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entrepreneurK
@fuse.net

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entrepreneurK

Anon

Is it possible to get $$$ from your credit card?

There's an old man in my neighborhood selling his 1964 Impala for $900. I've checked it out and it runs fine.

I know if I get a paint job, and some new seats, I can re-sell it and easily make atleast a $10,000 profit.

Problem is, I'm dead broke. I just turned 18 a few weeks back, and have no credit history, thus I can't get a loan.

I do have a credit card, which has a $1,000 limit, but I'm not sure how I can get CASH from it. I tried buying a Plasma TV and returning it, but they just restored my credit, they didn't give me any cash.

PetePuma
How many lumps do you want
MVM
join:2002-06-13
Arlington, VA

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PetePuma

MVM

Try living within your means.

Edit:
Also, if you only have $1000 in credit, even if you can buy the car how will you afford the seats and paint (and whatever else needs fixing, you can be sure that's not all of it) before you can sell it? And what makes you sure you can make $10k on it? Do you fix up and resell cars for a living?

Doctor Olds
I Need A Remedy For What's Ailing Me.
Premium Member
join:2001-04-19
1970 442 W30

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With most Credit Cards, you can call and ask for a blank Check that you can fill out to make a purchase. Note, they may consider that as a Cash Advance and if your Total Credit is $1,000.00 it does not mean that your Cash Advance limit is the same. It is usually much lower. You would have to ask them what if any limits are on their Credit Card checks. They are also called Credit Card convenience checks.

Mickeyme3
You might be right, but, I don't care
Premium Member
join:2008-09-05
Carson City, NV

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Did you price a paint job for the car?
Is there any rust, dents, anything missing (moldings, etc).

Do you know for a fact you can get new seats for it?
Did you go to a reupholster company to see what it would cost to reupholster them?

I see your profits disappearing right in front of my eyes.

madylarian
The curmudgeonly
Premium Member
join:2002-01-03
Parkville, MD

madylarian to entrepreneurK

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to entrepreneurK
Most credit cards offer a cash advance, but the interest rate is horrific. As others have suggested, especially in this current financial situation, live within your means.

mady

AbBaZaBbA
Premium Member
join:2002-07-10
Wildomar, CA

2 recommendations

AbBaZaBbA to entrepreneurK

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to entrepreneurK
»catalog.usmint.gov/webap ··· ry=16238

You may buy 2 sets of each. They will count as a purchase on your card. Shipping is free.

This also works good if you want to earn some rewards or travel miles. You can take them to your bank and deposit or change for bills.

Hayward0
K A R - 1 2 0 C
Premium Member
join:2000-07-13
Key West, FL

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Hayward0 to Doctor Olds

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to Doctor Olds
said by Doctor Olds:

Note, they may consider that as a Cash Advance
No if about it!!! That is exactly what they are and maybe as much as 24-30% interest too, starting from day issued not your next biling cycle, and if you pay that in full still may get another month of interest... as there is no grace period for interest...and the interest applies then to any balance as well even if you always did pay in full, to you must pay off full balance due the day you pay it to avoid furter interest... again NOT what is on the paper bill what is actually due that DAY.

jmorlan
Hmm... That's funny.
MVM
join:2001-02-05
Pacifica, CA

jmorlan to entrepreneurK

MVM

to entrepreneurK
If you are "dead broke," I recommend getting a job. Save some money and then maybe do some side projects. Don't try to finance a business venture with a credit card.

ultracooldave
@verizon.net

2 recommendations

ultracooldave to entrepreneurK

Anon

to entrepreneurK
This post illustrates how borrow crazy our society has become! We lost $1.2 trillion dollars in the stock market in a few hours today because our "clowns" in Washington wanted to get it just right.

An 18 year old has grown up to think borrow borrow borrow without any thought about perhaps saving some money and actually pay for the car. Unfortunately our clowns in Washington have had the same mentality for 7 years as well as many citizens,

The result is going to be horrendous if you look at my other posts, this was no surprise or secret for at least the last 6 months! I am probably going to loose my business where I manufacture a product people want but will be unable to buy.

