Accessing as much cash as possible for a year

[STC]

I didn't know what a bust out was until this thread. I googled it and found a ton of information on it. It seems quite a few people have gone to jail for doing this. I am pretty sure this is not legitimate. As far as investments are concerned there's a motto we use "dont' invest what you can't afford to lose" and never borrow to invest... geesh this guy...

[hegemony]

[STC]

Nice

[hegemony]

must be on Stage 2 by now...

[Big Bear]

Did you know the Hindenburg airship had a smoker's lounge? Almost zero risk!

[wingwalker]

Did you know the Hindenburg airship had a smoker's lounge? Almost zero risk!

 

 

What could go wrong?

 

I've done some research on PayPal being used as a cash flow tool. "Taking a dim view" is an understatement.

[Brandon1008]

dang... he bailed?

 

I was planning on early retirement.

[NothingToHide]

Guess I'll give up on this thread being useful, but we can still enjoy ourselves if you guys want!

 

To answer the guy who called me out on "BS" regarding my "millionaire dad"- go look back at my response, I specifically said "let's say" so that we can take out the investment side of the equation, which everyone is attacking.

 

Yes, my OP would definitely be the same if I was looking to bust-out... won't be able to prove otherwise, although I don't see a need nor care to.

 

Not sure what the problem with a 1.7 AAOA is- if I was in the game for 4 years and churned the same amount of cards every year, my AAOA would be 2.... 1.7 AAOA just means that I've gotten slightly more cards in the last 2 years than the previous 2.

 

For all of those who are yelling "don't borrow to invest"- you guys have a fair point- I'm definitely going against that rule. But, I'm confident enough in my investment to take that risk, although I appreciate all the warnings intended for my best interest!

 

In all honesty I didn't expect to get so attacked- I figured there would be a handful of comments regarding the investment side, but I was hoping for more critique on the credit game plan- planning which cards to app, order of application, better ways to move around credit etc.

 

Maybe I should've titled the thread "Let's say you were planning a bust-out, what would your game plan be?"

[NothingToHide]

Has anyone else ever wondered if the credit card companies troll boards like this one. There is enough information listed (cards owned with the balances, recent CLIs, etc.) for them to easily identify the OP and put an internal red flag on him.

 

But then again, i"m kinda paranoid.

Interesting point, I did leave quite a lot of info in my OP, didn't even think about it... In practicality, I can't imagine how it'd work- an individual bank would have to find everyone that meets the criteria e.g. 2 15k ventures, and SP their credit to see which one matches the rest of the info I posted.

[Brandon1008]

I thought about busting out once.... I could grab the $100k and go!

 

BUT... Im not a thief.... sooooooo

 

Im here being responsible and all.

[hegemony]

where were you attacked? you gave us a wild "what if" and no details on the "opportunity." grow a pair snowflake. perhaps if you provided enough information for informed responses your line of inquiry would be more believable and provide you with answers you consider helpful.

 

moreover, if you did not find the answers you want, try MFF and FW and see how responses there differ. good luck.

[NothingToHide]

where were you attacked? you gave us a wild "what if" and no details on the "opportunity." grow a pair snowflake. perhaps if you provided enough information for informed responses your line of inquiry would be more believable and provide you with answers you consider helpful.

 

moreover, if you did not find the answers you want, try MFF and FW and see how responses there differ. good luck.

the wild "what if" is the investment side of the equation, which I specifically left without detail because it wasn't relevant to the credit side of things. I certainly gave quite a bit of very relevant information, including my though-out plan of action regarding accessing more credit.

 

In terms of being attacked, I was referring to people just commenting about how crazy it is, bad idea etc. to invest borrowed money. No sweat off my back if they do, but it definitely gets us nowhere in terms of credit. If this is what provides entertainment, then like I said, we can definitely continue the thread just for that!

[tobettercredit]

OP I command you for your calm demeanor. Sometime a thread on CB will get derailed for reasons that I've never been able to explain. As far as your plan I think it's too early to pull it off. Your profile is kind of thin and you don't have enough available credit to play. I will suggest you wait until you have a strong profile and maybe some cash of your own. I read somewhere a lot of people in the US use credit cards to start and/ or float a business. But I think in your case you're leveraging too much with so little in terms of your own investment.

