if you get your wife, kids, unborn, dogs to sign every credit card application, you would have bought McLaren F1, Enzo, LP640 and more without actually paying a single cent! and you can do this every 7 years! What waste...
This is absolutely amazing. Only in America. No wonder our national debt is so out of control... it's all just a big house of cards, full of lots of smoke and mirrors. Can't anyone legitimately make money anymore by actually creating value rather than just working systems and screwing others over?
has to be one of the most enlightening things i've read in a while. If you run a mainly cash business you could do that no problem and have a new Lambo every 7 years!
this thread needs a Table of Contents, an index, and probably a Glossary too... Cliffs notes wouldn't hurt either... or maybe a DVD-style list of graphical chapters with summarized titles for each chapter... ~shahedc .
A big waste of energy and time, and air. What are they really doing to make a difference to themselves and the world? Everyday I think, "Love what you do. Get good at it."
Everyday I ask, "How can I improve" whatever I'm looking at. Build. Improve. Innovate. Procreate. Make the world a better place.
Yes, the banks run automated checks from time to time, you give them that right when you sign for the equity line. So if you think your credit will go in the toilet, and you'll need the money, best bet would be to tap the entire line of credit before they can reduce it or pull it.
Just as an added note, Sears credit WAS one of the only, if not the only, company to write into its polices and agreements a secured interest in the items you bought at Sears with the Sears credit card. They used this to push people really hard who defaulted and had one of the best and most profitable collections businesses in the world. Until, enough people went to court against them and it was declared illegal because the way they wrote the contract couldn't give them the option of both secured and unsecured. Either it was a CREDIT CARD with unsecured debt in which case you can walk, or Sears is making loans or leases to people which puts them under a whole other set of operating guidelines and legal restraints. Sears lost, and Sears credit is just like any other credit card now, so shop away... Also as far as getting the new Lambo every 7 years, most people have more than 7 years of credit history, so the first time going in you're going to have the best credit. The second time your credit lines will be newer, and perhaps lower limits. If this was to be strategy, do not blow off all your credit cards. Pick the one or two you have had THE LONGEST and keep paying them RELIGIOUSLY. When the crap storm of the chargeoffs blows over after 7 years on all the cards you did default on, you'll still have credit lines showing on your report that could be 15 years old. This is more important than ever as the FICO 2008 system is a brand new system overhaul. It will be closing the loophole by mid-year of getting yourself listed as an 'authorized borrower' on a friend or family member's credit card to get the history transfered over to your report. Basically what people have been doing is getting themsevles added to the account, and then last week you had no relationship with this bank but next month its an open account on your credit report showing 15 year history. Was a good tool for a while but it will be revoked this year as the software will screen that all out. Only exception currently is Equifax who is in dispute with FICO (as Equifax developed their own scoring system and the two are suing each other, yes FICO is a company and not just a score) and Equifax is currently refusing to deploy FICO 2008 on their reports till the dispute is resolved. Henceforth later this year you might see your Equifax score either way higher or lower than either Experian or Transunion due to Equifax's failure to deploy...
i'd never pull anything like that off, but it is simply amazing that is how the system works! thanks!
You are ABSOLUTELY CORRECT and while Im not proud of it Im living proof it works. When I was much much younger I started my first business. I couldnt get a loan so I used my good credit to get about $60-70k worth of credit cards. I built my business with those credit cards but the revenue didnt come in fast enough and I ended up defaulting on all but one (which I kept up with religiously). Sure they call all the time and send letters but THATS ALL THEY DO. I struggled getting my business off the ground for another three years and at that point I had enough cash to find all the debt and pay it off. Within a couple months of paying those cards off I financed a Viper and my first home. The lenders were curious about my negative credit yet my current bank statements (all very healthy) were enough to get me loans that were only slightly higher than usual. I dont support consciously ripping off the credit card companies but sometimes you have to do what you have to do !
I know a woman in DC who bought a rather large house back in the 80s using 35 credit cards. She applied and got them all at the same time, bought the place, turned it into a successful hotel/events place, and is now living large. I'd never have the guts to do that, but it sure is an interesting way to get started... More power to you for being creative about it -R
For those that have been around a while, in the early 80's home interest rates were terrible, 13-14%..I finished up building my first house with credit cards and paid them off, interest rates on the cards were cheaper than home constuction loans by quite a bit..
Lots of people use credit cards to start businesses and it's not a bad substitute for business loans, which for some can be hard to obtain.
Roy, in regards to you saying, ..totaly 100% refund of the orginal purchase price if the title for ANY reason is defective till the day I die! In writing, why doesnt this apply to josh?
Every year i use interest free credit car promotions to fund about 100k worth of business inventory and then sell the inventory. Pay the balance off before the intro period expires and pay no interest. Been doing this about 5 years now.
Very true, bank statements that show revenue rolling in are a cold bucket of water on the flames of bad credit. The banks would rather see that than a super high credit score. The credit score can be manipulated, it's hard to manipulate a bank rating especially if they call the bank directly. Busines bank accounts have their own score, based on average daily balance over a period of time. It's interesting that you can find NO information about that online. I found one site once but lost the link. The accounts rate on a scale of 1 to 5 with subsets, so if you hold at least $100,000 in your account with a certain amount of in/out transaction they rate it like a 'HIGH 4' or something and the higher the ranking the more the banks want to hand over their money to you for exotic cars.
Last time I saw a thread this long an Enzo was totalled and some German(?) guy had fled on foot afterwards or something after some party. Or whatever the story was!
