Two Plus Two Newer Archives  

Go Back   Two Plus Two Newer Archives > Other Topics > Business, Finance, and Investing

Reply
 
Thread Tools Display Modes
  #61  
Old 11-28-2007, 10:56 PM
Cubswin Cubswin is offline
Senior Member
 
Join Date: May 2003
Posts: 4,979
Default Re: How to build credit

[ QUOTE ]

Filling out the forms might be something you do every few months but that isn't the cost of this endeavour. The cost is the stigma / damage to your self-worth of admitting you need to do this.

[/ QUOTE ]

I, like most others here, am a maven and take pride in the fact I work the system for financial gain. I don't need to do this, I enjoy doing it.
Reply With Quote
  #62  
Old 11-28-2007, 11:13 PM
sublime sublime is offline
Senior Member
 
Join Date: Mar 2004
Location: our only chance!
Posts: 15,586
Default Re: How to build credit

[ QUOTE ]
It isn't just me. When this topic was discussed before I actually brought it up to get some opinions from my friends and they agreed. Pathetic might not have been the best choice of words but it is certainly bottom feeder behaviour. To get involved in all this for an extra $6k a year isn't worth it.

[/ QUOTE ]

henry,

i APPLAUD people who do stuff like this and just based on the law of averages i most likely have a > net worth than any of the friends you talked with.

an extra 6k this year is an 'extra' 50k 25 years from now. the fact that it is 'extra' money makes it even more appealing.


also if anybody 'found out' i was doing this and looked down on me i would just assume they are an idiot.
Reply With Quote
  #63  
Old 11-29-2007, 02:37 AM
Thremp Thremp is offline
Senior Member
 
Join Date: Nov 2005
Location: Free Kyleb
Posts: 10,163
Default Re: How to build credit

[ QUOTE ]
[ QUOTE ]
It isn't just me. When this topic was discussed before I actually brought it up to get some opinions from my friends and they agreed. Pathetic might not have been the best choice of words but it is certainly bottom feeder behaviour. To get involved in all this for an extra $6k a year isn't worth it.

[/ QUOTE ]

henry,

i APPLAUD people who do stuff like this and just based on the law of averages i most likely have a > net worth than any of the friends you talked with.

an extra 6k this year is an 'extra' 50k 25 years from now. the fact that it is 'extra' money makes it even more appealing.


also if anybody 'found out' i was doing this and looked down on me i would just assume they are an idiot.

[/ QUOTE ]

I'll take Henry in this for 5k even money.


Also since most people owe money. Doesn't just having a + NW put you in atleast the top 50% of non-dependents?
Reply With Quote
  #64  
Old 11-29-2007, 05:32 AM
sublime sublime is offline
Senior Member
 
Join Date: Mar 2004
Location: our only chance!
Posts: 15,586
Default Re: How to build credit

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
It isn't just me. When this topic was discussed before I actually brought it up to get some opinions from my friends and they agreed. Pathetic might not have been the best choice of words but it is certainly bottom feeder behaviour. To get involved in all this for an extra $6k a year isn't worth it.

[/ QUOTE ]

henry,

i APPLAUD people who do stuff like this and just based on the law of averages i most likely have a > net worth than any of the friends you talked with.

an extra 6k this year is an 'extra' 50k 25 years from now. the fact that it is 'extra' money makes it even more appealing.


also if anybody 'found out' i was doing this and looked down on me i would just assume they are an idiot.

[/ QUOTE ]

I'll take Henry in this for 5k even money.


Also since most people owe money. Doesn't just having a + NW put you in atleast the top 50% of non-dependents?

