Not for the feint of heart. For those organized/disciplined¬ in a financial crunch, this is an EASY way to make some extra free cash. I have not done a full out App-o-rama but have done mini ones, about 2 cards at a time.
Just to sumarize what is done. You basically blitzkrieg the CC companies for credit cards trying to get a lot of cards with and with and w/o 0% balance transfer offers. You apply for it in such a quick period that the Banks have no ways of seeing of all the cards u apply for. With this huge CC limit, you then allocate them to a few select 0% cards and Balance transfer them to you bank account which then gains interest at 3-5%.
http://www.mycreditstrategy.com/
App-o-Rama
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chimdogger
- Posts: 2785
- Joined: Fri Jan 26, 2001 12:00 pm
if you go into the forums they'll explain the impact. From what i understand its only short term. Ur liability will go down after a year, and your pulls fall off after 2 years. There are techniques to make it go down faster. People usually do one every year and can make a significant amount of cash.
Simple calc of just one BT card.
10,000 BT for a year at a modest 4% ull get around 300-400$ pre tax. If your CL is higher the more u get.
Simple calc of just one BT card.
10,000 BT for a year at a modest 4% ull get around 300-400$ pre tax. If your CL is higher the more u get.
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Its always best to Pay off in Full every month. That way you dont pay any Finance Charges and still get that 30 day float in interest between charging and actually paying.Dan wrote:yep,your credit scores take a hit just from "inquiries",
I like to keep inquiries to a minimum,like 0 !
I make money by keeping cards with low rates and always paying more than the min,and paying it off after a couple cycles anyway!
nothing like making money by keeping 0$ balance !
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YARDofSTUF
- Posts: 70006
- Joined: Sat Nov 11, 2000 12:00 am
- Location: USA