Edited March 7, 2017 by tobettercredit

[NothingToHide]

OP I command you for your calm demeanor. Sometime a thread on CB will get derailed for reasons that I've never been able to explain. As far as your plan I think it's too early to pull it off. Your profile is kind of thin and you don't have enough available credit to play. I will suggest you wait until you have a strong profile and maybe some cash of your own. I read somewhere a lot of people in the US use credit cards to start and/ or float a business. But I think in your case you're leveraging too much with so little in terms of your own investment.

Thanks for the vote of confidence! I didn't think it was relevant to mention, but I do have 25-30k of my own cash to work with also. I can definitely wait and build up my credit with CLI and some more credit from banks that send BT offers, but I do feel with my current available credit plus some more cards that I can pull off my 120k goal (not including my own cash). Do you really think it's unrealistic?

[tobettercredit]

 

OP I command you for your calm demeanor. Sometime a thread on CB will get derailed for reasons that I've never been able to explain. As far as your plan I think it's too early to pull it off. Your profile is kind of thin and you don't have enough available credit to play. I will suggest you wait until you have a strong profile and maybe some cash of your own. I read somewhere a lot of people in the US use credit cards to start and/ or float a business. But I think in your case you're leveraging too much with so little in terms of your own investment.

Thanks for the vote of confidence! I didn't think it was relevant to mention, but I do have 25-30k of my own cash to work with also. I can definitely wait and build up my credit with CLI and some more credit from banks that send BT offers, but I do feel with my current available credit plus some more cards that I can pull off my 120k goal (not including my own cash). Do you really think it's unrealistic?

I am using my Iphone.I have no access to your siggy. So can't tell how much you have in available credit. Will definitely check it out and offer advice later when I have access to my computer

[CreditNewb15]

Do you really think it's unrealistic?

 

 

 

It would have to be timed perfectly, with no complications to even access the cash.

Once the card issuers realize what has happened, you'd need to start a new thread.

[hdporter]

NTH ... I'll give you the benefit of a couple of minutes of thoughtful commentary:

 

In terms of base facts, you gave us little more than your intent to open sufficient revolvers from which to draw $120k for investment, preferably in 0% "bt's" (Funds accessed through PayPal, or whatever.)

 

You claim that between loosely defined financial resources and the investment prospects itself that this was a near 0-risk proposition. Then you asked for feedback re potential creditor risk ... noting that once you had tapped funds, you saw little creditors might do that would impact you adversely. (CLD's, and even closures, were of no concern because you didn't intend to draw more funds.)

 

Truth is, you left little to comment on. You've identified the two key risks and have pretty much dismissed them out of hand. Without an intelligent description of the investment, we can only take your word that there's little or no risk to the payback. But, as I see it, if there's any risk whatsoever, you leave yourself totally leveraged and with no flexibility should things not go as planned.

 

As far as credit risk, undertaken as you describe, I'd expect you'd be totally shut down by most or all of your creditors. $120k in revolving debt will freak out most any lender unless you've demonstrated at least $2 mil net worth.

 

Beyond those observations, you've left nothing else to be said.

 

 

[mendelssohn]

Example:

 

You take out $120K on $300K in CL (40%). That is way too high a balance, and probably much more in CL than you could get.

 

Creditor A doesn't like the sudden $20K/$30K balance, freaks out and closes your account.

 

Since balances on closed cards count but CL do not, you are now at $120K/$270K.

 

Creditors B and C follow suit and you lose another $60K in CL.

 

You're now at $120K/$210K.

 

By now, all your creditors are paying attention and are either balance chasing you or closing your accounts.

 

This is a realistic example.

[mec]

It seems like the only thing that is missing is the repayment timeline.

 

How fast will you be able to pay off this 120k ?

 

What will your first payment be (~2% is probably a reasonable guesstimate) ?

 

What is the ROI in the 120k month by month ?

[pingpolo]

It seems like the only thing that is missing is the repayment timeline.

 

How fast will you be able to pay off this 120k ?

 

What will your first payment be (~2% is probably a reasonable guesstimate) ?

 

What is the ROI in the 120k month by month ?

mec, I'm not trying to be rude, just honest. He is not asking for investment strategy advice or repayment advice. His only concern is getting the cash and will deal with whatever comes as it comes. So either give him advice on how to access credit lines for the cash or stay out of it. All these posts on here telling the guy he is making a bad decision or looking for him to give you ammo so you can shoot down his idea is ridiculous. Either help him or do not post. Thank you.

