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Old 01-24-2019, 09:13 PM
 
Location: California
426 posts, read 132,078 times
Reputation: 331

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Pretty cool article

https://www.marketwatch.com/story/me...dit-2011-06-20
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Old Yesterday, 07:03 AM
 
Location: Herndon, VA
1,941 posts, read 1,900,226 times
Reputation: 6414
Quote:
D’Arruda, who said his (utilization rate) typically stands at about 10% to 15% and no more than 25%, began this credit-building experiment based on the simple notion that your credit score is mostly determined by the amount of available credit subtracted by the amount outstanding.
With a combined $300,000 limit, he's looking at a minimum of $30,000 to a whopping $75,000 in credit card debt at any given time. That doesn't strike me as particularly fiscally responsible regardless of his limits.
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Old Yesterday, 08:35 AM
 
1,242 posts, read 376,592 times
Reputation: 2467
Quote:
Originally Posted by Robert20170 View Post
With a combined $300,000 limit, he's looking at a minimum of $30,000 to a whopping $75,000 in credit card debt at any given time. That doesn't strike me as particularly fiscally responsible regardless of his limits.
He pays it off every month and uses the churn to get points/miles.
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Old Yesterday, 08:49 AM
 
4,452 posts, read 2,362,195 times
Reputation: 3798
I love using my United Airlines points card. I pretty much earn free business class seats to Hawaii every couple of months. I pay everything through my card, and when the billing statement comes in, I pay it all off. You still get the points.
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Old Yesterday, 11:54 AM
 
Location: Herndon, VA
1,941 posts, read 1,900,226 times
Reputation: 6414
Quote:
Originally Posted by Lekrii View Post
He pays it off every month and uses the churn to get points/miles.
Not sure where he said that. Where's your quote? You're telling me he's capable of paying off up to $75k in a month? He's in a different league than 99% of the population if that's the case. In other words, none of this ridiculousness applies to most.

And, yes, I get using cards for points. Who doesn't? I do the same thing, but I know there's not many that can pay off 10% utilization of $300k every month let alone 25%.
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Old Yesterday, 02:00 PM
 
1,811 posts, read 746,053 times
Reputation: 687
I knew a guy with a small construction company who used to charge and pay off 40-50k a month on his points card used it for vacations. I did here he had a bit of trouble when one large job he had bough material for went bankrupt and he had put all the material on his card but still seems if you can do it why not.
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Old Yesterday, 02:03 PM
 
Location: Aurora Denveralis
4,977 posts, read 1,633,742 times
Reputation: 7288
Quote:
Originally Posted by East of the River View Post
I knew a guy with a small construction company who used to charge and pay off 40-50k a month on his points card used it for vacations. I did here he had a bit of trouble when one large job he had bough material for went bankrupt and he had put all the material on his card but still seems if you can do it why not.
I worked for a magazine trade group that put on three large trade shows a year. The woman who managed the shows site to site had four corporate credit cards on which she ran more than $100k a month (this was ca. 2000). Her perk was that she got to keep all the points and rewards; she flew first class to luxe vacation destinations four or five times a year, on points and fairly modest out of pocket.
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Old Yesterday, 02:27 PM
 
2,126 posts, read 495,432 times
Reputation: 2374
Quote:
Originally Posted by Robert20170 View Post
With a combined $300,000 limit, he's looking at a minimum of $30,000 to a whopping $75,000 in credit card debt at any given time. That doesn't strike me as particularly fiscally responsible regardless of his limits.
This is likely because's he's letting his statement close before paying anything at all. He could get the utilization reporting 0% and still run a lot of cash through them if he pays his current balance before the close date.

CC companies like multiple payments per month, combined with PIF. I received a 10k initial limit on a Chase Sapphire Reserve, and within 4 months (and running $20k through it) received a CLI to 19k.
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Old Yesterday, 04:52 PM
 
9,637 posts, read 4,106,374 times
Reputation: 14419
The truckers should get on this game if their company lets them, $1000+ for each refill. then expense it to business account
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Old Yesterday, 04:58 PM
 
2,126 posts, read 495,432 times
Reputation: 2374
Quote:
Originally Posted by MLSFan View Post
The truckers should get on this game if their company lets them, $1000+ for each refill. then expense it to business account
If an owner-operator, aside from a per-mile rate, I don't think they can expense anything.

Company drivers are so locked down I think everything has to be billed through their fleet card, not sure they can submit receipts and get reimbursed through payroll unless unforeseen like their truck broke down and had to stay in a motel.
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