Need advice on app spree

[Anonymous]

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@johnpalley wrote:

get it through your head Imperfectfuture. respect my thread and stop posting here. if you cant respect the subject i want my thread to be about than get lost. i wont respond to you again

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You know the great thing about forums is that they are FORUMS, a place to exchange ideas. Fine, you might be willing to do something that might have negative consequences but there are other people that read these posts and learn from them. There are also people that might be thinking of doing the same thing as you reading this. Someone posting some of the downsides of the idea is as much, or more, for their benefit as yours. The couple of posts that have been made were respectful and to some may be useful. You have no right whatsoever to dictate what others post or decide who participates in a public thread. If the moderator has a problem they will get involved, it's their prerogative not yours.

You have made up your mind, good, go for it. If you don't agree with a post that points out some of the pitfalls then ignore it rather than being obnoxious about it.

[Imperfectfuture]

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@johnpalley wrote:

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@johnpalley wrote:

i got a question for you guys. im about to go on an app spree and get 5-6 new cards in one day. then because of the 0% apr on the cards im gonna do several cash advances on my barclay ring card and then keep transfering money over to my new cards. im gonna end up taking out 25k to invest in the stock market and spread it out throughout all the cards or most. im investing in a very safe etf untill the 0% is up and then il tranfer the money back to pay off the cards. my question is what is the easiest way to go about doing this? am i gonna have to keep doing 5k withdrawals and transfers from the ring over and over and then it'l take a few weeks to get done or is there an easier way? im guessing the new ring card i get will start me off at like a 10k limit and il have similar limits with the other cards also. 

what is the easiest way to get 25k at 0% from all these new cards. i need to do it quick cause theres an investment that i need to get in on before it starts gaining value. just a heads up i dont want to hear peoples opinion on weather this is a good idea or not. i just strictly want to talk about the easiest way to get something like this done. i plan on wiring the funds from my bank account to the brokerage. once again NO OPINIONS WANTED PLEASE!

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get it through your head Imperfectfuture. respect my thread and stop posting here. if you cant respect the subject i want my thread to be about than get lost. i wont respond to you again

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It is a public thread in a public forum, and needs to abide by the T&Cs of the site.  The thread does not need to conform to John's Rules.

[IgnatiusReilly]

An oldie but a goodie:


johnpalley johnpalley Established Contributor
7/8/08
i have 5 charge offs worth a total of $30,000. the banks involved are bank of america, amer ex,chase, discover, and capital one. gw letters dont work with stuff this bad right? do they only work for late payments and stuff like that?

Res ispa loquitur.

[Imperfectfuture]

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@IgnatiusReilly wrote:
An oldie but a goodie:


johnpalley johnpalley Established Contributor
7/8/08
i have 5 charge offs worth a total of $30,000. the banks involved are bank of america, amer ex,chase, discover, and capital one. gw letters dont work with stuff this bad right? do they only work for late payments and stuff like that?

Res ispa loquitur.

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While OP might want to be wary here, let's not dreg up all the old stuff.  That will do for anymore sleuthing please.

While I might disagree with the situation, we also need to respect that OP has chosen this path.  We may try and enlighten from experience, but he has the right to reject those viewpoints.   I don't want to start any John disparaging posts.  FSR with thoughtful opinions. (He did receive additional advice elsewhere).

[IgnatiusReilly]

Imperfectfuture:

Will do. I perhaps was a little zealous in providing context.

[Ghoshida]

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@johnpalley wrote:

i got a question for you guys. im about to go on an app spree and get 5-6 new cards in one day. then because of the 0% apr on the cards im gonna do several cash advances on my barclay ring card and then keep transfering money over to my new cards. im gonna end up taking out 25k to invest in the stock market and spread it out throughout all the cards or most. im investing in a very safe etf untill the 0% is up and then il tranfer the money back to pay off the cards. my question is what is the easiest way to go about doing this? am i gonna have to keep doing 5k withdrawals and transfers from the ring over and over and then it'l take a few weeks to get done or is there an easier way? im guessing the new ring card i get will start me off at like a 10k limit and il have similar limits with the other cards also. 

what is the easiest way to get 25k at 0% from all these new cards. i need to do it quick cause theres an investment that i need to get in on before it starts gaining value. just a heads up i dont want to hear peoples opinion on weather this is a good idea or not. i just strictly want to talk about the easiest way to get something like this done. i plan on wiring the funds from my bank account to the brokerage.

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1. Cash advances on Barclay Ring seems pretty low-cost but it's still 8% so not completely free.

2. Some of the credit cards allow writing a cheque to yourself. E.g. Discover. Some others don't (in my experience, Chase didn't). If you get hold of BT cards which allow writing cheques to yourself, make use of them. That way you can get the money straight to you instead of processing multiple BTs between Barclay and the other cards.

3. Try to avoid cards with a large BT fee. Many cards come with 0% BT APR but have a 2-4% BT fee. Also make sure that if they allow writing cheques to yourself, then it's a BT cheque and not a convenience / cash advance cheque. The former will have the 0% APR (if you got the 0% BT APR) but the latter will charge you crazy fees and some APR like 24% from the first day.

