Accessing as much cash as possible for a year

[hegemony]

100k enough to get me in?

[ClaimJumper]

There are so many businesses that have financed with credit cards. Since he's overseas he may have come across some type of arbitrage deal, where he can buy something for a dime and sell it for a quarter.

 

I knew a guy that spent several years in the Federal Pen. When he got out he had nothing on his credit report except for things were over seven years old still in good standing.

 

Somehow he got the contract to do the school yearbook portraits for several of the counties in my state. It was as close as you are going to get to a 100% sure thing... if you have the money. Like the OP, he apped lots of cards, maxed them out on equipment and cash for payroll and within a year after getting out prison he was a millionaire.

[NothingToHide]

So far it seems the only 2 issues being raised are: The soundness of my investment- if it's not 100% then I'll get messed over with too much debt and no more money. In regard to that, let's all assumed that my millionaire dad has told me that if I can raise 120k he'll match me penny to penny, guaranteed. The second issue being raised is AA from the CC companies. Not sure what type of adverse action and from whom- Once approved and maxed out, the worst they can do is lower CL of which I've already maxed out and don't have to pay interest on, which I can handle. I'm going to make sure I get the cards maxed before any of the other cards report high util.

[DeadMoneyDrew]

Investing in something using money borrowed from credit cards sounds like a horrible idea.

[hdporter]

So far it seems the only 2 issues being raised are: The soundness of my investment- if it's not 100% then I'll get messed over with too much debt and no more money. In regard to that, let's all assumed that my millionaire dad has told me that if I can raise 120k he'll match me penny to penny, guaranteed. The second issue being raised is AA from the CC companies. Not sure what type of adverse action and from whom- Once approved and maxed out, the worst they can do is lower CL of which I've already maxed out and don't have to pay interest on, which I can handle. I'm going to make sure I get the cards maxed before any of the other cards report high util.

 

popcorn's in the microwave ...

[mendelssohn]

BTW the worst they can do is close the account which would really jack up utilization since the balance would count but the credit limit would count as $0.

[Big Bear]

 

So far it seems the only 2 issues being raised are: The soundness of my investment- if it's not 100% then I'll get messed over with too much debt and no more money. In regard to that, let's all assumed that my millionaire dad has told me that if I can raise 120k he'll match me penny to penny, guaranteed. The second issue being raised is AA from the CC companies. Not sure what type of adverse action and from whom- Once approved and maxed out, the worst they can do is lower CL of which I've already maxed out and don't have to pay interest on, which I can handle. I'm going to make sure I get the cards maxed before any of the other cards report high util.

 

popcorn's in the microwave ...

 

Likewise.

#Subscribed

[cashnocredit]

You pays your money and takes your chances.

[mec]

What was the question?

 

Guidance and help require more information.

 

Will manipulating your available credit to take 120,000 dollars out in cash, overseas, panic your creditors and cause your credit to be withdrawn and your scores to plummet?

 

Probably.

[Tileguy61]

 

I got nothing...

[hegemony]

my cash is ready to transfer. please PM me so I can get in on this. TIA.

[NothingToHide]

What was the question?

 

Guidance and help require more information.

 

Will manipulating your available credit to take 120,000 dollars out in cash, overseas, panic your creditors and cause your credit to be withdrawn and your scores to plummet?

 

Probably.

Will definitely cause my score to plummet, but don't really mind too much. What do you mean by "withdrawn?" Once the limit is being used, there's not much to do. Even closing the account won't force me to pay them the money back.

 

The help requested was to possibly tweak my app spree, recommend different cards, different order of applications etc.

 

Wasn't expected everyone to just parrot "o my goodness, you're doing something that everybody says not to do, it must end in disaster" without giving much legitimate reason, aside from one or 2 vague concerns.

[cashnocredit]

Keeping in mind that many people are reading this thread, how, exactly, does the requested advice differ from someone planning a bust-out?

[LKH]

 

What was the question?

 

Guidance and help require more information.

 

Will manipulating your available credit to take 120,000 dollars out in cash, overseas, panic your creditors and cause your credit to be withdrawn and your scores to plummet?

 

Probably.

Will definitely cause my score to plummet, but don't really mind too much. What do you mean by "withdrawn?" Once the limit is being used, there's not much to do. Even closing the account won't force me to pay them the money back.

 

The help requested was to possibly tweak my app spree, recommend different cards, different order of applications etc.

