Author Topic: PSA: Don't swipe recklessly for others  (Read 264522 times)

Offline Chief Rabbi of New York

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Re: PSA: Don't swipe recklessly for others
« Reply #2250 on: February 22, 2019, 04:14:33 PM »

A few 100k. Haven't decided yet on the right course of action

Wow
I feel for you
I wished other people would of stopped saying troll when I tried warning people.
Show Some Respect for Me, I am The Chief Rabbi of New York :)

Offline yitzgar

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Re: PSA: Don't swipe recklessly for others
« Reply #2251 on: February 22, 2019, 04:22:57 PM »
Your post shed a lot of light so thank you for that. Sorry for your personal losses here. So basically these retailers are coming to individuals (or possibly as you mentioned loan sharks) for their credit lines because they can't get normal regular loans. The biggest red flag (or first question someone should ask) is why are you coming to me in the first place? Where is your credit card or LOC to do this. There's probably a good reason the banks didn't give them the credit needed in the first place.
I get it that loans are hard to get and sometimes lending to a friend makes sense. But man you got to be really smart and careful about it - and act like you're a bank and do your due diligence, understand the business model and check the financials and even pay the place a physical visit (all things banks do).
Just my speculation but seems there is this very trusting culture amongst ourselves because we share common religion and other similarities - which is so nice and amazing in some ways but so risky in this way. Many people are uneducated in the matters of serious business loans and don't properly assess risks, they just jump at the points. And make no mistake these are serious loans. I feel like people treat these numbers (credit, credit lines, balances, points) as numbers on a screen. Almost an imaginery, fake number. Ask someone to go into the bank and withdraw their life savings and give it to you for a small % gain and they probably would hesitate more than doing the exact same thing via cc.
Just really sad.
All very well said

Offline chff

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Offline AJK

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Re: PSA: Don't swipe recklessly for others
« Reply #2254 on: February 22, 2019, 04:52:24 PM »
https://www.bhol.co.il/forums/topic.asp?cat_id=4&topic_id=2336851&forum_id=771

See #11

@Dan If you agree to post these pieces of advice on a regular basis on DDMS, I am willing to translate it into as many languages as needed.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline Pad18

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Re: PSA: Don't swipe recklessly for others
« Reply #2255 on: February 22, 2019, 05:13:09 PM »
https://www.bhol.co.il/forums/topic.asp?cat_id=4&topic_id=2336851&forum_id=771

See #11

@Dan If you agree to post these pieces of advice on a regular basis on DDMS, I am willing to translate it into as many languages as needed.

#17 .. nunu

Offline PSA

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Offline PSA

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Re: PSA: Don't swipe recklessly for others
« Reply #2257 on: February 22, 2019, 05:20:47 PM »
#17 .. nunu
Actually probably one of the more important ones.  I know more then one person that was coerced/pressured to give cards despite wife's hesitancy...

Offline Pad18

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Re: PSA: Don't swipe recklessly for others
« Reply #2258 on: February 22, 2019, 05:31:15 PM »
Actually probably one of the more important ones.  I know more then one person that was coerced/pressured to give cards despite wife's hesitancy...

If you follow the advice so you will never came to the number #17 when asked to give up cc ..

And the "nunu" is because I didn't see that coming.

But I agree 💯
Share, be open and listen to your wife and it's garantie to have a good life. Because happy marriage = happy life.

Offline PSA

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Re: PSA: Don't swipe recklessly for others
« Reply #2259 on: February 23, 2019, 08:01:09 PM »
OMG.
Can you share more on what exactly you thought you were swiping for, how long this went on for, etc?
It's been going on for at least 7-8 years. Could be even longer

@PSA

How are you planning to deal with the money you're out?
Still not 100% sure what the best course of action is. Disputing can potentially cause legal issues down the road if one doesn't say the full truth. Defaulting is the safest option but obviously involves screwing up your credit, dealing with some type of a settlement or even worse if it ends up in court.

Offline ExGingi

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Re: PSA: Don't swipe recklessly for others
« Reply #2260 on: February 23, 2019, 08:07:53 PM »
It's been going on for at least 7-8 years. Could be even longer
 Still not 100% sure what the best course of action is. Disputing can potentially cause legal issues down the road if one doesn't say the full truth. Defaulting is the safest option but obviously involves screwing up your credit, dealing with some type of a settlement or even worse if it ends up in court.

If default involves only one side of a household, it's not that terrible. I personally know someone who got through quite OK when he needed to default, because he always kept accounts separate, and his wife's credit remained clean.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline Chief Rabbi of New York

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Re: PSA: Don't swipe recklessly for others
« Reply #2261 on: February 23, 2019, 08:31:42 PM »
It's been going on for at least 7-8 years. Could be even longer
 Still not 100% sure what the best course of action is. Disputing can potentially cause legal issues down the road if one doesn't say the full truth. Defaulting is the safest option but obviously involves screwing up your credit, dealing with some type of a settlement or even worse if it ends up in court.

What did you think you were swiping for ?
Show Some Respect for Me, I am The Chief Rabbi of New York :)

Offline JACKBLUE

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Re: PSA: Don't swipe recklessly for others
« Reply #2262 on: February 23, 2019, 08:44:58 PM »
What did you think you were swiping for ?
To make points and rewards, people I know swiped their ink card at Toners.com and got 5p per dollar, they gave $200K made 1M points and sold for $15K every 6 weeks.... so they didn’t ask for what they’re swiping.... making $15K every 6 weeks makes you addicted to swipe more.

Offline AJK

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Re: PSA: Don't swipe recklessly for others
« Reply #2263 on: February 23, 2019, 08:46:33 PM »
To make points and rewards, people I know swiped their ink card at Toners.com and got 5p per dollar, they gave $200K made 1M points and sold for $15K every 6 weeks.... so they didn’t ask for what they’re swiping.... making $15K every 6 weeks makes you addicted to swipe more.
On what card do you earn 5X for 200K+?
2015: 116K bkd | 1.6M brnd | F: OZ,NH,AA,EK | J: UA,CA,TK,DL,TN,AF,VA | LIH,NRT,ROR,PEK,CNS,BOB,MEL,TLV & Pacific Hopper

Offline JACKBLUE

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Re: PSA: Don't swipe recklessly for others
« Reply #2264 on: February 23, 2019, 08:47:48 PM »
On what card do you earn 5X for 200K+?
they had 4 INK cards $50K on each