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Originally Posted by gw14
(Post 30000425)
What would the point, to pay the MO fee? Where is the points/miles/CB gain?
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Originally Posted by gw14
(Post 30000425)
What would the point, to pay the MO fee? Where is the points/miles/CB gain?
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Originally Posted by devastitis
(Post 30001038)
maybe buy GCs with CC, pay CC off with HELOC, and pay HELOC off with MOs made from GCs? Only way I’m understanding this. A secondary goal would be to lower my bust out score, which is currently thought to be a risk for shutdown by a bank I’m currently enjoying. More than 1 real estate line open apparently lowers a person’s bust out risk score according to reddit. |
Originally Posted by NeGourmand
(Post 30002310)
The goal would be to gain a method to deposit MOs in a way that wouldn’t attract too much attention. It seems paying off debt (mortgage, car loan, etc) gets less critical attention. For example, I’ve paid close to $50k of mortgage payments with MO, and never had a question. I’ve also paid property taxes to the county for $18k over the last year, and they’ve never hassled me as long the payment is in full. In contrast, for some checking accounts I’ve gotten questions about as little as $2k in MO at a time. A secondary goal would be to lower my bust out score, which is currently thought to be a risk for shutdown by a bank I’m currently enjoying. More than 1 real estate line open apparently lowers a person’s bust out risk score according to reddit. |
A HELOC is not a guarantee they won't shut you down. I admit I've never read the fine print, but if banks have the slightest whiff of impropriety they can shut you down.
In my case, I had a HELOC at a bank that I was using for MO deposits. The HELOC typically has a 10-year term, after which you can't borrow anymore money but have to start paying it off, and my HELOC timed out on the 10 years shortly before they closed my checking account. They went so far as to block my internet access to even see my HELOC account! I had a high 5-figure balance (acquired in a way having nothing to do with MS) and of course I have to pay it off. If you have good credit you can get a HELOC at around prime these days, but prime is climbing. Although you could probably make a payment BEFORE taking the advance, which would temporarily leave you with a credit balance, but you wouldn't pay interest. HELOC's usually have significantly lower closing costs than first mortgages. I think you'd be better off opening bank accounts. When they shut you down, open another. There are lots of small local banks and credit unions. |
Originally Posted by radonc1
(Post 29998900)
....do not think that a bank will pay for them without extracting money from you in some other way (such as making you pay points or charging a substantially higher interest rate).....
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Originally Posted by mia
(Post 30003601)
In our case the cost was $0, but you are correct that the interest rate formula (prime + X) is higher than others which were available at the time. This served our purpose, because we expect not to use the line, but the interest rate should be a consideration if you are intending to use it.
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Opened two "business" accounts a few years ago used exclusively for depositing mmo and paying associated cc bills. No fees and not a single problem with deposits and bill pay. Can easily deposit at their atms that read the m/o's.
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