how do the banks do this?

justin22g

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That's a hell of a lot of work for 7k. Filling out what like 10 applications, doing all the tranfers, keeping the accounts straight like which are due when, etc etc. :shrug:

plus you've got to make sure you make all the min. payments...

defaults out if you don't...
 

marine

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You guys kill me.

Its not a lot of work.

do your prep work and know what cards you want to get and then take a day and do them all at once. Use auto filler or some other program to fill in the info on the web application and it takes like 2 minutes.

You want to do them all as quickly as possible so that the new cards and inquiries don't show up and potentially lower your credit limit for new cards.

Call or do it over the phone to get a balance transfer check sent to you.

Set up online direct recurring payment to make all your minimum payments.

at the end of the year pay off the balances in full.

Your credit score takes a hit because of all the inquires being done and the amount of credit you are using. Credit score can't differentiate between socking the money in a CD or blowing it on strippers in vegas.


You'll spend like 1-2 days worth of time getting it laid out and set up.
then another 2 hours making your final payments at the end of the year. Seems like 7k is worth 2 days of my time. That's like what... 4 regular checkups and a root canal, saint? :D


There's another website forum that deals with this stuff pretty in depth. Some very advanced strategies for utilizing this free money. One guy has 1.3 MILLION between him and his wife churning like this right now.
 

MadJack

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I put my new kitchen in with no min payments. About $9,000 worth of new stuff. Just paid it off before the year was up.


with all the people that take advantage of this free money, they must really whack the chit out of the folks that don't pay it off :scared

:mj07:
 

justin22g

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There are no minimum payments. You have interest free for a year or whatever, then you pay it off.

I have a CC thats 0% for 6 months.

I have to make the minimum each month. If I don't. It goes to the default APR. Of course, I don't get charged interest when I make these minimum payments, but they still have to be made.
 

maverick2112

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You guys kill me.

Its not a lot of work.

do your prep work and know what cards you want to get and then take a day and do them all at once. Use auto filler or some other program to fill in the info on the web application and it takes like 2 minutes.

You want to do them all as quickly as possible so that the new cards and inquiries don't show up and potentially lower your credit limit for new cards.

Call or do it over the phone to get a balance transfer check sent to you.

Set up online direct recurring payment to make all your minimum payments.

at the end of the year pay off the balances in full.

Your credit score takes a hit because of all the inquires being done and the amount of credit you are using. Credit score can't differentiate between socking the money in a CD or blowing it on strippers in vegas.


You'll spend like 1-2 days worth of time getting it laid out and set up.
then another 2 hours making your final payments at the end of the year. Seems like 7k is worth 2 days of my time. That's like what... 4 regular checkups and a root canal, saint? :D


There's another website forum that deals with this stuff pretty in depth. Some very advanced strategies for utilizing this free money. One guy has 1.3 MILLION between him and his wife churning like this right now.

How do you make all the minimum payments when all the borrowed money is tied up in a CD???:shrug:

140,000 dollars with have a pretty hefty minimum monthy payment if it were all those free cc offers you are talking about..........

Would'nt you have to use other funds to make these minimum payments???
 
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MadJack

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How do you make all the minimum payments when all the borrowed money is tied up in a CD???:shrug:

140,000 dollars with have a pretty hefty minimum monthy payment if it were all those free cc offers you are talking about..........

Would'nt you have to use other funds to make these minimum payments???

that link he posted above will explain all that. i am blown away at all the angles people are using out there. wow! :mj07:
 

saint

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that link he posted above will explain all that. i am blown away at all the angles people are using out there. wow! :mj07:

can you imagine if some of these people used their minds for a greater good in society :mj07: :scared I mean really those are some smart people who do all that analysis.
 

MadJack

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Wonder how many just STIFF them :scared :scared :scared

i imagine a lot do but i think it's more difficult now than it used to be as far as bankruptcy goes.

don't forget to pay uncle sam, marine, on your saving accounts earnings :mj07:
 

marine

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How do you make all the minimum payments when all the borrowed money is tied up in a CD???:shrug:

140,000 dollars with have a pretty hefty minimum monthy payment if it were all those free cc offers you are talking about..........

Would'nt you have to use other funds to make these minimum payments???

I kept about 30k out of a CD and just have it in a Money Market account that gives me 3% and I can withdraw from monthly to pay the bills.
 
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