This Series has been updated. The Definitive Guide to HustlerMoneyBlog Part 1.
Here is the first part of App-O-Rama: Yes, I have done this!
App-O-Rama means to apply for many many, possible up to 100, credit cards at one time(meaning in one day) in order to fool Credit cards company to give you all the offers.
- Why? To make $$$$$$$$ lots and lots of $$$$$$$
- How? Many cards have sign-on bonuses such as Cash, Credit, free miles, free ipods, but the main one is to do Balance Transfer(borrow money at 0% Apr and put it into a 5% Savings account).
- Who should do this? You should do this if your credit score is above 650 and you are not buying a home within a year.
- How much do you make a year from doing this? I estimate to be around minimum $3K a year if you do this right, and it can be recycled every year.
- What are the bad things about App-O-Rama? It will screw your credit score for a little while. Car insurance rate may be higher or your interest rate loan on a new car may be higher.
That is pretty much the quick summary. Now, I will go into details. First I need you to spend a couple of days reading this thread by the Grand White Collar Hustler himself SiS from fatwallet. Check out all the details and personal App-O-Ramas on the thread. The man SiS is truly a legend on that board, and yes, he is the one who coined the term App-O-Rama. I want you to be familiar with some of the terms about App-O-Rama such as Balance Transfer(BT), AOR, Credit Limit Increase (CLI), Credit Transfer (CT), Customer Service Rep. (CSR)…go read first and be familiar, then come back for tomorrow edition of App-O-Rama Part 2.