[net.invest] No Money Down??

merrill@raja.DEC (01/02/86)

re: 200 VISA cards at 35$/yr each gonna cost you $7,000/yr!!

Then when you go to the bank, they just may ask if you have any debts - 
as a condition of the loan!!  Even if they don't ask AND don't find out,
they'll always charge a bunch of "points" for an 80% loan - there's another
13,000$!!  You've put out 20,000 to control 200,000 - that is quite a reasonable
margin leverage for the risk of having to meet the payments!

Good luck to all you Type A hotshots that go for this method!!


	Rick (The conservative)

jj@nrcvax.UUCP (Utah) (01/03/86)

In article <223@decwrl.DEC.COM> merrill@raja.DEC writes:
>
>re: 200 VISA cards at 35$/yr each gonna cost you $7,000/yr!!
>

From what I hear, the method called for obtaining Visa cards
with no annual fee (such cards do exist.)
-------------------------------------------------------------------------
Jeff Jennings		      		Network Research Corp.
ihnp4!nrcvax!nrcutah!jj			923 Executive Park Drive Suite C
ucbvax!calma!nrcvax!nrcutah!jj		Salt Lake City, Utah 84117, U.S.A.
{sdcsvax,hplabs}!sdcrdcf!psivax!nrcvax!nrcutah!jj	(801) 266-9194

brett@ucla-cs.UUCP (01/04/86)

> 
> In article <223@decwrl.DEC.COM> merrill@raja.DEC writes:
> >
> >re: 200 VISA cards at 35$/yr each gonna cost you $7,000/yr!!
> >
> 
> From what I hear, the method called for obtaining Visa cards
> with no annual fee (such cards do exist.)

No bank is going to extend credit to someone who recent applied 
for 199 other visa or mastercards.  A typical reason for declining 
credit is too many recent applications or extensions of credit for the 
applicant .

Each application for credit is reported to one of the credit
reporting agencies.  If several cards are given to the applicant
in a short period, a bank will typically decline to give you
more credit, for fear you may not know how to handle the credit.




-- 
Brett Fleisch
University of California Los Angeles
LOCUS Research Group
3804-f Boelter Hall
Los Angeles, CA 90024
Phone: (213) 825-2756, (213) 474-5317 

brett@LOCUS.UCLA.EDU
{...sdcrdcf, ihnp4, trwspp, ucbvax}!ucla-cs!brett
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tas@dcc1.UUCP (N. Tasova) (01/06/86)

> 
> In article <223@decwrl.DEC.COM> merrill@raja.DEC writes:
> >
> >re: 200 VISA cards at 35$/yr each gonna cost you $7,000/yr!!
> >
> 
> From what I hear, the method called for obtaining Visa cards
> with no annual fee (such cards do exist.)
> -------------------------------------------------------------------------
> Jeff Jennings		      		Network Research Corp.
> ihnp4!nrcvax!nrcutah!jj			923 Executive Park Drive Suite C
> ucbvax!calma!nrcvax!nrcutah!jj		Salt Lake City, Utah 84117, U.S.A.
> {sdcsvax,hplabs}!sdcrdcf!psivax!nrcvax!nrcutah!jj	(801) 266-9194

Such cards do exist but there aren't very many of them available to round up
200 VISA cards.  The membership fees and the interest on the cash advances
can add up to $10,000.00 in one month alone.

Tas.

tim@conejo.UUCP (James T. Kehres) (01/12/86)

In article <8240@ucla-cs.ARPA> brett@ucla-cs.UUCP writes:
>> 
>> In article <223@decwrl.DEC.COM> merrill@raja.DEC writes:
>> >
>> >re: 200 VISA cards at 35$/yr each gonna cost you $7,000/yr!!
>> >
>> 
>> From what I hear, the method called for obtaining Visa cards
>> with no annual fee (such cards do exist.)
>
>No bank is going to extend credit to someone who recent applied 
>for 199 other visa or mastercards.  A typical reason for declining 
>credit is too many recent applications or extensions of credit for the 
>applicant .
>
>Each application for credit is reported to one of the credit
>reporting agencies.  If several cards are given to the applicant
>in a short period, a bank will typically decline to give you
>more credit, for fear you may not know how to handle the credit.

Aside from this, many that extend credit look at not only your past
credit history, and your current debts, but also the sum of your
individual credit limits.  The more credit cards you have, the higher
this number.  This is especially true when trying to obtain home
financing.


Tim Kehres					Conejo Office Systems
						Mountain View, California
{amd,intelca,sun,pesnta,pyramid}!conejo!tim	(415) 967-1423
-------------------------------------------------------------------------------

drew@ukma.UUCP (Andrew Lawson) (01/23/86)

In article <457@conejo.UUCP> tim@conejo.UUCP (James T. Kehres) writes:
>Aside from this, many that extend credit look at not only your past
>credit history, and your current debts, but also the sum of your
>individual credit limits.

	How does this influence those who extend credit?
Do they see you as being able to handle the high level
of credit previously extended, or as already able to
dive in way over your head and therefore unlikely to
be able to handle more potential credit?
	I am just starting to collect credit references
and am curious about this.


-- 
Drew Lawson

"Parts is parts."