Credit Card Stoozing?

Question

Do you actually believe this would work? I am thinking of trying it, but unsure if the process is real!

http://www.affiliatetier.com/credit_repair/credit_card_stoozing.html

Answer 1

check these links, then decide what you want to do, they might even get you to change your mind!
see the FAQ on the first link down but really there's plenty of advice throughout if you have time to read:
http://credit-cards.ebookorama.com
http://finance.ebookorama.com
http://credit.ebookorama.com
http://credit-repair.ebookorama.com
good luck!
if it helps please remember me cheers

Answer 2

I know folks who do something similar to this, but actually much simpler. The article you read makes it too complicated. Let me explain.

First of all, there's absolutely nothing wrong with this. It does work, it's perfectly legal and ethical, and there's no worry about getting "caught."

The only concerns are related to your credit score. One, each time you apply for a new credit card, that application goes on your credit report and hurts your score to a small extent. Two, the balance you keep on your 0% card(s) will obviously show up on your credit report. Any time you carry a balance of more than 30% of the available credit on any one card, that hurts your score too.

So, if you don't mind about those factors, here's the simplified plan. It just takes one card, not two. It should have the attributes described in that article: zero percent for a significant time period (six months or more), no balance transfer fee, and the ability to do a "balance transfer" into your bank account, or at least to write a balance transfer check to yourself, which you can then deposit.

So the plan is just to get the card, put the balance transfer money in the bank, and move it to the highest paying account you can find (savings account, money market, etc.). Make the minimum payments until the 0% rate runs out, then pay off the balance and repeat.

If your credit score is good, you can probably make $200 or more every six months or so for each $10,000 that you borrow. Many would say that it's too little money to be worth the hassle, but hey, it's free money.

Answer 3

I believe I've answer this question. I would like to add a little more details.

Like I said in previous answer : it sounds good but in reality it's not. It's not that easy to get a $10K credit line card with all those great offers . First you need to have a great score somewhere in mid 700, 760 and above would be great. Also remember that you have to pay tax for your earning from the saving account.

Then again, there are so much better things to do when you have this kind of credit score. Also, many people with this high credit scores don't have time for this, they are busy doing other things that would generate more profits.

Answer 4

I suppose it would work, but how much interest are you gaining in the high-insterest savings? I just wonder if it would be worth the trouble. Are you really going to make that much off of it? Plus, how long does the 0% intro rate last? If you eventually have to start paying it at a 9.9% interest rate, are you really going to be making any money on your savings account interest? I would consult a financial expert to see if it is worth my time and effort.

Answer 5

This should be titled "Credit Card Despair" instead of "Credit Card Repair".

Recipe for disaster.