[hegemony]

 

It seems like the only thing that is missing is the repayment timeline.

 

How fast will you be able to pay off this 120k ?

 

What will your first payment be (~2% is probably a reasonable guesstimate) ?

 

What is the ROI in the 120k month by month ?

mec, I'm not trying to be rude, just honest. He is not asking for investment strategy advice or repayment advice. His only concern is getting the cash and will deal with whatever comes as it comes. So either give him advice on how to access credit lines for the cash or stay out of it. All these posts on here telling the guy he is making a bad decision or looking for him to give you ammo so you can shoot down his idea is ridiculous. Either help him or do not post. Thank you.

 

the question about making min. payments on the cards is apropos if the OP wants to maintain the strategy more than one month. I can't believe you don't see that.

[mendelssohn]

 

It seems like the only thing that is missing is the repayment timeline.

 

How fast will you be able to pay off this 120k ?

 

What will your first payment be (~2% is probably a reasonable guesstimate) ?

 

What is the ROI in the 120k month by month ?

mec, I'm not trying to be rude, just honest. He is not asking for investment strategy advice or repayment advice. His only concern is getting the cash and will deal with whatever comes as it comes. So either give him advice on how to access credit lines for the cash or stay out of it. All these posts on here telling the guy he is making a bad decision or looking for him to give you ammo so you can shoot down his idea is ridiculous. Either help him or do not post. Thank you.

When people lay their cards on the table, people are free to give advice based on the information shared.

 

Nobody here in their right mind is going to help him create a disaster.

 

Starting from where he is right now anyway, I don't think it's possible.

 

This thread reminds me of SuperCreditMan's rebuild attempt.

[MarvBear]

 

It seems like the only thing that is missing is the repayment timeline.

 

How fast will you be able to pay off this 120k ?

 

What will your first payment be (~2% is probably a reasonable guesstimate) ?

 

What is the ROI in the 120k month by month ?

mec, I'm not trying to be rude, just honest. He is not asking for investment strategy advice or repayment advice. His only concern is getting the cash and will deal with whatever comes as it comes. So either give him advice on how to access credit lines for the cash or stay out of it. All these posts on here telling the guy he is making a bad decision or looking for him to give you ammo so you can shoot down his idea is ridiculous. Either help him or do not post. Thank you.

 

Who died and left you in charge, that you should instruct our members?

[pingpolo]

 

 

It seems like the only thing that is missing is the repayment timeline.

 

How fast will you be able to pay off this 120k ?

 

What will your first payment be (~2% is probably a reasonable guesstimate) ?

 

What is the ROI in the 120k month by month ?

mec, I'm not trying to be rude, just honest. He is not asking for investment strategy advice or repayment advice. His only concern is getting the cash and will deal with whatever comes as it comes. So either give him advice on how to access credit lines for the cash or stay out of it. All these posts on here telling the guy he is making a bad decision or looking for him to give you ammo so you can shoot down his idea is ridiculous. Either help him or do not post. Thank you.

 

Who died and left you in charge, that you should instruct our members?

 

I did not instruct, just gave my honest, polite opinion. Way more polite than a lot of people have been on this thread, so no harm, no foul. We are all entitled to our opinions on here, as are you.

[hegemony]

 

 

It seems like the only thing that is missing is the repayment timeline.

 

How fast will you be able to pay off this 120k ?

 

What will your first payment be (~2% is probably a reasonable guesstimate) ?

 

What is the ROI in the 120k month by month ?

mec, I'm not trying to be rude, just honest. He is not asking for investment strategy advice or repayment advice. His only concern is getting the cash and will deal with whatever comes as it comes. So either give him advice on how to access credit lines for the cash or stay out of it. All these posts on here telling the guy he is making a bad decision or looking for him to give you ammo so you can shoot down his idea is ridiculous. Either help him or do not post. Thank you.

When people lay their cards on the table, people are free to give advice based on the information shared.

 

Nobody here in their right mind is going to help him create a disaster.

 

Starting from where he is right now anyway, I don't think it's possible.

 

This thread reminds me of SuperCreditMan's rebuild attempt.

 

well... at least SCM had a business...