June Credit AMA [Ask Me Anything] live with user @CreditAddict - Part One.

[Creditaddict]

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@Broke_Triathlete wrote:

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@Creditaddict wrote:

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@Broke_Triathlete wrote:

Hey CA,

What got you addicted to credit? What is your biggest tip for new people joining the forums looking for good advice?

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I got addicted to credit because I felt it gave me power... In my earlier years up to Suze Orman time it was the power of things I couldn't do without credit and the power to impress people that didn't give a rats 15 minutes after I left... but as I have gotten older and fixed those mistakes I have learned that credit can be an amazingly powerful "TOOL" to achieve things... I would not have been able to buy my first laundromat if it hadn't been for credit and that has really changed the direction of my life over the last couple years.

Advice for those coming into it... Ask lots of questions, take a minute to see how each of the answers might affect or play into your goals with credit and your lifestyle and then make an educated decision for yourself and MOST importantly... DONT DO SOMETHING OUT OF FEAR!

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That's awesome. Regardless of what Dave Ramsey or Suze Orman says, credit is important. They used it at points in their life. But they are so rich now it's easy for them to say, "Don't use that credit crap...lol"

Congrats on the laundry mat. Do you have other hobbies other than credit?

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WINE... I love wine, I don't know a whole whole lot about it, but I know when I like it

[CreditUnionFan]

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@Creditaddict wrote:

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@CreditUnionFan wrote:

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@Creditaddict wrote:

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Advice for those coming into it... Ask lots of questions, take a minute to see how each of the answers might affect or play into your goals with credit and your lifestyle and then make an educated decision for yourself and MOST importantly... DONT DO SOMETHING OUT OF FEAR!

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When you say "Don't Do Something Out of Fear"...  How do you deal with FOMO - Fear Of Missing Out?

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GOT ME... I don't deal with missing out very well when it comes to a hot new card

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What defines a "HOT" card? 

[Creditaddict]

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@Anonymous wrote:

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@darwin_wins wrote:
How do you manage to take care of laundromat and still be on MF so much?

Also have you stopped apping? Are you going to be new Ron1?

P.S. : I wonder what happened to RON1

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Hmm.. Good mention as I forgot about him.  He hasn't been on in a while.  I hope all is well with him.

@Anonymous, how many credit cards do you have now?

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Mercedes said EX showed 126 or something but I think my number is closer to 85... I need to do an update... I had hit 100 but then closed out a bunch of small Comenity and Sync cards because I was at exposure with them and didn't like the limits on the cards I actually wanted with them so I had dropped down to nearly 80 I think and then have since added a few.

[Anonymous]

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@Creditaddict wrote:

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@Anonymous wrote:

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@Creditaddict wrote:

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@Anonymous wrote:

Hello people,

@For this month, we are going to have user @CreditAddicton and he will be taking questions about his credit decisions, why he join myFico, what he has learn, what he likes, what he doesn't like etc. Feel free to ask any questions especially thought provoking one's but be polite about it. The goal of the AMA is not to be judgemental but rather why we on the board arrive at certain decisions that some people think are insane.

@Anonymous second goal is to use this as a learning process and also to help new people joining th board so that they don't make certain bad decisions. As you know, @Creditaddict has been on the board for a long time with over 25,000 posts and does make some interesting decisions.  So it will be nice to get an insight into his thought process.

DONT'S: Please, no snarky comments. Lets respect the user and let's get started..


@I will get us started.. @Creditaddict, can you tell us a little bit about yourself?

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I'm a 35-year-old gay man with a fiance and 3 kids (dogs) Can't give up the dueling income just yet

We are getting married this year.

He works full time along with we now own 1 laundry (soon to be 2) and a catering company with another partner.

I love everything credit as most of you know but I also LOVE to help others go through the journey or the struggle and get credit on track so it's a power tool for you instead of something that owns you.

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First of, I want to say I am truly about what happen in Orlando. I hope you are well and aren't in fear as it is just senseless..

Secondly, holy smokes, for some reason I thought you were like 60 years old [ Please don't hold it against me].

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it's always scary and sad that we seem to need some of the biggest tragedies before we create change in this country... but all I can do is live my life and try to help who I can help in the areas of my life that allow me to do that and just stay positive as it's hard to not feel a little better when you are surrounded by happy people!

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Agreed and well said.

[Creditaddict]

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@CreditUnionFan wrote:

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@Creditaddict wrote:

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@darwin_wins wrote:
How do you manage to take care of laundromat and still be on MF so much?

Also have you stopped apping? Are you going to be new Ron1?

P.S. : I wonder what happened to RON1

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HAHA, good question.  We actually suffered a fire (started next door to us in the ceiling of the restaurant (electrical)) 6 days after closing escrow! I think I set the record!

Anyway, That has given us the gift to expand our businesses but also gave me lots of time to discover how much I like MyFico and Red Wine

I have moved my applying to a more business-minded direction (at least I try, I did "have" to get the new Marvel card even though I'm not a comic guy and of course the new Blispay!) but otherwise, I have locked all my reports and my partner has done the same and I only unlocked them last week to purchase our first delivery van and then while I was at it I leased a new Mercedes for myself (clearly a needed purchase and I was already out of the garden, right?!)

