How to build credit

[Brad1970]

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.

[XXXNoahXXX]

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.

[Brad1970]

[ 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.

[/ QUOTE ]

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.

[Poshua]

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.