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
Thank you in advance for your input. I read this in your profile, while searching for some good sound financial information:
_______________________________________________
Experience in the area
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 belong to
none
i retired doing this in 1996
and wish to pass on my secrets for free
____________________________________________
I so much want to learn how to use credit as an asset in my financial life. Might you share some of your expertise with me? In the past (a few years ago), I was up to my ears (I thought) with debt and consolidated my debt into a mortgage refinance, which was probably a mistake, but I couldn't bear the disorganization and went with a high rate just to wip out my cards. I have to admit, I don't believe I made a sound decision. I taught myself to fear credit card companies, now feeling that I did so because I did not seek worthy advice. I have recently applied for some credit cards, and have been approved by a few. I am not getting these cards to "spend to the hilt" - I want to use them to help me to earn money. I am willing to admit that I DO NOT KNOW how to manage money effectively and how to make sure I "get a dime back for every nickel I put it in," so to speak.
PLEASE let me be your student today and share what you can with me - your unselfishness with being of help to others is golden!
Something tells me this morning that I was supposed to find you here - I'm glad I did!
Appreciatively,
David
Answer step one
contact fleet bank boston
they saved me 4 points on my equityline
step 2
you need at least 5 credit cards
requirements are no annual fee and pay a
cashback bonus
chase manhatten perfectcard mastercard and discover are my prefered credit cards
fleetbank offers one also
stay away from american express, capital one, mbna and citibank if possible
they are buttheads
step3
determine all your reoccuring bills that can be paid with a credit card
it adds up to 1k for most people
pick a card and pay em
put the charge slips in your bank box
take your paycheck and compare it to your bills
deposit all your check plus 20 bucks each week
to cover that weeks bills
ie 300 buck check
250 in bills
270 deposited
if after 3 weeks you dont have all your bills covered you need to determine what luxeries you can eliminate
week 4 credit card cycles and prints bill
4 weeks of bills owed
week 5 you pay next months bills and bank your check
week 6 repeat
now you should have 6 weeks of money to pay 4 weeks of bills so that the total amount due on your card bill is covered
if you had to spend 100-150 of your week 5 money to cover your bills
you need to cut out the extras period
to get into budget
ie buy store brand
step 4
investment money
example
you have 5 cards worth 5k each
you charge your bills on card 2 a cashback card that just cycled with a zero balance 2 days before
this card cycled on say 9 aug and has a 3 sept due date
of nothing owed
thus the bills you now charge will not appear till the 9 sept cycle date and payment due will be 3 oct
if paid in full you will owe no interest
so you put 1k bills in aug
1k in sept
ie 2 k balance on card 2 so far
you pay card 2 with a 4500 low interest balance transfer from card 3
try to negoiate with retention for a low rate life of the
loan transfer with no fee by telling them they are
competing with card 4 and card 5 for your business
(this is why you need at least 5 cards)
you have now paid card 2 in full 4500 dollars prior to 3 oct
so no interest charged on the 45 days you used their money
now you have say a 2k credit on card 2 because you overpaid it 4500 when you needed 2k to clear the balance
you now deposit all that paycheck money into your investment account
that was earmarked to pay aug sept oct and nov bills
as the credit on card 2 will cover those bills
so you have 4k in investment account
bills paid
and one credit card with a 4.9 or less balance loan
if you cant get life of the loan
you merely flip card 3 balance to card 4 on a new transfer
start the procedure no less then 45 days prior to the card 3 balance transfer expiration date