It's always a battle for me, it's half research for me to see if I can get it, what things on my reports do or don't bother a creditor and half I just love an approval!

but I'm trying to be more mindful of the future and that mortgages are not as forgiving on a 120 inquiries as say, Nissan!

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And while you were at it, you didn't apply for the Mercedes Benz Amex? How did you find the willpower?

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Amex takes the 1 account on my report that shows in a bk and it falls within the 5 years before you can get an AMEX I think... I can't get a card with them.

Believe me though, I started looking at rather partner should close out another smaller Amex revolver and see if they will give it to him with a nice limit (his new simply cash plus to replace the $4k blue business that was approved at $25k was a shocker!

he has a simply cash original one for $3k I'd be willing to drop if the Amex would be approved

but in the end he doesn't need another inquiry and since it wouldn't replace any of our better daily's it's just not needed.

[Broke_Triathlete]

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@Creditaddict wrote:

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@Broke_Triathlete wrote:

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@Creditaddict wrote:

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@Broke_Triathlete wrote:

Hey CA,

What got you addicted to credit? What is your biggest tip for new people joining the forums looking for good advice?

---

I got addicted to credit because I felt it gave me power... In my earlier years up to Suze Orman time it was the power of things I couldn't do without credit and the power to impress people that didn't give a rats 15 minutes after I left... but as I have gotten older and fixed those mistakes I have learned that credit can be an amazingly powerful "TOOL" to achieve things... I would not have been able to buy my first laundromat if it hadn't been for credit and that has really changed the direction of my life over the last couple years.

Advice for those coming into it... Ask lots of questions, take a minute to see how each of the answers might affect or play into your goals with credit and your lifestyle and then make an educated decision for yourself and MOST importantly... DONT DO SOMETHING OUT OF FEAR!

---

That's awesome. Regardless of what Dave Ramsey or Suze Orman says, credit is important. They used it at points in their life. But they are so rich now it's easy for them to say, "Don't use that credit crap...lol"

Congrats on the laundry mat. Do you have other hobbies other than credit?

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WINE... I love wine, I don't know a whole whole lot about it, but I know when I like it

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My fiance could help you out with the knowledge. She's a level one sommelier! What's your biggest accomplishment in the world of credit?

[CreditUnionFan]

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@Creditaddict wrote:

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Mercedes said EX showed 126 or something but I think my number is closer to 85... I need to do an update... I had hit 100 but then closed out a bunch of small Comenity and Sync cards because I was at exposure with them and didn't like the limits on the cards I actually wanted with them so I had dropped down to nearly 80 I think and then have since added a few.

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Do you keep track of them on paper, or a spreadsheet, or some other system?  With that many cards, it might seem impossible to keep up with the dates that everything is due, or even when you have to remember to use a card because of inactivity.

[Creditaddict]

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@Anonymous wrote:
Hi CA! I don't know who you are, but am glad you're here. Today was a sad day for me. Anything you want to share to cheer me up? 😅

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I need a picture of a puppy... I always smile when I watch those videos or pictures with text on them with animals!!

Tomorrow is a whole new day and it will be a great one! (how about that?!)

[Anonymous]

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@Creditaddict wrote:

I have moved my applying to a more business-minded direction (at least I try, I did "have" to get the new Marvel card even though I'm not a comic guy and of course the new Blispay!) but otherwise, I have locked all my reports and my partner has done the same and I only unlocked them last week to purchase our first delivery van and then while I was at it I leased a new Mercedes for myself (clearly a needed purchase and I was already out of the garden, right?!)

It's always a battle for me, it's half research for me to see if I can get it, what things on my reports do or don't bother a creditor and half I just love an approval!

but I'm trying to be more mindful of the future and that mortgages are not as forgiving on a 120 inquiries as say, Nissan!

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 So did your credit profile support prime rates on the two vehicles?

[Creditaddict]

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@ddemari wrote:

Hi Ca- exciting to see you here tonight! i feel like you have you a serious amount of cards, i have managed to gather as this month, 78 credt cards. Someone like you has a lot of cards to i believe,  its shocking to believe that more still can be had as i know there are more approvals out there for us, but do you get to a point where you honestly cant see another envelope waiting for you or will that day never come for you? my day of mail excitement has simmered down. 

EDIT_ maybe i have way more cards than u lol. 

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I mean, I love an approval but unless I get a hold of a Palladium application (a goal this year and I remind my banker every time I see him!) but the excitement of getting the actual card has diminished tremendously because I don't carry any of them or use most of them... Look at Marcel, I charged just over $25 or whatever it was to get the $25 statement credit and have not looked at it since!

Now, the thrill is getting closer to my goal number of $1 Million in unsecured credit lines than an actual new card! (and even that is just a paper goal, doesn't mean anything.)