How do I avoid getting balance-chased?

[Guest]

I presently have the means to pay my FPB card off in full. And I will resist every urge to not close it, because, as MannyLNJ said, "The stain will remain on my reports whether I close it or not," which, for me, begs the question: Then WHEN to close it, since if it is a running clock, and longer looks better.. Does Not Compute.

 

IIRC, FPB is a balance chaser, undesirable stain on panties of a company.

 

Soo.. Assume my balance is $638 o na $0 limit. Assume, as well, that I have this money in my pocket. Also assume that I am *trying( to not go out and buy a 2001 Chrysler Sebring convertible that all I would need to do is get it to start, and I could sell it..

 

Best course of action? Thank you!

[BDK]

Stop with the drama, and PIF.

[MannyLNJ]

I presently have the means to pay my FPB card off in full. And I will resist every urge to not close it, because, as MannyLNJ said, "The stain will remain on my reports whether I close it or not," which, for me, begs the question: Then WHEN to close it, since if it is a running clock, and longer looks better.. Does Not Compute.

 

IIRC, FPB is a balance chaser, undesirable stain on panties of a company.

 

Soo.. Assume my balance is $638 o na $0 limit. Assume, as well, that I have this money in my pocket. Also assume that I am *trying( to not go out and buy a 2001 Chrysler Sebring convertible that all I would need to do is get it to start, and I could sell it..

 

Best course of action? Thank you!

 

If the limit is zero the best course of action is to pay the balance to zero.

[BDK]

 

I presently have the means to pay my FPB card off in full. And I will resist every urge to not close it, because, as MannyLNJ said, "The stain will remain on my reports whether I close it or not," which, for me, begs the question: Then WHEN to close it, since if it is a running clock, and longer looks better.. Does Not Compute.

 

IIRC, FPB is a balance chaser, undesirable stain on panties of a company.

 

Soo.. Assume my balance is $638 o na $0 limit. Assume, as well, that I have this money in my pocket. Also assume that I am *trying( to not go out and buy a 2001 Chrysler Sebring convertible that all I would need to do is get it to start, and I could sell it..

 

Best course of action? Thank you!

If the limit is zero the best course of action is to pay the balance to zero.

.... and then immediately CLOSE.

[Guest]

The limit is $700, the balance is $638.

 

So, to reiterate:

 

1. Stop chasing cars... (I want to flip them and make money) the Sebring sold but this is still here http://newjersey.craigslist.org/cto/3747987599.html ????

2. PAY FPB

3. CLOSE right after???

[Guest]

BK, MannyLNJ, I have all this green money cash in my pocket and I am ... really trying to maximize it's going forward. (BobWang, chime in please!)

 

I have more than $1000 and would love to flip cars for a living. And then, we have credit. Can't they work together?? Flip cars cash -= pay credit, PIF?

 

Oh and BDK, my three newest accounts ARE PIFed. My oldest, are not, as of this time...

Edited April 20, 2013 by CTSoxFan
Removed inappropriate video

[prosumer]

First, those lyrics are horribl.....y wrong. Much better versions to be found, with the correct lyrics

 

Second, can you absorb the time hit if you get stuck with that car and the cost to bring it up to a product someone would buy?

[futurehomeowner?]

BK, MannyLNJ, I have all this green money cash in my pocket and I am ... really trying to maximize it's going forward. (BobWang, chime in please!)

 

I have more than $1000 and would love to flip cars for a living. And then, we have credit. Can't they work together?? Flip cars cash -= pay credit, PIF?

 

Oh and BDK, my three newest accounts ARE PIFed. My oldest, are not, as of this time...

yes that is how the business world works. The problem with a $700 card is you can probably only buy 1 car on that. What happens when the car doesnt sell quickly or you can't get it working. Now you have your only capital tied up in this car and you are paying 229% interest on the sub prime card.

 

The way to use revolving credit is to find a way to get 6 months 0% which gives you time to flip it without interest.

[Guest]

^^^^

 

1. The garage just opened up, I can park my Blazer in it.

^^ So, as to another car, the one that gets flipped... (btw, Blazer can tow a non-running ca.r I loves my truck:)

2. The idea would then be to "apply Walmart strategy:" a. Price for less than competition

b. Sell in artificlaly higher market, a la Boston.

c, Partner would provide legally required items for road transport NJ ---> MA.

 

That Sebring was a beaute. it sold quickly.

 

As to FPB, I am debated as to pay them down vs pay them off, and close them. For, if I am to flip a car, I need all the $20's I got in my pocket... I also got hundreds, 10,s, and a 50. I have like $1400 right now.

Edited April 20, 2013 by rslifkin

[CTSoxFan]

BK, MannyLNJ, I have all this green money cash in my pocket and I am ... really trying to maximize it's going forward. (BobWang, chime in please!)

 

I have more than $1000 and would love to flip cars for a living. And then, we have credit. Can't they work together?? Flip cars cash -= pay credit, PIF?

 

Oh and BDK, my three newest accounts ARE PIFed. My oldest, are not, as of this time...

 

Joseph, you know better. Language like that is NOT allowed.

[chugs102]

PIF, you foolio.

 

Like futurehomeowner? suggested, look for a different card to do your financing. Otherwise, start saving up again.

[MannyLNJ]

When your credit improves THEN think about buying and selling cars. You shouldn't be considering a car even if you are going to sell it quickly if you have credit card dent.

 

A partial solution is to find RUNNING cars on Craigslist in one state, post it for sale in another state and once you have a buyer THEN but it and sell it. So you act more as a middle man.

