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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll
Posted by jellybean1420
Right now?
$316,735.12... all on 0%
And no i'm not joking.
That's amazing...how did you get that? I'm assuming it's for your house
No I also have a mortgage. I have a high credit card balance because I play credit card games.
I have over 400k in credit card limits. I find as many 0% offers as I can get and I pull money from them and put the money into a high yield savings.
So in essense I have 0 credit card debt since I actually have that 316k in my various savings accounts earning between 4% and 5.5%.
This is kind of like a second job for me, without really doing any work. I make about $1200 a month doing this, or $13,400 a year.
Look at it this way, you know how people are always looking for part time jobs or "work at home jobs?". This income is equivalent to working a $13/hr job, 20 hours a week. Except I can sit home and do nothing.  
Oh and remember how I talked about how credit card rewards are so much better than paying things with my credit card? So far this year with my credit card games I have earned $2230 in rewards alone. Enough to pay for a nice 52" 1080p LCD flat screen currently sitting in my living room. This doesn't even include the interest I was talking about above.
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Posted 5/12/08 11:24 AM  |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll
Posted by ave1024
Posted by jellybean1420
Right now?
$316,735.12... all on 0%
And no i'm not joking.
That's amazing...how did you get that? I'm assuming it's for your house
No I also have a mortgage. I have a high credit card balance because I play credit card games.
I have over 400k in credit card limits. I find as many 0% offers as I can get and I pull money from them and put the money into a high yield savings.
So in essense I have 0 credit card debt since I actually have that 316k in my various savings accounts earning between 4% and 5.5%.
This is kind of like a second job for me, without really doing any work. I make about $1200 a month doing this, or $13,400 a year.
Look at it this way, you know how people are always looking for part time jobs or "work at home jobs?". This income is equivalent to working a $13/hr job, 20 hours a week. Except I can sit home and do nothing.
Oh and remember how I talked about how credit card rewards are so much better than paying things with my credit card? So far this year with my credit card games I have earned $2230 in rewards alone. Enough to pay for a nice 52" 1080p LCD flat screen currently sitting in my living room. This doesn't even include the interest I was talking about above.
What does that do to your credit score to have so much outstanding debt? 
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| Posted 5/12/08 11:26 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll
Posted by nov04libride
What does that do to your credit score to have so much outstanding debt?
If you don't know what you are doing this can trash your credit scores. But I have a pretty vast knowledge of how the credit scoring system works so I know how to maximixe my scores.
Most if these balances are on business credit which does not appear on your personal credit report.
Right now all my scores are in the low 700s with my highest being around 750. And I still have over 60k in personal credit card debt showing on my report. Why are my scores still relatively high? Because I have HUGE credit limits so my debt to credit ratio is still very low. (this is why you should NEVER close credit cards)
If I paid down all the balances tomorrow, my scores would probably jump back up to 800.
So many people are afraid of credit card debt and their credit score. I welcome it!
My motto is "what good is GOOD CREDIT if you never plan on using it".
The banks hate me because I love making money off them.
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| Posted 5/12/08 11:33 AM |
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kmac
Two under two!
Member since 5/07 3703 total posts
Name:
Kris
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Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll
We were over 30 grand in debt when we got married...we've worked hard in the past 2.5 years to be down to under $5!!!
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| Posted 5/12/08 11:48 AM |
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wannabemom
look who's freshly baked!
Member since 12/07 7364 total posts
Name:
aka marriedinportjeff
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Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll
Posted by Stacey1403
Not me
I pay my CC in full every month
Ditto!
it's very rare that we carry a balance for a month or so... usually it's becuase of extenuating circumstances (ex. we have to pay all upfront expenses for a business meeting... the one in june I had to shell out a whopping 3.5k out of pocket, and won't get reimbursed until july)
We still managed to pay that puppy off by now, though... can't wait for that fat check!
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| Posted 5/12/08 12:17 PM |
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Babe49
M...
Member since 4/08 1880 total posts
Name:
Maria
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Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll
None, we paid off the 4K we had outstanding when we got our tax $ back in March. We try to pay cash for whatever we can.
