What's the term for?

[Anonymous]

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@Anonymous wrote:

@Anonymous wrote:

"People around here don't think too highly of Ask Sebby. Take what he says with a tablespoon of salt unless you read it here too. "

Not trying to be argumentative, but that's a highly suggective comment, somewhat petty and gives me the impression that you have something against him.

From all the videos I've watched of him, he actually recommends MyFico to his viewers and followers.

I am objective and willing to accept advice from anybody, especially people who have traveled the road that I'm on and are where I want to be.

Besides, as successful as he is and his high number of followers, I'm certain if he was out of touch or gave incorrect advice, someone would have corrected him.

Again, not trying to cause friction, but I'm only here for educational finacial and credit advice and to offer a bit of advice from my relevant perspective.

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Actually I am neutral on him. He covers topics I have no interest in. I just have seen his links removed here and people be told not to take his advice. 🤷‍♂️ 

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I'll throw in my 2c. Don't take his advice.

Stop breaking the law by running a card's util past 80% lol

[Anonymous]

I think he's also the idiot that says you need 20 credit cards to build your profile. 

[Anonymous]

I don't remember saying that he said "Illegal."

I think he did mention it could be seen as money-laundering from a card issuer perspective.

If I gave any of you that impression, accept my apolgies.

[Anonymous]

Money laundering is always illegal so yeah, same difference. 

[Anonymous]

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@Anonymous wrote:

I think he's also the idiot that says you need 20 credit cards to build your profile. 

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Purchasing snake oil for your credit profile will also help.

[Anonymous]

We have veered way OT here. 

Back on topic -- what does BoA mean you will lose the history if you P.C.? Even if they close the old trade line it will stick around for up to 10 years on your credit report. I wouldn't keep a card with an AF because of the history, that's just throwing money away. 

[Anonymous]

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@Anonymous wrote:

I don't remember saying that he said "Illegal."

I think he did mention it could be seen as money-laundering from a card issuer perspective.

If I gave any of you that impression, accept my apolgies.

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Still doesn't change my opinion. Money laundering is illegal. He needed to qualify his statement to mean purchases to a generic merchant in the "other" category or "services" category. 

[Anonymous]

So, Ask Sebby aside, if I max out my $500 BOA/TD Bank secured cards balance, pay it off, even before it post, and do so until I've spent, let's say $4K, you don't honestly believe there's anything wrong with that?

And, that BOA or TD Bank shutting down my cards would be justifiable?

I used the example of AMEX closing accounts of card holders who self-reported for bonuses.

I'll add another, Chase shutting down cards for people "selling" AU spots.

[Anonymous]

They meant I would lose that "continuing" tradeline.

Meaning, that tradeline would cease and I'd have another tradeline which would greatly damage my AAOA.

I've read community boards, websites and blogs were some secured cards took a couple of years or more to graduate, but they never changed the card number, just the staus and those individuals maintained that two years of perfect on-time payments and more.

[Anonymous]

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@Anonymous wrote:

So, Ask Sebby aside, if I max out my $500 BOA/TD Bank secured cards balance, pay it off, even before it post, and do so until I've spent, let's say $4K, you don't honestly believe there's anything wrong with that?

And, that BOA or TD Bank shutting down my cards would be justifiable?

I used the example of AMEX closing accounts of card holders who self-reported for bonuses.

I'll add another, Chase shutting down cards for people "selling" AU spots.

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Different banks have different rules when it comes to cycling but I believe they are more tolerant of that behavior when they give you a small limit and your spending is about what would be expected for your stated income. I had to cycle my Capital One card a few times a month when I got it because it only had a $300 limit and they never said a word to me and I have it now at $8250. I didn't push my payments though, I went on the website and paid them, which left the ball in their court as to when to apply the payment. If they notice through L3 data that you're doing things like buying a ton of gift cards rather than doing normal consumer shopping, then it becomes a rewards abuse issue and you can lose the card. 

Self-referrals are a totally different beast and would be considered outright abuse of referrals. Selling AU spots would be abuse as well.