 

Wasn't expected everyone to just parrot "o my goodness, you're doing something that everybody says not to do, it must end in disaster" without giving much legitimate reason, aside from one or 2 vague concerns.

 

Well guess what? People will parrot "you're doing something that everybody says not to do, it must end in disaster" because that is likely how it will end.

And I doubt anyone is going to help you tweak your app spree when they don't believe what you are planning to do is a good idea.

[mendelssohn]

I'm definitely not parroting.

 

There are plenty of "aftermath" threads on CB.

[ukaserex]

One thing - not sure if using Paypal will be a way around it - but on most of my cards, if the limit is 10k, I can only pull out 25% in cash. Capital One is different; it seems to allow for 80% in cash advances. I don't think with 120k in credit limits you can get 120k in cash, unless, of course you can work around that with Paypal. I know a casino will let you exceed that cash advance limit, but the fees they charge will eat your profits up, I'd think.

[wingwalker]

Keeping in mind that many people are reading this thread, how, exactly, does the requested advice differ from someone planning a bust-out?

 

This. ^^

[cashnocredit]

One thing - not sure if using Paypal will be a way around it - but on most of my cards, if the limit is 10k, I can only pull out 25% in cash. Capital One is different; it seems to allow for 80% in cash advances. I don't think with 120k in credit limits you can get 120k in cash, unless, of course you can work around that with Paypal. I know a casino will let you exceed that cash advance limit, but the fees they charge will eat your profits up, I'd think.

 

IIRC, some casinos will give you a cash advance on a CC but charge it as if it was a purchase. At least I had one offer to do that 15 years ago or so. I didn't take them up on it. I think that violates the agreement they have with the issuers and, IIRC, many CC T&Cs restrict use of CCs for purchasing gambling chips.

[mec]

 

What was the question?

 

Guidance and help require more information.

 

Will manipulating your available credit to take 120,000 dollars out in cash, overseas, panic your creditors and cause your credit to be withdrawn and your scores to plummet?

 

Probably.

.... What do you mean by "withdrawn?" ...

 

Close the account(s).

[hegemony]

So far it seems the only 2 issues being raised are: The soundness of my investment- if it's not 100% then I'll get messed over with too much debt and no more money. In regard to that, let's all assumed that my millionaire dad has told me that if I can raise 120k he'll match me penny to penny, guaranteed. The second issue being raised is AA from the CC companies. Not sure what type of adverse action and from whom- Once approved and maxed out, the worst they can do is lower CL of which I've already maxed out and don't have to pay interest on, which I can handle. I'm going to make sure I get the cards maxed before any of the other cards report high util.

 

did you tell rich dad how you are raising the cashola?

[STC]

These are legitimate questions:

 

How do you get money out of a credit card using paypal??? I use paypal from time to time but I dont understand what's happening here?

 

Someone mentioned a "bust out" what does that mean?

 

Excuse my obvious ignorance but this thread is interesting....

Edited March 5, 2017 by STC

[Konrad2012]

I'd damn near guarantee the OP is the same guy that posts on here with different names all the time. Been involved in FOREX trading and all that other crap.

[steelers1]

So far it seems the only 2 issues being raised are: The soundness of my investment- if it's not 100% then I'll get messed over with too much debt and no more money. In regard to that, let's all assumed that my millionaire dad has told me that if I can raise 120k he'll match me penny to penny, guaranteed. The second issue being raised is AA from the CC companies. Not sure what type of adverse action and from whom- Once approved and maxed out, the worst they can do is lower CL of which I've already maxed out and don't have to pay interest on, which I can handle. I'm going to make sure I get the cards maxed before any of the other cards report high util.

 

IF you have a millionaire Dad then borrow the money from him.

 

and again IF you have a millionaire Dad then he would advise you on exactly how much of a f*cked up idea this is

[TheVig]

I'm not sure what to say.

 

When the OP's world comes crashing down, hopefully he will have the balls to post and tell us all the details and not simply disappear.

 

The plan makes about as much sense as the time when the DW cousin took out a car title loan to take advantage of black Friday sales.

[steelers1]

I'm not sure what to say.

 

When the OP's world comes crashing down, hopefully he will have the balls to post and tell us all the details and not simply disappear.

 

The plan makes about as much sense as the time when the DW cousin took out a car title loan to take advantage of black Friday sales AT WALMART!

 

FIFY!