Author Topic: Credit-Card King??  (Read 3957 times)

Offline arie

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Dec 2010
  • Posts: 259
  • Total likes: 1
  • DansDeals.com Hat Tips 0
    • View Profile

Offline yaakov s

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2010
  • Posts: 2390
  • Total likes: 1
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Credit-Card King??
« Reply #1 on: June 25, 2011, 10:36:50 PM »
I just love when the Yated People who hold themselves to be the most knowledgeable and worldly of Chareidy  Jewery  seem to have no clue that there are thousands and thousands of people with many of them frum that are as good or better then this guy. http://matzav.com/meet-the-credit-card-king-with-300000-in-credit   

Offline txtmax4

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2009
  • Posts: 6954
  • Total likes: 12
  • DansDeals.com Hat Tips 1
    • View Profile
Re: Credit-Card King??
« Reply #2 on: June 25, 2011, 10:47:51 PM »
I just love when the Yated People who hold themselves to be the most knowledgeable and worldly of Chareidy  Jewery  seem to have no clue that there are thousands and thousands of people with many of them frum that are as good or better then this guy. http://matzav.com/meet-the-credit-card-king-with-300000-in-credit   
Well done to the first commenter on Matzav! Was it you?
If You See Something, Say Something!!

Offline elikay

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: May 2010
  • Posts: 5400
  • Total likes: 38
  • DansDeals.com Hat Tips 2
    • View Profile
Re: Credit-Card King??
« Reply #3 on: June 25, 2011, 11:13:00 PM »
I just love when the Yated People.................
It is a MW/Yahoo article cut and paste

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 30K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 30533
  • Total likes: 7830
  • DansDeals.com Hat Tips 79
    • View Profile
  • Location: NYC
100% of Likes will be donated to support our brothers and sisters in Eretz Yisrael

Offline elikay

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: May 2010
  • Posts: 5400
  • Total likes: 38
  • DansDeals.com Hat Tips 2
    • View Profile
Re: Credit-Card King??
« Reply #5 on: June 26, 2011, 12:20:16 AM »
This guy beats him far:

That's who I originally thought this thread was about.

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 30K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 30533
  • Total likes: 7830
  • DansDeals.com Hat Tips 79
    • View Profile
  • Location: NYC
Re: Credit-Card King??
« Reply #6 on: June 26, 2011, 12:21:57 AM »
That's who I originally thought this thread was about.

Meh, $300k in credit? I've had nearly that much in my heyday.
100% of Likes will be donated to support our brothers and sisters in Eretz Yisrael

Offline yaakov s

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2010
  • Posts: 2390
  • Total likes: 1
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Credit-Card King??
« Reply #7 on: June 26, 2011, 12:29:36 AM »
This guy beats him far:
That guy only collected cards . The Chochma is to collect the ones that are worth it.

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 30K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 30533
  • Total likes: 7830
  • DansDeals.com Hat Tips 79
    • View Profile
  • Location: NYC
Re: Credit-Card King??
« Reply #8 on: June 26, 2011, 12:31:40 AM »
That guy only collected cards . The Chochma is to collect the ones that are worth it.

Quantity vs. Quality. They each serve a different purpose, I don't think one is inherently better than the other.
100% of Likes will be donated to support our brothers and sisters in Eretz Yisrael

Offline yaakov s

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2010
  • Posts: 2390
  • Total likes: 1
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Credit-Card King??
« Reply #9 on: June 26, 2011, 12:51:25 AM »
Quantity vs. Quality. They each serve a different purpose, I don't think one is inherently better than the other.
I started this around six months ago, so I'm far from knowing everything. What benefit is there to get a card that has a zero sign up bonus without a great miles/points spending program. At least on this website it seems to be all about free stuff not cards locked up in a safe with some inevitably costing an annual fee . Unless you could parlay the fame into miles of course.

Offline aycee

  • Dansdeals Silver Elite
  • **
  • Join Date: May 2011
  • Posts: 64
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Miami Beach, FL
Re: Credit-Card King??
« Reply #10 on: June 26, 2011, 01:18:40 AM »
I started this around six months ago, so I'm far from knowing everything. What benefit is there to get a card that has a zero sign up bonus without a great miles/points spending program. At least on this website it seems to be all about free stuff not cards locked up in a safe with some inevitably costing an annual fee . Unless you could parlay the fame into miles of course.

The less you use from your available credit line the better for your score. More cards=more credit.

Offline yaakov s

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2010
  • Posts: 2390
  • Total likes: 1
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Credit-Card King??
« Reply #11 on: June 26, 2011, 01:34:04 AM »
Is your score really better with 1000 cards then with 25-30 with 300K limit and spending a few thousand a month I highly doubt it.

Offline Dan

  • Administrator
  • Dansdeals Lifetime 50K Diamond Elite
  • **********
  • Join Date: May 2008
  • Posts: 67598
  • Total likes: 16909
  • DansDeals.com Hat Tips 16442
  • Gender: Male
    • View Profile
  • Location: CLE
  • Programs: UA GS, AA EXP, DL Dirt, Hyatt Glob, Fairmont Lifetime Plat, DD Diamond, Blocked By @NeriaKraus
Re: Credit-Card King??
« Reply #12 on: June 26, 2011, 02:02:15 AM »
$300,000?
Pfft.  Wayyy more than that.

