How to build credit

[quickfetus]

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1) I probably would wear a clown suit for $10k, because who cares what other people think? Oh wait, you do. Immensely, apparently. I'd laugh it off and think "why is this idiot paying me $10k to wear a clown suit? oh well, i'll ponder it while im on a month long vacation with my girlfriend or investing it/paying off school debt. Nice that you and your friends go around judging each other for making money. And all this from someone who plays poker for a living? You spend your days grinding away, winning money off poor fools that don't know any better, probably lots of people with gambling problems blowing the rent check on poker. Interesing how that is fine, but working within the framework established by credit card companies to make a profit is sketchy and comparative to wearing a clown suit?

2)This isn't wearing a clown suit. It is filling out a couple forms and making some calls. Something that could be done while playing poker.

3)You keep talking about $16/day as if this is some full time occupation that involves daily work for slave wages. There is some work on the front end, but the profit comes from investing the money as you would any other funds you already have, so there is no additional work there.

4) If you don't care about $16/day, would you please ship that amount to me daily? If I had $6k to invest right now, I'd have over $100k at retirement. Sounds like a decent deal for me.

Why am I even bothering to argue with you when it is clear that you are an insecure elitist snob?

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I got all tingly and happy when I saw this. GG.

[Thremp]

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?

[Henry17]

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.

[Henry17]

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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.

[spex x]

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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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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.

[bluef0x]

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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?

[bluef0x]

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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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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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Your view is correct, thus they are usually in debt and don't have good enough credit to live temporary baller lifestyles.

[XXXNoahXXX]

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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?

[XXXNoahXXX]

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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?

[Henry17]

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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.