Accessing as much cash as possible for a year

[NothingToHide]

Hey guys,

Been in the credit cards reward game for a bunch of years and just recently came across CB- loving what I see in the community here!

 

I'm looking to use my current credit cards and an app spree to get access to as much cash with 0% APR for (at least) the next 12 months. My goal is at least 120k but the more the merrier!

 

The cards that are 0% APR for purchases will require me to send money via PayPal or Venmo (if anyone has better options, let me know- I'm abroad so I can't MS at all) for 3% fee, but can be partially offset with rewards.

 

Current FICO scores: All hovering around the 750-760 range. AAOA: 1.7

 

My current plan:

 

Using current 0% BT offers- Discover It Miles- 5.5k CL (did a CLI 3 weeks ago)

Citi Premier - 7.4k CL (did a SP CLI 3 weeks ago)

BofA Rewards - 3.5k CL with 3.4k to transfer from a BBR

Total= 16.4/19.9k

 

App Spree- (EXP pull #1) Chase- AARP 0% for 12 months, BA (hope for a high limit to transfer to AARP)

I have about 30k CL to transfer from other cards

 

(EQ and TU pulls #1) Cap1- V1 0% for 12 months

I have 2 V's with 15k limits each that I can combine into the new V1. I'm abroad so unsure if they've sent me BT checks

 

(EQ pull #2 and #4/5 ) Citi- Diamond Preferred, Simplicity (7 days later)

I have about 10k CL to transfer from other cards if I take a HP for it

 

(EX pull #2) Amex- Hope to get as many as I can of: ED, ED preferred, BC and BC preferred

No other Amex cards currently open

 

(TU pull #2) Barclays- Ring (and I'll try for the A+ but can't imagine I can pull off 2 Barclay's)

 

(EQ pull #3) Alliant- Platinum Rewards

 

(TU pull #3) Discover- It

 

(EX pull #3) Blispay

 

(TU/EX pull #4 NFCU

 

Any help/tips/advice would be greatly appreciated!

Edited March 4, 2017 by NothingToHide

[ClaimJumper]

Blispay has low starting credit limits and I don't know of anyone that has received a CLI with them.

 

Barclays will probably cancel your card or lower your CL once they see your app spree.

Edited March 4, 2017 by ClaimJumper

[NothingToHide]

Blispay has low starting credit limits and I don't know of anyone that has received a CLI with them.

 

Barclays will probably cancel your card or lower your CL once they see your app spree.

 

Thanks for the response! Blispay is just a throw-in, once I'm at the end of a spree the approvals just aren't going to be there. Never heard of Barclay cancelling, only lowering a limit after doing a random SP. Shouldn't really hurt me once I've extracted the cash. Honestly, I can't imagine I'll raise concerns with them as the Barclays Ring is intended for BTs and I have a history of high spending with them.

[Krish]

Looking for trouble. Not good.

[hegemony]

why on earth?

[NothingToHide]

why on earth?

 

 

Looking for trouble. Not good.

 

Too detailed to go into, but let's say it's a 12-month 100% guaranteed investment so I know I'll be paying off the cards before the 0% ends.

[tiggerlgh]

No investment is guaranteed. That's a lot of money in advances and I would expect balance chasing may occur if you max out all your cards.

[EricDET]

No investment is guaranteed. That's a lot of money in advances and I would expect balance chasing may occur if you max out all your cards.

 

It sounds like he means using the card to pay for things as he's referencing the 0% period which wouldn't include balance transfers anyway. (If he understands that's not how it works.)

[EricDET]

OP- I don't see you reaching $120K in limits from the cards you have listed. And most assuredly not even $25K available in cash... If that is what you mean after all.

[ClaimJumper]

OP- I don't see you reaching $120K in limits from the cards you have listed. And most assuredly not even $25K available in cash... If that is what you mean after all.

 

He said he was going to use PayPal to take out some of the cash, so it will post as a transaction and not as a cash withdraw. I'm assuming that's a red flag for most CC companies.

[EricDET]

 

OP- I don't see you reaching $120K in limits from the cards you have listed. And most assuredly not even $25K available in cash... If that is what you mean after all.

He said he was going to use PayPal to take out some of the cash, so it will post as a transaction and not as a cash withdraw. I'm assuming that's a red flag for most CC companies.

Yeah.... OP is going to get shutdown with the quickness. Lol.

 

Open 9 new credit cards they will be watching you like a hawk to begin with. Poke the bear.... This will not end well.

[ClaimJumper]

 

Barclays will probably cancel your card or lower your CL once they see your app spree.

 

Never heard of Barclay cancelling, only lowering a limit after doing a random SP. Shouldn't really hurt me once I've extracted the cash. Honestly, I can't imagine I'll raise concerns with them as the Barclays Ring is intended for BTs and I have a history of high spending with them.

 

 

Someone here once described Barclays as a jealous girlfriend. When you have a new card with them they don't like to catch you playing around with other new cards.

 

Once you have your cash, they will probably chase your balance down. So if you have a $10K limit and pull out $5K, they will lower your limit down to $5K or less, especially on a new card.

