I have read stories about some folks applying for 30-40 credit cards in short fashion, using the no-fee 0% APR balance transfer check offers, and plunking the money in high-yield, FDIC-insured savings accounts.
They make the payments right out of the high-yield accounts.
After the cards are paid off, rinse and repeat.
80 posted on 08/21/2007 1:29:12 PM PDT by rabscuttle385
(Sic Semper Tyrannis * U.Va. Engineering '09 * Friends Don't Let Friends Vote Democrat * Fred in 2008)
I have read stories about some folks applying for 30-40 credit cards in short fashion, using the no-fee 0% APR balance transfer check offers, and plunking the money in high-yield, FDIC-insured savings accounts.
Not possible. Most of them are owned by the same company. They just use different vendors for the cards.
89 posted on 08/21/2007 1:32:50 PM PDT by AppyPappy
(If you aren't part of the solution, there is good money to be made prolonging the problem.)