[/ QUOTE ]

oh well then color me surprised that somebody with such a silly outlook on the accumulation of money (zomg what will others think) actually has a lot of it. then again, i probably shouldn't make assumptions.
Reply With Quote
  #65  
Old 11-29-2007, 05:41 AM
sublime sublime is offline
Senior Member
 
Join Date: Mar 2004
Location: our only chance!
Posts: 15,586
Default Re: How to build credit

also i would like to point something out. people who do stuff like this (hustle credit cards) almost always don't NEED the money. it has zero to do with needing money and everything to do with appreciating how money can work for you.
Reply With Quote
  #66  
Old 11-29-2007, 07:08 AM
TheMetetron TheMetetron is offline
Senior Member
 
Join Date: Oct 2004
Location: Blog Updated Dec 1st
Posts: 6,839
Default Re: How to build credit

Still not understanding how this can work. Cash advances generally don't fall into all of this 0% stuff right?
Reply With Quote
  #67  
Old 11-29-2007, 07:55 AM
sublime sublime is offline
Senior Member
 
Join Date: Mar 2004
Location: our only chance!
Posts: 15,586
Default Re: How to build credit

[ QUOTE ]
Still not understanding how this can work. Cash advances generally don't fall into all of this 0% stuff right?

[/ QUOTE ]

balance transfer...either to a credit card or directly to your bank account. if its a credit card, say request 10k be sent to card A...Card B (the one with the 0% balance xfer) sends the 10k to card A and gives you 0% for 12 months to pay it back. you then have a positive balance on card A and request it be sent to you....kinda like you overpaid somehow by 10k and want it back...its not an issue with the majority of cards, they just send it to you. sometimes card B will even send you a check directly. you then invest the 10k in whatever and make min payments for 11 months and pay it off completely before the 12 months is up...the interest earned is yours. however the side effects are people who get your mail (and open it!) will think you are a bottom feeder.

my explanation is kinda meh, you can google for better. im sure you get the idea though.
Reply With Quote
  #68  
Old 11-29-2007, 08:13 AM
TheMetetron TheMetetron is offline
Senior Member
 
Join Date: Oct 2004
Location: Blog Updated Dec 1st
Posts: 6,839
Default Re: How to build credit

You can balance transfer to a card with $0 balance and request a check sent to you? My Chase card doesn't seem like that'd fly with them as they throw a fit if I try to overpay at all online.

You can do a balance transfer with the money to a bank account?

It's beginning to make a bit more sense, but some of the details don't quite make sense to me.
Reply With Quote
  #69  
Old 11-29-2007, 08:44 AM
Henry17 Henry17 is offline
Senior Member
 
Join Date: Aug 2007
Posts: 1,285
Default Re: How to build credit

[ QUOTE ]
also i would like to point something out. people who do stuff like this (hustle credit cards) almost always don't NEED the money. it has zero to do with needing money and everything to do with appreciating how money can work for you.

[/ QUOTE ]

I don't understand why anyone would do something if you don't need to. By need I mean it has an impact (or at least they believe it will have an impact) on their quality of life.

Anyway the flaw in my reasoning was that I assumed the ability to get credit was strongly correlated to income. That for someone to manage to get two $100k credit cards would require that they make at least $150-200k.

[ QUOTE ]
i APPLAUD people who do stuff like this and just based on the law of averages i most likely have a > net worth than any of the friends you talked with.

[/ QUOTE ]

Unlike you I won't make any assumptions about your net worth. I also have no idea what my friends' net worth is either. I do know what they pay in rent since they are my neighbours. If you are using the law of averages as a foundation then you'd lose this bet.

---------

[ QUOTE ]
Still not understanding how this can work. Cash advances generally don't fall into all of this 0% stuff right?

[/ QUOTE ]

I have never researched it but I think I have a general idea of how it works.

1. Get a credit card. Max it out with cash advances. You will pay interest on this but only for a very short period.

2. Get a second credit card. Take advantage of the introductory offer and transfer the entire balance from credit card 1 to this card. Now the loan is interest free.

3. Meet all the obligations of the second card. Some require nothing. Others require that you make X amount in purchases.

4. As the promotion ends get a new credit card. Got to Step 2 and repeat.
Reply With Quote
  #70  
Old 11-29-2007, 09:06 AM
TheMetetron TheMetetron is offline
Senior Member
 
Join Date: Oct 2004
Location: Blog Updated Dec 1st
Posts: 6,839
Default Re: How to build credit

Henry,

I make mid-six figures a year and I'd do this for an extra $6k a year. It would have zero impact on my qualify of life, but I'm not retarded.

I'm not sure why this is so hard for you to understand.
Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -4. The time now is 01:18 PM.


Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2021, vBulletin Solutions Inc.