Hate to say it...

[rubaty]

When you can fire your sub-prime CC's is the greatest feeling!  Since Jan I have got rid of 2 Cap 1 CC's and Orchard.  They had done their job but their time was over.  The only sub-prime I still have is Providian but I am hestitate to close it because it has a high CL.

Next goal is a downpayment for a house but I'm not moving back to the US until 2010 so I have awhile to save, just hope interest rates don't move too high.

[athensguy]

And of course, you guys do realize that paying interest will never net you additional points on FICO. When you let a balance post on your statement, you still have at least 15 days to pay it off before any interest is charged.

[haulingthescoreup]

I went on my app-o-rama because I needed to get more cards from "major banks" instead of from CU's (don't get me started), because I was getting dinged for too many accounts with balances (a function of the ratio between installment and revolving), and because I needed to dilute bad credit (a bunch of 30's, and one 90) with good. There is obviously something to the dilution theory, because only 4 months later, my scores are moving back toward where they were.

I hate seeing undisciplined, unfocused app frenzies. If you understand your current credit profile, and you know what will help you, and you've researched the heck out of potential cards, then go for it. But getting swept up in "me, too!" is going to set you back. After 5 months of research and planning, I wound up with 5 CC's and a car loan that I had planned to get, 1 me-too, and 1 oops, from going a bit too far on what appeared to be a soft pre-app site for Best Buy. Live and learn! But I don't regret the others.

Like the other mods and many active members here, I get terribly concerned about scatter-shot, unproductive app'ing. Good post!

[FretlessMayhem]

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@haulingthescoreup wrote:
I went on my app-o-rama because I needed to get more cards from "major banks" instead of from CU's (don't get me started), because I was getting dinged for too many accounts with balances (a function of the ratio between installment and revolving), and because I needed to dilute bad credit (a bunch of 30's, and one 90) with good. There is obviously something to the dilution theory, because only 4 months later, my scores are moving back toward where they were.

I hate seeing undisciplined, unfocused app frenzies. If you understand your current credit profile, and you know what will help you, and you've researched the heck out of potential cards, then go for it. But getting swept up in "me, too!" is going to set you back. After 5 months of research and planning, I wound up with 5 CC's and a car loan that I had planned to get, 1 me-too, and 1 oops, from going a bit too far on what appeared to be a soft pre-app site for Best Buy. Live and learn! But I don't regret the others.

Like the other mods and many active members here, I get terribly concerned about scatter-shot, unproductive app'ing. Good post!

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I apped for a bunch of cards for different purposes, and I ended up with about 12 now. There are 2 of them that I don't really use, I just keep open for history since I've had them a while. Sometimes do I think I went overboard though, since I managed to open $130,000 worth of credit in a couple of months.

I think about closing some of it, like Amex Clear with its measly $2000 limit. But, 1) I don't think it would help, and, 2) I already got dinged for that account, so I might as well keep it open.

[SonorityGenius]

Okay first of all there is a general tone that implies that somehow this forum "makes" people apply for more credit..

To each their own, but EACH member here has a CHOICE whether to apply or not, and I think most of the time they apply (as above mentioned) after doing their research and thus making a sensible decision to apply, not just because of the forum frenziness in getting new credit..

After all, being on this forum is what makes us smarter consumers to want to actually "shop" for THE best credit card for OUR own benefits! (rewards, ease of approval, higher CL, reducing UTL) so yes applying for credit HAS its benefits AND it isnt just a forced-upon addiction as the OP makes it seem..

[FretlessMayhem]

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@SonorityGenius wrote:

Okay first of all there is a general tone that implies that somehow this forum "makes" people apply for more credit..

To each their own, but EACH member here has a CHOICE whether to apply or not, and I think most of the time they apply (as above mentioned) after doing their research and thus making a sensible decision to apply, not just because of the forum frenziness in getting new credit..

After all, being on this forum is what makes us smarter consumers to want to actually "shop" for THE best credit card for OUR own benefits! (rewards, ease of approval, higher CL, reducing UTL) so yes applying for credit HAS its benefits AND it isnt just a forced-upon addiction as the OP makes it seem..

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Oh, I completely agree with you 100 percent.

Placing blame on the forum is like blaming a car for someone driving drunk or blaming a gun for someone getting shot.

[smallfry]

If you think myFico is a bad influence you should read the other board.

[Anonymous]

Ultimatly, it was me who decided to open 5 of my 6 cc's in a 10 month period. Not anybody else. I can't go around pointing the finger at the forums here or another. I am getting control over my debt ( I have used $1,700 out of my $10,600 available credit). I think that being here and reading the forums have put things in perspective.

[Anonymous]

I admit that this board has encouraged me to app for more cards.  I've received 4 cards since I've been reading this board.  However, this board has also encouraged me to use my cards in a different way.  I didn't think it was a big deal if I carried high balances before finding this board. 

My "complaint" is that this board has made me obsessed with my balances.  I've got a $370 balance on a $1500 card and it's driving me nuts.  I just paid $395 toward the previous balance, but that doesn't seem like it was enough.  The only reason I used the card is because I had to quickly sign up for an LSAT class and I didn't have time to wait until money transferred from my savings.   

I have 10 cards, but I only have balances on 5. 

[braznyc]

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@SonorityGenius wrote:

Okay first of all there is a general tone that implies that somehow this forum "makes" people apply for more credit..

To each their own, but EACH member here has a CHOICE whether to apply or not, and I think most of the time they apply (as above mentioned) after doing their research and thus making a sensible decision to apply, not just because of the forum frenziness in getting new credit..

After all, being on this forum is what makes us smarter consumers to want to actually "shop" for THE best credit card for OUR own benefits! (rewards, ease of approval, higher CL, reducing UTL) so yes applying for credit HAS its benefits AND it isnt just a forced-upon addiction as the OP makes it seem..

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Exactly! I couldn't agree with you more.

As far as debt, I abhor it and if I didn't need to play the credit game for the best mortgage I'd still be in the dark. I think my only goal is to get the highest credit score so I don't have to pay more in interest for that home or car I'll want in the very near future. I also run a business and credit is just as important if not more to help me keep my dreams afloat. So I understand the need, but I just don't want very much of it