Www-mycreditstrategy-com

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Objective

Profiting With Credit Cards -- How To Use Free Money To Build Wealth

Site Description

MyCreditStrategy.com is an informational site that educates users on the technique of using 0% credit card balance transfers to make a profit.

The site is completely free, and is constantly kept up to date with the latest 0% offerings from major credit card companies. A quick trip through the site will provide you with all of the information you need to feel confident using credit card balance transfers, and step-by-step instructions on what to do with your no interest cash. Links are also provided for a service which keeps track of your credit cards, and other finances, so you can feel secure that no payments will be missed.

Smart Money Forum

There is an active forum provided on the site, filled with friendly folks ready to answer any of your questions. If you are confused about something, chances are, someone has already been discussing it on one of the discussion boards. After going through the main site, reading the forum will probably make you feel even more comfortable when you are planning your app-spree.

General Strategy

You can find the detailed instructions on the website, but I'll try to cover the broad strokes here.

Credit card companies are always fighting for new customers, so many times they will offer you "teaser rates" for an introductory term anywhere from 6-15 months. The rates often times include 0% balance transfers, which basically mean you can transfer your 0% cash to a checking or savings account of your choice. If you check out banks like Countrywide.com, you can see that it's easy to setup an account where you can earn over 5% on your no interest money, and rack up the interest payments to keep for yourself. It's not always easy to figure out which cards fit the criteria, and which don't, so they categorize them in easy to follow sections.

Many users will execute what is commonly called an "app-spree," where you compile all of the cards you'd like to receive, and apply for them all at once. This process will usually allow for a much higher rate of approval from the card companies since it takes a while for the new cards to show up on your credit report. It is not uncommon for users to report 10-20+ approvals, and credit lines into the hundreds of thousands. Obviously sticking that much free cash into a high interest bank can make you a nice chunk of change during the year!

As mentioned before, there are definitely more tricks and tips you should read before using this technique, but they are all outlined on the site.

Effects On Credit Score

The main concern with this strategy, is the effect on your credit score. Not surprisingly, your credit score will drop initially after you start the balance transfers, so if you are expecting to take out any large loans during the next year, this method is not recommended. If you won't be using your credit score in the near future however, you will probably be surprised to find that your score will not only be safe, but if things are done correctly, your score should actually increase by the time you pay off the original balance.

The graph above displays which factors contribute to your credit score. You will notice that payment history is the largest portion of your score, and making the payments on time each month with all of your new cards, really puts a boost in your credit history.

A plummeting credit score is a common misconception when it comes to balance transfers, but the increased credit history that you will build up over the year almost always results in a higher score.

History

Credit Card Arbitrage is nothing new, people have been finding creative ways to use 0% offers since they've come on the scene. Many people that contribute their knowledge to the site, claim to have used credit cards in this way for over a decade.

Most individuals usually kept these tactics to themselves, but the rise in high interest savings accounts available online drastically increased the popularity, and discussion of the technique on internet forums.

With the rise in popularity, came increases in the amount people making mistakes because of a lack of centralized information. This caused a serious void in the market, and it was only a matter of time until a website came online and put all of the important rules of arbitrage in one place.

MyCreditStrategy.com came online in May of 2007, and instantly became the safe haven for beginners, and experienced users alike. The knowledge base started small, and soon ballooned due to help from hundreds of users across the US.

The current state of balance transfers is constantly changing, and the site is updated almost daily with the newest developments.

Contact Info

If you have any questions, or a general inquiry, you can contact Josh at: contact@mycreditstrategy.com

You can also get a hold of Josh, or any other experienced members through the Smart Money Forums. (see above)

Discussion

Featured Page Nomination

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• First nominated on 16:48, 12 December 2007 (PST)

External Links

• MyCreditStrategy.com: [1]
• Smart Money Forums: [2]
• UK Equivalent: [3]
• Alexa: MyCreditStrategy.com
• WHOIS for MyCreditStrategy.com

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