Quote: (04-30-2016 03:52 PM)John Michael Kane Wrote:
Quote: (04-30-2016 03:25 PM)JacksonRev Wrote:
This thread is timely. I just maxed all my credit cards from zero for an investment opportunity. Even opened up a new zero interest card, and will probably open another. I have a 60% return this past month, and should pull another 60 the next two months before it slows down.
I say all that to illustrate potential cash flow for semi- sure things: untapped cc debt plus new accounts. Things to have for this is the ability to sell enough assets in the the near term if you have to, and if you have the ability to move assets out from your own name if things go south, then you can keep your cash on hand requirements to a minimum.
Chase Slate was the best zero APR I could find, because it's the only one that also has a zero balance transfer fee, where most of the other cards have 2-5 for the transfer, even though they have zero interest after the transfer.
https://creditcards.chase.com/slate-cred...81H=Y71UH0
How did you use the credit cards for an investment opportunity? Details please.
Comrade Stalin,
If you haven't done so recently, I also recommend pulling your annual free credit reports here:
http://www.annualcreditreport.com
Double check to make sure you have no negatives (especially collections, even small ones).
If anyone has negatives on their credit report, I highly reccomend joining this free forum that has a really active community for those trying to clean up their credit:
http://www.creditboards.com
To learn more about credit card under-writing standards and whether or not you'll get approved before you apply, they have a search tool:
https://creditboards.com/forums/index.ph...reditpulls
Enter in "chase" in the Creditor Name field, and you'll get info for everyone who applied for Chase cards. You can obviously use this for other lenders prior to applying. If you get approved for another card, your utilization ratios will go down, as you'll have a better overall debt-to-available-credit ratio. Remember, an inquiry on your credit report disappears after two years, and certainly shouldn't be reason enough not to apply for a new card when it could save you hundreds or even thousands of dollars over the course of many months of not paying interest, even with nominal balance transfer fees.
One final tip for those unable to get approved for new cards for balance transfers:
If you call your credit card company, ask them to lower your APR, or that you're having financial hardship right now paying off the debt because the interest is too high. I had my brother do this with about $15k worth of CC debt. He was able to get them to lower it between 1-3% per card on most cards, and one even gave him a bonus payoff for each payment he made over the minimum. Bite the bullet and make the call!
JMK... I don't disagree with you completely, but i differ with you a little bit regarding perceptions about negative credit and whether you negotiate reduced rates.
First, overall, I think that it is a better framework to attempt to build your positives, and the negatives (if any) will become less and less important within the total context. Over time, build a lot of credit cards and do this over time without rushing it too much and then use your various credit cards and be sure to pay each and everyone of them off every month... and if there are any outstanding that you are not able to pay off, those should be the ones with the lowest interest rates.
Second, yes there may be times in which you plead some mercy... but that should probably be the backup plan rather than the main plan.. you want to try to get both cash flow and zero fees (or low fees) interest credit to cover everything, and if you cannot get enough, then work on reducing the rate on the high interest one..