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dosa_don
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Calling Chicago GSB 2008 applicants 28 Dec 2007, 13:02
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Well you could-but the due dates and the minimum amounts are not on the same date every month. They tend to move about a bit. So if your bank allows you to make automatic payments based on the bill and due date, then you should be fine.

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Kry- thats a pretty good idea but keep in mind that if you miss a single minimum payment on ANY of your cards- your APR goes up significantly, to about 20%. With the busy schedules in b-school, you might not be able to do so... :) but yeah nice idea, something that i have been thinking about as well.
Couldn't you set all of the cards up on automatic payment from your checking account? That way you don't have to remember a thing...except to keep enough money in your bank!
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Calling Chicago GSB 2008 applicants 28 Dec 2007, 17:03
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Heh dj you sure you wanna go to Columbia ? Join us at Chicago perhaps :) we'll book a one on one with Prof Goolsbee.

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Austan Goolsbee, GSB Professor of Economics, is on CNBC Squawk Box right now. He says there could be a second credit crisis because of credit card debt the same way there was a crunch because of the home loans. Ahhhh business school...
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Hmmm...let me think, another app or go stick with Columbia? Tough one. Just kidding, I think me and my credit cards will stick with CBS. However, I will have to travel to Chicago for a little GMAT Club reunion weekend one time. That is if we can pull ourselves away from the immense amount of work!
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Calling Chicago GSB 2008 applicants 28 Dec 2007, 17:06
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dosa_don
you need to know how to game the credit card companies ;) you can make a lot of money if you know what you are doing :) I havent bought a flight ticket in 2 years- and this includes trips to maui and india and have not paid a single cent out of my pocket in terms of fees or interest. And oh- I am not a consultant, so dont travel for work :)
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How so? I assume you are talking about the traditional shell game of transferring balances from one 0% card to another, racking up incentives, etc, and paying it off 12 or 18 months later with cash you had since day one but sat in an interest bearing account?
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Calling Chicago GSB 2008 applicants 28 Dec 2007, 19:45
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Well yeah- thats one idea that is a little high risk and not worth the effort if you are moving say $10k.

but I was referring to gaming for points that you could redeem for gift cards/airline miles etc. For example: A simple idea for guys who want to maximize their points on their cards, if you have a card that rewards you well for using it in the grocery store but you want to, say, make some big purchases at Lowe's- then go to the grocery store and buy gift cards to Lowe's- you will end up getting the points for the purchase at the grocery store. This will be great if you need to spend some big $'s there.

But to expand on your idea Rhyme and if anyone is really interested- If you have well established credit, you could really game the system IF you are careful. The basic idea to maximize this is something along these lines:

1. make sure you consolidate your current cards with one issuer. This will enable you to have large credit lines. For ex: if you have a 10k and 15k limit with bank A, then you could re-allocate them to have 24k and 1k on each.
2. Do some research and find out the various offers that are out there. You will find most companies give you a 12 to 18 month 0% offer. Make a list of these.
3. One fine saturday morning, apply to all these cards at ONE go. The idea is that you will apply at roughly the same time to about 20-30 cards (I know, it is not for the faint of heart).
4. You will rack up free points/cash/junk through the sign up offers as well.
5. Now you will receive approx, say $100k-$200k in no interest money.
6. Deposit them in a fluid savings account, earning ~5% interest.
7. Make minimum payments.
8. End of the term. Pay off. You make $5-$10k/year for about an hours work every month.

DISCLAIMER: I do not recommend any do this as it is a pain to make those payments. I thought about giving it a shot- but then I knew one missed payment will be expensive.



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you need to know how to game the credit card companies ;) you can make a lot of money if you know what you are doing :) I havent bought a flight ticket in 2 years- and this includes trips to maui and india and have not paid a single cent out of my pocket in terms of fees or interest. And oh- I am not a consultant, so dont travel for work :)

How so? I assume you are talking about the traditional shell game of transferring balances from one 0% card to another, racking up incentives, etc, and paying it off 12 or 18 months later with cash you had since day one but sat in an interest bearing account?
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Calling Chicago GSB 2008 applicants 28 Dec 2007, 22:06
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nice dosa! I was just thinking something simple to delay interest on things I would spend every day and maybe tuition. It's like getting an interest free loan while my money sits in the bank earning interest. :)

I definitely know the pitfalls, so it's something ONLY for people who are on top of their financial situation!
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Calling Chicago GSB 2008 applicants 29 Dec 2007, 08:07
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Don't forget that doing that would destroy your credit score.
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Calling Chicago GSB 2008 applicants 29 Dec 2007, 08:17
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rhyme
Don't forget that doing that would destroy your credit score.
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Correct, I was wondering about that - with 20-30 applications at one shot.
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Calling Chicago GSB 2008 applicants 29 Dec 2007, 08:28
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hsampath
rhyme
Don't forget that doing that would destroy your credit score.

