34 Replies

@Travis Koolick I would agree with you, I was also a part of that forum discussion and believe it would be valuable input here. 

But the people in this thread seem to be unaware of the power of Balance Transfers. I will quote a well written article on mbna which explains balance transfers, which are certainly the needed item to counter the end of the 0% interest period - 

"A balance transfer is where part or all of the debit balance (or debt) you owe to another lender is transferred from one credit or store card to another, usually to save on interest repayments.

A balance transfer credit card can be a good way to keep track of your balance and payments with everything in one place.

If you’ve recently compared credit cards and discovered one that charges you less interest, transferring debt from one credit card to the other could save you money. That’s the main benefit of a balance transfer.

By reducing the overall cost of what you owe, a credit card balance transfer could help you pay off your outstanding balance sooner, and even reduce your outgoings. Transferring high interest balances to a credit card which features a promotional offer or lower rate could save you money on interest repayments."


Once you have, received one of the cards, and never use it. Do you have to make payments on it.

I have a few credit cards, that I've had for months, activated them, but never used them. And have not received a bill for them.

I want to thank everyone for their honesty! I was truly considering using WCAP Financial since their info was one of the ads in my BiggerPockets email that I get for their blog posts.  Now I understand its just an ad like any other and I need to do my research before considering it. 

Well, I have done some research! These guys look pretty good. They have a great BBB rating, and a ton of positive testimonials. I have gone through my initial telephone conversations with them and are so far impressed by their degree of professionalism and knowledge.

I went to a 3 Day this past weekend in suburban Chicago IL, and found a similar company called Pathway Financial. They have a similar process, but with an added twist. They have two offers. The first is the same $X0,000 in unsecured credit, which is obviously credit cards. But, dependent on your personal credit score and credit utilization, they also offer you business credit for your LLC. This is intriguing for obvious reasons, but, as many have stated on this thread there is no such thing as free. I will have some calls with them this week and update this thread...

I would like to know more about how these cards work, Account Closed, you seem very knowledgeable on the subject. Can you please explain to me what happens with Credit cards that you activate but never use? Do they have any effect on your FICO score?

@Rico D Williams I can't claim to be a credit expert, but happy to share what I know.

Credit is based on: https://www.thebalance.com/factors-affecting-credi...

- Bill Payment On-Time

- Credit Utilization

- Credit History Age

- Mix of Credit

- No. of Inquiries for Credit

Each time you get a new credit card, you are adding an inquiry to your report and decreasing your average credit history age because the new card is only one month old. So, immediately your credit will go down.

However, remember credit changes every month. So if you are getting more credit, you will have a better mix of credit (more cards or types of credit) and your utilization is decreasing overall.

Then, when you use the credit, you are starting to impact your overall utilization. If you use more than 20% of your credit on each card and in aggregate (across all credit) your score will start to go down. Once you go over 35% you score will drop significantly (as much as 30 -50 points) and it only gets worse as you get closer to maxing out the card.

However, once you pay these cards down to a lower dollar amount of utilization, your score will bounce back up, but it will take 1-2 cycles (months) for the credit information to refresh.

Let me know if that makes sense and/or if you have any other specific questions.

I have been investing for over 13 years and this website has actually been very helpful for me to get credit. The rep I talked to over the phone was knowledgable and helpful. I recommend. 

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