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Re: OT: How to interpret credit report?
On Tue, 11 Jul 2017 16:07:15 -0700, "billbowden"

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15% is low for cash withdrawals.  The cards I have rates close to 15%
for credit and double that for cash withdrawals.  I don't care about
either, so there could be cards more optimized for deadbeats.  OTOH,
if you max out a card, its rate will skyrocket.  You also have to pay
it back monthly, so it's not great leverage.

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Re: OT: How to interpret credit report?

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I thought there were no interest charges on credit card balances that were  
paid back within 30 days. So, the question is, can you take a cash advance  
on a credit card  for 30 days, invest in the market, do some day trading,  
and then pay back off  the credit card at no interest and make a profit?  
Another question is: If you have no assets, why would you bother to go  
bankrupt since there are no assets to collect?





  



Re: OT: How to interpret credit report?
On Sun, 16 Jul 2017 15:56:29 -0700, "billbowden"

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Nope.  The interest on cash advances starts the day of the advance.
The world doesn't work the way you think it does.




Re: OT: How to interpret credit report?

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So, I'm just out the 35K I loaned to the party going bankrupt? What recourse  
do I have?  Do I get any interest?  Do I get anything back? If they have no  
assets, what can I do? The bankruptcy rules don't seem fair.






Re: OT: How to interpret credit report?
On Sun, 16 Jul 2017 22:05:38 -0700, the renowned "billbowden"

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Secured creditors, the government, employees owed actual pay etc. get
first dibs. Unsecured creditors are last in line and typically get
peanuts or nothing.  

The secured creditors typically don't pull the plug until *their*
money is in jeopardy. They don't care much about unsecured creditors.
By that time it is too late for the unsecured guys.  

The bankruptcy protection stops the creditors from hassling the debtor
and they get to deal with a 3rd party 'receiver' who divies up
whatever applicable assets remain (taking a healthy income for their
time) according to the rules.  

--sp  

--  
Best regards,  
Spehro Pefhany

Re: OT: How to interpret credit report?
On 07/17/2017 06:37 AM, Spehro Pefhany wrote:

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Don't take any payment from an unsecured credit card that you can't  
afford to write off. Credit cards are a "convenience item"; the reason  
you accept them as a small business at all is because you know you have  
15 customers a week who wanna pay small to moderate amounts of money for  
your product or service but are gonna balk if you demand it in cash, and  
there's a maximum payment charge you're willing to accept (which AFAIK  
is OK with most merchant agreements.)

When one starts getting up into the thousands or tens of thousands of  
dollars um sorry buddy, we're doing a legally binding Net 30 or "due  
upon receipt" contract with legally enforceable penalties for  
non-payment, or money order, or suitcase of cash if you've got it. Yes,  
you can put your deposit on a credit card, sure. Not the total balance.

Re: OT: How to interpret credit report?
On Sun, 16 Jul 2017 22:05:38 -0700, "billbowden"

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You get in line with everyone else.  Actually, you're at the back of
that line.  No, you're unlikely to get a dime.
h

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Re: OT: How to interpret credit report?
billbowden wrote on 7/17/2017 1:05 AM:
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Was the debt to you discharged in the bankruptcy?  I think you have to file  
to be able to recover anything.  Then again, I think you have to be informed  
of the proceedings, but I'm not sure.  My understanding is they have to list  
all the debts they want discharged and inform the debtors.  The debtors have  
to file in court to attempt to recover anything.  It is up to the court to  
decide what debts can and should be paid and which are canceled.  If you  
never filed in the bankruptcy you may not have any recourse unless you can  
show you were never informed of the proceedings.

I'm not a lawyer, so I don't know for sure.

--  

Rick C

Re: OT: How to interpret credit report?
On 07/16/2017 08:05 PM, snipped-for-privacy@notreal.com wrote:

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Sweet Jesus anyone who say just lets some Internet rando make an online  
payment to their business for thousands of dollars with an unsecured  
credit card and ships the gear out the very next day by FedEx like a  
good little boy without doing due diligence is behaving like a madman.


Re: OT: How to interpret credit report?
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na there's "free" credit on the fist 30 days on purchases, because they
gouge the vendor some crazy percentage on their take.

the don't gouge you on your cash advance so ointerest starts from the
first minute.


--  
This email has not been checked by half-arsed antivirus software  

Re: OT: How to interpret credit report?

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Your cause and effect is all sideways but the bottom line is the same.

Re: OT: How to interpret credit report?

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I thought there were no interest charges on credit card balances that were  
paid off within 30 days. So, the question is, can you take a cash advance on  
a credit card  for 30 days, invest in the market, do some day trading, and  
then pay off  the credit card at no interest and make a profit? Another  
question is: If you have no assets, why would you bother to go bankrupt  
(chapter 7) since there are no assets to collect?








Re: OT: How to interpret credit report?
On 07/16/2017 07:11 PM, Bill Bowden wrote:

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Nobody knows the real situation but dude I gotta say from your posts it  
sounds a lot like the reason you're so miffed is that you were trying to  
run a hustle but got out-hustled by a better/more unscrupulous hustler  
than you were.

Re: OT: How to interpret credit report?
Bill Bowden wrote on 7/16/2017 7:11 PM:
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It is not full balances that have a grace period, it is only purchases.  
They are typically however long from the transaction to the last day you can  
pay the bill without being late which is nearly a month (the billing cycle)  
plus the number of days before the statement date you make the purchase.

Cash advances or funds transfers (paying off another card) typically not  
only collect interest from the day of transaction but also incur a fee of  
some few percent, often 3%.

--  

Rick C

Re: OT: How to interpret credit report?
On Tue, 18 Jul 2017 16:07:46 -0400, the renowned rickman

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This makes sense since the card issuer makes money from the merchant
on a purchase (something like a percent or two, which easily covers
the interest cost, risk and then some) but makes nothing when issuing
a cash advance.  

--sp  


--  
Best regards,  
Spehro Pefhany

Re: OT: How to interpret credit report?
On Tue, 18 Jul 2017 18:50:10 -0400, Spehro Pefhany

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Exactly.  They also don't want you using the card as margin on
investments.  CCs are risky enough as it is.

Re: OT: How to interpret credit report?
Spehro Pefhany wrote on 7/18/2017 6:50 PM:
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Did you miss the 3% fee?

--  

Rick C

Re: OT: How to interpret credit report?
On Tue, 18 Jul 2017 22:07:17 -0400, the renowned rickman

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I don't have any cards that charge a fee for cash advances, and I have
a bunch of cards.  

I've seen ATMs with horrible fees in Las Vegas but that's not what I
get through my usual banking ATMs.  

--sp

--  
Best regards,  
Spehro Pefhany

Re: OT: How to interpret credit report?

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There is often an exception for paying off another card.  There are
deals where there is zero interest for a period (sometimes a year).  

Re: OT: How to interpret credit report?

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Yes, but the question is why anybody would declare bankruptcy when they have  
no assets? That just makes your credit rating worse for 10 years. What is  
the rationalization?





  



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