Many of you have read my App-o-rama series from part 1 through 5 which are the pinnacle of this website. Credit card issuers know full well of articles such as mine, sites like fatwallet.com et al, and other popular blogs that talk extensively about the credit arbitrage game to make money. Then why are they letting people making money from them? Don’t get me wrong..they’re no fools. It is because they are still profiting from the 0% APR promotion from the majority of Americans who continue to borrow and getting themselves further into debt. They have also gotten a lot stingier with their 0% APR Balance Transfer(BT) offers and changing the terms on the promotions. So what now playa?
I proudly present my definitive guide to HustlerMoneyBlog:
- Definition: A combination of strategies on App-o-Rama, Bonus-o-Rama, and Bills-o-Rama to make money by increasing your side income and lessoning your daily expenses.
Apporama: Playing the credit card 0% BT game on the advance level
App-o-Rama, AOR, and Applications-on-Rampant are all terms use to describe by applying for many, possibly up to 50, credit cards at one time. The best scenario to be successful in getting all the credit cards’ offers is to apply in one day; ideally in one hour on a weekday in the morning hours. This is done to fool credit card issuers to giving you all the offers approved and lessoning the hits on your credit score.
Question 1: Why the hell would I want to do this?
- To make money, lots and lots of money, possibly in the thousands
Question 2: Okay Hustler, how is signing on to many credit cards would make me rich?
- Well, I wouldn’t say rich..but definitely extra side money through credit cards’ sign-on bonuses such as cash, free miles for airplane tickets and hotel stay, free points for gift certificates, free ipods, etc….but the main one is to do Balance Transfer(borrow money at 0% APR and put it into a 6% Savings account to make money).
Question 3: Who should do this?
- Straight up, this is for your entertainment information…You do this sh$t at your own risk. The answer is for people who have decent credit score, 650 or above, who no longer or need to buy a home within one year.
Question 4: How much do you make a year from doing this?
- This year, I have made over $3K on Balance Transfer alone. People who have better credit score have reported to make up to 10K and, if you do this right, can be recycled every year.
Question 5: What are the negative fallouts from doing App-o-Rama?
- It will temporarily screw your credit score for a year. Car and house insurance rate may increase due to the decrease in your credit score. With the money that you are borrowing with BT, your credit score may take a 100 points hit with your debt/credit limit ratio in the first month. At the end of your 12 months 0% APR term, and with all the money pay back, your credit score will actually be higher than when you first started it.
Above is pretty much a quick summary of App-o-Rama. Before I get into the nit-picking details from A to Z, I need you to spend a couple of days reading this thread on fatwallet. Check out all the information and personal App-O-Ramas on the thread. 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), FICO score..etc etc. I cannot provide everything, and may leave some of the details out. You must read first and educate yourself, hence reading the next few posts from me will be less of a headache. Come back for tomorrow edition of HustlerMoneyBlog Part 2.