 

I got a Barclay card six months ago, paid in full every month as I do on all my cards. Then last month I miscalculated my statement closing dates and some cards posted with balances. There were no late payments because I always pay in full but there were balances reporting showing. My FICO score dipped a little and that combined with three new cards made Barclay decrease my CL, even though I had always paid in full and had a clean credit report.

[EricDET]

 

 

Barclays will probably cancel your card or lower your CL once they see your app spree.

 

Never heard of Barclay cancelling, only lowering a limit after doing a random SP. Shouldn't really hurt me once I've extracted the cash. Honestly, I can't imagine I'll raise concerns with them as the Barclays Ring is intended for BTs and I have a history of high spending with them.

 

 

Someone here once described Barclays as a jealous girlfriend. When you have a new card with them they don't like to catch you playing around with other new cards.

 

Once you have your cash, they will probably chase your balance down. So if you have a $10K limit and pull out $5K, they will lower your limit down to $5K or less, especially on a new card.

 

I got a Barclay card six months ago, paid in full every month as I do on all my cards. Then last month I miscalculated my statement closing dates and some cards posted with balances. There were no late payments because I always pay in full but there were balances reporting showing. My FICO score dipped a little and that combined with three new cards made Barclay decrease my CL, even though I had always paid in full and had a clean credit report.

 

 

Wow... I've heard Barclays can be fickle. But that's a little ridiculous. I've had 6 new accounts including Barclays for 2 sprees in a row and didn't get anywhere near that treatment. I actually got a auto CLI in that span.

[NothingToHide]

 

 

OP- I don't see you reaching $120K in limits from the cards you have listed. And most assuredly not even $25K available in cash... If that is what you mean after all.

He said he was going to use PayPal to take out some of the cash, so it will post as a transaction and not as a cash withdraw. I'm assuming that's a red flag for most CC companies.

Yeah.... OP is going to get shutdown with the quickness. Lol.

 

Open 9 new credit cards they will be watching you like a hawk to begin with. Poke the bear.... This will not end well.

 

I've done CC rewards for years, I've apped 10+ cards more than once. And, Paypal I've run through 10's of thousands per month

[mendelssohn]

BAD idea.

 

And tens of thousands per month is small time MS.

[ClaimJumper]

I'm not going to disparage your plan. What you do with your cards is your business.

 

But if you read what other's have gone through you can find lots of stories of adverse actions after an app spree.

 

Have you considered a PLOC? While your FICO will suffer the same from the utilization, it might raise less of a red flag if you pull cash from a line of credit.

[NothingToHide]

OP- I don't see you reaching $120K in limits from the cards you have listed. And most assuredly not even $25K available in cash... If that is what you mean after all.

For available cash I'll be using BT and Paypal. I have 20k available in current BT offers, and 30K CL available with Chase and Cap1. so with 2 apps I'm already at 80k, and that's just getting started.

[ClaimJumper]

 

Wow... I've heard Barclays can be fickle. But that's a little ridiculous. I've had 6 new accounts including Barclays for 2 sprees in a row and didn't get anywhere near that treatment. I actually got a auto CLI in that span.

 

 

I know, I was floored. I saw the CL decrease when I logged in to pay my account in full and saw it. They did this even before my statement had closed so my statement still closed with a zero balance.

 

I also had a new car loan, so maybe that added into it.

 

But Chase gave me an auto CLI (nearly doubled my CL and sent me a pack of transfer checks) right after that and I just got a pre-approval offer for the Citi Diamond Preferred card balance transfer card. I guess they saw I just had some cards close with balances. It's strange how what some cards hate others love.

Edited March 4, 2017 by ClaimJumper

[NothingToHide]

BAD idea.

 

And tens of thousands per month is small time MS.

Reason for it being a bad idea?

 

And the 10's of thousands isn't MS, it's plain old paying 3% to run CC's

[mendelssohn]

Max out your BT limits on those cards and watch the chain reaction adverse action happen.

[NothingToHide]

I'm not going to disparage your plan. What you do with your cards is your business.

 

But if you read what other's have gone through you can find lots of stories of adverse actions after an app spree.

 

Have you considered a PLOC? While your FICO will suffer the same from the utilization, it might raise less of a red flag if you pull cash from a line of credit.

Attacking the plan is helpful, as long as it's just and thought-out, not just an immediate reaction.

PLOC will cost me a handful more points in interest, plus I can't imagine I'll be getting high lines of credit.

[drew3918]

[trubliever82]

However unwise this plan obviously is to myself and most others, if you are going to do it, maybe try to get acouple person loans. Then take cards to maybe 70% of cl so you might have less of a chance of AA. But with a 1.6 AAOA and opening new accounts, things will most likely not end well.

 

I have a feeling you might be posting on here months from now asking for advise for a bad situation like many others have over the years after being advised by members to not do something. I hope I'm wrong, but everyone that's been here for awhile has seen it time and time again. Good luck

[hegemony]

this investments sounds very good. how can I get in on it? TIA.

[Agrajag]

The best laid schemes of mice and men

Go often askew,

And leave us nothing but grief and pain,

For promised joy!