How to Raise Credit Card Limit
Post subject: How to Raise Credit Card Limit
Guest: creditbuilder
Posted: Wed Jun 08, 2005 5:09 pm
I want to do a bt to my capital one credit card to raise my credit limit, but I need to charge up about $800 quick. I don't want to buy anything. I'm looking for a way to charge it up get cash, and then pay it off after I do the bt. Any ideas?
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Guest: daveberk
Post subject: Running Up A Credit Card Balance
Posted: Wed Jun 08, 2005 5:32 pm
Buy a big ticket item in time to post to your next statement and then return it after the statement closes.
Better yet, get rid of your capital one card so you don't have to do this just to maintain a decent credit rating.
Guest: CreditCardGuru
Post subject: Running Up A Credit Card Balance
Posted: Wed Jun 08, 2005 7:19 pm
If you really want to get cash, it's this easy, get 2 PayPal accounts, with the first one just send the money to the other one, with the second put your bank account on it so you can transfer the money to your bank, an easy way to get a cash advance without being charged those fees. Also if you have a PayPal account with a debit card that helps as you can get the money from the ATM in 2 days (400 limit per day) or you can just use the card at stores.
Secondly, you don't have to run up a credit card bill with ANY credit card company to maintain good ratings, but credit scoring works much like a matrix, you have to meet certain criteria to get a certain score. I have no problem with my Capital One Go Miles account, the problem is that they market towards people with a history of bad credit, which isn't a good idea because those people don't understand how credit works and at most giving them another chance won't change most of them. If you have developed bad spending skills at a young age it will haunt you for the rest of your life. Such as in Asian countries they teach their children at school about financial planning and budgeting, a good concept we should take on instead of having all these bullcrap classes in high school. A required class on financial skills would be great. Telling a charge-a-holic not to run up their credit card bill is like telling an alcoholic not to pick up a bottle of liquor. I grew up around relatives with bad credit habits and made the decision that I would be wise with mine as I know how credit basically effects your everyday life. I'm not saying that you can't develop good spending habits once you have developed bad ones, it is just a lot harder. I think if we taught kids in school financial skills it would not only help them out later in their life but help out our country and perhaps make it so companies didn't have to use outsourcing due to budgeting problems.
I'm the Credit Card Guru, YOU BET
Guest: creditbuilder
Post subject: Running Up A Credit Card Balance
Posted: Wed Jun 08, 2005 8:15 pm
Closing my cap. one account is the idea. I got an offer from them to increase my credit limit with a bt. Right now my limit is only 200 so it shows on my credit report as highest balance 100 and something. I figured it would be better to get that figure up closer to 2000 before I close it so it will look better on my report.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: legitimate user
Post subject: Running Up A Credit Card Balance
Posted: Wed Jun 08, 2005 10:51 pm
CreditCardGuru wrote:
If you really want to get cash, it's this easy, get 2 PayPal accounts, with the first one just send the money to the other one, with the second put your bank account on it so you can transfer the money to your bank, an easy way to get a cash advance without being charged those fees. Also if you have a PayPal account with a debit card that helps as you can get the money from the ATM in 2 days (400 limit per day) or you can just use the card at stores.
Damn, I can't believe I hadn't thought of a nice little trick like that. Good call.
Guest: rain
Post subject: Running Up A Credit Card Balance
Posted: Wed Jun 08, 2005 11:10 pm
I haven't even checked yet, but I'm sure there are fees for using paypal, else everyone will be arbitraging! Check before you try...
Guest: Polonius
Credit Expert (100+ Posts)
Post subject: Running Up A Credit Card Balance
Posted: Wed Jun 08, 2005 11:28 pm
You can't receive credit card payments on a PayPal personal account. On its premier/business accounts, there's a fee of 2.9% plus 30 cents per transaction unless your volume exceeds $3,000 per month.
This method doesn't work. Period.
Guest: Shawnee
Post subject: Running Up A Credit Card Balance
Posted: Thu Jun 09, 2005 8:17 am
Polonius is absolutely correct. In addition, using PayPal as a method to skirt credit card cash advance fees and rates is specifically prohibited in their terms of service.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Ira
SENIOR MEMBER (Member for 2 yrs.+)
Post subject: Running Up A Credit Card Balance
Posted: Thu Jun 09, 2005 10:43 am
Quote:
people don't understand how credit works and at most giving them another chance won't change most of them. If you have developed bad spending skills at a young age it will haunt you for the rest of your life. Such as in Asian countries they teach their children at school about financial planning and budgeting, a good concept we should take on instead of having all these bullcrap classes in high school. A required class on financial skills would be great. Telling a charge-a-holic not to run up their credit card bill is like telling an alcoholic not to pick up a bottle of liquor. I grew up around relatives with bad credit habits and made the decision that I would be wise with mine as I know how credit basically effects your everyday life. I'm not saying that you can't develop good spending habits once you have developed bad ones, it is just a lot harder. I think if we taught kids in school financial skills it would not only help them out later in their life but help out our country and perhaps make it so companies didn't have to use outsourcing due to budgeting problems.
Kudos! CCG, other than your final comment about outsourcing which I believe to be an unjustified conclusion, that might be the best advice you've ever posted here. It's what I've been saying for years. Educate people on how to manage their money almost before you do anything else. Even grade school kids should be given a minimum amount money for school expenses, such as books, pencils and lunch. If they spend too much on ice cream and games and run out of money and can't afford lunch by Thursday, tough. It's how you learn to budget.
Ok, I know that's not going to happen, it's just an example of what money management at an early age could do. I know that Curtis is also a huge advocate of money matters education. He has spoken many times at local schools. We should all get involved in this sort of thing and try in our own small way to make the world a better place.
