Comments on: Reallocating Credit Limits for Bigger Balance Transfers http://www.mydollarplan.com/reallocating-credit-limits-for-bigger-balance-transfers/ because money doesn't grow on trees Thu, 09 Feb 2012 19:16:13 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: bill robertson http://www.mydollarplan.com/reallocating-credit-limits-for-bigger-balance-transfers/#comment-5987 bill robertson Mon, 03 Nov 2008 19:43:27 +0000 http://www.mydollarplan.com/reallocating-credit-limits-for-bigger-balance-transfers/#comment-5987 Isn't there a fee to transfer the balances? Isn’t there a fee to transfer the balances?

]]> By: Dude with plain credit cards http://www.mydollarplan.com/reallocating-credit-limits-for-bigger-balance-transfers/#comment-5818 Dude with plain credit cards Thu, 30 Oct 2008 21:00:56 +0000 http://www.mydollarplan.com/reallocating-credit-limits-for-bigger-balance-transfers/#comment-5818 I see no mention of Capital One anywhere on your site. I have always been suspicious of them and their practices, so I have no cards with them. Consequently, I find this very interesting. Any other companies you would recommend NOT getting a card from? I see no mention of Capital One anywhere on your site. I have always been suspicious of them and their practices, so I have no cards with them. Consequently, I find this very interesting.

Any other companies you would recommend NOT getting a card from?

]]> By: Steve http://www.mydollarplan.com/reallocating-credit-limits-for-bigger-balance-transfers/#comment-5002 Steve Sun, 28 Sep 2008 01:21:39 +0000 http://www.mydollarplan.com/reallocating-credit-limits-for-bigger-balance-transfers/#comment-5002 Quick question: What do you do once this second card has expired? You have total credit line of 28,500 with the company, what would be your strategy on getting a 3rd card with similar terms? Would you try to ask for a 3rd card with a very low credit limit and then transfer the second line over to the third, and then close the second card? If you do this over say, 7 years, could you potentially have 6-7 cards from the same company? or would they force you to aggregate and close some. Thanks :) Quick question: What do you do once this second card has expired? You have total credit line of 28,500 with the company, what would be your strategy on getting a 3rd card with similar terms? Would you try to ask for a 3rd card with a very low credit limit and then transfer the second line over to the third, and then close the second card?

If you do this over say, 7 years, could you potentially have 6-7 cards from the same company? or would they force you to aggregate and close some.
Thanks :)

]]> By: Madison http://www.mydollarplan.com/reallocating-credit-limits-for-bigger-balance-transfers/#comment-1668 Madison Thu, 20 Mar 2008 01:57:08 +0000 http://www.mydollarplan.com/reallocating-credit-limits-for-bigger-balance-transfers/#comment-1668 @ Cindi Lou: Wow, you are lucky they reversed the decision, that could have been a really expensive mistake! @ Cindi Lou: Wow, you are lucky they reversed the decision, that could have been a really expensive mistake!

]]> By: Cindi Lou http://www.mydollarplan.com/reallocating-credit-limits-for-bigger-balance-transfers/#comment-1662 Cindi Lou Thu, 20 Mar 2008 00:09:05 +0000 http://www.mydollarplan.com/reallocating-credit-limits-for-bigger-balance-transfers/#comment-1662 Arbitraging has worked wonderfully for me too. <BR> The real key to arbitraging is making sure to pay down the balance before the intro period ends, which many people get burned by. <BR> I mistakenly didn't finish paying down a balance on one of these transfers and they went back retroactively to try to charge me interest on the entire balance for the entire period! Luckily, they reversed their decision and I only had to pay a small finance charge on the remaining balance. <BR> Nice tip on the credit limit "massaging" too. I'll put that one in my arbitrage bag of tricks. Arbitraging has worked wonderfully for me too.

The real key to arbitraging is making sure to pay down the balance before the intro period ends, which many people get burned by.

I mistakenly didn’t finish paying down a balance on one of these transfers and they went back retroactively to try to charge me interest on the entire balance for the entire period! Luckily, they reversed their decision and I only had to pay a small finance charge on the remaining balance.

Nice tip on the credit limit “massaging” too. I’ll put that one in my arbitrage bag of tricks.

]]> By: Money Hacks Carnival #1 at Prime Time Money | Money Hackers Network http://www.mydollarplan.com/reallocating-credit-limits-for-bigger-balance-transfers/#comment-1087 Money Hacks Carnival #1 at Prime Time Money | Money Hackers Network Wed, 27 Feb 2008 15:06:33 +0000 http://www.mydollarplan.com/reallocating-credit-limits-for-bigger-balance-transfers/#comment-1087 [...] Reallocating Credit Limits for Bigger Balance Transfers posted at My Dollar Plan. [...]

[...] Reallocating Credit Limits for Bigger Balance Transfers posted at My Dollar Plan. [...]

