I was trying to prevent fraudulent activity so when ever higher amount was approved I asked them to lower that to 5k.... I was not that knowledgeable about how credit score works and It was a mistake.

The posts below were from early 2008...as a way to bump the thread .... (any recent data points?)

MrsJ was approved for a Lifesprings card on 9/3/2009 and was told no check written to self... only BT to another card/loan.

Dutchtroll said:mase said:cyclepoints said:mase said:When it says National City Visa - called in to request check in my name, is that referring to the Lifespring Visa? Because I was applying for that and it specifically says something about sending money to yourself or in cash wouldn't go through. Anyone with experience BT from Lifespring Visa please give advice. Thanks.

My experience with LifeSpring Visa by National City was call, ask for a check made out to you, confirm the terms, then they send it in the mail. No fees unless you ask them to cancel the check (but why would you do that?). If you talk to the internet department, they will tell you that all you can do is BT.

Ok it sounds like I can ignore that warming that they have in the middle of the application, that says you can't BT to yourself? Did it have that when you applied? What was the number you called for the BT, so that I don't accidentally call the internet department?

1-866-856-4091
CSR said check up to 7500.00 can be sent to you

retmil said:One strategy fits all now. Buy dollar coins with a card, use the BT money to pay off the card.hang in there with me on this one...it's quirky, I know, but hang in there.

Have you ever looked in a cupboard for that last can of chicken soup or some other food staple? I'm talking about something so standard it has to be in there? Have you ever not been able to find it? The truth of the matter is the Campbell's soup label is staring you right on your GD face but you insist on telling yourself like a broken record, "it's not in here. I can't find the chicken soup."

(sheepishly) Buying coins to create a 'natural' balance transfer opportunity had never entered my mind. It's as obvious as chicken soup but I never gave it a 2nd thought (or a 1st thought for that matter).

Anyone know about US Bank? I'd love to get some extra cash on top of the BT.

How much money are people making using this technique? how many accounts are you juggling? Is it worth your time?

how are people making money? isn't this just overextending your credit? how would you make a profit out of that?

it's not like forex or sometihng where you trade on margins...

MikeR397 said:mike503 said:how are people making money? isn't this just overextending your credit? how would you make a profit out of that?

it's not like forex or sometihng where you trade on margins...Borrow on cc lines at 0%, invest in savings accounts paying > 0%, repay credit cards before 0% rate expires = profit. AKA "AOR"

gotcha. app-o-rama = AOR. i had to look that up.

interesting. so then are there related threads of highest % (do people put the money into 6 or 9 month CDs? etc)

that would be good because then you're guaranteed to make that % within 9 months and your original BT won't change, so you are essentially making the CD % as profit just for extending your credit out for a bit... and you'll be 'reminded' before the 12 month APR expires... right?

MikeR397 said:If you are a newbie, or have a thin existing credit profile, I'd recommend passing on the traditional AOR game.With the exception that it never hurts to establish yourself as a customer of multiple banks and start building history, as long as you dont go overboard (no 25 applications at once, or multiple apps from one issuer, etc).

And while a couple small BTs may not be that profitable, if you are new to credit then "going through the motions" can be very beneficial in helping you become comfortable using credit and understand how it works. Plus, it helps develop some self-discipline as far as having cash in the bank and not being able to spend it.