Re: How to build credit
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I thought the point of this was to continue to do it in perpetuity or until you couldn't get any more credit.
If someone is doing it for only one cycle, the 5-6% return for an introductory period of 6 months is even less money. I'm going to have all these credit cards on my credit report to make chump change. I thought people could keep this ponzi-lite going for 2-3 years.
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No one is forcing you to do it until for eternity. When you decide to stop, or can't continue, then you cash out your investment and pay off the cards. All those credit cards on your credit report can be a GOOD thing. You continue to display your ignorance of credit.
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You'd be surprised how easy it is for information to get out.
Other people's opinion do matter. I've walked away from dealing with people because they wore a fake Rolex, because they tried to sneak into a club without paying cover, because they did something similar to this. Your personal reputation is the equivalent of goodwill. Risking the possibility that your reputation might be damaged to get a interest free loan for 6 months is insane.
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Sneaking into a club to avoid cover is nowhere close to being smart and resourceful with credit. You couldn't come up with any more of a polar opposite analogy.
Sneaking into a club = illegal, unethical, and an indicator of bad character.
Knowing how credit works = legal, ethical, and an indicator of intelligence.
Also, if someone magically gets your credit report and sees what's going on and holds a negative opinion, it's an opinion that shouldn't be valued. This should be blatantly obvious, but apparently you live your life based on how complete idiots think of you.
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