Sometimes I want to cry when i see post like those above. Do you know how the rich getter richer? "Let your money work for you, don't work for your money" I could think of at least 20 things you could do with those idle CC's that would return a greater rate of interest with less risk and better results than most peoples' retirement mutual funds and stocks. But to answer your question, no i don't get afraid, i just get mad when i don't get approved. See GEORGE's post above. Humblemarc
Yup. I also like "experience is the best teacher" in this situation. But this board is here so people don't have to go through the agony of learning through their own experience, they can learn from someone else's. Having applied for too many cards too early, I feel obligated to share my experience, and whenever I hear someone say "I know I shouldn't, but I have this overwhelming urge..." I feel obligated to help them resist temptation. And for LKH, yes, it feels good, and it is thoroughly addicting, hehehe. <standing to speak> "My name is breeze and I am a credit junkie. With the help of creditnet and the support of my friends, I have not applied for credit since May of 2001. Well with one exception.... I had to have "Blue" ...but that really doesn't count, now does it?? It was a preapproval...." Hahahahahaahahaha
Yeah go to Equifax.com. I have 97% free total on all the cards that my wife and I have. Credit for me is going to be in the case of an emergency. Also if I want a luxury item, like a new 4,000 state of the art laptop or plasma screen TV. Something like that, other than that I don't plan on using it. In the past, except for the dastardly Providian, I have been denied credit. I have been afraid to apply for something new. Even though now my scores may be high enough.
You mean this post?? Must be, it's the only one you have in this thread. 1) Improving your score if you aren't going to apply for anything: you might really want or need credit later - the house of your dreams, an investment opportunity, a new family member, an ill family member who is dependant on you (my experience), your dream car. Why mess with your score by applying for something you don't really want or need, just out of a need to see if you can get it? Look at the long term advantages of applying sparingly. 2) an inquiry counts so little: depends on each person's report. Those with short credit histories, lower scores, it's a big deal. Not only that, but why not become the object of their desires, rather than vice versa. That's a very good feeling. People who are constantly applying are not viewed as favorably as those who have fewer inquiries. 3) Indulge your need for "approval" in more productive ways. Help someone, give to charity, support a community event. These things raise self-esteem and don't cost your credit score at all. Yes, I believe the need for credit approvals is related to self-esteem. 4} warranties and prices - cute you're very witty, I enjoy your posts. For fun, try getting increases on current cards without getting an inquiry. It's a challenge, boosts your feelings of worth, and doesn't ding your score - it improves it. Citi just gave me a $1,500 automatic increase (website feature). I'm now at $9,600 - my highest card. When it hits, my score will jump. Lower interest rates are fun too.
If they offer FREE checks or direct deposit to your checking account... Write a check for a CD when opened... Get a 6 month or 12 month CD with the money from the credit card...when it is MATURED...pay the credit card in full when you close the CD...ALL THE INTEREST MONEY IS FREE... For additional benefit...put all the interest in a savings account to make more money on your FREE MONEY and let it just sit...
I see. And that would be free money. I will have to try that when or if my credit gets good enough for pre approvals.
Awe C'mon George. All that for $80? LOLOLOL Here let's try "loan arbitrage". Walk into a bank at 8am. Borrow $100 Million. Put $50 million (50%) into 30 year EE savings bonds, (they double in 30 years). Use $40 Million of the remaining $50 Million to pay the interest on the loan for the next 30 years and hand that to the bank. The bank knows they will get their loan paid off when the bonds mature in 30 years, the bonds are in their name. BOOM the loan is paid off. The remaining $10 Million goes in YOUR pocket for all the trouble. Walk out of the bank at 3pm, same day, $10 Million richer. Happens every day. ~
Got timed out. Great for the Gov't. They just sold 100 Million in bonds Great for the bank, $40 mill cash all in one day Great for you too, DUH The loan is backed by the full faith and credit of the US Gov't. Sweet huh? ~
FINE PAY CASH, JUST DON'T MAKE ME DO IT... I'll take the $80.00... How do you only get $80.00??? $10,000 @ 3.50% CD RATE = ABOUT $350.00
I was lookin at $5,000 @ 2% = $100 Minus gas. Naw, the idea is sound George, it's just that it takes major bux to make it worth it.
Sorry, guys, it's even easier than that. Even at 18% interest credit cards. Take your $5,000 limit, invest in a discounted mortgage at 24%. 6% net. (How much are you making on your CD, Bond's, or even mutual funds?) (this is what banks and financial corp. do) Which pays you every month and usually returns the full 5,000 at the end of the loan.) And if your smart, you continue to reinvest. If not, you have fun, while building up your credit and financial worth(Tell a bank you OWN mortgage payments and they LOVE you, because you OWN the real assets aka real estate.) P.S. There ARE discounted mortgages as small as $5,000.
Thanks Breeze. I do happen to agree with you. If you are only applying out of some unfulfilled need for approval, or other such silliness, then it's for the wrong reason. However, if you find a good product that you would like to have, and you have a decent chance of getting it, I say go for it. You got that great score for something, use it! Tell me more, it sounds very interesting.
Be careful about closing your older accounts! Your credit scores can go DOWN. Do not close old good accounts, it causes your average age of accounts and possibly your length of credit historty to be shorter. I closed a Neiman Marcus account that was old and next thing you know I get "not enough retail credit" accounts as a negative indicator! JohnM
Tell me more, it sounds very interesting. [/B][/QUOTE] Feel free to email for more details. humblemarc
I'd like to see another reference to this also. I was just reading a headline on aol's web pg re: scams in this area. Do you have any ligitimate sources?