The most unfortunate result will be the huge cost that hard working regular people who run their life prudently will pay for the other other half that are complete economic idiots and just don't understand that when you borrow you have to pay it back and there is a cost. Combine this with a completely corrupt government of both parties.

I am still predicting that McCain will threaten to drop out of the race if his republicans don't pass the bailout Thursday! He will figure that his ploy will win the election or if it fails he will not want to be President anyway. I also predict Palin will win because people have had it with anyone in Washington!

Cars
@static.qsc.de

Cars to entrepreneurK

Anon

to entrepreneurK
said by entrepreneurK :

There's an old man in my neighborhood selling his 1964 Impala for $900. I've checked it out and it runs fine.

I know if I get a paint job, and some new seats, I can re-sell it and easily make atleast a $10,000 profit.
Here's a question for you: are you absolutely sure that all this car needs is a "paint job and some seats" to be salable? As another poster pointed out, it's possible, but not likely for a 44-year-old car.

At any rate, if you're sure that's all you need, why not approach the old man and offer to do this: you'll put in the work and the money to restore the car (again, this assumes a grand is all you will need) then split the profits with him when you and he resell the car.

Sure, you won't get all the profits, but half of something is better than all of nothing.

If you do decide to go that route, make sure you have a contract of some sort with the old timer to make sure he doesn't "forget" what you agreed to.

One other thing: CC companies look at "utilization" (i.e. how much of your available credit you're using) to determine how much credit you should get in the way of credit line increase (or even to determine if you should have your current credit line slashed). And the one thing that they don't like to see with someone who's just starting out is a high utilization. So if you do take the plunge, you'd better make damn sure you can get any necessary work done in a month or two, tops.

Seriously, the last thing you want to do with a shiny new card is to max it out. Many card companies are slashing the credit lines of people with excellent credit so as to reduce their exposure to risk. So don't start out by making your CC issuer nervous in today's lending climate.

Have you talked to the 'rents/relatives for the $900? If they think it's a good idea, I don't see why some of them couldn't chip in a form a sort of "family consortium."

Why, they might even agree to keep the interest on the loan down to ten or fifteen percent!

RR Conductor
Ridin' the rails
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join:2002-04-02
Redwood Valley, CA
ARRIS SB6183
Netgear R7000

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RR Conductor to PetePuma

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to PetePuma
said by PetePuma:

Try living within your means.
Shhh, that kind of talk could collapse our entire way of life

Cars
@static.qsc.de

Cars to ultracooldave

Anon

to ultracooldave
said by ultracooldave :

This post illustrates how borrow crazy our society has become! We lost $1.2 trillion dollars in the stock market in a few hours today because our "clowns" in Washington wanted to get it just right.
In case you didn't notice, the OP is asking questions before they do anything.

And by asking questions in an open forum like this, they are (with any luck) maximising their chances of getting good input so that they can better weigh their chances of coming out of the deal with their shirt and trousers intact. Allowing others to comment on their proposed course of action means that they're likely going to have things brought to their attention that they might otherwise not have thought of by themselves.

Washingtoon, OTOH, did not ask me if I "felt like" GSEs like FM and FM ought to be created: they just did it.

So while I think it's great that you're calling our attention to the current debacle in DC, I can't help but feel you're comparing apples to oranges here.

After all, asking questions before you do something is a behaviour that ought to be encouraged, yes? Or, at least, I would hope so.

I feel bad for the OP because there's not a lot of hard information out there on how credit cards and credit work. Comparing their just starting out and asking questions to the people in Washington (who have known full well what they were doing all along, let's not kid ourselves) is grossly unfair.

Knowledge of how credit works is by no means innate, but learned. And since the OP is trying to learn, do you suppose we could cut them some slack?

ultracooldave
@verizon.net

ultracooldave to entrepreneurK

Anon

to entrepreneurK
I don't believe 18 year olds without income should even be allowed to have credit cards! or 50 year olds for that matter
ChiTang
MVM
join:2002-08-23
Alhambra, CA

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ChiTang to Cars

MVM

to Cars
said by Cars :
said by ultracooldave :

This post illustrates how borrow crazy our society has become! We lost $1.2 trillion dollars in the stock market in a few hours today because our "clowns" in Washington wanted to get it just right.
In case you didn't notice, the OP is asking questions before they do anything.
Actually OP did do something before asking. He bought a plasma TV with the CC and tried to return it for cash. If he did succeed, he wouldn't have asked here.

