@Aahz wrote:
@kdm31091 wrote:This is kind of similar to xterror's thought yesterday, about app addiction. How much do you guys think the "peer pressure" effect with new cards makes people app for things they really don't need? I am not trying to start a war here, I just find it interesting to see just how many people jump on the "new card" bandwagons, even if the card seems largely not useful for the person (or at least not so incredibly useful that it warrants an immediate app).
The latest example is of course the Marvel card. I eat out a lot, honestly, but still couldn't justify the new account hit. Why? Discover is doing 5% dining now anyway, so it's not like I'd have any reason to use it until at least the end of June. But the bigger reason is simplicity, I guess. It's just not enough of a gain for something I spend maybe, maybe $200 a month on. We're talking about a couple extra dollars in exchange for yet another new account hit. Besides that, I'm striving to eat out less, not more, and the "oh look, special 3% dining card" would probably just encourage more eating out and spending.
Of course, everyone is an individual, but it seems many who jumped on with the Marvel already have an AARP or Sam's, etc, which give you basically the same return. Like I've mentioned before, there's only so much it can make sense to dilute your spend. While that threshold varies by individual, I don't see much point in carrying two 3% dining cards that have no cap. Of course nobody knew the Marvel card was coming out, but the point is, if you constantly adjust your portfolio for every trend, you are really setting yourself back over and over. Credit bureaus only update monthly, so a garden stint of a few weeks doesn't do much. You need long term periods without apps for anything to really change.
This isn't unique to the Marvel card whatsoever though. A lot of people jumped on Blispay despite already having a 2% card or even two.
This isn't a knock against anyone, and again, not trying to start a fight. I'm just curious if anyone ever regrets jumping on the bandwagons. I had some light temptation for the Marvel but I honestly just don't need it. It can be hard to not jump on every decent card that comes along, but in the long run, you will continually set yourself back.
Anyone have any thoughts on the "bandwagon effect?"
I guess I'm the only person seeing the contradiction in the OP.
If apping for a new card "will continually set yourself back" by dropping your FICO score then what, exactly, are you using your FICO score for? Because if you're not applying for new credit, then your FICO score is both meaningless and useless.
Maybe it's just my file, but I've never seen more than an 8 point drop in scores because of a new account & inquiry. And each of those has been offset a month later with a 5-10 point increase as a result of the lower utilization provided by the additional available credit.
And the Marvel card won't "dilute my spend" on the AARP card. Instead the AARP card will be SD'd in favor of the Marvel card which has SO MANY MORE bonus categories in which I regularly spend and no minimum redemption. It's the AARP card I regret, not the far superior Marvel card.
Same with Blispay and DC. Since the Blispay has ongoing 0% NO PAYMENT & no interest financing in addition to 2% cashback (with no minimum to redeem) it's completely replacing my DC.
Both of these recent FOTWs are SIGNIFICANT upgrades over similar cards that were previously available.
Yes, it seems like for some people a high credit score number means success in life. It is just a number and if you aren't going for a mortgage or loan of some kind then apping for a credit card isn't the end of the world.
;
@Anonymous wrote:I can quit any time.
Says the person who literally has a countdown to their next app in their sig. 
Yeah, there's books about this technique. Check out Go for No, I read it back when I was in MLM/ Direct
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:For me...they pain off rejection and inqs...is stronger than the thrill of approval.....
I must be the opposite and I must be strange. I love rejection. Don't ask me why because I won't know the answer....
You would be great in sales....if you aren't already.
Yes it's me,
Love rejection....? I have never thought about it that way.
Do you think that it (loving rejection) could be taught?
Sales.
Still an excellent thread. Thanks all for your contributions, and OP for the post.
MJ mentioned a 2 year plan which DOES have it's advantages and is not a bad line of logic. Someone else mentioned a 2 hour plan which made me roll on the floor laughing, and I'll confess that I'm somewhere in between.
As of April 2016, I've got roughly a one year plan, and after that, I'm clueless...today...I'm sure I'll know better as we get closer.
In our house, we paid off/closed/got rid of wifey's high fee, high interest, "fee harvester" cards in 2013 as we prepared her for a mortgage. We've gotten rid of quite a few of mine, but still have a few left to go. As my scores and profile improve, I'm qualifying for bigger and better cards at lower rates with lower or no fees at all.
Marvel is cute, but not practical for us. Blispay is a maybe for next month...the six month no interest on large purchases is attractive. 