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| Posted 5/12/08 12:24 PM |
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antoinette
boy mamma
Member since 5/05 2975 total posts
Name:
Antoinette
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Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll
under 5k but I hate having debt at all, but there is sometimes no way of getting around it. Its on a .99 % interest rate so im not too concerned. We have alot of home improvements so things add up.
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| Posted 5/12/08 12:29 PM |
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sunflowerjesss
Mommy to 3!
Member since 10/05 20369 total posts
Name:
Jesss, duh.
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Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll
$0.
But it took us 5 long years to get there. We had about 20k in debt (that's just credit card debt).
DH and I are now at a point in our lives where we are living comfortably. Took us a while to get here and with the determination we were able to do it. Unfortunately, when we first started living together our expenses were more than our income which put us in the debt we had.
We have since learned our lesson and try really hard to stay afloat.
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| Posted 5/12/08 12:34 PM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll
Posted by Stacey1403
Not me
I pay my CC in full every month
Same.
We used to pay if off to like $100 to carry a small balance -- but then decided that wasn't helping us in any way... so we pay them in full every month.
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| Posted 5/12/08 2:31 PM |
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Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll
$0
I've never carried a balance on a credit card.
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| Posted 5/12/08 2:32 PM |
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Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
Name:
C
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Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll
I have over 400k in credit card limits. I find as many 0% offers as I can get and I pull money from them and put the money into a high yield savings.
So in essense I have 0 credit card debt since I actually have that 316k in my various savings accounts earning between 4% and 5.5%.
So, you open a credit card with 0% interest for 1 yr. or whatever. If they give you a 5k limit let's say, you use it as cash and take the 5k and put it in a high yield savings account to earn interest on it but pay back the 5k you took off the card within the year at 0% interest. Do I have that right or am I confused? So in essence, your paying back the 5k but at the same time earning interest on it in the long run.
Message edited 5/12/2008 3:51:32 PM.
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| Posted 5/12/08 3:50 PM |
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julz33
i run for bacon
Member since 5/05 20584 total posts
Name:
julz
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Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll
Posted by KrisT
Posted by CathyB
None. We pay it off every month.
Same here.
same
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| Posted 5/12/08 3:52 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll
Posted by jellybean1420
So, you open a credit card with 0% interest for 1 yr. or whatever. If they give you a 5k limit let's say, you use it as cash and take the 5k and put it in a high yield savings account to earn interest on it but pay back the 5k you took off the card within the year at 0% interest. Do I have that right or am I confused? So in essence, your paying back the 5k but at the same time earning interest on it in the long run.
Yeah that's pretty much it but I wouldn't bother doing this on a card with just a 5k limit. I shoot for 10k limits or higher. My average limit on a card is about 30k. One card has a 65k limit.
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| Posted 5/12/08 3:55 PM |
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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll
Posted by ave1024
Yeah that's pretty much it but I wouldn't bother doing this on a card with just a 5k limit. I shoot for 10k limits or higher. My average limit on a card is about 30k. One card has a 65k limit.
Don't you have to pay the minimums on all these cards every month?
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| Posted 5/12/08 4:00 PM |
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DaniJude
You're My Home <3
Member since 11/06 14815 total posts
Name:
Danielle
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Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll
on credit cards? about 800 dollars. we bought some furniture and put it on credit - we paid most of it off - just that little bit left. i'm still waiting for my tax refund which is taking forever - then, with part of it, i'll pay that off and that will be it.
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| Posted 5/12/08 4:05 PM |
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Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
Name:
C
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Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll
Don't you have to pay the minimums on all these cards every month?
Yeh that's what I was wondering.
How long do you generally have the 0% interest for...just a set time period or the life of the card (which I have never seen)?
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| Posted 5/12/08 4:07 PM |
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Sassyz75
Turning a new page
Member since 5/05 9731 total posts
Name:
Dina
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Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll
Posted by ave1024
Posted by jellybean1420
Right now?
$316,735.12... all on 0%
And no i'm not joking.
