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.