@Booner72 wrote:
PS: Just BEING on this part of the forum, again, makes me want to apply for something.
It's like pulling the arm on a slot machine around here.
LOL!!
Come join us in the garden!!!
Booner this is all so true. There is one side to getting the CC's and another side to effectively managing them. I have managed to mostly PIF all of my CC's and if not pay them off over a 3 to 4 month period. But you definitely bring home the fact that there is another down side to the CC game that can get you into real trouble. So on that note, thanks for the reminder to the dangerous side.
@Booner72 wrote:I came to MyFico in 2011 to fix my credit and buy a house. I lived here on the forum. Once the house was bought, I wandered over to the CC section. I applied for this, that, and the other. I wasn't disciplined enough to PIF each month. I had balances going on everything, spreadsheets, due dates, the works.
Two weeks ago I was approved for a 10K Visa Platinum Rewards at the local CU with a 720 TU score. I transferred all the balances (no cost) and CLOSED the cards. I do agree that you shouldn't close credit cards unless they cost you money - or you can't stop using them. Even knowing they were paid off, I don't trust myself, or my husband, to not go out and do this again.
This is a very expensive game to play if you lose. I lost. I'm sharing to hopefully help someone else avoid the trap I fell into!
Everyone's experiences helps all of us here avoid the credit pitfalls that are ever-present. Thanks!
Well done! Sometimes even wehn people recognize what needs to be done, they still don't do it. You did and you will be the better for it.
I'm glad you shared this, Booner.
I was on this site rather religiously from last June as a reader to this April as a contributor. It is a wealth of knowledge on how to attain cards, but does little to educate on spending habits. I expect this is because everyone is in a very different place financially, and my spending habits are very different from others'. Regardless, without good self-control, and even more importantly, strict budgets, many on this site have paid hundreds or thousands in unnecessary interest. It has made me sad, and has in part caused me to back away from this forum to remain positive. It was rather depressing to go to bed frustrated at someone's out of control spending or applying, especially since many on this forum don't recognize how destructive their habits can be. I just want to scream at many to say TAKE IT SLOW and re-evaluate things. But it would be out of line and would receive fierce criticism from many who would say I am jumping to conclusions. However, your post, Booner, shows just how destructive all sorts of behavior advocated on thIs forum can be.
Please, EVERYONE read the horror stories and remember that you won't know what is happening until it is TOO LATE! Since joining this forum last June I have made almost $12,000 in extra payments on my installments loans and I have increased my savings by nearly $3,000 as well. Ask yourself, are you in a better situation than when you started?
I was on this site rather religiously from last June as a reader to this April as a contributor. It is a wealth of knowledge on how to attain cards, but does little to educate on spending habits. I expect this is because everyone is in a very different place financially, and my spending habits are very different from others'. Regardless, without good self-control, and even more importantly, strict budgets, many on this site have paid hundreds or thousands in unnecessary interest. It has made me sad, and has in part caused me to back away from this forum to remain positive. It was rather depressing to go to bed frustrated at someone's out of control spending or applying, especially since many on this forum don't recognize how destructive their habits can be. I just want to scream at many to say TAKE IT SLOW and re-evaluate things. But it would be out of line and would receive fierce criticism from many who would say I am jumping to conclusions. However, your post, Booner, shows just how destructive all sorts of behavior advocated on thIs forum can be.
Please, EVERYONE read the horror stories and remember that you won't know what is happening until it is TOO LATE! Since joining this forum last June I have made almost $12,000 in extra payments on my installments loans and I have increased my savings by nearly $3,000 as well. Ask yourself, are you in a better situation than when you started?
@BlueNightStar wrote:
@SnackTrader wrote:
I'm glad you shared this, Booner.
I was on this site rather religiously from last June as a reader to this April as a contributor. It is a wealth of knowledge on how to attain cards, but does little to educate on spending habits. I expect this is because everyone is in a very different place financially, and my spending habits are very different from others'. Regardless, without good self-control, and even more importantly, strict budgets, many on this site have paid hundreds or thousands in unnecessary interest. It has made me sad, and has in part caused me to back away from this forum to remain positive. It was rather depressing to go to bed frustrated at someone's out of control spending or applying, especially since many on this forum don't recognize how destructive their habits can be. I just want to scream at many to say TAKE IT SLOW and re-evaluate things. But it would be out of line and would receive fierce criticism from many who would say I am jumping to conclusions. However, your post, Booner, shows just how destructive all sorts of behavior advocated on thIs forum can be.
Please, EVERYONE read the horror stories and remember that you won't know what is happening until it is TOO LATE! Since joining this forum last June I have made almost $12,000 in extra payments on my installments loans and I have increased my savings by nearly $3,000 as well. Ask yourself, are you in a better situation than when you started?I wish people like you would speak out more often. I personally feel there needs to be a little more balance of posting (with viewpoints like yours) and there is a way to phrase things that doesn't come off as condescending or critical. Someone will always take it the wrong way but a constant stream of false positives without a reality check really does no one any favors.
My favorite posts are by people that are conveying geniune honesty and concern for the long term financial health of other people. Most of us that have been around the block a few times can see the trouble brewing and I think it's important to share our thoughts when appropriate. You never know the people you may have a positive influence on that aren't posting but reading what you write and taking it to heart.
Very much agree!!!! 
I have to admit, after being on a cash only basis for a looong time, which meant meticulously budgeting and saving for big stuff, holding a 10k card in my hand and looking at all of the things I want but haven't bought is tempting.
But I keep in mind the big picture. I want a low apr for the big purchases-like cars, because that's where the big dollars get wasted. And living above my means will eventually end up costing more. I would rather take the money that would have gone to paying off 5k in new furniture and apply extra money towards my current vehicle notes, or squirrel it into savings.
But I keep in mind the big picture. I want a low apr for the big purchases-like cars, because that's where the big dollars get wasted. And living above my means will eventually end up costing more. I would rather take the money that would have gone to paying off 5k in new furniture and apply extra money towards my current vehicle notes, or squirrel it into savings.
Just keep swimming, Booner72.
@SnackTrader wrote:
I'm glad you shared this, Booner.
I was on this site rather religiously from last June as a reader to this April as a contributor. It is a wealth of knowledge on how to attain cards, but does little to educate on spending habits. I expect this is because everyone is in a very different place financially, and my spending habits are very different from others'. Regardless, without good self-control, and even more importantly, strict budgets, many on this site have paid hundreds or thousands in unnecessary interest. It has made me sad, and has in part caused me to back away from this forum to remain positive. It was rather depressing to go to bed frustrated at someone's out of control spending or applying, especially since many on this forum don't recognize how destructive their habits can be. I just want to scream at many to say TAKE IT SLOW and re-evaluate things. But it would be out of line and would receive fierce criticism from many who would say I am jumping to conclusions. However, your post, Booner, shows just how destructive all sorts of behavior advocated on thIs forum can be.
Please, EVERYONE read the horror stories and remember that you won't know what is happening until it is TOO LATE! Since joining this forum last June I have made almost $12,000 in extra payments on my installments loans and I have increased my savings by nearly $3,000 as well. Ask yourself, are you in a better situation than when you started?
+1
Great words of wisdom.
It's true that an eye needs to be kept on the big picture and combine the drive to get "approved" with the drive to learn exceptional money management skills with our new found pieces of plastic.