[BDK]

When your credit improves THEN think about buying and selling cars. You shouldn't be considering a car even if you are going to sell it quickly if you have credit card dent.

 

A partial solution is to find RUNNING cars on Craigslist in one state, post it for sale in another state and once you have a buyer THEN but it and sell it. So you act more as a middle man.

[Clydesmom]

When your credit improves THEN think about buying and selling cars. You shouldn't be considering a car even if you are going to sell it quickly if you have credit card dent.

 

A partial solution is to find RUNNING cars on Craigslist in one state, post it for sale in another state and once you have a buyer THEN but it and sell it. So you act more as a middle man.

BAD plan since is illegal and very likely to land you in jail.

[moosetracks]

 

When your credit improves THEN think about buying and selling cars. You shouldn't be considering a car even if you are going to sell it quickly if you have credit card dent.

 

A partial solution is to find RUNNING cars on Craigslist in one state, post it for sale in another state and once you have a buyer THEN but it and sell it. So you act more as a middle man.

BAD plan since is illegal and very likely to land you in jail.

 

+1

[nbipbm]

 

When your credit improves THEN think about buying and selling cars. You shouldn't be considering a car even if you are going to sell it quickly if you have credit card dent.

 

A partial solution is to find RUNNING cars on Craigslist in one state, post it for sale in another state and once you have a buyer THEN but it and sell it. So you act more as a middle man.

BAD plan since is illegal and very likely to land you in jail.

What would this be called, as I would be interested in looking more into it to see exactly what it is. I do not intend to do it, but wouldn't think it illegal. To me it's the same as drop shipping products. I am not saying you are wrong, just saying that I wouldn't have thought it a bad idea if someone said it to me.

[melikey]

I don't think FP balance chases. If they do that's even better. Maybe people will get upset enough to close the crappy card.

 

 

P.S. Any business plan that involves using a $700 limit FP as its source of financing is doomed to fail. Maybe it would work for a lemonade stand?... naw still no good.

 

You should wait until you have better financing options.

[BobWang]

I agree with paying off the credit card debt.

 

I also agree that you don't seem to have much financial slack in making flipping cars profitable.

[Rebuilding2010]

Stop with the drama, and PIF.

I honestly think he already knows what to do, I mean he had gotten a TON of information about it, I think he's more interested in the car advice,thats why every new thread seems to end up back there.

[Guest]

 

Stop with the drama, and PIF.

I honestly think he already knows what to do, I mean he had gotten a TON of information about it, I think he's more interested in the car advice,thats why every new thread seems to end up back there.

The hardest part for me is to part with all the cash.

 

And sorry for the inappropriate video.

 

On the flipside, I had a very good day today.

[Guest]

 

Stop with the drama, and PIF.

I honestly think he already knows what to do, I mean he had gotten a TON of information about it, I think he's more interested in the car advice,thats why every new thread seems to end up back there.

If I had to get back on the credit topic and away from the cars and the videos from that "I wanna rock some tags" song (I heard it twice, i'm good) then I would probably elect to pay FPB down, and PIF my newest accounts. The reason for this is because I have anxiety over not having enough capital to make another form of income (?) However, I will likely end up putting all my money to credit.

 

I do not feel buying/selling cars is illegal.

[Guest]

^^^ and yes, I have been talking about it as of late because I have realized that it is one of the things that I was born to do. I can't remain broke. And I have BAD employment history.

 

Again, apologies for the video. That one got away from me, I had never heard the song previous to posting it up. That will be a one-time occurance of an inappropriate media file. Apologies. Let's please move on. Thank you.

[Guest]

Back OT: Can we (again) discuss the benefits of keeping FPB open and paying it off PIF, vs PIFing it and then cancelling it? I just realized that FPB Purple Monster $700 CL could be my ideal EBay card, if nothing else.

 

MannyLNJ, If I close FPB, I start the clock towards getting my stain off?

 

And I also had thought that "there was never a good reason to close an open, positively reporting TL, except for perhaps the imposition of an AF." True, or false?

[patz2009]

Back OT: Can we (again) discuss the benefits of keeping FPB open and paying it off PIF, vs PIFing it and then cancelling it? I just realized that FPB Purple Monster $700 CL could be my ideal EBay card, if nothing else.

 

MannyLNJ, If I close FPB, I start the clock towards getting my stain off?

 

And I also had thought that "there was never a good reason to close an open, positively reporting TL, except for perhaps the imposition of an AF." True, or false?

Pros of PIF/closing: No more fees, no longer considered an "active bad tradeline" (explained below)

Pros of PIF/keep open: Continue to contribute to increasing account age.

 

What I mean about the "active bad tradeline" bit (which should also answer your last question): Many upper-tier creditors (most notably AmEx) will consider a line from First Premier and other such creditors a sign of possible default in the future. However, they seem to ignore it if the line is closed. Possibly they believe that means you've used it for its purpose to build credit and moved on? I can't say I remember any other creditor but AmEx looking down negatively on it (or at least specifically called it out, it probably always looks bad on manual review).

[Rebuilding2010]

I didn't mean to offend you, its your thread you can do what you want with it. And I didn't see a video, so I don't know what you're talking about there. My comment was based on the comment about the Sebring and flipping cars in the first comment, and second comment, and pretty much every time you post. But who am I to say what u can and can't post (answer: no one lol) so car flip talk away! I just wanted to point out to a fellow poster, who seemed to have difficulty understanding why the convo continued when the answer was in the other thread, why that was.

 

Olive branch