Remember this is MyFico where pulling a INQ to most people is like a kiss of death typical over reaction to something that plays very little in your over all credit picture. I am one that does not prescribe to such conservative thought and get approved with well over 10 Inq on all my reports. So I tend to beleive him
NFCU FAN CLUB FAN#1
Impressive, Congrats!
Starting Score: EQ 717 EX 724 TU 736
I believe this 100%. The results are very realistic, and I congratulate you on your successes.
The one thing I do wonder about is are you going to be able to spend enough to meet the promotional bonuses without going into debt???
Congrats regardless. If you really got all that, it's definitely a spree of sprees.
I also do not care about hard inquiries. Still getting approved with my 16 on each bureau.
@SnackTrader wrote:I believe this 100%. The results are very realistic, and I congratulate you on your successes.
The one thing I do wonder about is are you going to be able to spend enough to meet the promotional bonuses without going into debt???
I've often thought of this, myself SnackTrader...many people like to open up accounts all at the same time so that they "age together"...but when you apply for a good number of cards at the same time that require large sums of spend in the 3 month timeframe, and now you have to spend way over $10,000+ in 3 months, you really have to consider if you do actually reasonably spend that $10,000+ in 3 months!
I'm sure many people can do it, especially if they're planning vacations, using the spend on business stuff, etc. but for the average joe, income considered, can they actually pull this off REASONABLY?
If they don't mind interest, or majority of the cards are 0% interest for yada yada months, and know they'll have the cash on hand, then i'm sure it works out just fine 
Other people suggest applying the spending on gifts cards you would use for places you know you will go to, therefore easing the fact that "hey, i may not spend this $10,000+ in 3 months, but i know down the road i will!" and that's great and all, if you have the cash up front to "pre-pay" your typical habits. if you don't, then you'll wind up paying interest in the long run, reducing the net gain of your rewards
and in absolutely no way am i knocking anybody who has done any of the above...i'm sure everyone has managed it well, whether they had a particular way or reason to meet the spending, and how they dealt with it afterward just my thought process of how it all works out!
@daybreakgonesXe wrote:
@SnackTrader wrote:I believe this 100%. The results are very realistic, and I congratulate you on your successes.
The one thing I do wonder about is are you going to be able to spend enough to meet the promotional bonuses without going into debt???
I've often thought of this, myself SnackTrader...many people like to open up accounts all at the same time so that they "age together"...but when you apply for a good number of cards at the same time that require large sums of spend in the 3 month timeframe, and now you have to spend way over $10,000+ in 3 months, you really have to consider if you do actually reasonably spend that $10,000+ in 3 months!
I'm sure many people can do it, especially if they're planning vacations, using the spend on business stuff, etc. but for the average joe, income considered, can they actually pull this off REASONABLY?
If they don't mind interest, or majority of the cards are 0% interest for yada yada months, and know they'll have the cash on hand, then i'm sure it works out just fine
Other people suggest applying the spending on gifts cards you would use for places you know you will go to, therefore easing the fact that "hey, i may not spend this $10,000+ in 3 months, but i know down the road i will!" and that's great and all, if you have the cash up front to "pre-pay" your typical habits. if you don't, then you'll wind up paying interest in the long run, reducing the net gain of your rewards
and in absolutely no way am i knocking anybody who has done any of the above...i'm sure everyone has managed it well, whether they had a particular way or reason to meet the spending, and how they dealt with it afterward
Exactly! This is why I try to bring it up when I see someone talking about a big app spree. Sprees are great if you consider ALL of the consequences. But going into debt is not worth it to me. I pay all of my 0% interest cards in full each month because I'm a budget freak and can't stand the idea of going into debt now for no reason and having a real emergency come up down the road.
I just want people to be happy and financially healthy, so I will continue to bring up the promotional bonuses. The banks have them there for a purpose. They know customers will do whatever it takes to hit those bonuses. It is more or less guaranteeing swipe revenue. But for us consumers we shouldn't go into debt for bank revenues.
