Short 'Motivating' Intro (aka. "The Bait")
Last year the better half and I applied for a credit card that gave out cash bonus incentive. The only reason we applied was that we hadn’t applied for a new credit card in a long time and our credit scores were in great shape, so it would be stupid not to take the cash bonus (I think $300 in total). The real bonus, though, was that each of us got a $20K credit line (resulting in a total of $40K!). We just got the cards and let them sit. Within 6 months, we each received the 0%APR balance transfer (BT) offer. They agreed to send a check for the amount instead of us having to transfer it to another card. I applied for another card ($10K limit this time) and we added some of the saved money we had and opened a CD for $55K for 9 months. When the CD matures, we will return back the principal "loaned to us" by the credit cards and pocket the interest of $2000 or so. Easiest money we ever made. Just to put the amount in perspective, that covers 4 monthly payments if you plan to buy a BMW, or around one years’ payment if you buy a sensible pre-owned vehicle! (We? Oh, we plan to use it for a ski vacation, with any leftovers used as an extra payment for the mortgage :)
Now onto "The Facts"
How to get large credit lines
There is tonnes of information about this in the Fatwallet Finance Forum. Read voraciously and devour every bit of information you can lay your hands on, before you sink your feet in, if you feel this is something for you. Choose wisely and you will be rewarded handsomely :)
To read how to build good credit history, check out this post.
Need some quick cash? Check out MyPaydayLoanCash.com for an online cash advance today!