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

[Creditaddict]

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@Anonymous wrote:

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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?

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I tier 1 for both.

Nissan didn't tell me what they pulled from EX but when I bought the GM about 6 months back they pulled 699 EX.... if anything I would assume my auto fico went up.

Mercedes pulled TU 711.

Mercedes did ask for 3 bank statements just to show deposits that at least matched my stated income since they were a little "shocked" at the fast amount of credit but no issue since most of it was paid off. (heck it might have just been the nosey dealer guy since he was the one that pulled my EX even though Mercedes doesn't use it and made the comment about my age and 126 cards.)

[Broke_Triathlete]

Do you have an aspiration to have more card than that one guy that has like 1,400 cards or something astronomical like that?

[CreditUnionFan]

Wow, that's a really long list. Is managing that many cards a job in itself?

I passed 70 open cards recently and it's becoming more of a challenge to stay on top of them, remember which card to use at which time, etc.

On the bright side, I recently misplaced a couple of credit cards and was like "well, I have another one I can use"

[Creditaddict]

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@CreditUnionFan wrote:

You mentioned being at maximum exposure with Synchrony. Were you able to have that application reconsidered, or did you have to reapply again after you took the chance by dropping some cards?

What do you say when a lender says you're at their maximum exposure? What tactics can you share to convince a lender that you really need the additional credit?

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I had been told I was at max exposure at about $97k when trying to get a CLI and I took it the extreme and trimmed about $37k off! then turned around and added a couple.

like I got rid of $10k Sams Store and I was denied Sams MC, re-opened store and they only issued $7 (and that happened over about 3 months to re-open that, not what i wanted.)

Closed $10k Walmart and opened Walmart MC but they have only given me $6k.

Closed $10k JCPenney

Closed BP Visa - $8k I believe

Closed TJMaxx - They had approved to $10k CLI but then closed (this actually was the card that started my max exposure thing)

I decided I didn't want cards with limits less than $5k unless they had a real purpose especially with Sync.

couple others in there I'm forgetting.

[Creditaddict]

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@Anonymous wrote:

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@Creditaddict wrote:

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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.

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Surely, something must have happened for you to want this money cards?  Do you carry them all at once? 

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When I was on Suze Orman in 2009 I had 86 cards and over half if not more were basically maxed... I always told myself when I fixed my finances and got my life in order I wanted more than that and I wanted them to be paid off! So that's what I have done!

[Creditaddict]

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@Broke_Triathlete wrote:

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@Anonymous wrote:

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@Creditaddict wrote:

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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.

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Surely, something must have happened for you to want this money cards?  Do you carry them all at once? 

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I'd love to see what wallet you use if you do!

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oh and no, I use a tiny wallet that holds 2 cards on each side, 1 side is business and 1 is personal.

Leave the gas card in the car.

and have a business card portfolio at home for the rest to be stored

[Ghoshida]

Hi CA!

Glad that you could answer all the queries! Users on this board can't thank you enough for all the tips, especially related to recons. I personally thank you for the EQ contact. I share the pain of EQ troubles.

Happy to see one more board member joining the freeze team!

Congrats on the laundromat!

What I want to know :

(1) Did you at some point pick aggressive credit adding as a serious building strategy? I guess one philosophy is to add a lot of cards when building / rebuilding so that they age together!

(2) We know you're great at recons. But did any particular recon call make you pause / regret your pace of adding credit? If yes, how did you tackle it going forward?

(3) I read about your $1m credit goal. Any concurrent FICO goals?

[Creditaddict]

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@CreditUnionFan wrote:

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@Broke_Triathlete wrote:

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@Anonymous wrote:

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@Creditaddict wrote:

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@Anonymous wrote:

Surely, something must have happened for you to want this money cards?  Do you carry them all at once? 

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I'd love to see what wallet you use if you do!

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Is it a wallet like this one?  This might have enough space for your cards?

http://www.officedepot.com/a/products/155581/Samsill-Sterling-Business-Card-Holder-160/ 

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More like:

http://www.officedepot.com/catalog/search.do?Ntt=8.5+x+11+business+card+holder&searchSuggestion=true

*With added pages

[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:

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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.

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Surely, something must have happened for you to want this money cards?  Do you carry them all at once? 

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When I was on Suze Orman in 2009 I had 86 cards and over half if not more were basically maxed... I always told myself when I fixed my finances and got my life in order I wanted more than that and I wanted them to be paid off! So that's what I have done!

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You did keep you word amassing them.  With so many cards, have you ever had a late payment on any of them?

[Creditaddict]

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@Anonymous wrote:
I'm almost done rebuilding, waiting on an old gym collection to fall off.....

I've been closing my rebuilder cards and those I don't need anymore.

My question is: have you ever had a credit analyst ask why you closed cards in the past when you've called in for recon on an app?

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past cards, NEVER (unless they were delinquent) but never good standing closed cards.