]]> By: Money Hacks Carnival #1 - Hacked Gadgets Edition | Prime Time Money http://www.mydollarplan.com/reallocating-credit-limits-for-bigger-balance-transfers/#comment-1085 Money Hacks Carnival #1 - Hacked Gadgets Edition | Prime Time Money Wed, 27 Feb 2008 13:07:25 +0000 http://www.mydollarplan.com/reallocating-credit-limits-for-bigger-balance-transfers/#comment-1085 [...] Hacks Reallocating Credit Limits for Bigger Balance Transfers posted at My Dollar Plan. Reasons Why Your HELOC Can Be Your Emergency Fund posted at Quest For [...]

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]]> By: Madison http://www.mydollarplan.com/reallocating-credit-limits-for-bigger-balance-transfers/#comment-1038 Madison Sun, 24 Feb 2008 19:43:46 +0000 http://www.mydollarplan.com/reallocating-credit-limits-for-bigger-balance-transfers/#comment-1038 @ Ron: I agree it's a signature. But with a proven track record (credit history) I think that lenders place a different value on the credibility behind the signature. <br>@ Father Sez: I'm sure the companies are completely aware of what I'm doing. Most of the time when we reallocate balances, they offer to do a balance transfer over the phone. I usually take them up on the offer if they will raise the credit limit even higher. They're banking on me to make a misstep at some point so they will earn interest. Statistically speaking most people do pay some interest so they are all for it. <br>@ Lost Cause: I guess I consider the credit card companies to be big businesses that operate in a regulated industry. They have terms and conditions and I follow those. I don't agree with all of their business practices, but I feel comfortable with the risks that I take based on the terms that the cards are offered. However, I do understand the passion that some people have against the companies. I'd like to believe that I don't get emotionally attached to banks... I consider it business (for the most part!) @ Ron: I agree it’s a signature. But with a proven track record (credit history) I think that lenders place a different value on the credibility behind the signature.

@ Father Sez: I’m sure the companies are completely aware of what I’m doing. Most of the time when we reallocate balances, they offer to do a balance transfer over the phone. I usually take them up on the offer if they will raise the credit limit even higher. They’re banking on me to make a misstep at some point so they will earn interest. Statistically speaking most people do pay some interest so they are all for it.

@ Lost Cause: I guess I consider the credit card companies to be big businesses that operate in a regulated industry. They have terms and conditions and I follow those. I don’t agree with all of their business practices, but I feel comfortable with the risks that I take based on the terms that the cards are offered. However, I do understand the passion that some people have against the companies. I’d like to believe that I don’t get emotionally attached to banks… I consider it business (for the most part!)

]]> By: Homemade Beer Roundup | Prime Time Money http://www.mydollarplan.com/reallocating-credit-limits-for-bigger-balance-transfers/#comment-1031 Homemade Beer Roundup | Prime Time Money Sun, 24 Feb 2008 01:29:05 +0000 http://www.mydollarplan.com/reallocating-credit-limits-for-bigger-balance-transfers/#comment-1031 [...] Reallocating Credit Limits for Bigger Balance Transfers by My Dollar Plan [...]

[...] Reallocating Credit Limits for Bigger Balance Transfers by My Dollar Plan [...]

]]> By: Lost Cause http://www.mydollarplan.com/reallocating-credit-limits-for-bigger-balance-transfers/#comment-994 Lost Cause Wed, 20 Feb 2008 06:49:58 +0000 http://www.mydollarplan.com/reallocating-credit-limits-for-bigger-balance-transfers/#comment-994 There is no way that I would play russian roulette with the likes of American Express or Chase. You do realize what kind of crooks that you are dealing with, don't you? There is no way that I would play russian roulette with the likes of American Express or Chase. You do realize what kind of crooks that you are dealing with, don’t you?

]]> By: fathersez http://www.mydollarplan.com/reallocating-credit-limits-for-bigger-balance-transfers/#comment-992 fathersez Wed, 20 Feb 2008 03:06:40 +0000 http://www.mydollarplan.com/reallocating-credit-limits-for-bigger-balance-transfers/#comment-992 Hi, Don't the card companies find out what you are doing. After all their sole purpose in life is to make money from us, not the other way around. Or are they so many card companies and cards that you can go on ad-infinitum Hi,

Don’t the card companies find out what you are doing. After all their sole purpose in life is to make money from us, not the other way around.

Or are they so many card companies and cards that you can go on ad-infinitum

]]> By: Ron@TheWisdomJournal http://www.mydollarplan.com/reallocating-credit-limits-for-bigger-balance-transfers/#comment-990 Ron@TheWisdomJournal Tue, 19 Feb 2008 15:56:58 +0000 http://www.mydollarplan.com/reallocating-credit-limits-for-bigger-balance-transfers/#comment-990 It blows my mind how easy it is to get someone to loan you $35,000 on nothing but a signature. I'm worried about the $50 I have on Prosper! It blows my mind how easy it is to get someone to loan you $35,000 on nothing but a signature. I’m worried about the $50 I have on Prosper!

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