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MyFako Condones this Crap

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10 hours ago, DPB said:

I’ve not seen the tv commercials, but I have heard them on the radio. They are constantly promoting some sort of “flipping how-to” seminar. I’ve always assumed that the fee is ridiculous and attendees would learn nothing. But they do always say that you can do it “using someone else’s money.” I guess using 0% cards for cash advances would qualify. But one miscalculation and someone doing it this way is probably going to be considering BK
 

I used to flip houses. I decided to switch to building new because I was tired of competing for properties with people with desk jobs that saw someone on tv flip a house and now they think they can do it too. I’m glad it worked out that way since I’m much happier now and the new house market is less volatile here. I constantly have people asking me what they need to do to start flipping houses. My answer is always, “Do you have $500k in cash?” When they answer no I tell them to wait until they do. 


Never seen a 0% card for cash advances.  Purchases and balance transfers, yes.  But not cash advances.  

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27 minutes ago, PotO said:


Never seen a 0% card for cash advances.  Purchases and balance transfers, yes.  But not cash advances.  

I have heard of 0% for cash advances... from The Bank of Mom & Dad, N.A.

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16 minutes ago, hegemony said:

I have heard of 0% for cash advances... from The Bank of Mom & Dad, N.A.

 

My kids tried to open accounts at that bank.  The decline letter was a simply smack upside the head.  

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13 minutes ago, PotO said:

 

My kids tried to open accounts at that bank.  The decline letter was a simply smack upside the head.  

that's why you're slumming at Money2020 for the Wake Up with CEOs session tomorrow morning at 9.

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19 minutes ago, hegemony said:

that's why you're slumming at Money2020 for the Wake Up with CEOs session tomorrow morning at 9.

 

Kids are, by nature, leeches and, to a certain extent, it's fine.  The trick is in the approval process, T&Cs and enforcing limits.  My kids know me as the "Fook You & Your Sob Story & Human Rights Bullsh!t Bank".  

 

Not sure I'd want to hang out with some of those CEOs.  I mean, most of them make money by actually working for living.  WTF would I want to actually work?  The two easiest ways to make money are:

 

🚫 1.  Pimping out a family member with powerful connections; or

✔️ 2.  Buying an asset that will steadily appreciate in value, lease it out and then selling it at the right time.    

 

I'd pimp you out, Hege, but you're my buddy.  Besides, I value your credit wisdom and advice more.  And that's another reason why I wouldn't fit in with most of those CEOs -- I do have some scruples. 

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14 minutes ago, PotO said:

 

Kids are, by nature, leeches and, to a certain extent, it's fine.  The trick is in the approval process, T&Cs and enforcing limits.  My kids know me as the "Fook You & Your Sob Story & Human Rights Bullsh!t Bank".  

 

Not sure I'd want to hang out with some of those CEOs.  I mean, most of them make money by actually working for living.  WTF would I want to actually work?  The two easiest ways to make money are:

 

🚫 1.  Pimping out a family member with powerful connections; or

✔️ 2.  Buying an asset that will steadily appreciate in value, lease it out and then selling it at the right time.    

 

I'd pimp you out, Hege, but you're my buddy.  Besides, I value your credit wisdom and advice more.  And that's another reason why I wouldn't fit in with most of those CEOs -- I do have some scruples. 

I tagged along for some free food; some of the C-level folks are pretty boring. a bunch of buzz over Uber Cash; fintech all over the place; and saw some stuff on how Libre will fail because nobody trusts facebook.

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1 hour ago, PotO said:


Never seen a 0% card for cash advances.  Purchases and balance transfers, yes.  But not cash advances.  

Doesn’t Chase have some cards where they give you checks you can deposit into your account, and then the balance has 0% for a set period of time?

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30 minutes ago, DPB said:

Doesn’t Chase have some cards where they give you checks you can deposit into your account, and then the balance has 0% for a set period of time?

 

They have a BT fee.  The APR might be 0%, but the BT fee is around 3%+.  A 3% upfront fee is equal to around a 6% APR.

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57 minutes ago, hegemony said:

I tagged along for some free food; some of the C-level folks are pretty boring. a bunch of buzz over Uber Cash; fintech all over the place; and saw some stuff on how Libre will fail because nobody trusts facebook.

 

The free food might be a plus.  :)

 

Yeah, the Barclays Uber card getting nerfed and now you only get FUber Cash sucks.  So does Facebook.  

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These house flipping people are some shady a** mothers. I shoot photos for a living and I was once hired to photograph a "Small Business Conference" where many of them congregated. After I spent an entire day taking photos, I figured out that they really only wanted me there to make their event seem more important than it was. They did pay me, but they had no interest whatsoever in getting the photos after the event was over. I also witnessed a lot of the cult-like influencing going on and it was pretty disturbing. I watched dozens of people line up with their credit cards to pay thousands of dollars to attend a 1-day workshop.