Worthwhile quote, but one we knew already, “The ideal place to be is under a 10% utilization rate but over 0%,” FICO’s Paperno said.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 30K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 30533
  • Total likes: 7830
  • DansDeals.com Hat Tips 79
    • View Profile
  • Location: NYC
Re: Credit-Card King??
« Reply #13 on: June 26, 2011, 08:02:20 AM »
$300,000?
Pfft.  Wayyy more than that.

Worthwhile quote, but one we knew already, “The ideal place to be is under a 10% utilization rate but over 0%,” FICO’s Paperno said.

The simple way for n00bs (or others with spend patterns higher than 10%) to work around this is to put large purchases on a business card, as those balances are usually not reported.
100% of Likes will be donated to support our brothers and sisters in Eretz Yisrael

Offline yaakov s

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2010
  • Posts: 2390
  • Total likes: 1
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Credit-Card King??
« Reply #14 on: June 26, 2011, 08:59:57 AM »
The simple way for n00bs (or others with spend patterns higher than 10%) to work around this is to put large purchases on a business card, as those balances are usually not reported.
Or to pay up most of your bills before the cycle ends that way I'd doesn't hit your report?

Offline elikay

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: May 2010
  • Posts: 5400
  • Total likes: 38
  • DansDeals.com Hat Tips 2
    • View Profile
Re: Credit-Card King??
« Reply #15 on: June 26, 2011, 12:22:03 PM »
I think you're best of spending high once,on the non-reporting cards to at least set a high "limit" for that card. You shouldn't do that near an application though. utikization goes by current utilization ratio.

Online jj1000

  • Administrator
  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • **********
  • Join Date: Jun 2008
  • Posts: 13470
  • Total likes: 6095
  • DansDeals.com Hat Tips 29367
    • View Profile
  • Location: The value of a forum such as this one is not in that one can post a question and receive an answer, but in that the question has most likely been asked before, and the answer is available to him that will but only use the search function.
  • Programs: 1. Search on google. 2. Search in the right board of DDF with a general word or two. 3. Read the wiki. 4. Read the thread. 5. Ask away.
Re: Credit-Card King??
« Reply #16 on: June 26, 2011, 01:20:44 PM »
So if someone has say 10 million in credit on different cards (I'm sure a few people on here will have that soon enough). Can he buy that much in cash then transfer it to an offshore acct. and live it up in Israel the rest of their life?
See my 5 step program to your left <--

(Real signature under my location)

Offline Dan

  • Administrator
  • Dansdeals Lifetime 50K Diamond Elite
  • **********
  • Join Date: May 2008
  • Posts: 67598
  • Total likes: 16909
  • DansDeals.com Hat Tips 16442
  • Gender: Male
    • View Profile
  • Location: CLE
  • Programs: UA GS, AA EXP, DL Dirt, Hyatt Glob, Fairmont Lifetime Plat, DD Diamond, Blocked By @NeriaKraus
Re: Credit-Card King??
« Reply #17 on: June 26, 2011, 01:25:33 PM »
So if someone has say 10 million in credit on different cards (I'm sure a few people on here will have that soon enough). Can he buy that much in cash then transfer it to an offshore acct. and live it up in Israel the rest of their life?
Umm...and be an international fugitive?  I'm sure Israel would be all too happy to hand you right back.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Online jj1000

  • Administrator
  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • **********
  • Join Date: Jun 2008
  • Posts: 13470
  • Total likes: 6095
  • DansDeals.com Hat Tips 29367
    • View Profile
  • Location: The value of a forum such as this one is not in that one can post a question and receive an answer, but in that the question has most likely been asked before, and the answer is available to him that will but only use the search function.
  • Programs: 1. Search on google. 2. Search in the right board of DDF with a general word or two. 3. Read the wiki. 4. Read the thread. 5. Ask away.
Re: Credit-Card King??
« Reply #18 on: June 26, 2011, 01:30:13 PM »
Umm...and be an international fugitive?  I'm sure Israel would be all too happy to hand you right back.

The idea is still there though. Israel probably wouldn't work, but there are countries who would welcome you with open arms if you have a bank account that size.... Did anyone ever pull off such a crime before?
« Last Edit: June 26, 2011, 01:33:24 PM by jj1000 »
See my 5 step program to your left <--

(Real signature under my location)

Offline txtmax4

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2009
  • Posts: 6954
  • Total likes: 12
  • DansDeals.com Hat Tips 1
    • View Profile
Re: Credit-Card King??
« Reply #19 on: June 28, 2011, 03:31:13 PM »
Or to pay up most of your bills before the cycle ends that way I'd doesn't hit your report?
Common mistake. Be aware that the statement closing date on a credit card does not necessarily mean that's the day your card is reporting you to the bureau. The best thing is to call your credit card company and ask them on what day of the month do they report.
To be safe I'd say call more than once.
If You See Something, Say Something!!