@kdm31091 wrote:
@red259 wrote:
@Broke_Triathlete wrote:To go along with my other post... rewards only work if you PIF. If you don't, you're losing (of course unless you have a 0% period)
+1 Yes. Just yes. If you can't PIF and its not 0% APR then trying to earn rewards is a massive mistake.
Yet sadly, I see plenty of posts from people who have 40-60% util on their 22.99% cards yet are worried about apps, bonuses and rewards. Makes no sense
Exactly! Those are the people the banks "prey" for...lol. They want their $10 in rewards but will end up paying hundreds in interest!
Personal:
There are quite a few people I can identify with here....but this ^^^^^^^^^^^^^^^^^^ is totally what I want to emulate. Really dig this mentality.
_________________________________________________
I do think it would be better for new members to see more details about folks for their protection. Maybe in our signatures we can include our income and annual CC spend. That way when they see people apping for all these new cards they can grasp if its fitting or not.
I do think what works for one person doesnt work for everyone. I started my building journey in May and realized the money making opportunity. It completed my couponing's missing puzzle piece for sure. But I have self control. Just because I have the credit limit doesnt mean I am carrying balances I can't afford. My scores have went up around 100 points in 4-5 months. That says to me I am doing something right with adding 7 new accounts in less than 6 months. Maybe inquiries dont matter?!
My personal opinion: If a person only made $50k a year and they were able to secure $200k in credit cards, use them occasionally, not go into debt, and get some bonuses and rewards, then go for it.
My goal is not to have super great credit because all that happens is fluctuation. I don't want to be spending tons of time micromanaging statement dates and that. That time for me would be better spent couponing and preparing my next card bonus application (which is a 20k amtrak bonus and a Better Balance Rewards both with BOA!). But this is what works for me. Someone that needs a new mortgage or car loan shouldnt be doing this. I also don't think I could ever let my score go THAT much.
I think myfico is a great place because its so well rounded. I like people like the OP as we get opinions from a wide range of people. That is a good thing. I do think we should have more talk here about couponing though. Maybe one day I can have a main link on the front page with links and resources to that? Not to sound judgy but it amazes me how picky people are with an extra .25% cash back on a card when they could make it more like 20-40% just by couponing. Then again, they could be rich and busy and who am I to judge?
I actually like myfico because I see little bragging about finances. Usually sharing strategies and experiences. And sometimes folks do share things that aren't relevant. And I just say to myself "Money talks, wealth whispers". Alas credit is a learning experience. What better way to learn that from ones mistakes? Or by teaching someone what they have just learned.
I'm not going to be divulging my income or more detailed financial information than I already do on the internet. However, your point is very valid. There are a wide array of people here. Some people are just starting over after bankruptcy or just starting all together. For those people rewards cards really should not be a major concern and they need to think more about building their credit profile and what cards make sense in that context. Also, there are people who have limited financial means or have very little in the way of expenses that they can put on their credit card. Those people as well would likely have difficulty with a rewards card when it comes to the high initial spend.
However, there is another group of people on the board that have decent or even high income and solid credit with high spend. For these people rewards cards are extremely profitable and can make a whole lot of sense. This is why we can't generalize and say rewards cards are no good or they are the best, because it will all depend on the particular profile of the individual. So I do think people need to be aware on where they fit in when it comes to rewards cards, so that they do not end up over extended or in a situation where they wind up looking at their cards and regretting the app. A person should never ever regret a card app (unless it was a denial), because if they have the card and regret it then that is a signal they didn't think enough about it before apping.
;
@kdm31091 wrote:
@red259 wrote:
@Broke_Triathlete wrote:To go along with my other post... rewards only work if you PIF. If you don't, you're losing (of course unless you have a 0% period)
+1 Yes. Just yes. If you can't PIF and its not 0% APR then trying to earn rewards is a massive mistake.
Yet sadly, I see plenty of posts from people who have 40-60% util on their 22.99% cards yet are worried about apps, bonuses and rewards. Makes no sense
I haven't seen those posts, but I agree that is just sad.
Wow
That's all I can say sometimes when I see post that inject their personal choices, preferences and beliefs in a thread that has no reflections on others and their decisions or what's right for them ....Just wow
What works for you is not right for everyone else....so your opinion should be just that yours and not be injected into every thread you post in like a virus of death...Lets be honest .....It's wrong!!!!!!!!!!
I'll be the OP in this example: I ask about XXX card and instead of you giving me the pros and cons you give me 95 reasons why it doesn't work for you.....Oh really then why did you even stop to post then.....Because again you love to spread doom and gloom.
Maybe this isn't the place for you quite frankly then
That being said each and every person here is capable and should be a responsible mature adult to make their own decisions about what best fits their needs and profile be it a 3 digit card or a 6 digit card and the joy the accomplishment gives them upon approval
I agree with some points in this thread and far to many times people get caught up in the "what's the card of the week" and are pushed into
apply now
you'll be approved
go for it...
The bad things is no one has asked what does your profile look like other than some who know you need all the facts to suggest if you stand a shot but I blame the person asking about the card for allowing someone to influence their well being without any risk to the person giving the advice.
It's not their profile
It's not their HP
It's not there money
As for rewards:
They can be quite beneficial if you plan your cards and spending .....For everyday spend only...... everything else meaning unplanned spending is a reward bonus to regular spending..... TV and furnace quit last week etc etc ....May as well either app new card for 0% or enjoy the rewards from the card you have
There's a wealth of knowledgeable people here and the resources (search function) to make good informed decisions about any and all credit products that interest you ...
However you have to use them and common sense about what's right for you and dismiss the debbie downers that tend to show up with their personal negative everyday thoughts ....Wow that should be a card The DDEC= Debbie Downers Everyday Card .....
