I think most of us need an interdiction. I keep reading how some of you have applied and applied and applied and applied and applied for CC after CC after CC... many get hammered with INQ's and denials. I am lucky so far, three apps... one denial (although that was from Cap 1 which still ticks me off) I have been holding back from more apps. How do I do it? (Especially when reading these boards make you want to apply)
Easy, I have a picture on my desk of a Porsche, and I remind myself every day that I will need a score in the mid-high 700's to get one. INQ's right now (especially since I am just starting out) will kill you. When you have no FICO score like me, they (CCC's) tend to pull all three. Cap 1, HSBC, even my Auto Dealer who said they only use TU pulled all three.
Remind yourself this... WHAT DO I REALLY WANT? Would a home depot card be nice so I can get a new grill? Sure, Would a Macy's card be cool so I can buy socks and underwear... probably. Best Buy don't even get me started on the crack they sell in their store to entertainment junkies like myself...
But all these little side toys would pale in comparison next to the sheer pleasure of driving past you, YES YOU, in your beat up 1993 Ford Taurus packed with a new grill and TV and underwear, and honking the horn on my new Porsche!
Some of you can't stop applying, but honestly, wouldn't you rather have a Porsche than a Home Depot card? I know I would, I am done applying until next year. If you need an intervention, put a picture on or near your desk of something you trully want. Whether it be a car or a vacation spot you have always wanted to go to or for some a home... make that your goal!!!
You can keep your Porsche. Now if it were a 2-seater Mercedes...drool
You make a good point in that we need to identify our end goal and keep that in mind when we make decisions - this is true in all areas of life, not just credit building/repair. But I don't think it's fair to judge a person by the car they drive, or the house they live in, or even the credit cards they have. Everyone has different priorities, and you can't assume that just because someone is driving a clunker with a new grill in the trunk they have theirs out of whack. Maybe a perfectly cooked steak is more important to them than horsepower or a flashy paint job.
Thanks, but no thanks on the Porsche. Our family has had enough German cars by now, and I don't know what happened to the myth of German engineering, but it mythed us. (Har har.) I am delighted with my 2001 Honda Accord. It's built in this millenium, which is more than I can say for any of our other vehicles, and it's everything I need, period.
Sad to say, after a year of reading here, I have about decided that people who are going to lose sight of their goals, or never bother to set them in the first place, are going to do this no matter what anyone says. And it's in just about any area of their lives, not just credit.
It is possible to have a focused, effective app frenzy; I did it. I also did an oh-why-not and an oops; live and learn. No apologies for the planned out app frenzy, though.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit? FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Yes, I am sure after I get the Porsche I will have to go on an app spree to be able to pay for the maintenance. Thank you for pointing out the problems with German engineering. LOL
Up until this year I owned that POS 93 Ford Taurus. I am not judging by the car you drive I know some can't afford better... (I used to be one of them) what I am saying is don't go hog wild on the CC's if you don't need them. Keep your eyes on what YOU want, not what everyone else has. Don't apply for every CC because other people here are.
But you are right some people enjoy steak more than cars... if the steak (or having the best grill made) is your goal, Home Depot is for you, if having thousands of pairs of underwear is your goal, then get Department Store cards, but if you want a big ticket item (car, home) put your efforts into that instead.
I too need a gas card and a store card for "mix" but I am not going to apply at every store and gas station. As Tony Sinclair says, "Always in moderation" (Tanqueray for those who don't watch TV)
At my age (over 30's under 50's ha ha) I have given up the dream of owning a home. So my only luxuries in life are going to be my cars.