Has anyone here ever done an App o rama?

[chatterweb]

I have been researching this. I want to do one, but not yet.
When I do I will post it here for all to learn from. That is if I am not chicken...
Here is what I have learned so far.

Here is a sceanerio:

One applies for 2-3 credit cards per cardissuer with 0% intro for 12 months, and to make more $$$ look for the ca$h incentives as well.
One
Applies with 4 seperate companies, all in the morning and all at once.
8-12 credit cards total:
This way the credit issuers do not know how many cards you have applied for...

One has a MMA already set up to transfer a said amount from the cards lets use $100000.00 dollars as an example. I am still research the way to transfer the money but I think BT checks might work...

So 100K goes into the MMA. At 5.0% the MMA will earn $500.00 per month.
The minimum due to the cards is $500.00 per month. Remember no interest is due.
Use the interest each month to pay the card's minimum back and after 12 months the card has a balance due of $94000.00.
Meanwhile, the 100K is still untouched, yes, one must be diciplined...
Pay back the 94000.00 and Voila!
$6000.00 of taxable income left, but still more than one had before.
After taxes the amount earned would be $3900.00 free and clear! (35% tax rate)

1. For my comfort level; my credit score or Dh's should be as high as possible.
I am comfortable with a score of 760 or higher.

2. I am not sure I would do the maximum I could get, but I would try to apply for the credit cards with some type of cash incentive. I am comfy at $50000.00

3. Of course, only 0% offers for a minimum of 12 months would work for me.

4. I would not attempt one unless we have 0 consumer debt.

I know it can be risky but, I have done well using the 0% offers for years, and may take it to the next level...

[bumplett]

yep, I had to read that twice to make sure I understood - I've never heard of such a thing - interesting.....

do you think it's safe? -- I couldn't do it, I don't have that kind of nerve.

[Katybird]

I could not do it either. Having $100,000 or even $50,000 in credit card debt no matter what the reason or outcome would be too much for me to stand. I would be too worried about what would happen if some unforeseen event were to take place. It seems like having that many apps show up on your credit bureaus as applied for on the same day would send up huge red flags to the credit agencies and affect your credit scores on down the line. It might look to the agencies as a scam and your scores could be adversly affected.

[crazyBMB]

This is too risky for me. All kinds of things could wrong and wind up in financial trouble

[Missy]

too risky for me, but i am in CC Hell right now so I am afraid of even ATM cards, rofl.

[JUSTAMOM]

Like Dave Ramsey would say... Watch for the fire. When you play with matches, you WILL get BURNED! I would not recommend this, but that's MTCW.

[Valerie in WA]

Whether or not it is wise or prudent aside, I don't think it's ethical. For me. Your mileage may vary.