Investing Guide

I just received my check for 185$ for opening 6 credit cards through cardselection.com. I got 25-40$ for the cards that I applied for. Not many people had experience with cardselection.com because they are fairly new. Cardoffer.com discontinued their program when I was doing my applications, so that is why I used cardselection.com.  I am still waiting on the bonus for 3 more cards that I opened. Not bad for a little bit of extra work.  Just create an account and sign up for credit cards through their links.  I received the check 5 weeks after I applied for the cards.

I’ve now received all my cards and got most of my balance transfers.  I borrowed $101,000 with another $16,200 on the way.  I still have 2 of my Citibank card(1 business and 1 personal) balance transfer saved up so that I can use them in a year. 

I can reallocate the credit and do another large transfer with in a year with the saved up Citibank cards.  Most of the borrowed money is in my Wamu statement savings account because I believe that now is not a good time to buy equities.  I do not see that many good options.  Investing with borrowed money just makes it even more risky.  I would be more comfortable investing a large sum after the market drops by a huge amount. 

It is more difficult now to reallocate credit limit with Citibank.  I had to talk to retention in order to combine my limits.  The regular credit representative said that they would combine the limits, but the limits never got reallocated. 

I got my $100 credit from Sony card.  Still waiting on my 15k points from Citibank and a few hundred dollars from cardselection.com.

Overall, the balance transfers went smoothly.  It did take a many hours of researching, but the effort was worth it. 

I’ve gotten most of my cards. Now it is time to consolidate my credit limits to do large balance transfers from each issuer.

I need to consolidate my credit limits with Bank of America, Citibank, Amex and Chase. So far, I have combined my Bank of America, Citibank, and Amex cards. I still need to reallocate with chase.

Here is the transfers I am going to do:

Bank of America PetsReward: 22,000 (0% APR for 6 months, no fee) status: done

Citibank Upromise: 19,000 (0% APR for 1 year, no fee) Waiting for Citi to combine the limits in 3 business days

GM Chase Business: 35,000 (0% APR for 1 year, 75$ fee) Need to call on weekday to reallocate credit limit

Amex Blue Sky 14,000 (this one is 4.99% APR for life of balance. I rather do this than 0% APR for 6 months because I wanted a longer term loan to use for investing.) Need to wait for convenience checks.

HSBC Cash or Fly 4,000 waiting for credit limit increase

Wamu: 3,900 done

Juniper: 2,600 done

The smaller balance transfers from HSBC, Wamu, and Juniper is not very profitable and really worth my time. I did the balance transfer anyways so I can use the money to invest if a good opportunity comes up. Still waiting on my Citi Business Card. Overall, I got approved for most of my cards. Got denied on the Discover Motiva and Advanta business card, and ESPN card. I got approved for 15 new credit cards.

I just applied for 18 credit cards. I plan to borrow money from the cards to invest. It took me several hours of research to look for the best deals on new credit cards. I signed up for a few business credit cards too. I used www.cardselection.com to get their sign up bonus for most of the cards. Most of the applications were deferred. Roboform was used to fill in the applications using the autofill function.
So far, there I got 4 instant approvals, 1 denied, and still have 13 pending.

Here are the cards I applied for:

I’ve only got approved for Juniper 3k, Amex blue Sky 5.4k, Bofa pet rewards 10.4k, and Wamu 5k. After I get all my cards in, I am going to reallocate the credit limits from Amex, Citi and Chase to do one large balance transfer for each of those issuers. I still need to request credit limit increases on my existing cards. I just increased my existing Bank of America Platinum Plus Master Card’s credit limit to 19,900 from 13,700.  I am still using Credit Secure to bump hard inquiries off my credit reports.