What not to do

[b_diddy]

Classic!  Each "not to do" sounds like a summary of recent threads.  :-)

[Anonymous]

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@red259 wrote:

"What Not to Do"

Use a credit card machine for your own business and pay yourself thousands of dollars with your own credit card

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greatest idea EVER! got a friend who owns a restaurant? max out your credit card and ask for a check back, then get maximum rewards

[Anonymous]

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@Anonymous wrote:

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@red259 wrote:

"What Not to Do"

Use a credit card machine for your own business and pay yourself thousands of dollars with your own credit card

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greatest idea EVER! got a friend who owns a restaurant? max out your credit card and ask for a check back, then get maximum rewards

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Your friend has to pay the swipe fee.  Usually a percentage greater than the reward rate.

[Anonymous]

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@red259 wrote:

"What Not to Do"

Apply for cards that you know nothing about, just because everyone else is applying for them.

Apply for cards without paying any attention to whether or not your credit profile meets the criteria for approval (e.g, applying for an amex with a 480 score)

Apply for cards that you do not need or have no utility for you

Keep applying for card after card even if you get denied just run up those inquries

Once you have cards max them all out and carry the balances on all your cards and make only the minimum payments

Blow off the payment due date (hey its only a suggested pay date by the credit card company isn't it?)

Run out and buy as many gift cards as you possibly can as your first purchase

Take out as much as you can in cash advances 

Lie about your income on your credit card apps

Close credit cards as soon as you get the bonus

Don't forget to keep applying for new cards within the six months of your app cycle (I mean eventually some credit card company will say yes won't they?)

Sell your credit card rewards points to other people. 

Move but don't tell the credit card companies and let the mail they send you get returned to them

Make ten of your best friends AUs on your account and make sure your friends all spend more than you on the account

Use a credit card machine for your own business and pay yourself thousands of dollars with your own credit card

Burn down the house of the CEO of your favorite lender. 

Keep bouncing checks on the bank account you have with your favorite lender (even better bounce the checks that you are using to pay your credit card bill which is already 3 days overdue)

Decalre bankruptcy and stiff the credit card companies

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Epic list.

[Anonymous]

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@Anonymous wrote:

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@red259 wrote:

"What Not to Do"

Apply for cards that you know nothing about, just because everyone else is applying for them.

Apply for cards without paying any attention to whether or not your credit profile meets the criteria for approval (e.g, applying for an amex with a 480 score)

Apply for cards that you do not need or have no utility for you

Keep applying for card after card even if you get denied just run up those inquries

Once you have cards max them all out and carry the balances on all your cards and make only the minimum payments

Blow off the payment due date (hey its only a suggested pay date by the credit card company isn't it?)

Run out and buy as many gift cards as you possibly can as your first purchase

Take out as much as you can in cash advances 

Lie about your income on your credit card apps

Close credit cards as soon as you get the bonus

Don't forget to keep applying for new cards within the six months of your app cycle (I mean eventually some credit card company will say yes won't they?)

Sell your credit card rewards points to other people. 

Move but don't tell the credit card companies and let the mail they send you get returned to them

Make ten of your best friends AUs on your account and make sure your friends all spend more than you on the account

Use a credit card machine for your own business and pay yourself thousands of dollars with your own credit card

Burn down the house of the CEO of your favorite lender. 

Keep bouncing checks on the bank account you have with your favorite lender (even better bounce the checks that you are using to pay your credit card bill which is already 3 days overdue)

Decalre bankruptcy and stiff the credit card companies

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Epic list.

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I've only done 4.5 of those (it was the house of the CFO of my second favorite lender).

But if I were being not F.S.R I would add:

Go for CLIs that you don't need, and assume that getting them represents some validation of you as a person, or your "hard work" or something, and encourage others to do the same.

[Imperfectfuture]

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@Anonymous wrote:

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@jon22guitar wrote:

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@FinStar wrote:

Collect as many HPs as you can, and if denied by multiple lenders, recon like 30 times to see how desperate you are

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Lenders love giving out cards to the most persistent reconers!

