balance transfer scenario option

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19 posts
Guido
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balance transfer scenario option

Postby Guido » Thu May 05, 2016 10:32 am

Hello All,

I had this crazy idea for which I was kicked out from fico, and I wanna know if it will get me the same result here, if it does then it means it's a good idea.

It goes something like this:

Let's say you have great opportunity to flip some cash like for instance, buying property, but of course you don't have it. Let's say for simplicity you needed 10k for this, so you went and got yourself a 10k card that would let you cash advance 100% via convenience check (that's what it's for right?), but at the expense of 24% apr, mmm no bueno.

So then you go and get yourself 2 other cards of 5k each with 0% apr on BT, and you BT the 10k between those 2. The result? 10k liquid to play with for a year or 2, with principal payments only.

What do y'all think?
Last edited by Guido on Fri May 06, 2016 1:31 pm, edited 1 time in total.


Tubpbs
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Re: Balance transfer right after cash advance?

Postby Tubpbs » Thu May 05, 2016 12:33 pm

It won't work for several reasons and it's a bad idea...
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takeshi
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Re: Balance transfer right after cash advance?

Postby takeshi » Thu May 05, 2016 12:44 pm

You're completely overlooking the impact of revolving utilization, among other issues with your idea.

Guido wrote:I had this crazy idea for which I was kicked out from fico, and I wanna know if it will get me the same result here, if it does then it means it's a good idea.

Why are you asking us if you know it's a good idea? Good luck with it.

Elijahmex
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Re: Balance transfer right after cash advance?

Postby Elijahmex » Thu May 05, 2016 2:18 pm

Troll alert!!
Image

Guido
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Re: Balance transfer right after cash advance?

Postby Guido » Thu May 05, 2016 11:43 pm

Tubpbs wrote:It won't work for several reasons and it's a bad idea...


Ok can you elaborate a little bit? or is it so obvious that's not even worth the effort? Either way I would appreciate your input.

Guido
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Re: Balance transfer right after cash advance?

Postby Guido » Thu May 05, 2016 11:55 pm

takeshi wrote:You're completely overlooking the impact of revolving utilization, among other issues with your idea.


If the impact is that my score will take a dive then I'm not overlooking it I'm aware, my logic is that if I'm getting a decent return on 10k, then I don't care to use my credit in the meantime, of course I wouldn't do this for 10k this is just an example, but you said "among other issues", what are those other issues?

[/quote}Why are you asking us if you know it's a good idea? Good luck with it.[/quote]

I don't know if it's a good a idea, where did you read that?

kdm31091
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Re: Balance transfer right after cash advance?

Postby kdm31091 » Fri May 06, 2016 11:49 am

Guido wrote:Hello All,

I had this crazy idea for which I was kicked out from fico, and I wanna know if it will get me the same result here, if it does then it means it's a good idea.

It goes something like this:

Let's say you have great opportunity to flip some cash like for instance, buying property, but of course you don't have it. Let's say for simplicity you needed 10k for this, so you went and got yourself a 10k card that would let you cash advance 100% via convenience check (that's what it's for right?), but at the expense of 24% apr, mmm no bueno.

So then you go and get yourself 2 other cards of 5k each with 0% apr on BT, and you BT the 10k between those 2. The result? 10k liquid to play with for a year or 2, with principal payments only.

What do y'all think?


I think it's a bad idea. I don't want to get into specifics and waste my time in case you're just trolling, but if you are not, I'd advise you to just forget this idea and think of something else.

Tubpbs
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Re: Balance transfer right after cash advance?

Postby Tubpbs » Fri May 06, 2016 1:22 pm

kdm31091 wrote:
Guido wrote:Hello All,

I had this crazy idea for which I was kicked out from fico, and I wanna know if it will get me the same result here, if it does then it means it's a good idea.

It goes something like this:

Let's say you have great opportunity to flip some cash like for instance, buying property, but of course you don't have it. Let's say for simplicity you needed 10k for this, so you went and got yourself a 10k card that would let you cash advance 100% via convenience check (that's what it's for right?), but at the expense of 24% apr, mmm no bueno.

So then you go and get yourself 2 other cards of 5k each with 0% apr on BT, and you BT the 10k between those 2. The result? 10k liquid to play with for a year or 2, with principal payments only.

What do y'all think?


I think it's a bad idea. I don't want to get into specifics and waste my time in case you're just trolling, but if you are not, I'd advise you to just forget this idea and think of something else.


Agreed. And same.

This is basically a more complicated and less likely to even get going version of kiting checks... Why not start a check kiting scheme instead? It's equally foolish and won't directly affect your credit until it explodes on you...
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
Discover - It

Guido
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Re: Balance transfer right after cash advance?

Postby Guido » Fri May 06, 2016 1:33 pm

kdm31091 wrote:
Guido wrote:Hello All,

I had this crazy idea for which I was kicked out from fico, and I wanna know if it will get me the same result here, if it does then it means it's a good idea.

It goes something like this:

Let's say you have great opportunity to flip some cash like for instance, buying property, but of course you don't have it. Let's say for simplicity you needed 10k for this, so you went and got yourself a 10k card that would let you cash advance 100% via convenience check (that's what it's for right?), but at the expense of 24% apr, mmm no bueno.

So then you go and get yourself 2 other cards of 5k each with 0% apr on BT, and you BT the 10k between those 2. The result? 10k liquid to play with for a year or 2, with principal payments only.

What do y'all think?


I think it's a bad idea. I don't want to get into specifics and waste my time in case you're just trolling, but if you are not, I'd advise you to just forget this idea and think of something else.


I'm not trolling this is a legitimate question, if it's a waste for you then that's fine don't bother.

Guido
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Re: Balance transfer right after cash advance?

Postby Guido » Fri May 06, 2016 1:36 pm

Tubpbs wrote:
kdm31091 wrote:
Guido wrote:Hello All,

I had this crazy idea for which I was kicked out from fico, and I wanna know if it will get me the same result here, if it does then it means it's a good idea.

It goes something like this:

Let's say you have great opportunity to flip some cash like for instance, buying property, but of course you don't have it. Let's say for simplicity you needed 10k for this, so you went and got yourself a 10k card that would let you cash advance 100% via convenience check (that's what it's for right?), but at the expense of 24% apr, mmm no bueno.

So then you go and get yourself 2 other cards of 5k each with 0% apr on BT, and you BT the 10k between those 2. The result? 10k liquid to play with for a year or 2, with principal payments only.

What do y'all think?


I think it's a bad idea. I don't want to get into specifics and waste my time in case you're just trolling, but if you are not, I'd advise you to just forget this idea and think of something else.


Agreed. And same.

This is basically a more complicated and less likely to even get going version of kiting checks... Why not start a check kiting scheme instead? It's equally foolish and won't directly affect your credit until it explodes on you...


This is nothing like kiting checks as far as I understand, kiting checks the funds don't exist, here it does.



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