03-23-2012 03:29 PM
03-23-2012 06:29 PM
Just graduated from college. I couldn't get any credit cards because my accounts showed "insufficient satisfactory performance"... so I finally got a Barclaycard after a recon. After that I let the floodgates open.
I figured if I opened 1 or 2 cards, it would increase my AAoA overtime but if I got another card it would ding it. So might as well just take a small hit and reap the benefits over time. I'm in no hurry to buy a car or a home so it worked out fine.
.... except for my credit score .... for now.
03-23-2012 06:41 PM - edited 03-23-2012 06:41 PM
It's called the "Grass is greener on the other side" syndrome.
You want what your neighbor has, and in this case, your neighbor is the 1000000000000 other MyFico members on this forum.
03-23-2012 06:59 PM
To be honest, I really have never had an "itch". Just app'd to see where my credit was.
I wish I had found this site about 10 years ago, so I would have known better. Honestly, if amex (I have to call them Sunday morning) offers me my account back or offers me the oasis, or anything. I'll likely keep that card for life. I'm so accustomed to paying cash for everything and flat-out refuse to pay interest, I personally have no reason to have credit cards other than for rental car purposes, which I rent often (the main reason why I got my orchard card, was tired of holds on my debit/checking).
So in short. Once I get my stuff squared away. I'll app Amex for the backdating and call it a day(life).
03-23-2012 07:01 PM
For 10 years, I couldn't get credit to save my life! After waiting 10 yrs for a BK to fall off, and another 2 to rebuild credit, it's such a nice feeling to know I can be approved for credit again. It's like I'm in a club that I couldn't join before.
I think Frugal is right. In so many ways, credit is something we have no control over. We can't control our FICO. And one mistake -- like heaven forbid be 1 day late on a payment -- stays with you for 7 years. IMO, that's very punitive. Apping is one area where we do have some control. We can choose to app or not. So, it could be exerting control in a situation where we have very little.
I get so excited about getting credit that I have to remind myself it's not really a big deal. I mean, it's not free money. If I charge something, I have to pay for it, and if I don't PIF, then I pay through the nose in interest (which I'm unwilling to do). Credit is really a means to an end -- you *need* credit to get things you want -- like a car and house. The cards themselves really shouldn't give me such a buzz, but they do.
03-23-2012 07:05 PM
This "Credit Card" forum! LOL!!! All the great news about "Just got approved for this card" or got this offer in the mail!" or that card!!!!
Don't laugh. This is part of the answer: Onnela JP, Reed-Tsochas F, Spontaneous emergence of social influence in online systems, Proc Natl Acad Sci USA, 2010 Oct 26; 107(43): 18375-80
To summarize: participation in online forums influences our behavior, that behavior tends to become more extreme over time, this happens unintentionally. In other words, the "app itch" is caused, to some degree, by participation in this forum.
I definitely agree with it.
It's a double-edged sword. Had it not been for these forums, I probably wouldn't have an AMEX BCE, but if it weren't for my sense of self-control and willpower, I'd probably have 13 more cards. The "Keeping up with the joneses" makes it way into some of the threads sometimes. You see the other guy app and get the 60K bonus miles and see his info is relatively similar to yours, so why not... and then you post about how you might app... and then someone else chimes in "DO IT!", so at that point, you got the validation you needed... except, the other people aren't getting hit with INQ's but you are.
I wonder if people DID get hard pulls for suggesting credit card apps, if we'd see a much deader Credit Card forum.
03-23-2012 07:35 PM - edited 03-23-2012 07:47 PM
03-23-2012 07:45 PM
The sudden realiziation that there's some you might qualify for.. lol
Hadn't applied for new credit in 5 years. Realized I could, first one got approved and it was such a high I tried another, got that, and another, got that and now have gotten denied for 3 and one more pending. So, I'm done app'ing now.
After the first three, I app'ed ones that I noticed others with similar scores getting.
Hopefully that has my app itch fixed..
Current Cards: Cap 1 Journey $3000, Cap 1 Playstation $2250, WFNNB Store Cards $2450 combined, Target $700, CareCredit $1700, Barclay Rewards Plat. Mastercard $1800, Old Navy $300, DCU Platinum Rewards Visa $2000, Swagbucks Rewards Visa $1000
Starting Score: 615 EQ (03-15-2012) 600 TU (03-21-2012 Barclays app) ) Ch.7 discharged 5/2009
Current Score: 671 EQ (09-27-2014 DCU) 660 TU (9/26/14 Barclays) Ex (Swagbucks)
Gardening since 9/22/2014
03-23-2012 08:04 PM
For YEARS I never even applied for anything thinking I had bad credit and I was just fine! But NOW..oh my gosh its a wicked feeling knowing you might get approved.
I went on a madd app spree the other day and got 9 new accounts out of it - sat in front of the computer & never left the house the entire time! Must be an addiction - that high was wicked!!! i still have it but I'm getting denied because of recent accts & inquiries so I must stop - I've hit a wall.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO