add those with poor credit to your account to improve their score? If so how do you go about doing this and how much can you get per person you "help"? I have A+ credit but know I cannot get enough credit to earn 59k in interest.

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No, I'm talking about getting a 0-1% interest loan on a credit card and investing the funds into a 5-6% savings account.

EASY MONEY..........SOMEWHAT SORT OF.

-fh-

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No, I'm talking about getting a 0-1% interest loan on a credit card and investing the funds into a 5-6% savings account.

EASY MONEY..........SOMEWHAT SORT OF.

-fh-

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why only 59k? or why exactly 59k? why not millions if you can get the credit?

Barron

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You really think it should be a piece of cake to borrow $1.18MM on credit cards? And if so, then we're back to Barron's question. What makes $59k the magic number? Why not $55k? Or $60k?

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59K is my personal record for one year........just an example.

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EASY MONEY..........SOMEWHAT SORT OF.

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59K is my personal record for one year

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http://www.insanescouter.com/t276/fi...s/den_do19.jpg

Barron

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59K is my personal record for one year........just an example.

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You must have a super-high annual income then. Usually, credit card companies stop giving you 0% cards once you reach close to your gross annual income in debt, which for me is around 60k, or at 5% interest, about $3,000 in free money per year. I wish i could get more.

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No, I'm talking about getting a 0-1% interest loan on a credit card and investing the funds into a 5-6% savings account.

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Which credit cards loan at 0-1%???

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No, I'm talking about getting a 0-1% interest loan on a credit card and investing the funds into a 5-6% savings account.

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Which credit cards loan at 0-1%???

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Most of them... for a limited time promo period. That's the key.

If you're really interested in this, read the FW threads someone linked above.

I started doing this recently, and in a word, 59k is generally ridiculous. After several years of building up huge credit lines, making a ton of money in your day job, and working the credit system, maybe. Few people will be able to get to that point, though. Expect a few grand tops for the first go around, and it gets better the longer you work the system and the more money you make.

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No, I'm talking about getting a 0-1% interest loan on a credit card and investing the funds into a 5-6% savings account.

EASY MONEY..........SOMEWHAT SORT OF.

-fh-

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Do you have any advice about getting the 0% balance transfers into a checking account or some other liquid asset account? I've been reading conflicting information about whether you can balance tranfer to a debit card to get the money into a checking account. FWIW I'd like to transfer the money into a BoA cehcking account then transfer it to a high yield savings account.

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I just write a transfer check to my savings account.

Now understand, my credit is A+(and I have a million dollar total credit line when all my cards are taken into consideration).

-FH-

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I just write a transfer check to my savings account.

Now understand, my credit is A+(and I have a million dollar total credit line when all my cards are taken into consideration).

-FH-

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do you have a huge income or something else?

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I just write a transfer check to my savings account.

Now understand, my credit is A+(and I have a million dollar total credit line when all my cards are taken into consideration).

-FH-

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do you have a huge income or something else?

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He owns Iowa.

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i am in college and was thinking of getting a credit card to pay for everything from now on. i would then pay the bil promptly at the end of each month. is this a good way to build credit and what type of card should i get?

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i am in college and was thinking of getting a credit card to pay for everything from now on. i would then pay the bil promptly at the end of each month. is this a good way to build credit and what type of card should i get?

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Paying for everything with the credit card won't do anything more than having a credit card and not using it (although, if you NEVER use it- they can threaten to cancel it). If you want to use it on everything, get a card with great rewards. mtvU if you are still in college is probably your best choice. If you want to build credit (and don't need a loan within a year), I would apply for a few cards. You build credit by never having a late payment, building credit age, having a low balance, and available credit.

Read the forums at fatwallet.com about building your credit.