credit tricks, post yours

[contesthamster]

credit tricks that work. All though the bank will tell you they do not. The credit score says different.

PIGGY BACKING:

Get someone who has had a card for years with excellent payments and history. High unused balance on the card helps as well. Get them to put you on the account but send the card to the current cardholder instead of you.

All of the cards history shows up on your credit score. Humans can see this but computers have a hard time with it. Raises your score all most overnight. Banks will tell you it does not work, but it does.

CD LOAN FLIP

Get a 1000 or more, (you can use a cash advance or a payday loan) (payday loans paid back before three days are interest free, payday loans typically do not report to the credit bureau ) you only need it for a day. Put it in the bank in a cd. Then borrow the money back out using the cd as collateral. In Texas they can charge you only 2% difference in what the cd pays and then what the loan interest costs. At the end of a quarter either cash out the cd and pay the 2% to pay off the loan or roll it over by paying the 2% difference. When you do this the credit report reflects a high credit balance given and paid back. You can flip these. By that I mean you could do like I did and take the amount, in my case 10,000$ and put it in one bank in a cd, take it out in a loan, then take that 10k and put it in another bank in a cd, then take it out, etc. I did three banks in Dallas all in a row. Since it was all in one day the loans did not show up on my report that day. No questions were asked. So I flipped it three times, returned the money and then later cashed out the cds at the end of the quarter and paid off the loans.

ZIP CODE TRICK.

I went to a place in Dallas with the most desirable zip code. (highland park) I got a po box. I made this my office address. Instead of saying po box such and such I listed it at 58741 (then street name of the post office as second line) This gave me a desirable zip. I then subscribed to several high profile magazines like the DuPont registry etc. Got on lots of mailing lists and made a very nice computer profile with all the mailings the computer was looking for.

I never lied about my income but soon had around 75k in credit cards available to me. I applied for them using copies of all 3 credit reports I sent them asking them not to make a inquiry in my letter. I asked them to use the copies of the credit reports as the basis for their decision. Some inquired anyway. I got a bunch of cards.

I applied to all kinds of cards all at once so that I would limit inquiries. I asked the ones that had made the inquiries to take them off.

[Christie0909]

Can you explain the Cd thing in a different way. Not to sound stupid, but for some reason Im just not understanding.

Thanks.

[fontanaman]

Hello Contesthamster. Thanks for sharing.

Let me know if I understood right. You put $1000 in a CD, then borrow the same amount of money at the same bank and use the CD as a collateral? And then, when the CD matures you take out the money and pay off the debt? I didn’t know such a thing was possible.

The part I still don’t get is what gets reported to the credit bureaus. Can you please clarify. Thanks.

[cohan99]

Cash advance fees and rates

Don’t take cash out of your credit card. Read the fine print on your statement and you’ll see it’s a very bad idea. Your card might have a really low rate for purchases, but if you take out a cash advance, get ready for a shock. The rate for cash advances is much higher. And there is no grace period — you start paying interest right away.

[contesthamster]

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.

[contesthamster]

I think everyone can agree its a great time to buy houses now, prices are low, have you noticed rental prices falling? Not in my neighborhood, they have went up. Owner financing deals abound. If you have ready cash from loans available you can buy houses for cash at a discount. You can buy tax lien certificates. There are millions of ways to construct a deal and then you can rent or sell rent to own or contract for deed. I have sold a few houses this way and it has worked out great. Usually they refinance the properties and pay me off early. Its a awesome time to have cash on hand. Can you imaging having a few million on hand after the great depression? were kinda at that point assets are going cheap but they still generate more than they cost if bought correctly.

[Get Ahead]

I like the idea of the CD flipping but not really sure how that relates to credit and your credit score.

piggybacking is not a trick anymore. I will admit from what I’ve been reading it is still possible to become an authorized user on someone’s account, and for a hefty price, if the lender is still using the un-updated version of FICO 08. There is no way to tell if they are or not. If it works, great.

A few years ago, the creators of the FICO credit scoring system announced they would stop including authorized users in the latest version of their FICO scoring model (at the time dubbed FICO 08), which would effectively put an end to what they saw as a deceptive practice and manipulation of the system.

Here are the “tricks” I use.

1. Pay my bills that are reported to the CRAs on time first, if I need to wait until payday then pay cable(not reported), cell(not reported), and electric(not reported) but before the next billing cycle.

2. Use only 30 percent of my available credit. I’ve unfortunately tried carrying the large balance over month to month to show I can handle my credit obligations but my score suffered. After only two months I stopped that and my score went back up.

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