Building Credit

[2highpsi]

So you're thinking, "Ok you retard, how are you going to repay that much every month?" Well, my reply would be to set up a square account. It isn't a business. It isn't considered a profit or anything. I could then either set up a dummy account with a bank I don't currently use, and then write myself checks toward the payment, once it clears, pay off the card, or just have square linked directly to my account and then just transfer the payment. Spending 1800 per month would cost me $54 a month @ a 3% per transaction, but wouldn't it be a credit boost?

 

 

IIRC Guys were doing something similar to this to exploit points programs and ended up running into some problems.

 

Once your "sales" reach X amount Square was supposedly required to report the info to the IRS. If you were a legit business this is no big deal, because cost of sales would be figured when you filed typical tax forms anyways, but in the "fake" business you are either going to have the IRS thinking you have sales that you aren't reporting for taxes, or you are creating fraudulent forms with made up costs. Either way I wouldn't want to get into that mess.

[Captain_Panic1647545539]

IIRC Guys were doing something similar to this to exploit points programs and ended up running into some problems.

 

Once your "sales" reach X amount Square was supposedly required to report the info to the IRS. If you were a legit business this is no big deal, because cost of sales would be figured when you filed typical tax forms anyways, but in the "fake" business you are either going to have the IRS thinking you have sales that you aren't reporting for taxes, or you are creating fraudulent forms with made up costs. Either way I wouldn't want to get into that mess.

 

After getting some sleep, I thought about that this morning.

[copperhead]

Ok, flame suit is on just in case.

 

I am starting small time but want to get up to a 50k + limit. In order to do this I would have to spend quite a bit, right? Well, not so much actually, if I am right about this. I know it is bad to hit the limit in your card so I would go about $200 under the limit every month and pay it off in about a week. So lets say for right now my limit is $2000. If I spent and payed off 1800/mo wouldn't that help tremendously?

 

So you're thinking, "Ok you retard, how are you going to repay that much every month?" Well, my reply would be to set up a square account. It isn't a business. It isn't considered a profit or anything. I could then either set up a dummy account with a bank I don't currently use, and then write myself checks toward the payment, once it clears, pay off the card, or just have square linked directly to my account and then just transfer the payment. Spending 1800 per month would cost me $54 a month @ a 3% per transaction, but wouldn't it be a credit boost?

 

Or possibly a variant to have a balance carry over so it will show making payments, but not paying off 100%?

 

So.... am I a genius, or a retard?

 

Discuss.

 

Their decision to extend you more credit is based off of many more factors than just how much credit you use. You actually could be doing yourself more harm than good by going near your limit every month, it's hard to say. If your credit is otherwise good to excellent then I would just open more cards. You would probably have to have an extremely high income to get a single card with a $50k limit.

[Franchi]

Another question would be honestly why do you want a $50k limit? Just to see if you can get one? If not looking to use that much revolving credit, seems like a lot of effort for nothing if not gonna be using anywhere near that max monthly which on average, most people will not or even close to it.

[Mojoe]

So who has a sight that actually works to view your credit report free. We have been in our house almost a year and want to just check up on things. I've been to the sight listed in the first post, but it said it did not receive my payment, nor did it ask for it. Nor am I looking to pay. I've been to a dozen sights this morning and theyall suck.

 

Little help?

[Mr. Jones]

If you just want your general score and info,kreditkarma works pretty well with no hidden strings that I'm aware of. KK uses transunion IIRC.

 

If you want reports (but not score) from all 3 bureaus, and further details, you can always use the once a year: https://www.annualcreditreport.com/index.action

[Mojoe]

https://www.annualcreditreport.com/index.action

 

That's the sight I went to that told me I didn't put in my payment info, nor did it ask.