Abouttbaarr Expertise Questions related to credit card management
and use of credit to achieve your financial goals
I have found on google that my screename has been linked to some garbage
financial sites, that I have nothing to do with
Please ask me to verify this if you are not sure
and let me know who is making any claims so i can sue their asses off
this is my website or my blog
http://www.geocities.com/tbaarr/night_vision.html
http://www.tbaarr.blogspot.com/
Experience i own over 10 credit cards
8 of these have credit limits over 10k and i use 2 of them to invest with
i have the balance as a fixed life of the loan balance transfer
and make 10 points profit on the money
Organizations none
I retired doing this in 1996
and wish to pass on my experience.
BE aware I got married in 1998 and started Driving Rig in 2004 so that I could get affordable quality Heath insurance for my family as I now have 2 beautiful daughters 4 and 8 as of aug 2007, so I may take longer to answer som questions.
i cover such subjects as,
my approach to credit,
how to establish and maintain multiple accounts,
how i get single digit life of the loan balance transfers,
how i use their money for 45 days interest free,
how i use credit cards to invest for 30% a year profit,
and how i maintain a 650+ credit rating while holding 5 or more accounts.
I challege anyone have me compare any answer, that suze orman gives on her tv show,
to what i would suggest
as i find her answers just plain incompetant,
especially when she states that borrowing money from an ira causes you to pay double taxation.
Thats just plain wrong
Question I recently recieved a credit card. The limit is not so high but I really plan on using it in case I have to. Can I keep on putting money into above the credit limit. Or will they eat my money up in interest? Is this wise or foolish? Thank you.
Answer Not sure what you are asking,so I will give you an example of how I bump up my credit limits.
I pay my bills with a low limit card
example if its a 500 buck limit
I charge my cell phone and my fuel
I also see if they have a 1% cashback program
this way I get paid 5 bucks a month for the 500 in bills I charge ..
At months end,I simply take the 500 cash thats earmarked for those
bills and sitting in my bank earning interest.
And I pay the 500 limit card off in full.
I then keep up this procedure for 6 months.
after 6 months I ask for a credit line increase.
If I get it I simply charge more bills and pay them off at months end.
The vig here is that the credit card company is making money in merchant fees on each bill charged on their card.
They also are not losing money on you because they get their balance due paid in full early.
This is because you have the cash in the bank the day the bill comes.
So you can pay the bill in full EVERY MONTH.
I usually turn a 500 limit card into a 2500 limit card in 1 year.
I NEVER PAY A DIME IN INTEREST EITHER. YET MY CREDIT SCORE GOES UP.
If a credit card refuses to raise my limit after a year, I get another card.
And I let the first card sit unused for 3 months.
I then give them 1 more chance to raise my credit limit.
If they refuse they get their account cancelled and card cut up.
hope this helps
oh check out my blog as it may give you more insight such as this entry
