okay, I thought the word trick was a bit overused and I don't think this quite measures up to Doc's Trick(tm)-bless his soul. Anyways this method helps quite a lot to hide debt on your credit cards if you are around 50% credit limit usage or less. One little known fact about credit cards is that you can change the due date (and cycle date)-- which is pretty convenient if you have a bunch of cards and balances. Another important fact is that the amount reported to the bureaus is the amount sent to you on your statement. The last important fact is that balance transfers take less than 15 days to take place. So what you can do is set up half your credit cards to report on the 15th and the other half to report on the 30th. Then say on the first you transfer all your balances to your cards that report on the 30th. They all report zero balances then on the 16 you move all of your balances back to the credit cards that report on the 15th. Your CC's on the 30th report zero balances... Your balances will always be one step ahead of the bureaus.
Are these all "no fee" balance transfers? Unfortunately I think only about 1 or 2 of mine at a time give me no fee BT's. That would leave me with large BT fees to get the money back to the original card(s), or 2 maxxed out - "no BT fee" cards. -Peace, Dave
A lot of cc's will credit you back the fee afterward if you ask(and sometimes they will agree to waive it before), just like they will forgive late fees or lower APRs if you ask. This method is mainly for being able to get your scores up in a month to apply for a mortgage or get more credit cards. A temporary fix at best. Basically you end up transfering all of your balances once(Although sometimes TU lags in reporting which is a problem).
