A long, long time ago when I first joined this forum there was a big focus on "controlling score and getting out of debt". The focus seems to have shifted to "how can I get a double digit number of credit cards with crap scores, resulting in serious rather than fatal damage to my score?"
C'mon Now, iTS Unnececelery To be Jellyous!
MidnightVoice wrote:
A long, long time ago when I first joined this forum there was a big focus on "controlling score and getting out of debt". The focus seems to have shifted to "how can I get a double digit number of credit cards with crap scores, resulting in serious rather than fatal damage to my score?"
Seriously, I agree with you. I only app if I need credit and I will benefit from it. As you know, I apped for joint on my DWs Chase card to improve my scores, unfortunately that didn't happen. I think it's a bad idea to go overboard with apps, most of us should only need a few CCs to build a credit history or in the case of bad credit, dilute the negatives.
fused111 wrote:
MidnightVoice wrote:A long, long time ago when I first joined this forum there was a big focus on "controlling score and getting out of debt". The focus seems to have shifted to "how can I get a double digit number of credit cards with crap scores, resulting in serious rather than fatal damage to my score?"Seriously, I agree with you. I only app if I need credit and I will benefit from it. As you know, I apped for joint on my DWs Chase card to improve my scores, unfortunately that didn't happen. I think it's a bad idea to go overboard with apps, most of us should only need a few CCs to build a credit history or in the case of bad credit, dilute the negatives.
I was making a joke out of a semi-serious warning. After problems with credit it way too easy to get carried away and get too many cards. And then it is VERY easy to screw up a payment date and get a credit hit, and it also easy to loose track of how much is being spent.
My next big temptation will be when my 12 year old washer and dryer give up the ghost...............all those 0% financing offers on big purchases
I am covered for when the 12 year old car dies on me
fused111 wrote:
MidnightVoice wrote:A long, long time ago when I first joined this forum there was a big focus on "controlling score and getting out of debt". The focus seems to have shifted to "how can I get a double digit number of credit cards with crap scores, resulting in serious rather than fatal damage to my score?"Seriously, I agree with you. I only app if I need credit and I will benefit from it. As you know, I apped for joint on my DWs Chase card to improve my scores, unfortunately that didn't happen. I think it's a bad idea to go overboard with apps, most of us should only need a few CCs to build a credit history or in the case of bad credit, dilute the negatives.
I agree with you fused and MV. I am one of those who filled out a lot of apps as a result of this forum. But in my defense, my plan was to get rid of the pocketful of subprime AF, MMF, low CL, high APR cards that I had and replace them with at least another level up. Not necessarily prime, but certainly better. And of course, I was declined for some, making my INQs go up higher than I would have liked.
I heard all the arguments about not closing cards and did it anyway, only because they were costing me huge sums of money in fees and such. My highest CL was a Visa with $1200 CL, 10.95 monthly fee and AF with NO grace period on my 23.99% APR. All other cards were in the $300 or $400 CL range with APRs from 23.99 to 29.99%.
Now, I have a total of 5 cards I plan on keeping with my lowest new limit at $1000 (no annual fee 0% until 01/2008, then 11.99% APR), next is $1000 CL with 12.9% APR and my highest is $3000 CL with 12.9% APR. I do have a couple in the middle, one with $1500 CL with 0% for 6 mos.on BTs, then 20.24 APR and one with $2500 CL at 21.57 APR. But I am getting some 1.9% for life of transfer BT checks sent to me for this one.
Everything else is already gone or going (2 more) as soon as they are paid off (2-3 weeks). Five cards are plenty to raise scores. Even through my transition, my scores have gone down and then back up so that they started at TU 650 / EQ 635 / EX 603 and now are TU 678 / EQ 645 / EX 621. This is all in 6 weeks.
Thanks to the advice and help from all of you, I have everything I wanted except a gas card. I can't get approved for one of those because they all (or so it seems) go through Citi or Chase and they are not BK friendly). I will just live without one of those. I have also closed 3 store acounts and am seriously thinking about closing at least one of the remaining two that I have.
Anyway, enough is enough. I for one am done. Good luck to the rest of you and may you learn that sometimes (agreeing with fused and MV here) less is indeed more!
So which CC shall we app for today, I say Junny!
When all the experts are saying keep only 1 or 2 credit cards, People in this website are going after cards as if they were addicted to crack!!
Message Edited by Redamagon on 09-18-2007 01:20 PM
Another problem with a huge number of cards at once is the average age. MY AA at the moment is 8 years - get 5 more new cards and it would drop like a stone, and take years to recover!
So I will let them age gracefully and gently nudge the CLs up every year or so