Ok, this makes sense to me but maybe I'm missing something. I guess there could be an underlining statement that I'm not aware of that prevents this but.... Say I have a CC balance of $1800. I apply for a new CC and get approved, with an offer of 0% APR on all balance transfers as long as paid off by 5/2012. So it's March of 2012 and I have not paid it off yet, but I apply for another CC with a similar offer for the 0% APR on balance transfers if paid in full by 4/2013. Can I keep doing this to extend the "balance" and keeping the 0% apr? Or is there something CC companies do to prevent this?
You can keep doing it. Your cost would be the balance transfer fee, about 3-5%. It would be $54-90 on a $1800 balance. It was so much easier, a decade ago. I could get 0% balance transfer fee and 0% interest rate. Now most credit card companies charge 3-5%. It didn't hurt my credit standing at all. I had 750+ FICO while carrying a balance. I had a Carecredit deal for orthodontics. The 0% was about to expire, so I transferred it to another credit card. I was having some money issues, and transferred it again later. I paid off the balance after the 2nd transfer. You must keep your credit in excellent standing to qualify for the next transfer. You should not apply for new credit in the 6 months prior to your balance transfer's 0% expires. Then, you can apply for new credit card, before it expires. Multiple credit inquiries lower the credit score. There are fewer and fewer 0% promotions, each year also. You may not have a 0% offer in 2012 to do the balance transfer. It is a good temporary measure.
I did this recently. I had two credit cards, one Discover and one Mastercard. I transfered roughly $6000 from the Mastercard to the Discover. Then like two weeks later Mastercard drops my credit limit from $7000+ to $2000. I guess they were punishing me for taking their interest away from them. Oh well.
Wonder when someone was going to drop the hammer on the thread starter. He has become the new "chow yun fat"; everywhere he goes, people remind him of his sordid past.
Well, IMO, he was and still is a troll before the revelation of him being a scumbag came to light. He is a pariah here, no doubt. Already told him that he would be better off to go to some other BBS.
Who cares if he is a scumbag? Are you guys his wife? Are you so affected by his actions that you just can't wait for him to start a normal thread so you can morally assault him, kevC and company? Get off your high horse. It's not your job to remind him of his mistakes, just because they happened to be exposed. Remind yourself of your own. I'm not defending ToyCen, his posts, his theories, or his actions but people here act like they've never made mistakes. The guy lost his family, ostensibly half his assets, and his reputation. Life is taking care of it. You guys just sound like blowhards.
His timeline is 1 year and $1800 is not a high balance for total debt. I think the average balance is 7-8k, so a high balance would be 18k not 1800. I used to carry 8k and balance transferred the next year. I still have 750+ credit score. My score actually increased with the steady payments and small number of inquiries 1 per year. Credit card companies kept increasing my credit limit. They eventually topped me out at 25k, but I didn't need it.
This is basically the summary of it. You'll pay 3-5% each time you do it. If you do it yearly, that's basically your real interest rate (as opposed to 0%). If that's better than your other options, then it makes financial sense - just understand that it's not actually 0% interest. There are some secondary issues such as credit scores, open lines of credit, etc - but really, they are fairly minor in the grand scheme of things. Adding one extra card and closing another one isn't going to affect your credit score much at all.
Did not know anything about his 'scumbag' status I generally come into his thread to see the ALIENs pictures and conspiracy stuff pop up out of no where. True enough . . . This is a bit worse than GlennRice and Devry Rocket River
Well, in fairness, it does seem that kevC follows him in his threads and goes after him with both barrels.
Thread was deleted. ToyCen's wife was the thread starter (or so we were led to believe). Heck, ToyCen may not even be aware that his wife posted his business on here.
