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Ron Bennett · 03-10-2005, 09:41 PM

He might as well take advantage *assuming* he has little to lose anyways.

With that said, lying about income won't help much if he has little to no credit history ... because if so, the primary purpose of the income question will be to determine if he should be offered a regular credit card or offered a secured credit card / declined.

If he really wants to take advantage, he should be somewhat honest (most folks fudge their income up a little) about his income and get the card(s); income less than $20K will likely disqualify him; he should apply for only one or two cards at most to start with, and then perhaps add one or two more several months later.

The key for him to get lots of credit is to build trust - use the credit card(s) a little, then a little more, and so on over say a year - if he does it right, and some luck helps, the credit card issuer(s) will regularly raise his credit limit and even better, offer him convenience checks - allowing him to get hard cash quickly, often way in excess of any "cash advance" limits.

In a nutshell, your friend will likely need to spend many months or more using the card(s) to get decent credit limits - and needs to do all of this in less than six months - that's likely when the new bankruptcy law will take effect.

While on that ... the new bankruptcy law in simplistic terms essentially changes most all credit card debt from being "unsecured" to "secured" *in a matter of speaking*.

Many folks will be shocked to learn the power the card companies will soon have under the new bankrupcy law - millions of folks will be trapped and will lose most everything; from an ethical standpoint, your friend shouldn't take advantage, but on the other-hand, the credit card companies, collectively, are scum (changing rates any time, legal usury [some have rates upwards of 40%! - there's no limit and they could make it 1000% anytime!], forced arbitration/one-sided legal agreements, etc) - he'd likely do better to put more effort into earning money than trying to rip off the credit card companies, but anyways I certainly can't blame him if that's the path he chooses.

Ron

03-10-2005, 09:41 PM
Ron Bennett Confirmed User Join Date: Oct 2003 Posts: 1,653	He might as well take advantage assuming he has little to lose anyways. With that said, lying about income won't help much if he has little to no credit history ... because if so, the primary purpose of the income question will be to determine if he should be offered a regular credit card or offered a secured credit card / declined. If he really wants to take advantage, he should be somewhat honest (most folks fudge their income up a little) about his income and get the card(s); income less than $20K will likely disqualify him; he should apply for only one or two cards at most to start with, and then perhaps add one or two more several months later. The key for him to get lots of credit is to build trust - use the credit card(s) a little, then a little more, and so on over say a year - if he does it right, and some luck helps, the credit card issuer(s) will regularly raise his credit limit and even better, offer him convenience checks - allowing him to get hard cash quickly, often way in excess of any "cash advance" limits. In a nutshell, your friend will likely need to spend many months or more using the card(s) to get decent credit limits - and needs to do all of this in less than six months - that's likely when the new bankruptcy law will take effect. While on that ... the new bankruptcy law in simplistic terms essentially changes most all credit card debt from being "unsecured" to "secured" in a matter of speaking. Many folks will be shocked to learn the power the card companies will soon have under the new bankrupcy law - millions of folks will be trapped and will lose most everything; from an ethical standpoint, your friend shouldn't take advantage, but on the other-hand, the credit card companies, collectively, are scum (changing rates any time, legal usury [some have rates upwards of 40%! - there's no limit and they could make it 1000% anytime!], forced arbitration/one-sided legal agreements, etc) - he'd likely do better to put more effort into earning money than trying to rip off the credit card companies, but anyways I certainly can't blame him if that's the path he chooses. Ron __________________ Domagon - Website Management and Domain Name Sales