Also, I might be wrong but Barclay might not be very happy if it keeps getting different BT cheques from different credit card companies in a short period of time. I'm pretty sure it may not like multiple cash advances in a short period either. 

[Imperfectfuture]

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@Ghoshida wrote:

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@johnpalley wrote:

i got a question for you guys. im about to go on an app spree and get 5-6 new cards in one day. then because of the 0% apr on the cards im gonna do several cash advances on my barclay ring card and then keep transfering money over to my new cards. im gonna end up taking out 25k to invest in the stock market and spread it out throughout all the cards or most. im investing in a very safe etf untill the 0% is up and then il tranfer the money back to pay off the cards. my question is what is the easiest way to go about doing this? am i gonna have to keep doing 5k withdrawals and transfers from the ring over and over and then it'l take a few weeks to get done or is there an easier way? im guessing the new ring card i get will start me off at like a 10k limit and il have similar limits with the other cards also. 

what is the easiest way to get 25k at 0% from all these new cards. i need to do it quick cause theres an investment that i need to get in on before it starts gaining value. just a heads up i dont want to hear peoples opinion on weather this is a good idea or not. i just strictly want to talk about the easiest way to get something like this done. i plan on wiring the funds from my bank account to the brokerage. once again NO OPINIONS WANTED PLEASE!

---

1. Cash advances on Barclay Ring seems pretty low-cost but it's still 8% so not completely free.

2. Some of the credit cards allow writing a cheque to yourself. E.g. Discover. Some others don't (in my experience, Chase didn't). If you get hold of BT cards which allow writing cheques to yourself, make use of them. That way you can get the money straight to you instead of processing multiple BTs between Barclay and the other cards.

3. Try to avoid cards with a large BT fee. Many cards come with 0% BT APR but have a 2-4% BT fee. Also make sure that if they allow writing cheques to yourself, then it's a BT cheque and not a convenience / cash advance cheque. The former will have the 0% APR (if you got the 0% BT APR) but the latter will charge you crazy fees and some APR like 24% from the first day.

Also, I might be wrong but Barclay might not be very happy if it keeps getting different BT cheques from different credit card companies in a short period of time. I'm pretty sure it may not like multiple cash advances in a short period either. 

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They also tend to not like over paying a balance transfer, then requesting a check for the excess.

[Ghoshida]

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@Imperfectfuture wrote:

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@Ghoshida wrote:

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@johnpalley wrote:

i got a question for you guys. im about to go on an app spree and get 5-6 new cards in one day. then because of the 0% apr on the cards im gonna do several cash advances on my barclay ring card and then keep transfering money over to my new cards. im gonna end up taking out 25k to invest in the stock market and spread it out throughout all the cards or most. im investing in a very safe etf untill the 0% is up and then il tranfer the money back to pay off the cards. my question is what is the easiest way to go about doing this? am i gonna have to keep doing 5k withdrawals and transfers from the ring over and over and then it'l take a few weeks to get done or is there an easier way? im guessing the new ring card i get will start me off at like a 10k limit and il have similar limits with the other cards also. 

what is the easiest way to get 25k at 0% from all these new cards. i need to do it quick cause theres an investment that i need to get in on before it starts gaining value. just a heads up i dont want to hear peoples opinion on weather this is a good idea or not. i just strictly want to talk about the easiest way to get something like this done. i plan on wiring the funds from my bank account to the brokerage. once again NO OPINIONS WANTED PLEASE!

---

1. Cash advances on Barclay Ring seems pretty low-cost but it's still 8% so not completely free.

2. Some of the credit cards allow writing a cheque to yourself. E.g. Discover. Some others don't (in my experience, Chase didn't). If you get hold of BT cards which allow writing cheques to yourself, make use of them. That way you can get the money straight to you instead of processing multiple BTs between Barclay and the other cards.

3. Try to avoid cards with a large BT fee. Many cards come with 0% BT APR but have a 2-4% BT fee. Also make sure that if they allow writing cheques to yourself, then it's a BT cheque and not a convenience / cash advance cheque. The former will have the 0% APR (if you got the 0% BT APR) but the latter will charge you crazy fees and some APR like 24% from the first day.

Also, I might be wrong but Barclay might not be very happy if it keeps getting different BT cheques from different credit card companies in a short period of time. I'm pretty sure it may not like multiple cash advances in a short period either. 

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They also tend to not like over paying a balance transfer, then requesting a check for the excess.

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Something tells me doing that more than once may lead to account freeze, if not an outright shutdown. 

But again, many people here say Barclay or AMEX doesn't like balance carrying, and I have carried large balances on them, so who knows how something gets triggered. 

However to be on the safe side, I wouldn't risk an adverse action right after an app spree; or the newer lenders may all go crazy. 

OP, what are your current FICO scores and which cards are you looking at?