That's amazing...how did you get that? I'm assuming it's for your house
No I also have a mortgage. I have a high credit card balance because I play credit card games.
I have over 400k in credit card limits. I find as many 0% offers as I can get and I pull money from them and put the money into a high yield savings.
So in essense I have 0 credit card debt since I actually have that 316k in my various savings accounts earning between 4% and 5.5%.
This is kind of like a second job for me, without really doing any work. I make about $1200 a month doing this, or $13,400 a year.
Look at it this way, you know how people are always looking for part time jobs or "work at home jobs?". This income is equivalent to working a $13/hr job, 20 hours a week. Except I can sit home and do nothing.
Oh and remember how I talked about how credit card rewards are so much better than paying things with my credit card? So far this year with my credit card games I have earned $2230 in rewards alone. Enough to pay for a nice 52" 1080p LCD flat screen currently sitting in my living room. This doesn't even include the interest I was talking about above.
This intrigues me... I have CC's w/ those types of limits.
so you write one of those offer checks to yourself and then deposit it? Where are you getting that type of interest in savings now? ING is so low. Do you have these in CDs or are they just savings accounts.
I didn't realize you could get points for using the offer checks- I thought you only get points for purchases
you should do some type of workshop on this!
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| Posted 5/12/08 4:09 PM |
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skew
LIF Adult
Member since 5/05 6794 total posts
Name:
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Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll
Posted by Stacey1403
Not me
I pay my CC in full every month
same
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| Posted 5/12/08 4:13 PM |
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CkGm
They get so big, so fast :(
Member since 5/05 13848 total posts
Name:
Christine
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Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll
Posted by Stacey1403
Not me
I pay my CC in full every month
Same!
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| Posted 5/12/08 4:43 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll
Posted by Sassyz75
This intrigues me... I have CC's w/ those types of limits.
so you write one of those offer checks to yourself and then deposit it? Where are you getting that type of interest in savings now? ING is so low. Do you have these in CDs or are they just savings accounts.
I didn't realize you could get points for using the offer checks- I thought you only get points for purchases
you should do some type of workshop on this!
The points I was referring to were typically into points for opening the card. The last time I did this I opened a ton of new cards which netted me bigtime points.
I wouldn't advise anyone to do this unless you really do your research and can committ the time to it. One late payment and your credit is hosed.
I also wouldn't advice anyone do this if you plan on getting a mortgage in the next two years because it does trash your credit initially. I already have a mortgage so it's no biggie to me, reason why I said "what good is good credit if you don't use it".
http://www.mymoneyblog.com/how-to-make-money-from-0-apr-balance-transfers
I locked in my high rates back in November when they were still good.
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| Posted 5/12/08 5:39 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll
Let me also add that you typically have to open a new credit card with a 0% offer, then somehow try to move your credit limit from one card to the card with the 0% offer (within the same bank). That's how you have to do it since most of your existing cards with big limits don't have good offers.
Not all banks will do this too. It requires a LOT of research.
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| Posted 5/12/08 5:43 PM |
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MrsPorkChop
Twinning!!
Member since 5/05 9941 total posts
Name:
Missy
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Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll
Posted by Stacey1403
Not me
I pay my CC in full every month
same
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| Posted 5/12/08 7:26 PM |
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LemonHead
Sour Girl
Member since 3/08 5271 total posts
Name:
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Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll
Posted by Stacey1403
Not me
I pay my CC in full every month
Same here. I've never carried a balance over from month to month. If I don't have enough money, I can't afford it! I'm cheap!
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| Posted 5/12/08 7:29 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll
Posted by ave1024
Let me also add that you typically have to open a new credit card with a 0% offer, then somehow try to move your credit limit from one card to the card with the 0% offer (within the same bank). That's how you have to do it since most of your existing cards with big limits don't have good offers.
Not all banks will do this too. It requires a LOT of research.
you are like a little bank - good for you!!
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| Posted 5/12/08 7:30 PM |
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jennyb
Expecting #3 in Sept!
Member since 8/07 2174 total posts
Name:
Jen LIW: jenafee
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Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll
None
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| Posted 5/12/08 10:50 PM |
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