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  #51  
Old 11-28-2007, 03:04 PM
TheMetetron TheMetetron is offline
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Default Re: How to build credit

I don't quite get this. Are you going from intro offer to intro offer or using all 20 cards past the intro period somehow to avoid paying interest?

I'm certainly not above a free few thousand dollars a year for what sounds like very minimal work.
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  #52  
Old 11-28-2007, 03:48 PM
Thremp Thremp is offline
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Default Re: How to build credit

I'd be interested to see the risk of exploding your credit. I assume this plan is fairly new.

I'll certainly laugh if it does.

Also I support Henry17 on this matter almost fully. It seems like a paltry sum for a fairly significant amount of lame work. (I think sifting through 8000 pieces of mail each week needs to be included) In addition to the credit risk and the general way this is viewed. I think its a pretty solid pass unless it'd make a very large impact on your standard of living.
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  #53  
Old 11-28-2007, 06:49 PM
bluef0x bluef0x is offline
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Default Re: How to build credit

[ QUOTE ]
[ QUOTE ]
Why would you disclose such information if you are afraid of people "judging" you? I don't remember any conversation I've had where someone has said "I have 20 credit cards making me $8,000 a year" and I certainly wouldn't tell anyone about an app-o-rama if I ever did one

[/ QUOTE ]

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.

Also it is on your credit report. So anyone with access to that will know. If you rent the landlord will know. Your bank will probably know. Somebody who is a few degrees of separation away from your group will know.

Mail gets delivered to the wrong address. I've received my neighbour's credit card statement and bank statement by mistake. People snoop when they come over so you'd basically have to be careful to never leave anything out.

---------

It really has nothing to do with making $500k or any amount. Assuming the individual wanted minimal risk they would make a 5-6% return. To make the $6k they would need $100k in credit. To get that much credit I assume they have to have considerably above average incomes.

[/ QUOTE ]

You seriously don't make sense. Not disclosing information doesn't mean you are embarrassed. I don't tell random people that I play poker, love hockey, and hate ketchup. Am I embarrassed by any of those? No.

How often do you talk to your landlord or bank teller? Not only that, but they see that you have a high amount of $ tied up.... IS THIS THE END OF THE WORLD? Are they going to publish your name in the local newspaper and label you a pedophile for being resourceful? I don't think you understand that the credit card companies are OFFERING 0% balance transfers. You aren't holding a gun to their head and raping every employee, they are willing to give you 0%.

Also, you don't need a high income to have high credit. I don't even have an income and have a high amount of credit. How does having no income and high credit fit into your theory?

It's so hard to understand how someone can be as stupid as you. "$16/day is worth nothing!#!~" How much do you make? If it's $500,000, that's less than a $1/minute. Are you telling me picking up 10 dimes off the ground every minute is worth it?
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  #54  
Old 11-28-2007, 06:55 PM
sublime sublime is offline
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Default Re: How to build credit

i have seen a small amount of research put into this 'app-o-rama' thing and it seems to not hurt your credit in the medium to long term. if you plan on buying a house soon, you should probably not do it as even a few credit points can be expensive.

the 'self respect' argument is beyond retarded.

the only way i can see this being -EV is if you have a habit of missing CC payments. even then that is solved by just setting up automatic payments thru your banks bill pay, which also massively cuts down on your time invested.
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  #55  
Old 11-28-2007, 06:57 PM
bluef0x bluef0x is offline
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Default Re: How to build credit

[ QUOTE ]
I'd be interested to see the risk of exploding your credit. I assume this plan is fairly new.

I'll certainly laugh if it does.

Also I support Henry17 on this matter almost fully. It seems like a paltry sum for a fairly significant amount of lame work. (I think sifting through 8000 pieces of mail each week needs to be included) In addition to the credit risk and the general way this is viewed. I think its a pretty solid pass unless it'd make a very large impact on your standard of living.

[/ QUOTE ]

I wouldn't ever do an app-o-rama just because I'm lazy and would probably forget to do the required stuff. However, saying it's a paltry sum is a joke. 6k could be more than 10% of someone's yearly salary. Also, I don't know where you are getting 8000 pieces of mail/week. In case you didn't know, we are living in 2007. Everything can be done online. You are right about it being a pretty big risk. Again, no one will ever know you do it unless you disclose it, so I don't know how anyone can view you negatively (nor do I understand why you would care)
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  #56  
Old 11-28-2007, 07:48 PM
Foghatlive Foghatlive is offline
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Default Re: How to build credit

I took a brief look at apparama. From what I gleened, the objective is to sign up for credit w/ 0% int, get cash advances and put the money in an interest paying account.

I get a ton of these offers in the mail, but don't they have different standards for cash advances as opposed to purchases?
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  #57  
Old 11-28-2007, 09:01 PM
bwana devil bwana devil is offline
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Default Re: How to build credit

henry, im not sure why you keep harping on it being "$16/day." this project is not worked on daily and doesnt seem to work on a strict year cycle. it seems you arbitrarily think of it in terms of money per day for other reason.

there is certainly risk involved and i wouldnt brag about it to my friends but id entertain the idea of making $6000 per day or $1.60 per decade.
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  #58  
Old 11-28-2007, 09:28 PM
bluef0x bluef0x is offline
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Default Re: How to build credit

[ QUOTE ]
I took a brief look at apparama. From what I gleened, the objective is to sign up for credit w/ 0% int, get cash advances and put the money in an interest paying account.

I get a ton of these offers in the mail, but don't they have different standards for cash advances as opposed to purchases?

[/ QUOTE ]

You certainly have to read all of the fine print before jumping into something with this much risk. For example, some cards let you have 0% as long as you make two purchases a month... a tiny mistake like not knowing that could cost you thousands of dollars.
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  #59  
Old 11-28-2007, 09:44 PM
Thremp Thremp is offline
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Default Re: How to build credit

[ QUOTE ]
I took a brief look at apparama. From what I gleened, the objective is to sign up for credit w/ 0% int, get cash advances and put the money in an interest paying account.

I get a ton of these offers in the mail, but don't they have different standards for cash advances as opposed to purchases?

[/ QUOTE ]

Yeah. My cash advance is 20% of total credit limit.
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  #60  
Old 11-28-2007, 10:50 PM
Cubswin Cubswin is offline
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Default Re: How to build credit

[ QUOTE ]
Your credit score gets cripled if you have more than 3 "applications" on your record within 12 months

[/ QUOTE ]

I have 11 hard pulls and 9 new revolving lines of credit on my account all within the last 4 months. My FICO has gone from 729 to 721 during this time. Does this fit your definition of crippled?

[ QUOTE ]
and goes down for every additional credit card you have over 4.

[/ QUOTE ]

Do you have secret insight to the Fair Isaac formula? I have 18 revolving lines of credit and after my latest round of hard pulls drop off my credit record, I'll still be eligible for the best rates should I ever need them.
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