[johnpalley]

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@Ghoshida wrote:

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@johnpalley wrote:

i got a question for you guys. im about to go on an app spree and get 5-6 new cards in one day. then because of the 0% apr on the cards im gonna do several cash advances on my barclay ring card and then keep transfering money over to my new cards. im gonna end up taking out 25k to invest in the stock market and spread it out throughout all the cards or most. im investing in a very safe etf untill the 0% is up and then il tranfer the money back to pay off the cards. my question is what is the easiest way to go about doing this? am i gonna have to keep doing 5k withdrawals and transfers from the ring over and over and then it'l take a few weeks to get done or is there an easier way? im guessing the new ring card i get will start me off at like a 10k limit and il have similar limits with the other cards also. 

what is the easiest way to get 25k at 0% from all these new cards. i need to do it quick cause theres an investment that i need to get in on before it starts gaining value. just a heads up i dont want to hear peoples opinion on weather this is a good idea or not. i just strictly want to talk about the easiest way to get something like this done. i plan on wiring the funds from my bank account to the brokerage. once again NO OPINIONS WANTED PLEASE!

---

1. Cash advances on Barclay Ring seems pretty low-cost but it's still 8% so not completely free.

2. Some of the credit cards allow writing a cheque to yourself. E.g. Discover. Some others don't (in my experience, Chase didn't). If you get hold of BT cards which allow writing cheques to yourself, make use of them. That way you can get the money straight to you instead of processing multiple BTs between Barclay and the other cards.

3. Try to avoid cards with a large BT fee. Many cards come with 0% BT APR but have a 2-4% BT fee. Also make sure that if they allow writing cheques to yourself, then it's a BT cheque and not a convenience / cash advance cheque. The former will have the 0% APR (if you got the 0% BT APR) but the latter will charge you crazy fees and some APR like 24% from the first day.

Also, I might be wrong but Barclay might not be very happy if it keeps getting different BT cheques from different credit card companies in a short period of time. I'm pretty sure it may not like multiple cash advances in a short period either. 

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1. yeah but 8% is crazy cheap. its pretty much cheaper than than most peoples purchase rate with top of the line credit. and theres only a $5 fee per transaction with no % taken. its definitely my dream card

2. you said If you get hold of BT cards which allow writing cheques to yourself, make use of them. but i was told by someone else here that any check i write to myself from any company would be at a cash advance rate is that not true? that would defeat the whole purpose im confused

3. ok now i understand. so your saying some companies have balance transfer check that i can write to myself and i can deposit them right in my checking account? thats what i was originally trying to do are you 100% sure thats possible? that would make things so much easier as long as i can get the balance transfer apr %

[johnpalley]

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@Ghoshida wrote:

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@Imperfectfuture wrote:

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@Ghoshida wrote:

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@johnpalley wrote:

i got a question for you guys. im about to go on an app spree and get 5-6 new cards in one day. then because of the 0% apr on the cards im gonna do several cash advances on my barclay ring card and then keep transfering money over to my new cards. im gonna end up taking out 25k to invest in the stock market and spread it out throughout all the cards or most. im investing in a very safe etf untill the 0% is up and then il tranfer the money back to pay off the cards. my question is what is the easiest way to go about doing this? am i gonna have to keep doing 5k withdrawals and transfers from the ring over and over and then it'l take a few weeks to get done or is there an easier way? im guessing the new ring card i get will start me off at like a 10k limit and il have similar limits with the other cards also. 

what is the easiest way to get 25k at 0% from all these new cards. i need to do it quick cause theres an investment that i need to get in on before it starts gaining value. just a heads up i dont want to hear peoples opinion on weather this is a good idea or not. i just strictly want to talk about the easiest way to get something like this done. i plan on wiring the funds from my bank account to the brokerage. once again NO OPINIONS WANTED PLEASE!

---

1. Cash advances on Barclay Ring seems pretty low-cost but it's still 8% so not completely free.

2. Some of the credit cards allow writing a cheque to yourself. E.g. Discover. Some others don't (in my experience, Chase didn't). If you get hold of BT cards which allow writing cheques to yourself, make use of them. That way you can get the money straight to you instead of processing multiple BTs between Barclay and the other cards.

3. Try to avoid cards with a large BT fee. Many cards come with 0% BT APR but have a 2-4% BT fee. Also make sure that if they allow writing cheques to yourself, then it's a BT cheque and not a convenience / cash advance cheque. The former will have the 0% APR (if you got the 0% BT APR) but the latter will charge you crazy fees and some APR like 24% from the first day.

Also, I might be wrong but Barclay might not be very happy if it keeps getting different BT cheques from different credit card companies in a short period of time. I'm pretty sure it may not like multiple cash advances in a short period either. 

---

They also tend to not like over paying a balance transfer, then requesting a check for the excess.

---

Something tells me doing that more than once may lead to account freeze, if not an outright shutdown. 

But again, many people here say Barclay or AMEX doesn't like balance carrying, and I have carried large balances on them, so who knows how something gets triggered. 

However to be on the safe side, I wouldn't risk an adverse action right after an app spree; or the newer lenders may all go crazy. 

OP, what are your current FICO scores and which cards are you looking at?

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im not really sure what you mean by over paying a balance transfer? please explain clearly what that is if you dont mind

i can tell you all my scores in a couple weeks. sorry but before i buy all 3 scores i need to straighten out an electricity bill thats on my experian. its currently in dispute. if i had to guess though my scores will be in the mid 700's somewhere with no baddies