Guest: creditbuilder
Posted: Wed Jun 08, 2005 5:09 pm
I want to do a bt to my capital one credit card to raise my credit limit, but I need to charge up about $800 quick. I don't want to buy anything. I'm looking for a way to charge it up get cash, and then pay it off after I do the bt. Any ideas?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: daveberk
Post subject: Running Up A Credit Card Balance
Posted: Wed Jun 08, 2005 5:32 pm
Buy a big ticket item in time to post to your next statement and then return it after the statement closes.
Better yet, get rid of your capital one card so you don't have to do this just to maintain a decent credit rating.
Guest: CreditCardGuru
Post subject: Running Up A Credit Card Balance
Posted: Wed Jun 08, 2005 7:19 pm
If you really want to get cash, it's this easy, get 2 PayPal accounts, with the first one just send the money to the other one, with the second put your bank account on it so you can transfer the money to your bank, an easy way to get a cash advance without being charged those fees. Also if you have a PayPal account with a debit card that helps as you can get the money from the ATM in 2 days (400 limit per day) or you can just use the card at stores.
Secondly, you don't have to run up a credit card bill with ANY credit card company to maintain good ratings, but credit scoring works much like a matrix, you have to meet certain criteria to get a certain score. I have no problem with my Capital One Go Miles account, the problem is that they market towards people with a history of bad credit, which isn't a good idea because those people don't understand how credit works and at most giving them another chance won't change most of them. If you have developed bad spending skills at a young age it will haunt you for the rest of your life. Such as in Asian countries they teach their children at school about financial planning and budgeting, a good concept we should take on instead of having all these bullcrap classes in high school. A required class on financial skills would be great. Telling a charge-a-holic not to run up their credit card bill is like telling an alcoholic not to pick up a bottle of liquor. I grew up around relatives with bad credit habits and made the decision that I would be wise with mine as I know how credit basically effects your everyday life. I'm not saying that you can't develop good spending habits once you have developed bad ones, it is just a lot harder. I think if we taught kids in school financial skills it would not only help them out later in their life but help out our country and perhaps make it so companies didn't have to use outsourcing due to budgeting problems.
I'm the Credit Card Guru, YOU BET
Guest: creditbuilder
Post subject: Running Up A Credit Card Balance
Posted: Wed Jun 08, 2005 8:15 pm
Closing my cap. one account is the idea. I got an offer from them to increase my credit limit with a bt. Right now my limit is only 200 so it shows on my credit report as highest balance 100 and something. I figured it would be better to get that figure up closer to 2000 before I close it so it will look better on my report.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: legitimate user
Post subject: Running Up A Credit Card Balance
Posted: Wed Jun 08, 2005 10:51 pm
CreditCardGuru wrote:
If you really want to get cash, it's this easy, get 2 PayPal accounts, with the first one just send the money to the other one, with the second put your bank account on it so you can transfer the money to your bank, an easy way to get a cash advance without being charged those fees. Also if you have a PayPal account with a debit card that helps as you can get the money from the ATM in 2 days (400 limit per day) or you can just use the card at stores.
Damn, I can't believe I hadn't thought of a nice little trick like that. Good call.
Guest: rain
Post subject: Running Up A Credit Card Balance
Posted: Wed Jun 08, 2005 11:10 pm
I haven't even checked yet, but I'm sure there are fees for using paypal, else everyone will be arbitraging! Check before you try...
Guest: Polonius
Credit Expert (100+ Posts)
Post subject: Running Up A Credit Card Balance
Posted: Wed Jun 08, 2005 11:28 pm
You can't receive credit card payments on a PayPal personal account. On its premier/business accounts, there's a fee of 2.9% plus 30 cents per transaction unless your volume exceeds $3,000 per month.
This method doesn't work. Period.
Guest: Shawnee
Post subject: Running Up A Credit Card Balance
Posted: Thu Jun 09, 2005 8:17 am
Polonius is absolutely correct. In addition, using PayPal as a method to skirt credit card cash advance fees and rates is specifically prohibited in their terms of service.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Ira
SENIOR MEMBER (Member for 2 yrs.+)
Post subject: Running Up A Credit Card Balance
Posted: Thu Jun 09, 2005 10:43 am
Quote:
people don't understand how credit works and at most giving them another chance won't change most of them. If you have developed bad spending skills at a young age it will haunt you for the rest of your life. Such as in Asian countries they teach their children at school about financial planning and budgeting, a good concept we should take on instead of having all these bullcrap classes in high school. A required class on financial skills would be great. Telling a charge-a-holic not to run up their credit card bill is like telling an alcoholic not to pick up a bottle of liquor. I grew up around relatives with bad credit habits and made the decision that I would be wise with mine as I know how credit basically effects your everyday life. I'm not saying that you can't develop good spending habits once you have developed bad ones, it is just a lot harder. I think if we taught kids in school financial skills it would not only help them out later in their life but help out our country and perhaps make it so companies didn't have to use outsourcing due to budgeting problems.
Kudos! CCG, other than your final comment about outsourcing which I believe to be an unjustified conclusion, that might be the best advice you've ever posted here. It's what I've been saying for years. Educate people on how to manage their money almost before you do anything else. Even grade school kids should be given a minimum amount money for school expenses, such as books, pencils and lunch. If they spend too much on ice cream and games and run out of money and can't afford lunch by Thursday, tough. It's how you learn to budget.
Ok, I know that's not going to happen, it's just an example of what money management at an early age could do. I know that Curtis is also a huge advocate of money matters education. He has spoken many times at local schools. We should all get involved in this sort of thing and try in our own small way to make the world a better place.
posted by CardRatings.com at 3:04 PM
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