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Well CS1966, what can I say. Sure your story sounds out of the norm but who am I to judge? Mine is too.
3 years ago I had no FICO score. I had an old CC account closed by creditor and that was it as far as positive TLs go. On the negative side I had 3 CAs, 2 PRs and such a low collectability score they didn't even bother updating the CA accounts. I had no apps so my address was out of date and I had no employment history.
OTOH I had mid 7 figures in a margin investment account and had bought my home, also mid 7 figures, for cash. What I didn't know at the time was that creditors had zero knowledge of my assets. Onle one of the CAs would send me dunning letters and that one only did so rarely.
But the fact is that when we post stories so out of the norm more likely than not they are troll posts. Really only you and I know how accurate our posts are or are not.
@LS2982 wrote:Still don't believe it. Sorry.
On one of your posts you said you took the advise of someone you didnt even know their username and made a rash of decisions. If you do that on a constant basis I have no idea what to say......
That's perhaps the statement I found most odd. People I know that have serious assets are more cautious. Even the friend that won the CA lottery a few decades back has become a prudent, careful investor.
@Anonymous wrote:Oh my, I guess I didn't revise that post. My cash account is paying .88 Annually. Not 8.8%. My mistake.
I have to agree with a lot of the members here that something is fishy. If you truly had those assets in investment accounts and 2 mortgages plus all those high limit credit cards you wouldn't be on here asking for advice. You would either be intelligent enough to manage credit or have a financial advisor
+1
@Anonymous wrote:
@Anonymous wrote:Oh my, I guess I didn't revise that post. My cash account is paying .88 Annually. Not 8.8%. My mistake.
I have to agree with a lot of the members here that something is fishy. If you truly had those assets in investment accounts and 2 mortgages plus all those high limit credit cards you wouldn't be on here asking for advice. You would either be intelligent enough to manage credit or have a financial advisor
+1
@Anonymous wrote:It doesn't matter whats in the bank, its whats in your wallet that counts!
Wealthy people don' t say/believe things like this. What matters to wealthy people is investments. You don't carry investments in your wallet.
@Anonymous wrote:As I said, I plan on paying off all of the credit card debt, because my Investment accounts, and the interest rate on all of my cash holdings is far greater than the 0% interest rate that is on the cards. So, I make monthly payments, and once 17 months is up, I will pay off the entire amount. And also, I have a co-signer on one of the mortgages, which is my brothers house, (he doesn't have good credit at all, and I helped him finance his house), and I plan on paying off the entire amount on my mortgage within the next 2 years, and his should be paid off within this year.
@Anonymous wrote:Well, I took (I have no idea who) someone's advise, and I transferred $1,385,228 from my cash account, and paid off both mortgages, I transferred $196,451 and paid off the CitiBank credit card. I transferred $98,910 and paid off the US Bank card. I transferred $42,773 and paid off the Discover card, and I transferred $33,865 and paid off the Chase Bank credit card. I also paid off the Capital One card, which was $77,081. And lo and behold, I was immediately approved for a $20,000 Credit Line increase from CitiBank, a $15,000 increase from Capital one, and a $11,000 increase from Chase Bank.
This is the only thing that I do not get... You have 2 houses both worth $500k+, and only ONE being YOUR house. Yet you paid off BOTH houses... I hope that your brother at least said "thank you"
Ok, we have the following:
- An OP that posed some questionable parameters, and followups
- Many people tryng their best to provide information to help
- Also, many people calling shenanigans
- The post is 6 days old, with over 9 pages of back and firth.
I believe this almost qualifies as an 'Epic thread'; in the blogosphere of Interwebs.
The only thing we are missing, is the obligitory "First" post.
@bobebob wrote:
@Anonymous wrote:Thank you for all of your words of wisdom. I haven't responded because I took a vacation to Bermuda to visit my sister in law. It was spontaneous, because I had so many miles saved up with Capital One. And to clear some things up, When I was approved for the cards with my high limits, I was earning much more money, because that is when my husband was still alive. We had all of our finances joined together. When he was alive, he was earning about $1,400,000 Per year, plus bonuses. He worked for his own company, which he later sold to our grandson, who continues to run it. I am working part time for the company, but I am also living off of investment dividends. Also, when I received the high limit cards, the economy was doing great! (About 2004) And everybody had credit cards with huge limits, so I got a couple, so I could increase my credit score, which at the time was about 740. And when I applied for the cards, and I got accepted, I put almost all of my expenses on them, and paid them off each month. I always got credit limit increases, because I was such a valuable customer, and I always paid my bills on time, and I have never missed any payments on anything. If you want to know anything else, please, Just ask me. Don't try to ruin my image by calling me a liar. Thank you.
Fair enough, I won't call you a liar. Perhaps your situation seems fictitious to us mere mortals because the dollar amounts are so far removed from our plebian existance.
On the other hand, if you wanted to help establish the veracity of your rather dubious claims, how's about sharing the secret of where I can open me up a cash account that returns 8.8% interest?
:
@Anonymous wrote:
Well, I don't do that because If I cash out of my investments, I will have to pay a very lot of taxes on the gains, because when I bought into the corporation that I invested in, I paid about $500,000 (that was in 1987) And that is a gain of over 3,000,000. That would be a very very lot of taxes. And I don't make a withdrawal of cash, because my cash account is paying 8.8% annually, which is more than I am paying on the debts.
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