KiasuChick's Pay-My-Rent -O-Rama updated 12/29/2007

chibimike said: kiasuchick said: chibimike said: kiasuchick said: chibimike said: kiasuchick said:
Starting with my AOR today, then another in my Mum's name in August/September then another in the UK in 2008.


What is the "in my Mum's name" part?
Are you suggesting that you are going to apply for credit using your mothers information?

Yes we have an agreement. She knows exactly what is going on.</blockquote>

Seems risky if not illegal. If the CC companies find out, you could be facing fraud charges unless you have some sort of power of attorney for your mother.

Plus, you will have one hell of a mess if either you or your mother: dies, gets sick, goes bk, gets sued, gets in tax trouble, unexpectedly needs a loan, gets your ID stolen, or gets into a situation where you need government assistance (means tests).

You would certainly be taking AOR to the extreme, but you are also putting your mother and yourself at severe risk with this.

I have power of attorney for my mother as she lives in the US only part of the year and I take care of all her finances in the US.

The risk is the same if they are my credit cards or her credit cards.

I don't see what this big mess is if the money is sitting in an FDIC insured HYS account and the credit cards can all be paid off in a couple of days???

The power of attorney fixes concerns about fraud.

The scary part to me is if you start shifting money across accounts. ie, The money is sitting in your accounts, the debt is sitting in your mothers name. That would be where all my concerns are and I would think it would raise a serious red flag with the banks.

Say the money is in your accounts, the debt is in your mothers name. You accidentally run over 10 people waiting for a bus. You lose lawsuit, your assets (cash in HYS) get frozen, then taken. How do you pay your mothers credit cards??? Or immediately after the accident, you pay off all the CC's in your mothers name. It might be ruled against you that you were hiding your assets by paying off those cards. You would have to try to go in and try to argue that your mother's CC's should get the money before your victims.

If you intend to always keep the money in accounts that match the name the debt is in, it is less of a concern. The cash in HYS is still vulnerable in a lawsuit.

I don't know much about the law in these types of cases, but to me it seems very risky to pull someone else into it. Messing up your credit and having to BK is one thing, messing up your mothers as well is another. Maybe others who know about law in these cases can correct my concerns.


This is all pretty far-fetched. In the event of something happening it is very unlikely that assets would be frozen immediately. I highly doubt it would stand up in court that assets were by hidden paying off unsecured debt.

My mother doesn't need credit in the US in any way so there is no issue with "messing up" her credit here.

WalStMonky said: chibimike, you worry way, way too much. Heck, a comet that all the astronomers missed might hit the planet, rendering it uninhabitable. Then what would kiasuchick about paying those cards back?

Yeah. We can't live in fear. At least I'm not buying stock on a margin

Pretty funny. My parents LOVE the idea of my paying rent with borrowed money! Since UK credit cards with capped fees are virtually non-existent they say go for it while there is still money to be made.

WalStMonky said: So you actually don't have a plan to pay back your debt after the comet wipes out life as we know it? I've left instructions with my lawyer so I've got it covered.

BTW, used in moderation there's nothing to fear about using margin to invest. Now, borrowing at 0% and leveraging that is definitely unwise.


Hopefully the comet won't hit, but if it does then I'm sure the cochroaches left will sort something out.

I know a guy who made a few million in the stock market from 0% BT money and margins. He had a breakdown and quit his job due to some downturns in the market last year. He is the one and only person I've met in real life who uses AORs.

frugalpete said: kiasuchick said: .....

Yeah. We can't live in fear. ......


kind of ironic for you to say that, considering what "kiasu" means (unless you just coincidentally picked your name without knowing that?)

haha... no... kiasu means "SCARED to LOSE!!!"

I love HSBC right now.

1. I can deposit a check for any amount and it is available in three business days (B of A, who've I have been banking with for 9 years still places two week holds, they obviously don't know about Check21 yet)

2. I can BT to my checking account through their mastercard debt card.

3. I can deposit direct to my HSBCDirect savings through the ATM.

kiasuchick said: frugalpete said: kiasuchick said: .....

Yeah. We can't live in fear. ......


kind of ironic for you to say that, considering what "kiasu" means (unless you just coincidentally picked your name without knowing that?)

haha... no... kiasu means "SCARED to LOSE!!!"

also afraid of losing...........but both interpretations lead to being afraid to take risks la, so as not to lose la

xCarsonx said: kiasuchick said: daregan said: What's the deal with the Fidelity card? The only one I see is the one that pays from an account you have with them? Is there a different card?

This is the credit card not the ATM card.

5000 worldpoints = $75. So it's straight 1.5% Cash Back into my Fidelity account. From there I can use it to pay bills, cash from atm or transfer to HYS. Very frustrated I couldn't sign up for it.


