"I have my entire retirement and savings invested in Bitcoin"
- Thread starter Hurr-Durr
- Start date
Did you read his post?
Further in the comments he says he has over 6 figures in student debt. I'm guessing he saw it unlikely being able to pay back his debt and probably felt his credit was going to be ruined either way. Also note that student loan debt is NOT forgivable in a bankruptcy. So he got as much cash as he could on the auspices of his good credit score and went all in.
Based on his way of conversing and choice of words, I'd say he isn't exactly oblivious to the "risks."
Say what you want about the wisdom of betting the farm on a high conviction bet, but he seems disciplined. I know that not many can say the same about themselves.
What part of this seems disciplined to you?
If he cashed out in time he simply got lucky.
He had a clear idea of what he was getting himself into. He wrote out his thesis and made it public to hold himself accountable. He knew it was an asymmetrical bet (meaning either he'll lose 100% or he'll make xxx% of xxxx%).
I'm not saying it's wise or foolish to put your money into bitcoins let alone bet the farm on it (as for me - I'm staying away, far away). I'm just saying he thought independently and acted independently on his own reasoning rather than listen to others like most of the sheeple who got into Bitcoin.
tl;dr: It was an asymmetrical bet based on his understanding rather than most speculators who jumped on the bandwagon just to gamble away.
It's not that hard to get credit if you have a decent credit rating. I have access to over 6 figures in credit on my cards if I wanted
Why would you want it? It's nice knowing that any mail from your bank can only be positive.
How many cards, and any suggestions? I have a $2k limit on my bank-issued Amex, but other than that, nothing really.
Nice as a buffer just in case, and it'd make for a better credit score for the future.
Use your full 2 k and pay it off each month After 6 months? Or more? The bank will get the message and raise your limit. Basically you need to prove to the bank you don't need their money. Use the shit out of their card and don't pay them a nickel for the privilege. Then rinse and repeat. You should then pickup 2 more cards and utilize the same strategy.
Yeah, that's what I've been doing, or as close to as possible. Paying in full every month (one or two months where I was a day late, I need to set it up to pay automatically) which has worked to an extent (was ~$900 a year and a half ago) - any suggestions on types of cards to pick up? Balance transfer? High end? Bad credit? (My credit score is good, I think 20 under Experian's max)
I would get the best cards you can qualify for. Some people are really into rewards, so if thats your thing go for it. Do a little research and find the companies with the most liberal credit limit policy's. Some companies are simply more comfortable with higher limits. Start with adding a 2nd card. Use the strategy i mentioned earlier on both cards. Do that for a year and if they dont increase your limits call them up and ask them to. After a year or 2 add a 3rd and final card. This is a slow and methodical way to do this. But its the only way I know of to get an unlimited(not really) credit limit.
As damnEPC said, unless you're ballin' out of control, it takes time to build up your limits. You might want to look into MBNA MasterCard. I got a gold card from them in the 90s when I was in college with a $2500 limit and it's now a platinum with a $48,500 limit and 1% cash back.
MBNA likes to call up their card holders and offer them cash advances up to the limit of the card with really low interest for 10 months, but if you don't pay them off in 10 months they ass rape you on the interest backdated to when you took the advance. Of course you pay the advance off much sooner.
Combine this with an ING line of credit at prime +2% and you can flip the credit back and forth, paying each other off, with minimal interest. You should be able to qualify for a $5k-$10k line of credit with ING.
All that being said, credit cards are the devil's work. Be careful.
What I love about Amex is that they claim there's no limit on cards, then phone me 2 weeks after getting my business card that I'm over my limit.
When I ask what the limit is, they say, "well there isn't one we just don't want you spending any more"
In the end they raised my limit to 3x after looking at my company accounts, but still said there's no limit, just please don't spend more than xxxx.
LOL.
When I ask what the limit is, they say, "well there isn't one we just don't want you spending any more"
In the end they raised my limit to 3x after looking at my company accounts, but still said there's no limit, just please don't spend more than xxxx.
LOL.
There is no actual "limit". Basically everytime you charge something to it they determine if they will approve it based on many factors like where your assets stand and how much you have spent already.
However I agree it is stupid they should set an amount but then how can you brag about that?
10-15 cards, I'm not really sure as most of them have a zero balance. Most of the cards were opened to takes advantaged of the 0% balance transfer offers. Even with a 3% it's still better than paying 15%. As for suggestions, just keep paying your bills on time