I get pre-approved credit cards in the mail all the time with like 50k credit line, most offer 0% interest for the first 6 months,would it be a good idea to use these to pay cash for vacant houses and assign them to my investors?
I figure if I do keep any to rehab myself and if my 6 month introductory offer of 0% is about to expire, I can pay that debt off with another pre-approved credit card and get another 0% interest for 6 more months, basically rolling them over between credit cards…
Think this is a good idea?
The only thing I will tell you is that your Credit SCore will nosedive when you have any of your Credit Cards over 50% of the available limit. Just how it works.
But once you pay off that loan, then the score should head back up.
I see, so if I just used those to cover holding cost or paying payments on my hml’s that would be the perfect, that way I would’nt max the cards out
If those cards are coming to a newly created business name, then they would not show up on your personal credit score at all, and thus, would not lower your score if you go over 50% of the balance.
Raj