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1 hour ago, RehabbingANDBlabbing said:

These house flipping people are some shady a** mothers. I shoot photos for a living and I was once hired to photograph a "Small Business Conference" where many of them congregated. After I spent an entire day taking photos, I figured out that they really only wanted me there to make their event seem more important than it was. They did pay me, but they had no interest whatsoever in getting the photos after the event was over. I also witnessed a lot of the cult-like influencing going on and it was pretty disturbing. I watched dozens of people line up with their credit cards to pay thousands of dollars to attend a 1-day workshop.

 

Exactly!

 

Just cockroaches.  I love ROTFLMFAO when they crash & burn.

 

As much as people b!tch about AMWAY, at least they make good vitamins.

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10 hours ago, PotO said:

 

They have a BT fee.  The APR might be 0%, but the BT fee is around 3%+.  A 3% upfront fee is equal to around a 6% APR.

 Makes sense. 

9 hours ago, RehabbingANDBlabbing said:

These house flipping people are some shady a** mothers. I shoot photos for a living and I was once hired to photograph a "Small Business Conference" where many of them congregated. After I spent an entire day taking photos, I figured out that they really only wanted me there to make their event seem more important than it was. They did pay me, but they had no interest whatsoever in getting the photos after the event was over. I also witnessed a lot of the cult-like influencing going on and it was pretty disturbing. I watched dozens of people line up with their credit cards to pay thousands of dollars to attend a 1-day workshop.

That’s about what I’d expect from those conferences. Especially since their radio ads say they’ll teach you how to flip houses using someone else’s money in your spare time. Seems like a scam where you’re just throwing away money to attend a “conference” that teaches you nothing. 

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1 hour ago, hegemony said:

"Across all his cards", nonetheless.  What joy to be able to pay for a $89 dinner at Applebees over time with no interest!

 

Still, the narrative re an attempt to bt an Apple Card balance is instructive for some.  Sufficiently so, that I don't think the post is "worthy" of inclusion in this thread ...

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47 minutes ago, hdporter said:

"Across all his cards", nonetheless.  What joy to be able to pay for a $89 dinner at Applebees over time with no interest!

 

Still, the narrative re an attempt to bt an Apple Card balance is instructive for some.  Sufficiently so, that I don't think the post is "worthy" of inclusion in this thread ...

I thought about putting in the Apple thread but there is too much myfako taint

 

for the record I cheering for the idea that citi and GS screwed him out of the $89 dinner

Edited by hegemony

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2 hours ago, hegemony said:

 

The BT itself is amusing, but there's a bigger picture here ...

 

Notice how the d-bag multitude, with zero practical experience and a cumulative IQ of < 12 jumps on the guy to say that you cannot do external transfers to the Apple Card?  Well, as usual, they are full of sh!te.

 

 

 

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No link but a story.  A couple weeks ago in the rebuilding section I was trying to get someone to check SOL status before he followed some advice to start contacting OC's about some 4 YO charge-offs. 

 

A discussion ensued and I used our situation (Wife and I) as an example of waiting to poke the bear until SOL etc.  I mentioned how we were just waiting for our old CO's to drop off in a year if we could not get them removed through disputes.   That seemed to raise a few feathers.  Some yahoo over there actually said that we should max out our recently acquired, and always paid in full, $45k in combined credit lines to pay off our 6 YO, out of SOL CO's.  I have heard bad advice there but that seemed incredibly stupid.  I stated that fact for the record. 

 

Can you imagine the ramifications for someone if they followed that dimwit's advice?

Edited by pacemaker67

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1 hour ago, hdporter said:

heh heh, you said "taint" ...

If he had NOT worked the taint, would the thread have been tainted? 

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So, is the punchline to a joke about slumming on myFICO:  "Can I do it until I need glasses?"

 

Seriously, the concern that I might go blind keeps me at bay ...

 

< Advisory:  allusion to 40+ year old humor ... >

Edited by hdporter

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2 hours ago, cv91915 said:

"Should I refinance a 9.24% 84-month car loan?"  

 

Consensus so far is... "Not yet."

 

https://ficoforums.myfico.com/t5/Auto-Loans/Would-you-refi-with-this-offer-or-wait/td-p/5805198 

 

Just boggles the mind that they are relying upon unsolicited offers as opposed to actually, oh I don't know...being proactive about finding something that would save several thousand dollars.  And to be content with a reduction to a six-year note...the stupidity abounds over there. 

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1 hour ago, hegemony said:

just can't help yourself

I give until it hurts.

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no reply informing the new member that it doesn't work that way...

 

 

 

 

 
Quote

 

Massive Total Credit Limit Increase :)

Been grinding for mid 700s to 800s over the last few years and yesterday was an exciting day for my CC limits lol. Went for some Credit Limit increases on a few accounts and to my surprise I ended up with about $35,000 more in credit limit. Also, made some big payments of $7000 on a few CCs. Puts our total utilization at $12,500 out of $82,000. Should have the $12,500 paid off over the next 3 months. Wonder what kind of score increase I can expect

 

 

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