How to build credit

bluef0x · #1 11-30-2007, 05:30 PM

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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.

Henry17 · #2 11-30-2007, 05:43 PM

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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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The problem is that I agree with the way they think. I also would judge someone. So I guess I'm a complete idiot as well.

Given the relative financial position between the complete idiots and the people who think this is a good idea I think I am happier as a complete idiot. I rather be well judged by people with money than by people who are willing to get involved in a scheme like this for a few thousand dollars.

bluef0x · #3 11-30-2007, 05:58 PM

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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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The problem is that I agree with the way they think. I also would judge someone. So I guess I'm a complete idiot as well.

Given the relative financial position between the complete idiots and the people who think this is a good idea I think I am happier as a complete idiot. I rather be well judged by people with money than by people who are willing to get involved in a scheme like this for a few thousand dollars.

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A random stranger that knows nothing about, say paintings, and you happen to own a painting worth $1m... he says your painting blows and would be worth less than $200, are you going to cry at night? Is that going to cost you $999,800? No. The problem with all of your retarded scenarios is that somehow, some random gets your credit report. His opinion means NOTHING.

The only people that DO get your credit score will be those qualified to understand it. They will see the entire history, your score, etc. Your credit doesn't suddenly become equal to someone who just filed bankruptcy. You will still have good credit if you started with excellent credit. Also, as noted before, DON'T DO AN APP-O-RAMA IF YOUR CREDIT IS NEEDED AND WILL AFFECT SOMETHING. So your whole point is moot. I also don't think you understand that your credit will be the same or better after you complete an AOR and others will not be able to see that you did one.

Free 6-20k with no trace of "scum" > Paranoia.

You are a very successful troll btw.

bluef0x · #4 11-30-2007, 06:02 PM

Get it through your thick skull that good credit doesn't rely on how many credit cards you have. Why don't you learn a subject before arguing out of your ass?

Business people care about your entire credit in general and you know nothing about credit. Not to mention, you don't do an app-o-rama if a credit score fluctuation will cost >10k. If you don't understand this you are a complete buffoon.

Henry17 · #5 11-30-2007, 06:18 PM

I don't think you are understanding my point. It isn't about credit score. I don't care about my score since I have never bought anything on credit and I never will.

I don't see why it is so hard to understand that a few thousand dollars is not worth risking the possibility of having people look down on me.

I do believe that everyone is connected by X degrees of separation and I do believe that people talk and gossip a lot.

Even if no one ever found out I would still know and I'd feel pathetic for doing it. No amount of money is worth that.

bluef0x · #6 11-30-2007, 06:26 PM

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I don't think you are understanding my point. It isn't about credit score. I don't care about my score since I have never bought anything on credit and I never will.

I don't see why it is so hard to understand that a few thousand dollars is not worth risking the possibility of having people look down on me.

I do believe that everyone is connected by X degrees of separation and I do believe that people talk and gossip a lot.

Even if no one ever found out I would still know and I'd feel pathetic for doing it. No amount of money is worth that.

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lol, you are an idiot.

Thremp · #7 11-30-2007, 06:29 PM

Hrm. I think I just spotted an error in my earlier judgement. You would just need a 100% cash advance on initial cards and then you can balance xfer them into oblivion?

This doesn't make it as outlandish as it initially seemed to me.

Phone Booth · #8 11-30-2007, 06:21 PM

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Get it through your thick skull that good credit doesn't rely on how many credit cards you have. Why don't you learn a subject before arguing out of your ass?

Business people care about your entire credit in general and you know nothing about credit. Not to mention, you don't do an app-o-rama if a credit score fluctuation will cost >10k. If you don't understand this you are a complete buffoon.

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Having too many credit cards will hurt your FICO score. The threshold is pretty high though and this is a very small part of the score. On the other hand, thanks to the consumer credit crisis at present, we may very well be headed back to relying less on FICO and more on human judgment in credit analysis - having flipped a lot of credit cards can't look too good. Of course this depends on how far you take this - no one will care about 7-8 credit cards, for instance.

bluef0x · #9 11-30-2007, 06:24 PM

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Get it through your thick skull that good credit doesn't rely on how many credit cards you have. Why don't you learn a subject before arguing out of your ass?

Business people care about your entire credit in general and you know nothing about credit. Not to mention, you don't do an app-o-rama if a credit score fluctuation will cost >10k. If you don't understand this you are a complete buffoon.

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Having too many credit cards will hurt your FICO score. The threshold is pretty high though and this is a very small part of the score. On the other hand, thanks to the consumer credit crisis at present, we may very well be headed back to relying less on FICO and more on human judgment in credit analysis - having flipped a lot of credit cards can't look too good. Of course this depends on how far you take this - no one will care about 7-8 credit cards, for instance.

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Sorry, but you are wrong. You can find out how a FICO score is calculated on your own.

Phone Booth · #10 11-30-2007, 09:41 PM

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Get it through your thick skull that good credit doesn't rely on how many credit cards you have. Why don't you learn a subject before arguing out of your ass?

Business people care about your entire credit in general and you know nothing about credit. Not to mention, you don't do an app-o-rama if a credit score fluctuation will cost >10k. If you don't understand this you are a complete buffoon.

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Having too many credit cards will hurt your FICO score. The threshold is pretty high though and this is a very small part of the score. On the other hand, thanks to the consumer credit crisis at present, we may very well be headed back to relying less on FICO and more on human judgment in credit analysis - having flipped a lot of credit cards can't look too good. Of course this depends on how far you take this - no one will care about 7-8 credit cards, for instance.

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Sorry, but you are wrong. You can find out how a FICO score is calculated on your own.

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Do you have any specific evidence or are you just guessing? Nearly all FICO estimators I've seen start penalizing after 4 credit cards, because it prefers a "good mix/portfolio" of credit.

And do you not agree that it would look pretty fishy, say, to a mortgage underwriter to have had more than 7-10 credit cards?