To Cohan99 your right about those fees on credit cards, you should check and see what they are. It might however be worth it to do it anyway if you take the credit card advance out in the morning, put it in a cd, take out a loan with the cd as collateral, repeat as needed, then pay back the cash advance you got out of the credit card with the money you have on hand.
To christie
borrow 1000 from credit card (or wherever)
take the 1000 and put it into a cd,
use the cd as collateral to borrow 1000.
then take the 1000 do it at another bank that day (step 1) , or pay off the credit card (or whatever source you got the money)
After three months pay the bank its 2% interest for the three months. for 1000 it would be $50.00 I think.
Cash out the cd or let it ride, if you cash it out then use the cash to pay off the loan.
You tell the banker your putting the money in and want to borrow it back again. Some bankers think your nuts but they get a good fully collateralized loan out of it. By law here in Texas they can only charge you a maximum of 2% difference between what the cd pays in interest and what they charge you in interest. To feel the banker out ask him”if i have a 10000 cd in the bank could I borrow using it as collateral so I wont have to pay the early withdrawal penalty? what would the costs be? The cd loans go for 90 days usually at that time you pay the interest and “roll it over” meaning you keep the lo0an arrangement as it and will have to pay another 2% interest ( 3 months worth) and then decide after the next 90 days what to do. What this does is shows you had a loan at the bank for whatever amount for 90 days or however long you put it in there. it can show this at several banks all in a row. This triggers code in the computers that search credit reports and other loan data for preferred borrowers. Then the computers, not people send you pre approved cards. You can then get the cards, take out money and flip it in a day again and again. If you show a lot of activity you will get the computers attention. You can then take the cards and buy houses or assets and sell them for a higher price if you bought right and thereby participate in the capitalism system. You are locked out of capitalism without the access to capitol. Money comes to capitol or resources. Trading your time for money (job) is the lowest tier of the capitalistic system unless you are highly skilled. Trading assets you bought or made for a low amount in exchange for a higher amount is capitalism. The key is having and then smartly using capital. (money) Loans are leverage. you can use the lever of a down payment and the ability to borrow money to buy a house for instance. then rent the house out for more than it is costing you each month to maintain it. You can then get equity in the house and with good credit use that equity as further capitol to buy more assets creating a vicious upward cycle. When large amounts of money is accumulated you can have income from investments or interest alone. This frees you from selling your time for money and puts you in the top % and no longer a wage slave.