I don't know where he get the figure of $10K profit, may be it is from the old timer.

It is just a typically young kid whi lets his imagination to do the thinking.
!
[joke]
Servey said 70% of American thinks it is a good time to buy a house. Incidentally, 70% of American are selling their houses.
[/joke]

Doctor Olds
I Need A Remedy For What's Ailing Me.
Premium Member
join:2001-04-19
1970 442 W30

Doctor Olds to Hayward0

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to Hayward0
said by Hayward0:
said by Doctor Olds:

Note, they may consider that as a Cash Advance
No if about it!!! That is exactly what they are and maybe as much as 24-30% interest too, starting from day issued not your next biling cycle, and if you pay that in full still may get another month of interest... as there is no grace period for interest...and the interest applies then to any balance as well even if you always did pay in full, to you must pay off full balance due the day you pay it to avoid furter interest... again NOT what is on the paper bill what is actually due that DAY.
Nope, that is not accurate at all. They can also be used for Balance Transfers from other Credit Cards and you do not pay the higher "Cash Advance" Fees or higher "Cash Advance" Interest Rates under those specific terms/conditions. Call and ask your Credit Card company about their current Balance Transfer deals and you will see. If your Institution says no they don't offer those, then you didn't choose a very good company with industry standard benefits.

Both Master Card and Visa sent me a preferred customer letter with a single sheet of 3 Credit Card Checks to use for Balance Transfers with 5.5% fixed Interest Rate for all Balance Transfers along with the fees waived.

Hayward0
K A R - 1 2 0 C
Premium Member
join:2000-07-13
Key West, FL

Hayward0

Premium Member

said by Doctor Olds:

Nope, that is not accurate at all. They can also be used for Balance Transfers from other Credit Cards and you do not pay the higher "Cash Advance" Fees or higher "Cash Advance" Interest Rates under those specific terms/conditions.
True enough BUT NOT what this thread is about... it is about raising TEMP CASH, not transfers... and then yes you will pay full iterest rates from the day issued, until it is fully faid of to that DAY not last bill or you will see finace charge again from the prevous closing date.
Hayward0

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Hayward0 to entrepreneurK

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said by entrepreneurK :

I tried buying a Plasma TV and returning it, but they just restored my credit, they didn't give me any cash.
Well of course not... you gave them no cash, why would they return any to you???

Even with Pay Pal, if you purchase by credit card, and refunded, it goes back to the CC as credit, not cash into your Pay Pal account.

Cars
@static.qsc.de

Cars to ChiTang

Anon

to ChiTang
said by ChiTang:

said by Cars :
said by ultracooldave :

This post illustrates how borrow crazy our society has become! We lost $1.2 trillion dollars in the stock market in a few hours today because our "clowns" in Washington wanted to get it just right.
In case you didn't notice, the OP is asking questions before they do anything.
Actually OP did do something before asking. He bought a plasma TV with the CC and tried to return it for cash. If he did succeed, he wouldn't have asked here.
Fair enough. Can I amend my remarks so that they read "In case you didn't notice, the OP is asking questions before they do anything irreversible?"
ChiTang
MVM
join:2002-08-23
Alhambra, CA

ChiTang

MVM

No problemo!

This kind of deals happen very often, a sucker is born every minute. If a person tells you to buy this fixer upper to make big money. Why does this person want to sell it. In this case, OP may have to put in $20K to fix it up and still won't guarantee a $10K profit.

Cars
@static.qsc.de

Cars

Anon

said by ChiTang:

This kind of deals happen very often, a sucker is born every minute. If a person tells you to buy this fixer upper to make big money. Why does this person want to sell it. In this case, OP may have to put in $20K to fix it up and still won't guarantee a $10K profit.
Yes. Somehow, I've never been under the impression that restoring cars is a hobby that can be indulged in on the cheap.

While I'd like to believe the OP's assessment that he's just a paint job and a coupla bucket seats away from making a killing, I strongly suspect he may actually be looking at a Money Pit on Wheels. Not that it would be his fault or anything, it's just how these things tend to pan out.

