cancel
Showing results for 
Search instead for 
Did you mean: 

Borrowing money to get Chase Palladium?

tag
Countingpennies
Established Contributor

Re: Borrowing money to get Chase Palladium?

When you grow up, hopefully you'll come to realize that those you are trying to impress with a credit card, aren't worth it. Those that are worth it, won't notice or don't care.
Message 31 of 39
ztnjpv
Established Contributor

Re: Borrowing money to get Chase Palladium?

well said, countingpennies

Start (Sept 2011): low-mid 600s. NOW: TU FICO: 801, EQ FICO 808, EX FICO 798 (PSECU). Goal: Achieved! Now Maintain!
Message 32 of 39
Revelate
Moderator Emeritus

Re: Borrowing money to get Chase Palladium?

There's only so far any one accoutrement can take you, and trying to get a Palladium for such is absurd: there are far cheaper ways to get over the hurdle of demonstrating you have some financial competence.  I could come up with the assets and if I get serious about my career, could qualify for the Pd perhaps without too much trouble once I get my credit report in better shape, but why?  The 250K for me is better spent towards an overpriced mortgage; oh hey chica, look at my pretty card, vs. I own a house in a good school district.  Granted your age was a long time ago for me.

 

Even at 22 there's far better things to be spending one's time and money on than chasing a moderately ridiculous card.  It's sort of like shoes, if you wear fantastic shoes or en excellent watch but the rest of your outfit doesn't match that level, you're still going to look foolish: it's why I wear my $400ish blue spark as my everyday watch around my decidedly casual workplace.  The Palladium card is similar, and if you only have 100K of real assets, you don't have enough of the rest of the package to pull it off successfully I suspect.  




        
Message 33 of 39
ztnjpv
Established Contributor

Re: Borrowing money to get Chase Palladium?

moreover, Revelate, if you have the competence (or good fortune?) to have a $100k at age 22, it should follow that you know better than to waste time and resources for something so foolish. 

 

People who would go to such lengths to get a Palladium probably don't have a $100k to begin with...or at least earned.

Start (Sept 2011): low-mid 600s. NOW: TU FICO: 801, EQ FICO 808, EX FICO 798 (PSECU). Goal: Achieved! Now Maintain!
Message 34 of 39
parakleet
Valued Contributor

Re: Borrowing money to get Chase Palladium?


@Revelate wrote:

There's only so far any one accoutrement can take you, and trying to get a Palladium for such is absurd: there are far cheaper ways to get over the hurdle of demonstrating you have some financial competence.  I could come up with the assets and if I get serious about my career, could qualify for the Pd perhaps without too much trouble once I get my credit report in better shape, but why?  The 250K for me is better spent towards an overpriced mortgage; oh hey chica, look at my pretty card, vs. I own a house in a good school district.  Granted your age was a long time ago for me.

 

Even at 22 there's far better things to be spending one's time and money on than chasing a moderately ridiculous card.  It's sort of like shoes, if you wear fantastic shoes or en excellent watch but the rest of your outfit doesn't match that level, you're still going to look foolish: it's why I wear my $400ish blue spark as my everyday watch around my decidedly casual workplace.  The Palladium card is similar, and if you only have 100K of real assets, you don't have enough of the rest of the package to pull it off successfully I suspect.  


Lol at the "good school district"! But it's so true! 


Gardening since 7/16/14
Current: EQ 711 7/13/14; EX 724 TU 721 6/19/14
Goal: 760+
Message 35 of 39
Revelate
Moderator Emeritus

Re: Borrowing money to get Chase Palladium?


@ztnjpv wrote:

moreover, Revelate, if you have the competence (or good fortune?) to have a $100k at age 22, it should follow that you know better than to waste time and resources for something so foolish. 

 

People who would go to such lengths to get a Palladium probably don't have a $100k to begin with...or at least earned.


Dunno, when I was 22 I made a ton of money on the order of a quarter and 100K savings was no big deal, nearly did that in a single year; I was a complete idiot financially though.  It's actually can still be done in the current economy depending on what job you have out of school.

 

As someone mentioned earlier, $250K isn't a fantastic sum of money these days (wasn't kidding needing that for a downpayment in my case, S. Cali is too damned expensive); it's not easy for many folks to come up with, but 100K is an easier target to hit even.   My current mainline 125K  and bonus income in the aforementioned absurdly expensive location has me on track to put away 30K in cash while fully funding my 401K this year, and I'm not living exactly frugally, likely could increase that by another 5-10K over the year if I ran cheap.  That's with rent nearing 1300/month, and a 10% state income tax.  If I were smart I'd simply move back to Texas, save likely 6K on rent and another call it 14K on state income tax.  Sloppy math but on the assumption not fully funding said 401K at 22, it's probably only 2 years at that income level to save 100K.

 

I know a number of 22 year olds these days that are self made doing better than that, and they're similar white collar professionals.  I don't know that it happened this way in the OP's case, but there are a lot of people who've done better than I have financially, so it's not a ridiculous supposition that he earned it.  End of the day, assets are assets earned or unearned, or so my loan officer is going to tell me when I apply for said stupid mortgage.




        
Message 36 of 39
LS2982
Mega Contributor

Re: Borrowing money to get Chase Palladium?


@Countingpennies wrote:
When you grow up, hopefully you'll come to realize that those you are trying to impress with a credit card, aren't worth it. Those that are worth it, won't notice or don't care.

Totally agree!! Smiley Happy




EQ FICO 548 3/3/16
Message 37 of 39
w20031424
Frequent Contributor

Re: Borrowing money to get Chase Palladium?


Revelate wrote:

There's only so far any one accoutrement can take you, and trying to get a Palladium for such is absurd: there are far cheaper ways to get over the hurdle of demonstrating you have some financial competence.  I could come up with the assets and if I get serious about my career, could qualify for the Pd perhaps without too much trouble once I get my credit report in better shape, but why?  The 250K for me is better spent towards an overpriced mortgage; oh hey chica, look at my pretty card, vs. I own a house in a good school district.  Granted your age was a long time ago for me.

 

Even at 22 there's far better things to be spending one's time and money on than chasing a moderately ridiculous card.  It's sort of like shoes, if you wear fantastic shoes or en excellent watch but the rest of your outfit doesn't match that level, you're still going to look foolish: it's why I wear my $400ish blue spark as my everyday watch around my decidedly casual workplace.  The Palladium card is similar, and if you only have 100K of real assets, you don't have enough of the rest of the package to pull it off successfully I suspect.  

I said "asset" instead of "net worth", actually I have 80K+ debt and the money I really own is like 20K. My start-up company had some challenges recently but I'm glad it's on the right track and picking up now.
One very important reason that I care so much about CC and aggressively seek for CLI is that I need these cash flow to accelerate my biz.
BTW, as you may guess, I'm creative compared with normal guys and good at exploiting system loopholes. So I may become a business man working in shady areas in the near future, like help others setup offshore bank accounts. Another less likely choice for me is to be a lawyer.
But thank you for your advice anyway. Smiley Happy
 
Fide Amex 15K | Barclays Reward 3.5K | Citi Forward Student 5K | Discover IT 12.8K | US Cash Reward 6K | GE Paypal 5.5K | Wal Discover 6K | CapOne 3.5K | Kohl's 0.3K
Message 38 of 39
webhopper
Moderator Emeritus

Re: Borrowing money to get Chase Palladium?

Thread is locked and under moderator review.

Thanks,

webhopper

FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 39 of 39
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.