How to build credit

Henry17 · #1 11-30-2007, 01:49 PM

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I think you are confused, you don't have to continue anything. You can stop once the introductory period ends.. just withdraw all your invested money and pay off the credit cards. You keep the 5-6% interest.

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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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or some reason you believe everything you do is public knowledge and that other people's opinions matter. You are insane

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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.

XXXNoahXXX · #2 11-30-2007, 04:21 PM

Henry,

What would your neighbors think if they knew that instead of hiring a computer technician you asked for assistance in the tech forum of a free poker website! Instead of going to a nutritionist or other specialist you bring your supplement queries to health and fitness!

If I were you, I'd get an admin to nuke those threads before a neighbor stumbles across them and realizes how cheap and lazy you are!

Henry17 · #3 11-30-2007, 04:44 PM

lol .. you know you have struck a nerve with someone when they feel the need to research you. Why don't you get an admin to give you my name then you can google me.

For a very reasonable fee you can even have me followed. It is remarkably affordable.

Jimbo · #4 11-30-2007, 05:16 PM

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lol .. you know you have struck a nerve with someone when they feel the need to research you. Why don't you get an admin to give you my name then you can google me.

For a very reasonable fee you can even have me followed. It is remarkably affordable.

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I did it for him. Honestly thought you were a bit older. [img]/images/graemlins/smile.gif[/img]

Henry17

Jimbo

bluef0x · #5 11-30-2007, 05:33 PM

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lol .. you know you have struck a nerve with someone when they feel the need to research you. Why don't you get an admin to give you my name then you can google me.

For a very reasonable fee you can even have me followed. It is remarkably affordable.

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Why would you register to a gambling forum with your real name? You sure are an idiot for being so paranoid and then failing to protect your identity.

Thremp · #6 11-30-2007, 05:42 PM

blue,

Maybe I'm misunderstanding. But to take advantage of this you are creating a fake balance transfer, no? Like you don't have any balance to xfer, you say you do, they mail you a check, continue onward.

Maybe I'm mistaken. Clarification?

Henry17 · #7 11-30-2007, 05:47 PM

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blue,

Maybe I'm misunderstanding. But to take advantage of this you are creating a fake balance transfer, no? Like you don't have any balance to xfer, you say you do, they mail you a check, continue onward.

Maybe I'm mistaken. Clarification?

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Card A you take out the money as a cash advance. You now have cash in hand and a balance owing that you are paying interest on.

You transfer the entire balance owing from Card A to Card B and take advantage of the introductory offer of 0% interest.

You take the cash and put it in the bank to earn your 5%.

When the introductory offer on Card B ends you either just pay it back or get a new card and repeat the process.

Thremp · #8 11-30-2007, 06:23 PM

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blue,

Maybe I'm misunderstanding. But to take advantage of this you are creating a fake balance transfer, no? Like you don't have any balance to xfer, you say you do, they mail you a check, continue onward.

Maybe I'm mistaken. Clarification?

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Card A you take out the money as a cash advance. You now have cash in hand and a balance owing that you are paying interest on.

You transfer the entire balance owing from Card A to Card B and take advantage of the introductory offer of 0% interest.

You take the cash and put it in the bank to earn your 5%.

When the introductory offer on Card B ends you either just pay it back or get a new card and repeat the process.

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But aren't cash advances just a fraction of full credit limits?

For example mine is ~20%. Is this normal for these cards? Am I getting junky CCs? To make 6k a year on this plan seems like you need to pull down 500k of credit.

bluef0x · #9 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 · #10 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.