Need advice on app spree

[NRB525]

And it looks like, from your other posts, you are well versed in the action of allowing BofA to take a charge off of $5k, and locating NASA FCU as a new funding source...

This is one to get the popcorn for I think. And stand well back from the fireworks.

The good luck thing? Nevermind. It won't make any difference.

[Anonymous]

Wait... I just reread this.  You don't have the Ring card yet?

You may not get $10K on that card.  I mean, you could but you might not - you never know.  The first time I read this I missed that you said the card would "probably" have a limit, and then you answered my question with your scores "probably" being in the 700s.

Before you start your spree you may want to get hard numbers and look over your reports to make sure nothing is going to cause a problem.  But as was explained if you have to do multiple cash advances pulled from the same card it could easily take a billing cycle per advance so you could be looking at 90-120 days.  If you already had the cards available to pull advances and wanted a handful of balance transfer cards to put them on, that's different.

[NRB525]

I am going to guess that the BofA charge off, being vislble in the recent past, is a deal killer for getting the Ring.

Just a wild guess.

[johnpalley]

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@Anonymous wrote:

Wait... I just reread this.  You don't have the Ring card yet?

You may not get $10K on that card.  I mean, you could but you might not - you never know.  The first time I read this I missed that you said the card would "probably" have a limit, and then you answered my question with your scores "probably" being in the 700s.

Before you start your spree you may want to get hard numbers and look over your reports to make sure nothing is going to cause a problem.  But as was explained if you have to do multiple cash advances pulled from the same card it could easily take a billing cycle per advance so you could be looking at 90-120 days.  If you already had the cards available to pull advances and wanted a handful of balance transfer cards to put them on, that's different.

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no i said mid 700's and no i dont have the ring yet. you could be right though on the ring im just hoping my limit is at least 5k cause i can work wit that. the 3 accounts i have now are all over 5k. all my reports are ready to go ive been planning for this for a long time. worst case senario i wont be able to get 25k but im staying positive. seems most likely il be able to do it though we'll see. i definitely need to call barclay though and see if theres a limit on cash advance transactions. im glad you brought that up cause i didnt think of that. hopefully i can get a usaa also. they also have cash advance apr that are the same rate as purchases so maybe i can do advances on both and get those balances transfered to the other cards. that will help me speed things up

[johnpalley]

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@NRB525 wrote:

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@johnpalley wrote:

i just wanna stick to the subject guys. every time i start a thread it starts to go off in all sorts of other directions. dont want that happening in this thread im just tryin to get some info please

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Ok, so you are going to app for 6 cards with 0% APR. They will arrive in, most likely, between 7 calendar days and up to 20 calendar days.

Activate the cards. Start with the first cash advance on the Barclay card. How much is your limit on the Barclay card? The amount needs to arrive and settle from the Barclay card into your checking account, the transfer will take 3 days, and I doubt you can expedite such a transfer like you can with a true cash bank to bank transfer between your own accounts.

So you've got limit #1 on Barclays (I'm presuming you aren't going to go 90% on the Barclays card?) and you'll probably want to let that set for 3 to 5 days.

Then execute the first BT from one of your newly activated cards. That BT will probably take at least a week, and depending on the bank it could take 3 weeks, you most likely won't know going in, since all the BT offers tell you to continue to pay on your old account until the old account statement shows the BT was done.

After the couple of weeks to do that first transfer, when Barclays takes a breath, you need to think about how long until you take cash advance #2. In the Barclay Ts&Cs, are there any stipulations about how often you can take these cash advances? 1 per statement cycle maybe? Do you have to pay the fees on the first advance betore taking another? Does Barclay do an instant report to your credit file if you take a cash advance? Does the first card you transfer to do an instant report to your credit file, not waiting for the first statement to cut, since you instantly have a balance?

ok, past cycle 1, you do the 2nd cash advance. That takes 3 days to get to your checking account, and during that time you let it rest on the Barclay CC. You wind up the next card to do a BT off the Barclay card, and that takes anywhere from 1 to 2 to 3 weeks, depending on the bank. The barclay card is relieved again, and you (presuming there is no wait time) do round 3.

I hope I'm getting through that this is not a 7 day adventure.

Have you ever traded in the stock market before? Successfully? It's not an off topic question, because Mr. Market will gladly take all your $25k and give you $#!+ in return. And oh by the way, you'll still have $25k in outstanding credit card balances to pay down.

Good luck!

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so basically your saying theres no tricks to speed things up. i gotcha thanks for the info. just wanted to make sure i knew what my options we're if any. 

[Anonymous]

You said you were guessing mid 700s, which I took to mean you haven't seen your actual FICOs for all 3 bureaus recently, I apologize if I misunderstood what you said, but with "guessing", well, I could guess my score is 850 across the board but that doesn't make it so, heh.  

[johnpalley]

your absolutely right michi i am just guestimating. ive just been reading about how the fico system works for over 5 years and i think i have enough knowledge now to make a pretty good guess on my approx scores. to give you a better idea let me just tell you a got 3 active accounts and here they are

elan financial - $5500 cl- opened 2006

macy's - $9800 cl- opened 1999

nodstrom - $7000 cl - opened 2010

no lates or anything negative on all 3 of my credit reports. theres a bunch more accounts that ive closed in the past that are all in good standing. you think it makes sense now when i say mid 700's approx? i only have $300 charged on each card except my nordstrom has a $0 balance. im gonna buy all 3 scores right before the spree fyi

[Imperfectfuture]

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@NRB525 wrote:

I am going to guess that the BofA charge off, being vislble in the recent past, is a deal killer for getting the Ring.

Just a wild guess.

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As much as Johnny wishes to discount, this is very true.

[Imperfectfuture]

However, the BOA charge off is not recent? Seems like 8 years ago?

Johnny, pull your real scores from here.

[bada_bing]

I don't know anything about the ins-&-outs of cash advance and BT.

On the investment side, with $25K in a brokerage account, you should be able to

set the account up to trade on margin. It just takes filling out a couple forms. Then you can

leverage $25k into a $50k position.