Re: How to build credit
 

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It isn't just me. When this topic was discussed before I actually brought it up to get some opinions from my friends and they agreed. Pathetic might not have been the best choice of words but it is certainly bottom feeder behaviour. To get involved in all this for an extra $6k a year isn't worth it.

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Well excuse me, Mr. Gates, but us commoners in the 15% tax bracket consider $6K to be well worth a little effort. If you're so filthy rich and can't be bothered to make an extra $6K a year, then why did you bother to spend your precious valuable time responding to this thread?

Re: How to build credit
 

It isn't the effort that I have an issue with. It is that even though legal in a strict sense it is nevertheless sketchy and embarrassing behaviour.

Also the problem with these schemes is that the higher your income the more you can make. The higher your income though the less likely you are to want to get involved in this [censored]. So really most of the people doing stuff like this make closer to $3-4k.

Still even at $6k that works out to a whole big $16/day. You are telling me for $16/day it is worth it?

Re: How to build credit
 

[ QUOTE ]
It isn't the effort that I have an issue with. It is that even though legal in a strict sense it is nevertheless sketchy and embarrassing behaviour.

Also the problem with these schemes is that the higher your income the more you can make. The higher your income though the less likely you are to want to get involved in this [censored]. So really most of the people doing stuff like this make closer to $3-4k.

Still even at $6k that works out to a whole big $16/day. You are telling me for $16/day it is worth it?

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You're an idiot. Why are you so opposed to this? It isn't bottom feeder behavior, wtf. I don't even know what to say you're spouting such garbage

Re: How to build credit
 

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Why are you so opposed to this?

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Because it is sketchy.

Re: How to build credit
 

I don't if I'd consider it "sketchy" or not since you are beating the credit card companies at their own game. They wouldn't hesitate to do it to you. That being said, the risk vs reward for most people is way too high. Other things take priority in their lives rather than keeping a legal scam going. Because if you drop the ball, this whole thing will come down around you like a house of cards. IMO, it's just not good business.

Re: How to build credit
 

Brad,

all you have to do is buy a binder, set up an email account, and keep track of things.

in a world where most of us can balance multiple credit cards, online billpays, 39 fantasy sports teams, 2+2, etc. I think we can handle it.

most people that can't handle it don't have the credit to make it profitable in the first place.

Re: How to build credit
 

You want to talk about being sketchy?

Teaser rates
Exorbitant late fees
Annual fees
Double cycle billing
Foreign transaction fees
Cash advance fees
Balance transfer fees
Rate hiking
Rolling back posting times to increase late payments
Universal default
Trailing interest
Unfair payment allotment

Call me sketchy if you may, but me applying for credit cards I don't intend to kept long-term makes me a saint compared to the stuff the credit card companies pull. I'm proud to be a credit card whore and would like to personally thank Visa, Master Card and AMEX for paying for the flights and hotel room for my forthcoming honeymoon, my living room furniture, my sweet harmony remote and a trip to Argentina next year.

Re: How to build credit
 

[ QUOTE ]
Brad,

all you have to do is buy a binder, set up an email account, and keep track of things.

in a world where most of us can balance multiple credit cards, online billpays, 39 fantasy sports teams, 2+2, etc. I think we can handle it.

most people that can't handle it don't have the credit to make it profitable in the first place.

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I'm not saying it's not possible....just that its risky. It's a minefield. The temptation of all of this extra credit for most people is too great. That's what the credit card issurers are banking on.

FWIW, (and this has no bearing on my feelings toward the apporama scheme) I don't do online bill pay or fantasy sports and only use 1 credit card.

Re: How to build credit
 

For what it's worth, a lot of employers require a credit check as part of the application process. Having ~100 credit accounts is likely to raise red flags, even if they're all in good standing. The accounts remain on your credit report even after you close them. Even though you have a reason for getting so many cards isn't unethical, illegal, or irresponsible, (1) to someone unfamiliar with App-O-Rama, this will look like the credit report of a person either trying to run a scam or having poor credit skills, and (2) a potential employer might find App-O-Rama off putting.

If you're a pro poker player and are reasonably confident you won't ever be moving into the corporate world, then this probably shouldn't be a concern.

Re: How to build credit
 

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if you are young, you can get a card, and make your parents buy and pay stuff off on it.

dont apply for multiple cards; rejectionwill show up on your credit score

what you are talking about is a secured card, which is prolly easier to qualify for b/c you actually make a deposite, and get credit equal to deposite (dosnt that negate the whole "credit thing")

bottom line is: if you do the secured card thing, for say 5-7months (make all your payments, etc..) I am sure you could qualify for a card thta would not tie up your money.

take this FWIW, b/c iim only 21 and have had a cred card for no more than 7 months, so IDK if all my info is accurate.

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The FICO scoring system is changing in `08 and credit cards where your parents are on it will no longer help your own credit score.