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That must be how people get $250 Chase Freedom's.

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They have that limit?

[FinStar]

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@Imperfectfuture wrote:

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@Anonymous wrote:

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@jon22guitar wrote:

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@FinStar wrote:

Collect as many HPs as you can, and if denied by multiple lenders, recon like 30 times to see how desperate you are

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Lenders love giving out cards to the most persistent reconers!

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That must be how people get $250 Chase Freedom's.

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They have that limit?

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Yup, they sure do... Freedom and Slate.

[Imperfectfuture]

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@red259 wrote:

"What Not to Do"

Apply for cards that you know nothing about, just because everyone else is applying for them.

Apply for cards without paying any attention to whether or not your credit profile meets the criteria for approval (e.g, applying for an amex with a 480 score)

Apply for cards that you do not need or have no utility for you

Keep applying for card after card even if you get denied just run up those inquries

Once you have cards max them all out and carry the balances on all your cards and make only the minimum payments

Blow off the payment due date (hey its only a suggested pay date by the credit card company isn't it?)

Run out and buy as many gift cards as you possibly can as your first purchase

Take out as much as you can in cash advances 

Lie about your income on your credit card apps

Close credit cards as soon as you get the bonus

Don't forget to keep applying for new cards within the six months of your app cycle (I mean eventually some credit card company will say yes won't they?)

Sell your credit card rewards points to other people. 

Move but don't tell the credit card companies and let the mail they send you get returned to them

Make ten of your best friends AUs on your account and make sure your friends all spend more than you on the account

Use a credit card machine for your own business and pay yourself thousands of dollars with your own credit card

Burn down the house of the CEO of your favorite lender. 

Keep bouncing checks on the bank account you have with your favorite lender (even better bounce the checks that you are using to pay your credit card bill which is already 3 days overdue)

Decalre bankruptcy and stiff the credit card companies

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+gazillion (see that advice over in the other threads, manufactured spending and churn then burn for new bonus, plus some guys admit occasionally to lying about income, I.e. how much income did you have to get that card).

But the best: don't research the card, don't pick the best for your profile, in fact, don't bother to learn about credit profiles.

Don't look at credit pulls database nor whogavemecredit to see the kind of scores you need to get the best deals.

Keep carrying balances, and apping for new cards to lower your utilization, don't bother to learn how utilization affects your credit, and run up more balances, cause you can't afford to pay off what you have.

Don't be willing to up your income with a second job because you thought 10+ store cards was a great way to build credit, then started using all of them because your income lowered, your rent went up, etc., and you decided to buy cat food, toilet paper, and groceries since you couldn't afford them otherwise.  Oh, and the best yet, you just lost your job, but you got a 0% interest credit card, and you hope the tight underwriters don't catch you putting your $1500 monthly rent on the card because unemployment doesn't cover the rent (hey, you'll be up on your feet in three months, who needs a part time job while looking for the 100k+ job?)

[Anonymous]

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@Imperfectfuture wrote:

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Keep carrying balances, and apping for new cards to lower your utilization, don't bother to learn how utilization affects your credit, and run up more balances, cause you can't afford to pay off what you have.

Don't be willing to up your income with a second job because you thought 10+ store cards was a great way to build credit, then started using all of them because your income lowered, your rent went up, etc., and you decided to buy cat food, toilet paper, and groceries since you couldn't afford them otherwise.  Oh, and the best yet, you just lost your job, but you got a 0% interest credit card, and you hope the tight underwriters don't catch you putting your $1500 monthly rent on the card because unemployment doesn't cover the rent (hey, you'll be up on your feet in three months, who needs a part time job while looking for the 100k+ job?)

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Why does this sound familiar?

[DrZoidberg]

It's funny I find this thread after just reading a memeber getting an Overstock card on a shopping cart trick and wanting to close because of the low limit. And the person who randomly applied for a Slate card and has no idea what it is.