(I wonder if there's ever been an automotive equivalent of Mr. Blandings Builds His Dream House? Can't think of one offhand.)
61999674 (banned)
Gotta Do What Ya Gotta Do
join:2000-09-02
Here

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61999674 (banned) to entrepreneurK

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Okay I'll bite, go to any bank, put your CC(it is a real CC right) and DL on the counter and say to the teller "$1000 cash please".

This $900 car will cost you when said and done at least $1000, before any repairs are done, not counting things listed below.

Backup question;
Since you are "broke" where are you going to get the cash for paint, seats, any mechanical repairs needed(a 1964 anything will need them since he is selling for $900), not to mention if this vehicle ever touches the road under its own power, you will need registration AND insurance, and unless you have a garage to keep it, it will need registration(and therefore insurance) if it runs or not.

Have you not been watching the News or reading the Newspaper.

Oh, a "cash advance" is charged the highest interest rate applicable to your account(about 30%), and starts from the first day and usually has an additional 3% service charge.

Cars
@static.qsc.de

Cars to ultracooldave

Anon

to ultracooldave
said by ultracooldave :

I don't believe 18 year olds without income should even be allowed to have credit cards! or 50 year olds for that matter
The OP said that they were "dead broke" not "jobless."

Unfortunately, being dead broke and being employed are not two mutually exclusive conditions nowadays. So I'm giving the OP the benefit of the doubt and choosing to believe that he can earn money in the near future; he just doesn't have any funds available right now.

I'm guessing that you yourself are not be living from paycheck to paycheck, but maybe everyone else isn't as lucky as you are.

And if CC companies wish to lend money to 18-year-olds, (or, gosh, even 50 year olds!) then that's a chance they've apparently deemed worth taking. Though perhaps there's an as-yet unexploited market for a "19-49 Card."

Doctor Olds
I Need A Remedy For What's Ailing Me.
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join:2001-04-19
1970 442 W30

Doctor Olds to ultracooldave

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to ultracooldave
said by ultracooldave :

I don't believe 18 year olds without income should even be allowed to have credit cards! or 50 year olds for that matter
Thank God that in reality you are not in charge of anything that matters.

At 17 I applied for and got my first gas card (Amoco) while still in High School which I've had ever since. At 19 I got my Sears Roebuck Revolving Charge Card. Then at 22 I obtained my first Gold Master Card. Then I went big time at 25 and got my first Mortgage. No problems ever paying off my balances or my monthly bills on time, still have perfect credit and started out just over 29 Years ago.
Expand your moderator at work

r81984
Fair and Balanced
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join:2001-11-14
Katy, TX

r81984 to AbBaZaBbA

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Re: Is it possible to get $$$ from your credit card?

said by AbBaZaBbA:

»catalog.usmint.gov/webap ··· ry=16238

You may buy 2 sets of each. They will count as a purchase on your card. Shipping is free.

This also works good if you want to earn some rewards or travel miles. You can take them to your bank and deposit or change for bills.
What a great why to launder money.
fartness (banned)
Donald Trump 2016
join:2003-03-25
Look Outside

fartness (banned)

Member

How is that laundering?
Expand your moderator at work

NICK ADSL UK
MVM
join:2004-02-22
united kingd

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Re: Is it possible to get $$$ from your credit card?

There's an old adage in if something sounds like it's to good to be true it probably is. So if i were you I'd forget this nonsense and walk on by

koam
Pink Pecker
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join:2000-08-16
East Puddle
·Shoreham Telephone

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koam to entrepreneurK

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I would ease up on the kid.

While I'm no fan of credit card cash advances and think he should not do it because they charge a lot in fees and interest and he may not have a solid idea when he can complete and resell this car, the concept of borrowing (not on credit cards) in order to go into business is not a bad one overall. It's a lot better than borrowing to consume, go on vacation, or buy a depreciating asset.

So I would give him some credit for his industry, but counsel him to think about the costs of the restoration, the unsecured reality of the resale, the instant 3% transaction fee and likely 15-25% interest on a cash advance.

Perhaps the owner of the car would go in on a deal with him to restore and sell the car, sharing the expense of the restoration, and sharing the profit of the future sale.