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  #91  
Old 11-30-2007, 09:10 AM
Henry17 Henry17 is offline
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Default Re: How to build credit

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2) Can someone explain to me more how your credit score and income are related to put together the amount of CCs you can get?

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I'm curious about this as well. I have never had legitimate credit so I'm having issues with the claims that individuals can get 4 and 5 times their income in credit.

My general view of society is that they are irresponsible. If it was this easy to get credit I'd expect a lot of people to be living temporary baller lifestyles on credit.
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  #92  
Old 11-30-2007, 09:25 AM
XXXNoahXXX XXXNoahXXX is offline
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Location: Boston
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Default Re: How to build credit

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XXXNoahXXX,

I don't see why I should answer your hypothetical situations. #1 is easy but #2 everyone will just disagree with me on. #3 I can't answer without sounding braggadocios and also because quality of life is a very subjective criteria. So I'm going to pass.

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Henry, but you said

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Well if you feel it should be kept secret that implies there is something shameful. I don't believe in doing something that if it became public I'd be embarrassed.

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Crazy how you chose to not answer my questions related to your finances. The way you made it sound, you and your friends exchange tax return forms every time you meet. Now how hard was that?
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  #93  
Old 11-30-2007, 09:27 AM
XXXNoahXXX XXXNoahXXX is offline
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Default Re: How to build credit

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Yawn. Poor people want to scam credit card companies. I hope they donate money to charity or something else equally idiotic

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Thremp,

Now I know you're an idiot.

How does someone who bets on sports take this view. You are willing to scout out sites so that you can get +400 instead of +390 or whatever, but this is below you?

what about bonus whoring and things like that?
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  #94  
Old 11-30-2007, 09:55 AM
Henry17 Henry17 is offline
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Default Re: How to build credit

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Crazy how you chose to not answer my questions related to your finances. The way you made it sound, you and your friends exchange tax return forms every time you meet. Now how hard was that?

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I don't answer questions when I don't know the motivation of the person asking them.
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  #95  
Old 11-30-2007, 10:53 AM
spex x spex x is offline
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Join Date: Jun 2005
Location: who dares wins
Posts: 569
Default Re: How to build credit

[ QUOTE ]
[ QUOTE ]
2) Can someone explain to me more how your credit score and income are related to put together the amount of CCs you can get?

[/ QUOTE ]

I'm curious about this as well. I have never had legitimate credit so I'm having issues with the claims that individuals can get 4 and 5 times their income in credit.

My general view of society is that they are irresponsible. If it was this easy to get credit I'd expect a lot of people to be living temporary baller lifestyles on credit.

[/ QUOTE ]

My friend who got started investing using CC credit got about $200k of available credit. I'm not sure what he was making at the time, but he was a foreclosure door knocker for a mortgage company, so it couldn't have been that much.

He had been a loan officer b/f that and had access to some people at several different banks to consult about the best ways to secure high credit lines with a relatively low income.

My understanding is that he applied for many cards all at once. He then more or less maxed out each card by taking advantage of 0% balance transfers. He put the money into an account and made payments for 3 months. On the fourth month he paid all cards off. The then called the companies and asked for a line increase, and repeated.

Apparently the banks want to see that you can handle the debt load more so than they care about your actual income. If you prove you can handle $10k, they'll take a chance on giving you $15k. Over time he built up enough credit at low enough interest rates that he was able to utilize the credit for investment purposes.

I dunno. It worked for him. I don't see it as any different than taking out any other type of loan for a leveraged investment.
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  #96  
Old 11-30-2007, 12:38 PM
bluef0x bluef0x is offline
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Location: Sacramento
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Default Re: How to build credit

[ QUOTE ]
Yawn. Poor people want to scam credit card companies. I hope they donate money to charity or something else equally idiotic at the same time.

As an aside. I have some legit questions to help understand this better.

1) What exactly happens if you try that overpay thing and they don't like it? I think Meteron (?) mentioned his CC didn't like him overpaying. Do they just not accept it? Refuse it? Is all that happens they're just like "You can't do that" or does the 2nd company find out that you're scamming them?
2) Can someone explain to me more how your credit score and income are related to put together the amount of CCs you can get?

[/ QUOTE ]

More middle-class and wealthy people do app-o-ramas than poor people. That should be really obvious. Also, you must hold a weird definition of scam. The credit card company is GIVING you 0% on all balance transfers. Do you understand that they are a business? They make money by offering [censored] like that and know 99% of people don't even know what an app-o-rama is or will fail at it. If the credit card companies were being hurt, they would stop handing out 0% or create more conditions. What don't you understand about that?

1) Not sure where overpaying would come in play. You want to pay off the minimum each month, not the maximum. You are doing it wrong if you overpay.

2) Amount of CCs isn't really important, it's the credit line on each CC. It's much harder to get 200k in credit than 20 credit cards. Your credit score and income affect the credit lines you get. It also depends on how long you've had the card. Some cards let you increase your credit line automatically after 1-6 months. So if they see that you paid everything on time and have a low debt-to-credit ratio, they will increase your credit lines.
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  #97  
Old 11-30-2007, 12:41 PM
bluef0x bluef0x is offline
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Join Date: May 2005
Location: Sacramento
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Default Re: How to build credit

[ QUOTE ]
[ QUOTE ]
2) Can someone explain to me more how your credit score and income are related to put together the amount of CCs you can get?

[/ QUOTE ]

My general view of society is that they are irresponsible. If it was this easy to get credit I'd expect a lot of people to be living temporary baller lifestyles on credit.

[/ QUOTE ]

Your view is correct, thus they are usually in debt and don't have good enough credit to live temporary baller lifestyles.
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  #98  
Old 11-30-2007, 12:46 PM
bluef0x bluef0x is offline
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Posts: 2,295
Default Re: How to build credit

[ QUOTE ]
I don't see it as any different than taking out any other type of loan for a leveraged investment.

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It's really not. The credit card companies are offering you a rate just like a bank would. Both the CC companies and banks are running to make a profit and have carefully thought EVERYTHING through.

Tell me Henry, have you ever refused to purchase a car/house/condo/anything because you wanted to pay more money for the same thing?

Thremp, do you refuse to bet on the best lines?
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  #99  
Old 11-30-2007, 12:50 PM
Henry17 Henry17 is offline
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Default Re: How to build credit

Ok but at some point you have 20 cards with I assume 50% utilization so that you can still maintain a decent debt to credit ratio. Now the introductory period ends. You need to find new credit cards to transfer all of this to but you already have 20 credit cards. How long can someone keep this up?

How can someone really not be embarrassed about having 40+ credit cards?
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  #100  
Old 11-30-2007, 01:06 PM
Henry17 Henry17 is offline
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Join Date: Aug 2007
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Default Re: How to build credit

[ QUOTE ]
Tell me Henry, have you ever refused to purchase a car/house/condo/anything because you wanted to pay more money for the same thing?

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Yes. Many times. I'll pay a premium to be 100% certain that the item I'm buying is neither hot nor a knock-off. I will also pay a premium for better service. I'll pay a premium to not have to deal with other people. I also will not use a coupon under any circumstances.

I see this as similar to going to a chain restaurant where they give you free stuff on your birthday. If you are in university and do this fine. If you are well off and do this then that is pathetic.
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