Correct, I was wondering about that - with 20-30 applications at one shot.
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Its not just that, its the fact that the trick hinges on carrying balances -- even if at 0% -- as far as the credit reporting agencies go, you look like a guy with 30 cards and total debt of $20k, $50k, whatever. Sure you might make $5K in interest, but the impact the scheme does to your long term interest rates will eat that 5K in a second.
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Calling Chicago GSB 2008 applicants 29 Dec 2007, 13:50
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Yes, your credit score will drop but trust me, it recovers real quickly. Credit scores with no defaults have a "memory span" of about 6-7 months. If you do default and have a derog on your account- then it is a longer time period. You need to be careful while carrying the balances and there are thresholds. NEVER have 100% utilization on your cards- ie. if your credit limit is 10k, try never to use up more than say 8k. One of the factors that negatively impacts your credit score is your utilization. keep it lower than 80 % and you should be fine.

Again- this is high risk and not meant for someone who needs to maintain good credit for buying a house. AND I am not recommending anyone do this. But I do know guys who make a significant amount of money through this.

And now...back to the topic :)


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rhyme
Don't forget that doing that would destroy your credit score.

Correct, I was wondering about that - with 20-30 applications at one shot.

Its not just that, its the fact that the trick hinges on carrying balances -- even if at 0% -- as far as the credit reporting agencies go, you look like a guy with 30 cards and total debt of $20k, $50k, whatever. Sure you might make $5K in interest, but the impact the scheme does to your long term interest rates will eat that 5K in a second.
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Calling Chicago GSB 2008 applicants 30 Dec 2007, 19:16
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so whose coming to admit weekend
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Calling Chicago GSB 2008 applicants 30 Dec 2007, 19:47
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rhyme
so whose coming to admit weekend
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I am!
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Calling Chicago GSB 2008 applicants 30 Dec 2007, 22:01
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Hi,

Applicant from India. I will be in Chicago this week and the week next, but mostly in office :( .

Applying in the R2, and would really really like to visit the school, primarily to talk to the current students.

Is it possible to meet any current student during weekend at any place of Chicago ( preferably in the GSB)?? :?:
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Calling Chicago GSB 2008 applicants 01 Jan 2008, 17:22
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filmcity
Hi,

Applicant from India. I will be in Chicago this week and the week next, but mostly in office :( .

Applying in the R2, and would really really like to visit the school, primarily to talk to the current students.

Is it possible to meet any current student during weekend at any place of Chicago ( preferably in the GSB)?? :?:
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I would pm rhyme. He is usually more than willing to talk to prospective students.
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Calling Chicago GSB 2008 applicants 01 Jan 2008, 17:30
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Submitted my application on 12/31 for R2.
Let the R2 submissions roll begin!
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Calling Chicago GSB 2008 applicants 01 Jan 2008, 18:13
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Submitted my application on 12/31 for R2.
Let the R2 submissions roll begin!
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Ok, R2 roll call

nervousgmat - Submitted R2 12/31
bherronp - Submitted R2 12/30

add your name if you've submitted
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Calling Chicago GSB 2008 applicants 01 Jan 2008, 23:43
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nervousgmat - Submitted R2 12/31
bherronp - Submitted R2 12/30
vchhaochharia - Submitted R2 12/25
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Calling Chicago GSB 2008 applicants 02 Jan 2008, 06:14
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Is it possible to meet any current student during weekend at any place of Chicago ( preferably in the GSB)?? :?:
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There are not a ton of students on campus this week - school is not in session, but my advice to you would be to just come in for an info session and tour. If you can hold off till Monday, you'll find a lot more people around.
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Calling Chicago GSB 2008 applicants 03 Jan 2008, 08:22
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Does anyone have a word template for the expanded resume for Chicago GSB? It would be great if you could provide one. I wish their's was in Word rather than PDF.

Thanks
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Calling Chicago GSB 2008 applicants 03 Jan 2008, 11:46
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hsampath
Does anyone have a word template for the expanded resume for Chicago GSB? It would be great if you could provide one. I wish their's was in Word rather than PDF.

Thanks
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What template? You mean the one used for recruiting resumes / the official resume book?
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Calling Chicago GSB 2008 applicants 03 Jan 2008, 11:48
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rhyme
hsampath
Does anyone have a word template for the expanded resume for Chicago GSB? It would be great if you could provide one. I wish their's was in Word rather than PDF.

Thanks

What template? You mean the one used for recruiting resumes / the official resume book?
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hes referring to the resume included in the application, which has a specific format prescribed
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