Thinking about doing an AOR (App-o-Rama), financial suicide or stressful hobby?

NEW -> Contingent Buyer Assistance Program
ps99472_IHB

ps99472_IHB

New member
What's everyone's comment on this.. for those who don't know.. here's a link for more info as it is too complicated for me to explain..





<a href="http://app-o-rama.com/">app-o-rama.com/</a>





<a href="http://www.fatwallet.com/t/52/632935/">www.fatwallet.com/t/52/632935/</a>
 
<p>I've never done an AOR. I<strong> have</strong> done 0% "balance transfer arbitrage" across multiple cards. It's fine as long as you don't get greedy and don't need a top-notch FICO for a while. Keep the lines under 50% utilization and you'll be fine.</p>

<p>Time heals all wounds. Pay down all the debt, wait six months, and your 780 (or whatever) FICO will come roaring back. </p>
 
<p>I've done and watched my FICO score go down to 680ish. Not the greatest... after a while it finally went back up to 770. But it is usually a long process (6-12 months) to get it right. Take it easy </p>

<p>-bix</p>
 
<p>this sound too easy - there has to be some catch - against the law or something????? </p>

<p>Anyone know what happens when two married people apply for a bib loan (i.e,. mortgage) and one has an excellent credit score and one doesn't - i.e., what would happen if one married person did this but the other didn't?</p>
 
<p>Awgee, it's sort of like a loss-leader. They will truly lend you money for free. Statistically many folks will screw up somehow and end up subsidizing those of us with beady eyes and Excel spreadsheets.</p>

<p>The biggest trap is a late payment, another is a late payment to a different creditor along with a universal default clause in the agreement. They will also alter payment addresses, reissue cards with new account numbers, change payment dates, and dangle juicy carrots in front of you to encourge additional charging on the card (payments are applied to low interest balances before higher interest balances, which effectively "traps" high-interest balances on the account).</p>

<p>I've been at it for two years and I've seen it all. No doubt they all hate me. My FICO broke 800 not too long ago (though it settled out at 780-ish).</p>
 
MA - This is one of the most contentious issues in the financial services industry. Read <a href="http://en.wikipedia.org/wiki/Universal_default">here </a>for more.
 
Sorry I wasn't clear. Card A can switch you to a "punitive" rate for defaulting on card B if card A has the dreaded "universal default" clause in the card agreement. They watch your credit history.
 
thanks! so does this mean that if someone is one day late on a payment they can consider that a default?? I am having a difficult time understanding how you default on a credit card. I do understand that if one followed this process and didn't get the money paid back in time then you would be charged loads of interest - but when is it considered default??
 
<p>MA-</p>

<p>The answer to that lies in the microprint included with your agreement. Every time they plan to make any change they have to send you a new one, so try to find the latest version. That being said, "UD" can be triggered with any late payment to any entity that reports to a credit bureau: utilities, cell carriers, car payments, etc. They can and will use any excuse to jack up your interest rate and pepper you with penalties.</p>
 
I'm a longtime member at fatwallet and have done my little share of applications and balance transfers for free (or almost free) short term money. Since I had to buy a car and <em>thought </em>we were going to purchase a home a while back, I stopped to allow my credit score adjust back to 700+.





Currently, my only outstanding balance is $10,000 that's earned me several hundred dollars in interest. It's a 0% APR Discover Card that doesn't expire until the balance is paid off or I default. At one point, I had a measly $30k floating around earning 5%. It's nothing compared to the $100k+ that some people pull from their credit cards. All I've really lost so far is some time reading the fine print and making sure I know the "Terms and Conditions" inside out.





Is it worth it? It depends on the person. I'm the type to keep a mental balance of all my savings, CDs, checking, investments, and credit cards. I know the due date of all my bills and cards. My friends may say I'm obsessed with money but I look at it as just a hobby. On the other hand, there are people (like my SO) who don't want anything to do with paying bills.
 
You must log in or register to reply here.
Back
Top