I’m in the process of switching careers and expect I may not have income for up to a year
20k in cash/savings at 4% apr
30k roth ira
10k traditional ira
High credit score around 800
Monthly spending: 2k all in
Cc debt: 5k
Student loans: direct unsub fed 52k at around 6%
Hard inquiries: 4 in 2 years
2 inactive businesses with ein and several years of biz credit
Recently approved for us bank triple cash biz cars, 15 months 0%apr purchases and balances, 20k credit limit
I’m wondering how I should leverage business credit lines to help support myself until I find a job. I’m still getting biz and personal cc offers. I read that credit utilization isn’t really a factor for business credit, as banks expect businesses to start out with high utilization.
Will be putting most of my spend on my 0% apr biz cards, but are there any ways to use the credit limit as a loan and hold and possibly increase cash?
One example of taking out the credit limit is perhaps purchasing no fee gift cards, then paying a 3% transaction fee to liquidate through money order or PayPal etc. There are many bank and credit card bonuses, like deposit 5000x 90 days to get 500, or spend 4k to get 500 cash back on a cc etc., where it ends up being a 10%+ return. So a 7% net gain
Even buying I bonds or T bills, high yield cds, or savings accounts with cash from converting business credit while it is 0% apr may be worth it to just have the extra cash on hand until I’m employed and the extra 1-2%?
While i realize i need to perserve cash, I just love churning credit cards and bank bonuses, it’s a hobby. At the end of the 0% apr period I’d definitely pay off. Jobs I’m applying for have salaries over 100k
I’m a bit nervous about making balance transfers, if I should get multiple cards now or stagger them, and basically leaving max balance on business (no personal in this play yet) cards for many months, even with 0% apr. I have money in my roth I can take out penalty free should I need to but that’s last resort
What do you guys think？