BTW I'll be monitoring this thread so let's keep it FSR
Edit typos
@myjourney wrote:Wow
That's all I can say sometimes when I see post that inject their personal choices, preferences and beliefs in a thread that has no reflections on others and their decisions or what's right for them ....Just wow
What works for you is not right for everyone else....so your opinion should be just that yours and not be injected into every thread you post in like a virus of death...Lets be honest .....It's wrong!!!!!!!!!!
I'll be the OP in this example: I ask about XXX card and instead of you giving me the pros and cons you give me 95 reasons why it doesn't work for you.....Oh really then why did you even stop to post then.....Because again you love to spread doom and gloom.
Maybe this isn't the place for you quite frankly then
That being said each and every person here is capable and should be a responsible mature adult to make their own decisions about what best fits their needs and profile be it a 3 digit card or a 6 digit card and the joy the accomplishment it gives them upon approval
I agree with some points in this thread and far to many times people get caught up in the "what's the card of the week" and are pushed into
apply now
you'll be approved
go for it...
The bad things is no one has asked what does your profile look like other than some who know you need all the facts to suggest if you stand a shot but I blame the person asking about the card for allowing someone to influence their well being with no risk to the person giving the advice.
It's not their profile
It's not their HP
It's not there money
As for rewards:
They can be quite beneficial if you plan your cards and spending .....For everyday spend only...... everything else meaning unplanned spending is a reward bonus to regular spending..... TV and furnace quit last week etc etc ....May as well either app new card for 0% or enjoy the rewards from the card you have
There's a wealth of knowledgeable people here and the resources (search function) to make good informed decisions about any and all credit products that interest you ...
However you have to use them and common sense about what's right for you and dismiss the debbie downers that tend to show up with their personal negative everyday thoughts ....Wow that should be a card The DDEC= Debbie Downers Everyday Card .....
BTW I'll be monitoring this thread so let's keep it FSR
If I created the thread, I have every right to "inject my opinion" into it...if someone doesn't want to read it, that's fine too. We all ignore threads we aren't interested in. As far as giving my opinion as to why a card wouldn't work for me, I'm providing an alternative to the usual "app now app now app now!", which IMO, means I may help someone!
I don't really try to be doom and gloom, just realistic. However, everyone, including me, is entitled to their opinion about a poster and can feel free to ignore their comments rather than argue with them. Have a nice day.
@Anonymous wrote:
@Broke_Triathlete wrote:
@Anonymous wrote:
@Broke_Triathlete wrote:To go along with my other post... rewards only work if you PIF. If you don't, you're losing (of course unless you have a 0% period)
And understand how THAT lender deals with purchases in your 0% and you know what you have to pay to avoid or minimize interest on new purchases if you don't have 0% on new purchases.
Correct. I didn't clarify that because I assume people know to pay off those purchases so they don't get hit with backdated interest.
Hopefully, but the reverse is true as well. I thought ALL lenders would zap you with interest if you were carrying a 0% BT and you used the card because that had been my experience. I learned recently that Barclay (at least on SM) doesn't, and also is nice enough to tell you how much to pay to avoid interest.
That's a good bit of info! Thanks for posting that.
@kdm31091 wrote:
@myjourney wrote:Wow
That's all I can say sometimes when I see post that inject their personal choices, preferences and beliefs in a thread that has no reflections on others and their decisions or what's right for them ....Just wow
What works for you is not right for everyone else....so your opinion should be just that yours and not be injected into every thread you post in like a virus of death...Lets be honest .....It's wrong!!!!!!!!!!
I'll be the OP in this example: I ask about XXX card and instead of you giving me the pros and cons you give me 95 reasons why it doesn't work for you.....Oh really then why did you even stop to post then.....Because again you love to spread doom and gloom.
Maybe this isn't the place for you quite frankly then
That being said each and every person here is capable and should be a responsible mature adult to make their own decisions about what best fits their needs and profile be it a 3 digit card or a 6 digit card and the joy the accomplishment it gives them upon approval
I agree with some points in this thread and far to many times people get caught up in the "what's the card of the week" and are pushed into
apply now
you'll be approved
go for it...
The bad things is no one has asked what does your profile look like other than some who know you need all the facts to suggest if you stand a shot but I blame the person asking about the card for allowing someone to influence their well being with no risk to the person giving the advice.
It's not their profile
It's not their HP
It's not there money
As for rewards:
They can be quite beneficial if you plan your cards and spending .....For everyday spend only...... everything else meaning unplanned spending is a reward bonus to regular spending..... TV and furnace quit last week etc etc ....May as well either app new card for 0% or enjoy the rewards from the card you have
There's a wealth of knowledgeable people here and the resources (search function) to make good informed decisions about any and all credit products that interest you ...
However you have to use them and common sense about what's right for you and dismiss the debbie downers that tend to show up with their personal negative everyday thoughts ....Wow that should be a card The DDEC= Debbie Downers Everyday Card .....
BTW I'll be monitoring this thread so let's keep it FSR
If I created the thread, I have every right to "inject my opinion" into it...if someone doesn't want to read it, that's fine too. We all ignore threads we aren't interested in. As far as giving my opinion as to why a card wouldn't work for me, I'm providing an alternative to the usual "app now app now app now!", which IMO, means I may help someone!
I don't really try to be doom and gloom, just realistic. However, everyone, including me, is entitled to their opinion about a poster and can feel free to ignore their comments rather than argue with them. Have a nice day.
See I didn't say your name or your thread so pull that back
Unless somehow I hit a nerve and you felt guilty my comments weren't based at you at all
Tone it down