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Valued Contributor
p-
Posts: 2,632
Registered: ‎06-05-2008
0

Re: Purchases that can harm your credit?

Meh.  IMO, all of this is the tail wagging the dog.  It's Bass-ackwards.  

 

You shouldn't alter your spending patterns to make a credit card company happy.  You pick the card that best matches your spending pattern.  

 

I buy what I want, and PIF each month.  If any of the issuers decide they don't want my transaction fees, they can pound sand. 

 

And lottery is just a tax on the gullible.

  8-12-14: FICO EXP: 797 - EQU: 734 - TRAN: 739 - AVG: 757 - +207 points from JUN 2008 - MY CREDIT JOURNAL

Valued Contributor
armbenderc
Posts: 1,339
Registered: ‎09-11-2012
0

Re: Purchases that can harm your credit?

What's wrong with saving money and shopping at Walmart?

 

Walmart is not only for welfare people, I saw some rich people there also... or maybe they are so poor driving Lambo, Masserati, that they need to saved money? :smileyvery-happy:

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12/19/2013, $100k+ Available Credit. Total Util: 0-1%
Member
annab
Posts: 20
Registered: ‎09-15-2012
0

Re: Purchases that can harm your credit?


napplegate wrote:

My family has amassed roughly $15 million over the years.  My parents generally shop at Wal-Mart, Target and Kohls.  They purchase groceries at the local grocery store.  They are extremely thrifty as a whole driving modest cars and living in a modest home.  That being said, they love to travel and if the moment strikes them to make a large impulse purchase they are more than able to do so.  My parents have a total of 3 credit cards combined, 2 Capital One cards with $20k limits and a Sears card with a $30k limit.  Although there generally is a correlation with wealth and spending it is not always so.  

 

*I had no clue as to the actual net worth of parents until last year when they were changing their will and designating me as power of attorney.  


 

I made up my own personal quote that I have stuck up on my cubicle wall that i have absolutely lived by in the past year: Rich people did not get rich by spending unwisely.

 

I don't think anybody should underestimate a person's wealth or net worth by where they shop.  they CHOSE to spend WISELY!

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Senior Contributor
Open123
Posts: 4,155
Registered: ‎02-23-2011
0

Re: Purchases that can harm your credit?


OnTheRebound wrote:

Everything in the above articles is true. I know. Because I read it on the internet.

And just for everyone's information, I'm a French model. Bonjour!


Salut!

 

Let's go shopping with my new Amex Black card at the rue de st. honore. 

Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

Re: Purchases that can harm your credit?


p- wrote:

Meh.  IMO, all of this is the tail wagging the dog.  It's Bass-ackwards.  

 

You shouldn't alter your spending patterns to make a credit card company happy.  You pick the card that best matches your spending pattern.  

 

I buy what I want, and PIF each month.  If any of the issuers decide they don't want my transaction fees, they can pound sand. 

 

And lottery is just a tax on the gullible.


Can't agree more!!! :smileyhappy:




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
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Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

Re: Purchases that can harm your credit?


Open123 wrote:

OnTheRebound wrote:

Everything in the above articles is true. I know. Because I read it on the internet.

And just for everyone's information, I'm a French model. Bonjour!


Salut!

 

Let's go shopping with my new Amex Black card at the rue de st. honore. 


:smileysurprised:

 

There's that pesky AMEX black card again!!!! :smileyvery-happy:




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Regular Contributor
omskillet
Posts: 118
Registered: ‎01-04-2012
0

Re: Purchases that can harm your credit?

To me the original article is bologna. Seriously, no human is monitoring every single credit card purchase in the world looking for AHA charges of liquor and Wal-Mart. I'd venture to say that computers are doing the analyzing and that the algorithms they run are checking through thousand of criteria for what other algorithms deem as normal, risky, good, bad, etc behavior. As a programmer myself I can tell you the best way to analyze data is at a macro level and by comparing to known patterns. Kind of like how the stock market measures behavior. Or how Fico puts you in "buckets" to measure your score relative to other people with similar credit profiles. Rememeber your Fico score is a measure of your worthyness relative to others. 

 

If ( which I doubt ) there were criteria in these algorithms that tried to associtate you buying alcohol with being a bad client then why in the world would people do business with them? It doesn't make sense. 

 

Sorry I read that article yesterday and it hasn't sat well with me all day! :smileyhappy: 


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