Comments on: build credit and make a profit http://www.clairechiang.net/2007/03/17/build-credit-and-make-a-profit/ Miscellaneous posts including but not limited to my personal life, technology, philosophy, and money Fri, 27 Aug 2010 15:07:12 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Claire http://www.clairechiang.net/2007/03/17/build-credit-and-make-a-profit/comment-page-1/#comment-1075 Claire Fri, 11 May 2007 18:40:08 +0000 http://clairechiang.net/?p=52#comment-1075 Oh, it used to be free. At least it was when I tried it, which is why I wrote this. It might not be anymore, because banks are constantly changing their contracts. Oh, it used to be free. At least it was when I tried it, which is why I wrote this. It might not be anymore, because banks are constantly changing their contracts.

]]> By: David http://www.clairechiang.net/2007/03/17/build-credit-and-make-a-profit/comment-page-1/#comment-1074 David Fri, 11 May 2007 16:40:26 +0000 http://clairechiang.net/?p=52#comment-1074 hey, this looks really intriguing and i might give it a try...but the thing i noticed when i went to the BOA site is this: ===== Transaction fees for cash advances (including Balance Transfers, Cash Advance Checks, Bank and ATM Cash Advances) 3% of each such cash advance (minimum $10) ====== are those 3 checks that you got just a freebie for the first time? hey,

this looks really intriguing and i might give it a try…but the thing i noticed when i went to the BOA site is this:

=====
Transaction fees for cash advances (including Balance Transfers, Cash Advance Checks, Bank and ATM Cash Advances) 3% of each such cash advance (minimum $10)
======

are those 3 checks that you got just a freebie for the first time?

]]> By: Claire http://www.clairechiang.net/2007/03/17/build-credit-and-make-a-profit/comment-page-1/#comment-1037 Claire Fri, 27 Apr 2007 02:40:40 +0000 http://clairechiang.net/?p=52#comment-1037 Ok, if you could get the card, then you can get that gift card, but you'll be hurting your credit if you get the credit card for that reason only. Part of my plan was to build up and balance and pay it down to earn credit score points. You're hurting your credit if you apply for the citi card just for the gift card, because when you apply for a card, you get a credit inquiry which slightly lowers your credit. If you just get the card for the gift card, it might not be that good of a deal, because the points it takes off your credit score might make a difference in the interest rate you get the next time you apply for a loan. Here's a better idea to take advantage of the 0% APR on balance transfers: Get the Bank of America card first, and hold off on getting the Citibank card until about a month before the Bank of America card introductory rate expires. You might not be able to get the 15,000 thank you points for the $150 gift card anymore, but they always have the 10,000 points offer (or at least they have for a long time), so you can get at least a $100 gift card. By this time, most of the Bank of America balance should be paid off, so use another convenience check to get a few thousand more dollars to put in a high-yield savings account. Then, transfer the full balance to the Citi card and pay it off over 12 months. I recommend dividing the balance by 12 and paying the same amount each month. This way, you get to collect interest again for an additional 12 months, and you're actually using the credit card to borrow and pay down a balance. Ok, if you could get the card, then you can get that gift card, but you’ll be hurting your credit if you get the credit card for that reason only. Part of my plan was to build up and balance and pay it down to earn credit score points. You’re hurting your credit if you apply for the citi card just for the gift card, because when you apply for a card, you get a credit inquiry which slightly lowers your credit. If you just get the card for the gift card, it might not be that good of a deal, because the points it takes off your credit score might make a difference in the interest rate you get the next time you apply for a loan.

Here’s a better idea to take advantage of the 0% APR on balance transfers:
Get the Bank of America card first, and hold off on getting the Citibank card until about a month before the Bank of America card introductory rate expires. You might not be able to get the 15,000 thank you points for the $150 gift card anymore, but they always have the 10,000 points offer (or at least they have for a long time), so you can get at least a $100 gift card. By this time, most of the Bank of America balance should be paid off, so use another convenience check to get a few thousand more dollars to put in a high-yield savings account. Then, transfer the full balance to the Citi card and pay it off over 12 months. I recommend dividing the balance by 12 and paying the same amount each month. This way, you get to collect interest again for an additional 12 months, and you’re actually using the credit card to borrow and pay down a balance.

]]> By: Di Wu http://www.clairechiang.net/2007/03/17/build-credit-and-make-a-profit/comment-page-1/#comment-1035 Di Wu Thu, 26 Apr 2007 23:45:19 +0000 http://clairechiang.net/?p=52#comment-1035 Not really, just have great credit and you're good to go. I got instant approval for both my parents. Not really, just have great credit and you’re good to go. I got instant approval for both my parents.

]]> By: Claire http://www.clairechiang.net/2007/03/17/build-credit-and-make-a-profit/comment-page-1/#comment-1017 Claire Mon, 23 Apr 2007 21:25:44 +0000 http://clairechiang.net/?p=52#comment-1017 I've seen that card, but I don't think most people can sign up for it. It says you're supposed to be an authorized officer of a business or something. I’ve seen that card, but I don’t think most people can sign up for it. It says you’re supposed to be an authorized officer of a business or something.

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