Edit: Looks like application is up again, applied but said they cannot give a decision right now. Fingers-crossed!!!!

If it makes you feel any better I really wanted this card also. I applied online. After filling everything out, I was sent to a page that said the online application process was down to call a 1-800 number. I called the next day and was denied. I thought this was pretty odd because my credit is pretty strong. I shook it off and figured I would reapply 6 months from now. I got the card in the mail about a week and a half after the online app process. I guess it went through after all.

Does anyone have an active link for this card application?

$21,000 showed up in HSBC today. That is the built of my balance transfers. Now I need to request $7,000 from my citiBusiness cards and I'm done. Hopefully it will go through this week

kiasuchick said: Got the dreaded AMEX financial review today. They locked all my AMEX cards. Had to call three times to get $40 released so I could go to Costco. Looks like they locked them again.

This sucks!!

Have to see what they say once I send over all the documentation. I'm going to send them everything from the tax release forms, bank statements to my employment offer letters. (i just got another offer last week for even more $$)

Ballz out~ I'll keep checking back. fun read

Probably just the BT for $49k triggered it.

Anyway I still haven't received a letter in the mail from them. Waiting for a couple of deposits to come through on my GMAC account before I'm going to assemble a package to send to the CEO of American Express.

Update #2: OMG... after a month of not being able to use my cards American Express left me a msg to call them just to tell me I can use my cards again. No changes to my accounts.. NOTHING.

fafura said: What do you think caused the AMEX F/R?It's all fun until someone gets an AMEX financial review.

YOU'LL SHOOT YOUR EYE OUT KID.

Oh and I had sent a fat package to the CEO with all my paychecks, bank statements and some spreadsheets listing my assets.

EricGo07 said: KC,

Did the AMEX BT go through before the card was locked ?

Yes it was on the card for a month before they FR'd.

markkundinger said: Thanks for the info kiasuchick, and to make sure I'm clear, you did not use the "crack" CLI button on the IN:LA card, all your shenanigans were the result of reallocation?

I'm just asking because I'm preparing for my own inevitable FR soon

The fact that the call seems to have come from the FR people is slightly comforting, as it means your cards may have been restored to the status quo without any special intercession by the executive office.

I used the "crack" button probably back in March on the Blue and Costco cards. Didn't use it on the IN:LA card, they gave me $25,200 off the bat.

Yeah, not sure if the CEO package helped. I do find it a bit crazy if they are willing to grant $75k CL on $68k W2 income. I maxed my 401k so my 2006 AGI is even lower, $53k. Perhaps they looked at the other documentation?

In case you missed it on the AMEX FR thread:

Hey Everyone... I am now back as an advocate for AMEX.

After sending a package (my financial info, see p23 of thread) to the CEO of AMEX Kenneth I Chenault I received a letter in the mail on bond grade paper with AMEX logo, properly laid out and addressed to me.

It reads as follows:

July 11, 2007

American Expres Executive Consumer Relations
777 American Expressway
Fort lauderdale, Fl 33337

KiasuChick's Full Name & Initials
KiasuChick's Address
Alhambra, CA ZipCode

Re: Financial Review Process

Dear Ms. KiasuChick:

This letter is in reference to your recent correspondence to Kenneth I. Chenault. After review, Mr. Chenault has requested that I reply on his behalf.

I sincerely apologize for any inconvenience you experienced during our financial review process. However, due to the risk concerns that accompany unsecured loans, we do find the review process to be a necessary requirement in order to conduct our business in a prudent and successful manner.

Please note that our records indicate that the review process has been completed. Should you have any further questions or concerns, you may reach our Account Services staff at 1-800-230-1289 or the toll free number on your Card.

Ms. KiasuChick, we appreciate your understanding and cooperation.

Sincerely,

[Hand signed]

Paul Ebbighausen
Executive Assistant

-- So I think without a doubt they took notice of my package. They even waited to send the letter until the review was complete. This letter actually addresses the issue at hand, not some standard BS. Thank you to everyone who suggested this!

jackcrawfish said: Fabulous details. Thanks markkundinger for asking very specific FR questions and Kiasu for the detailed responses.

thanks, nice to know this thread isn't a waste of space.

side note 2: July Interest $973 (includes some ex-MBNA & FIA floating)

markkundinger said: Hey wait, how does $150k advanced get you over $900 in interest in a month?

Reading is fundamental. The post about a 1/2 inch of above yours says that it is both BT money and bill-pay float.

Noticed today that Barclays/Juniper card is closed on my TC report.

[TransUnion] Canceled by credit grantor
[Experian] Account has been closed due to inactivity.
[Equifax] Accounts closed by credit grantor
Credit card

Says last reported date is 7/25. I've not received anything in the mail.

update: Chase has closed all four of my cards now.