topic Re: what do you think? in Credit Cards

what do you think?

Anonymous — Mon, 20 Oct 2014 08:50:10 GMT

I guess im giving up with the balance transfer to checking since amex doesnt accept... now im thinking going to home depot buying peoples high balances and paying it with my amex everyday 0% purchases until february 2016.. and they will give cash... that way i add up my pay off balance on my car of 10,664.. what do u guys think.????

Re: what do you think?

Anonymous — Mon, 20 Oct 2014 09:14:38 GMT

I think.....this has to be a joke.

If it's not then i can only think of a couple scenarios where this even begins to make sense...

Your car is already or is about to be repossessed and the bank is demanding full repayment, in the amount of $10,664.

Your auto loan is at such a high interest rate that you will end up paying for it twice just making regular payments, and this $10,664 is the payoff.

Just be honest and Help us help you.

Re: what do you think?

Anonymous — Mon, 20 Oct 2014 09:20:26 GMT

Re: what do you think?

Anonymous — Mon, 20 Oct 2014 09:24:08 GMT

Not at all my payments are $330 at 18.99 % 44 more months to go... but i already have my credit cards at zero now i can pay more on my monthly payments.. and if everyrhing goes as i fugured out... ill be paying my car by the end of novemver ...12,000... when my pay off is 10,664 ... amex 0% until feb 2016 BT or purchases...so u could say i save $2,000 if i do with my credit card....

Re: what do you think?

Anonymous — Mon, 20 Oct 2014 09:24:45 GMT

November next yeat 2015

Re: what do you think?

Anonymous — Mon, 20 Oct 2014 09:33:13 GMT

If it makes you feel any better, I suspected a high interest rate before thinking about repossession.

This isnt really the intended use for your credit card unfortunately.

One thing you CAN do which would be almost as good (If you dont feel like refinancing the auto loan), but still kinda dicey, Is to put all your other bills on your newly acquired AMEX cards and make payments at least triple minimum, while allocating more funds towards your auto loan, in effect paying it off early in the long run.

I find this to be the lesser of two evils if all you really want to do is just pay the car off.
Be warned, AMEX tends to be quick to take adverse action if they notice off color spending patterns or you only pay minimums on high balances.

Re: what do you think?

jsucool76 — Mon, 20 Oct 2014 10:12:37 GMT

#ICantEven

Re: what do you think?

Florida1990 — Mon, 20 Oct 2014 10:19:19 GMT

Sounds like it may end up being more of a hassle than you bargain for.

Re: what do you think?

takeshi74 — Mon, 20 Oct 2014 12:33:15 GMT

@Anonymous wrote:
what do u guys think.????

Please keep your schemes all in one thread.

Re: what do you think?

Imperfectfuture — Mon, 20 Oct 2014 12:35:24 GMT

@Anonymous wrote:
If it makes you feel any better, I suspected a high interest rate before thinking about repossession.

This isnt really the intended use for your credit card unfortunately.

One thing you CAN do which would be almost as good (If you dont feel like refinancing the auto loan), but still kinda dicey, Is to put all your other bills on your newly acquired AMEX cards and make payments at least triple minimum, while allocating more funds towards your auto loan, in effect paying it off early in the long run.

I find this to be the lesser of two evils if all you really want to do is just pay the car off.
Be warned, AMEX tends to be quick to take adverse action if they notice off color spending patterns or you only pay minimums on high balances.

If OP would quit thread jumping to get out of responding to the massive ms/AA stuff he's talking about (what is buying people's high balances?), he would have read that I suggested this in the unlocked thread.

Dude (OP), you're driving people crazy with the multi thread approach. On the 12th, you announce these wonderful approvals, now you want to wreck your relationships? Plus, you needed to dig a little with recon. Methinks, dn't apply for credit to change the interest rate on your car!

Re: what do you think?

Imperfectfuture — Mon, 20 Oct 2014 13:05:33 GMT

Also, you are asking for pm info regarding credit one, AND you opened these cards in your wife's name?

You haven't learned the lessons yet. If you just got credit one pulled (or it's still on your report, with the small balance cc's you listed in the other threads), you need to just pay off the car note with regular payments. I can only guess the income problems here,

Either this was not such a good joke (which I think not), or ruining your wife's credit, not so good. Does she know you opened two amex's and a citi, along with tons of denials, under her social?

Are you even authorized to do these balance transfers you have been talking about? Dude, back to the rebuilding forum with you.

Re: what do you think?

Anonymous — Mon, 20 Oct 2014 13:11:30 GMT

I tried to tell him. Lol...

Re: what do you think?

Imperfectfuture — Mon, 20 Oct 2014 13:14:56 GMT

@Anonymous wrote:
I tried to tell him. Lol...

Feeling for the wife though

Am I being unfriendly, unsupportive, and disrespectful? :

Re: what do you think?

Anonymous — Mon, 20 Oct 2014 13:24:21 GMT

Lol. Nah.

Re: what do you think?

Jaylima91 — Mon, 20 Oct 2014 13:35:39 GMT

To each their own. OP, just do what you want to do because no matter the suggestions featured in this forum, you will still do as you please. Learn from your mistakes. Mistakes are the best advice you can get because next time you'll know what NOT to do. Good luck.

Re: what do you think?

Dw4250 — Mon, 20 Oct 2014 13:48:09 GMT

Are we being punk'd? Ashton is that you buddy?

Re: what do you think?

LIGHTNIN — Mon, 20 Oct 2014 14:06:34 GMT

Locked thread due to duplicate thread found here http://ficoforums.myfico.com/t5/Credit-Cards/Blance-transfer-check-to-my-checking-account/td-p/3546219

OP, In order to avoid confusion, Please refrain from making duplicate threads.

Thanks, Lightnin ~ myFICO MOD