How to build credit

[TheMetetron]

You are confusing something not impacting my quality of life now with not having any reward. I'm all for increasing my net worth to retire earlier.

[Henry17]

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You are confusing something not impacting my quality of life now with not having any reward. I'm all for increasing my net worth to retire earlier.

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Then it does have an impact on the quality of your life. Mind you you could accomplish the same thing by just cutting out $16/day in spending and that would be a lot easier and less embarrassing than this.

Maybe I'm alone on this but there are certain things you just don't do when you hit a certain wealth level.

[TheMetetron]

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You are confusing something not impacting my quality of life now with not having any reward. I'm all for increasing my net worth to retire earlier.

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Then it does have an impact on the quality of your life. Mind you you could accomplish the same thing by just cutting out $16/day in spending and that would be a lot easier and less embarrassing than this.

Maybe I'm alone on this but there are certain things you just don't do when you hit a certain wealth level.

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Ok, so you are just a troll. Good to know.

I'd cut out $16/day in spending except that would negatively impact my quality of life to the point where it isn't worth it. Instead, I can just do this and not have to lower my quality of life and get the extra money for little work! Wow, what a concept.

[Henry17]

I'm not trying to be a troll. I'm just having a hard time understanding your position.

If you make six figures then I assume you spend at a certain level. Cutting $16/day out wouldn't be much of an impact. Certainly less than the effort involved in this.

If my spending assumption is wrong and you save the vast majority of your income then having an extra $6k will only increase your net worth by the value of about $10k over 20 years meaning relative to your income (est $150) you can retire a whole 2-3 weeks earlier than if you didn't do this. Again hardly worth it.

[XXXNoahXXX]

Henry,

Seriously dude, just move on. What is the point of even posting on 2+2 if 99.9% are such peons and bottom feeders that you can't even comprehend why we would want upwards of $15-20k per year (as the link suggests are the upward bounds, since you invented this $6k figure and stuck with it).

Do you just troll the poker boards and say "Who cares if you call or fold, that $300 will have no impact on your quality of life! ha ha! Even if calling is wrong and you do it, so what? Just cut out a dollar a day from your spending!"

[Henry17]

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Seriously dude, just move on. What is the point of even posting on 2+2 if 99.9% are such peons and bottom feeders that you can't even comprehend why we would want upwards of $15-20k per year (as the link suggests are the upward bounds, since you invented this $6k figure and stuck with it).

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$6000 is based on $100k in credit at 6% which is the most you can realistically expect without taking on some risk.

To make the amount the site claims you'd need to qualify for $300-500k in credit. To be honest I don't know how difficult that is but I'm pretty sure you can't get that much unsecured credit unless you are making enough money to not care to do this.

Realistically most individuals who would choose to do this would be making less than $6k/year.

[Thremp]

I really don't see why people are getting up in arms with Henry over this. I'd assume for the 6k a year that is a fairly high end amount of apporama a year (someone correct me on this if I'm wrong) and you'd likely have to do a significant amount of book keeping as one or two late payments can basically destroy the entire earnings of the plan. I'd also hate to see just dealing with the mail issue. Or the fact that there will be stigma when you apply for a job. Especially a high end career type job. You wanna finish law school and a get a job, they'll pull your credit and see you have 120938102983102 credit cards? They ask you about it and how do you respond that doesn't sound like you're a scam artist if they even bother to ask?

I don't even know why some one who plays poker wouldn't just grind another 20-30 hours a year and not bother with this.

[bluef0x]

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If you make six figures then I assume you spend at a certain level. Cutting $16/day out wouldn't be much of an impact. Certainly less than the effort involved in this.

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You can double your yearly income if you pick up 10 dimes a minute. Why don't you go do that? Why are you posting on a forum? You certainly aren't making any money by posting on 2p2 and picking up 10 dimes a minute would have more utility.

STFU with your $16/day spiel. That would be a great line to use if doing an app-o-rama took 12-24hours/day to complete. It only takes 2 hours max a month and even less time as months go by. Not to mention, cutting $16/day would have a much bigger negative impact than just "working" for 8 hours to make $12,000 and carrying that non-existent stigma.

[Brad1970]

Is this thread ever gonna die??

FWIW, I work in the credit industry as a career. I agree, somewhat, with Henry & Thremp on this. There's too much risk for too little gain. If you are 21 years old who lives in your parent's basement & all you do is sit around on the computer all day playing cards & "apporama-ing"...then I guess you have time for all of this. But the rest of us have jobs, families, & a life of some sort...so it's not feasible for us to try this.

If you can make a little cash off this, then go for it. But beware! You miss a deadline, a payment, a transfer, etc & as I stated earlier...it'll come down around you like a house of cards. The temptation of so much easy credit & free money for the taking is too great for the average joe consumer to resist spending himself into a hole he will never dig out of. I see it all the time. IMO, this is a very bad idea.

It almost reminds me of a ponzi scheme.

[Bilgefisher]

I haven't read the whole thread, but there is a forum dedicated to building credit. http://www.creditboards.com/forums/ They have some really good info for free. I used ideas over there to help fix my credit.