Borrow $20,000 to $60,000 with your credit card.
You should already have read our guides "How to
obtain a first class credit rating", "Have any
major credit card you desire" and "How to raise
$200,000 in two days".
Having achieved a first class credit rating as
outlined in our first guide, and then gone on to
apply for a credit card from the six to ten banks
with which you will have transacted business,
over a period of time of conducting transactions,
your credit limit will have gone up accordingly.
Your starting credit limit will be modest to
begin with, but as ever, by conducting your
credit card account in a satisfactory manner,
this limit will be raised. To help raise a credit
card limit, if you use the card for either buying
goods and services, or taking cash loans, up to
the actual credit limit of your credit card, and
paying back the sum loaned at the end of the
month or whenever the payment is due, the credit
card company will offer you an increase on your
credit limit.
Once they see you are conducting your account in
a satisfactory manner, and conducting the account
to your credit limit, increasing this limit will
not be difficult. Always ask after a month or
two; the worst that can happen is for them to
refuse or suggest you continue with the credit
card for a further period, after which they will
review your limit.
After a period of time you could find yourself
with a credit limit of between $6,000 to $10,000
per credit card. As with the small loans you
began to take out with the original six to ten
banks, a modest $1000, when multiplied by 10 banks
becomes $10,000. The same pricipal applies with
credit cards. A credit limit on your card of
$2,000 will be a total credit limit of $20,000 if
multiplied by 10 credit cards.
Over a period of time of good conduct and card
use, if you have achieved a credit limit of
$6,000 per card, if multiplied by 10 cards you
have $60,000. Achieve a higher limit than that?
Then the total when added all together will be
even greater.
As you can see, this all goes back to your
initial investment of $1000 in a high interest
savings account as a security for a personal loan
for $1000, multiplied by six different banks; the
program you began on the road to obtaining a
first class credit rating. Once this rating has
been achieved, credit cards and loans are
possible; without it you will get nowhere.
What should you use this instant cash from credit
cards for? We all know that money borrowed this
way has a very high interest rate, so you would
use it if there is no other way to raise the
amount you require, or if there is no other way
to quickly raise the money you require.
Let's say you are familiar with printing
machines, or any form of goods, and know that a
factory unit has to be cleared in a few days. You
know the machinery could be sold for, say $30,000
with very little effort (you would need a place
to store it). The price being asked is now down
to $15,000. You buy the machines, advertise and
sell soon after having bought the machines. You
have made say, $14,000 plus in a short period of
time.
Had you not been able to get your hands on this
cash in the first place, you would not have this
$14,000plus as a profit - you would have nothing.
As soon as payment is received for the machines,
pay back the credit card companies. Do check with
each indervidual card company whether interest is
payable from the day you take the loan to the
monthly invoice, or to the day repayment is made
if sooner than the issuing of the monthly
invoice.
Property can be a marvellous investment, but it
is always a long term investment as far as credit
card finance is concerned. To use this form of
quick finance you need to buy and sell quickly.
At interest rates often 20% or more, remember to
be very careful, least you are left paying high
interest on a deal that did not work out as well
as you expected. Take care.
