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From riches to rags in 2012. It's time for a comeback in 2013!

The last post in this topic was posted 1174 days ago. 

 

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I wonder why there is all this focus on personal cards, but when you actually use them, and show utilization (like letting a statement post with balance, then paying off statement balance), your score drops. Whats the point then? I would imagine business credit to be 1000x more important, but its not, since most of the personally guaranteed business cards just get approved based on your personal credit. I feel like I wasted all that effort on building my personal credit for nothing, ok, well it made it a little easier to get a lot of business cards now, but probably not much...

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After reading his old thread I think it is clear he enjoys perhaps to much getting new accounts. He mentions in a previous thread that he settled with Discover in 03. He then built up to a huge credit limit which he defaulted. He is now building up as much as he can.

 

This isn't his way to improve his credit. This is just his way period.

For sure.

 

Once you make mistakes and have to rebuild your credit, it helps if you learn from your mistakes so you don't repeat the cycle. Using cash advances to try and flip cars is risky, especially when it is not being done in a timely manner.

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If I had to guess, I'd say it is sarcasm based on several posts in this thread.

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Hi guys! I'm still alive. I don't have regular internet cuz I lost my phone and the replacement is not as good.

 

I'm juggling balances n paying dependably, while I work at Lowes. I had a week vacation that I spent a good part of working on my vehicles readying them for sale. But I did by a harley sportster pretty cheap n I spent a couple hours riding cuz the weather is great n I go back to work in 40 hours from now. To be honest, I havent sold anything yet, but I'm seriously trying to.

 

nothing new credit wise except navy giving a cli from 2500 to 6000 on the mc.

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Hi guys! I'm still alive. I don't have regular internet cuz I lost my phone and the replacement is not as good.

 

I'm juggling balances n paying dependably, while I work at Lowes. I had a week vacation that I spent a good part of working on my vehicles readying them for sale. But I did by a harley sportster pretty cheap n I spent a couple hours riding cuz the weather is great n I go back to work in 40 hours from now. To be honest, I havent sold anything yet, but I'm seriously trying to.

 

nothing new credit wise except navy giving a cli from 2500 to 6000 on the mc.

Don't you think that you are going to offset any potential profit flipping these cars by the cash advance interest you are paying on your cards?

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Good luck SCM, glad your garden is growing.

 

Make sure you move those cars before loan interest eats all your profit!

 

MP

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His method doesn't make sense for his end goals. It appears to be a made rush to obtain as much credit as possible and more risky credit behavior.

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His method doesn't make sense for his end goals. It appears to be a made rush to obtain as much credit as possible and more risky credit behavior.

I get what you mean, and don't disagree. I just hope that he does achieve success again in some capacity.

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His method doesn't make sense for his end goals. It appears to be a made rush to obtain as much credit as possible and more risky credit behavior.

I get what you mean, and don't disagree. I just hope that he does achieve success again in some capacity.

I wish everyone success in any venture they do but he is already playing with fire a few years out of BK. He has way to much credit especially considering his income and playing car flipper with the credit lines. He should focus working his "blue collar" job and try saving some money while building up his credit at a normal pace.

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His method doesn't make sense for his end goals. It appears to be a made rush to obtain as much credit as possible and more risky credit behavior.

I get what you mean, and don't disagree. I just hope that he does achieve success again in some capacity.
I wish everyone success in any venture they do but he is already playing with fire a few years out of BK. He has way to much credit especially considering his income and playing car flipper with the credit lines. He should focus working his "blue collar" job and try saving some money while building up his credit at a normal pace.

Very true. Good point.

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Hi guys! I'm still alive. I don't have regular internet cuz I lost my phone and the replacement is not as good.

 

I'm juggling balances n paying dependably, while I work at Lowes. I had a week vacation that I spent a good part of working on my vehicles readying them for sale. But I did by a harley sportster pretty cheap n I spent a couple hours riding cuz the weather is great n I go back to work in 40 hours from now. To be honest, I havent sold anything yet, but I'm seriously trying to.

 

nothing new credit wise except navy giving a cli from 2500 to 6000 on the mc.

Any updates?

 

 

Sent from my iPhone using Tapatalk

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he hasn't even logged in since july. Hopefully his master plan didn't come crashing down on him.

Hate to think, but seems like nothing good would have happened.

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I wish scm would update. I learned alot from him back in the day as well. Certainly this would not work for most people but he like us is older and is a good business man and I wish him the best.

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I wish scm would update. I learned alot from him back in the day as well. Certainly this would not work for most people but he like us is older and is a good business man and I wish him the best.

Excuse me, but IMO this is not wiser, and his last few updates confirm this. There are a LOT of wise people here, and I don't think any of them would advocate doing what he did.

 

I wish him the best, and success will probably mean drastically changing how he views and uses credit.

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He may very well be obsessed with credit.. The things he is doing isn't wise at all. I can see why he ended up where he did years back. Every one can blame the economy all they want but plenty of businesses made it through and survived including myself. When you play with fire your going to get burned, it may not be right away but it will catch up with you at some point.

 

Any one reading this thread don't do what he does!

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I would say the reason he is not back, or at least posting, is that things went south and he is ashamed to share his latest experiences. I guess there could be other reasons. But, if he were still doing what he thought was well, he would be bragging about it. If he ran into issues, he could still be using forums anonymously to find a way out of it.

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I don't understand the SCM fans. It seems more like a cautionary tale to me. He seems like a likable guy and I hope he comes back, both here and in his financial life.

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The last post in this topic was posted 1174 days ago. 

 

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