Millenials MyFico and Credit

[pipeguy]

Just to add my 2 cents - text on a screen does not always translate that well. What some view as a negitive responce could just be meant as a factual comment.

Two cases, the current rage on MyFico is the new Chase "reserve, et al" cards and just think they are metal ! Well I couldn't care less because the so called prepaid benefits are worthless to me today - 10-20 years ago I was clocking 500,000 miles a year on flights (about 35% was airline bonus and AmEx Plat points) and maybe the $450 AF I could justify (AmEx Plat was $300 back then) - today either one is worthless, especially with the AF. Now if a person came on here and said I use it for vacation and maybe a couple other flights every year but man are those airpost clubs line - he/she would not get an attaboy from me - probably nothing as far as a post, but I would think they are image over substance - and the image is mainly in their mind. By the way, the Barclay"metal trifecta" are just that, image over substance - my opinion AND comparing benefits too (no thats not directed at you).

The second case happens often generally so often that I no longer respond (okay sometimes I don't) new poster typicallyless that 50 posts, many times less than 20 or less, wants the "board" to justify or approve of the purchase of a VERY expensive new or lux car and it's usually an idiot choice that dedicates 35-50% of their income to their "bad marrage" to that car for 4-5-6-7 years (those that divorce end up in the rebuilding forum). Insurance, repairs, payments just add to the beast enough to buy a house or condo and its flushed down the drain - why do I get the right to tell them its not a smart choice? I've flushed well over $1 million down the drain in cars, boats, bikes and have nothing but advice to show for it. That doesn't mean I drive beaters, wife has a 2013 (leather, power everything, sunroof, etc) and I have a 2016 (leather, power everything, sunroof, etc) I just know that high price cars are a depreciable asset. Given the reaction "toy buyers" usually have, they don't want advice, they want validation. 

To me, MyFico is a round table discussion - one where everyone can chime in with their "opinion", their experience, and their results. I'm going to disagree with others on some things such as I like my GM BuyPower card a lot and I dislike everything else about Capital One cards - few are going to agree with that - so what? The reason us old farts tell you young guys/gals what to do is because we've been there, we made the mistakes, we (ok I did) pissed away over a million dollars on motorized toys. You can always ignore posters....even if they are rude, but most of the time (99% plus) I believe folks are trying to offer experienced help/advice.

[Anonymous]

I have heeded advice and I'm a millenial. I also share what I've been given and have experienced, too. It's easy to generalize but that doesn't mean that everyone in that group thinks or acts that way.

[Anonymous]

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@Anonymous wrote:

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@joltdude wrote:

Not sure what it is lately but iv seen a few younger members that join myfico, only on here a little while... they ask advice but don't want to hear the answer.....

Why bother asking if your ignoring it?

Know of a few younger members who do things they "think" is right, usually right out of the gate getting their first card or two.. and when folks mention otherwise... they act like either "I didn't ask that question" or... "Your just raining on my parade"......

Is this how millenials view credit? As a game that folks with a little more experience have no clue to what they are discussing...

It actually worries me that this is how they think....

What are we as a society, and even as a support forum doing wrong that these folks get away with it? 

I thought the point of folks piping up was to help them avoid further problems.... that fearless atititude can and usually does come back and bite them in the backside...

-J

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I dont think the issue is just about milennials..  We have a lot of new posters that take the approach you mention and dont want to hear what they need to hear.  Part of posting on a forum is recognizing that you might get responses from other posters who disagree with you and as long as responses are done in a friendly way there's no problem wiht that.  Then it becomes incumbent on the OP to accept or have others recognize them as someone unwilling to heed advice and eventually has their posts ignored or responded to by only a few people.

+1 I think it has less to do with demographics than it does new members. We see it all the time.Over time, people learn the ropes and leverage the strength of this great community or eventually fall to the wayside. Also, people are often here because they are starting to come to terms with their problems. Sometimes a reluctance to accept advice could also just mean someone is still wrestling with their demons that got them in a situation they needed to improve in the first place.

At any rate, I'm a millenial, and I've been around for a while. I'm also very grateful for what you and other members have done to help me get this far along in my credit journey. I hope I have been able to and will continue to be able to help others, too. 

[Anonymous]

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@joltdude wrote:

Not sure what it is lately but iv seen a few younger members that join myfico, only on here a little while... they ask advice but don't want to hear the answer.....

Why bother asking if your ignoring it? (Esp. Repeatedly asking after continuing the problematic behavior.. i.e. continuing to open up TLs after suggested to slow down)

Know of a few younger members who do things they "think" is right, usually right out of the gate getting their first card or two.. and when folks mention otherwise... they act like either "I didn't ask that question" or... "Your just raining on my parade"......

Is this how millenials view credit? As a game that folks with a little more experience have no clue to what they are discussing...

It actually worries me that this is how they think....

What are we as a society, and even as a support forum doing wrong that these folks get away with it? 

I thought the point of folks piping up was to help them avoid further problems.... that fearless atititude can and usually does come back and bite them in the backside...

-J

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I'm a millennial myself (25). While I fully understand your frustration, it comes with the territory. 

I was starting to lose hope that they'd (or most of them would) rather be out partying and don't really care about their credit or future. I give full props to millennials for joining this board, and even bigger props to those who take it seriously. Building a credit and a retirement fund can be hard with the way the economy has been since 2008, but if we/they come to this board often, they can find ways to nickel and dime themselves to large savings accounts, or even save in a big way at times with information the average person doesn't know. I think many don't understand that when you build a very good credit score, those student loans can be refinanced to a lower rate equaling a lower monthly payment.

I swear if I were on this board at 18, my credit would be completely different right now, in a good way---I'd be shooting for 800 right now instead of 700, and probably wouldn't be in credit card debt. My savings account would probably be filled with cash back I've received from the thousands and thousands I've spent with CCs since then.  

Too bad I decided to join at 25... And now I'm in rebuilding mode. 

[Anonymous]

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@Anonymous wrote:

I can't help but feel as though the creation of this thread was inspired by my recent post that you had replied to, Joltdude. I joined this community a year ago and it has been very helpful in assiting me with credit and all related topics thereof. I do a lot of reading here as well even though I don't post much. I've been taught the importance of credit my entire life. I know how important credit is and how important it is to be financially responsible. I sure hope I'm not viewed as, for lack of a better word, an "ignorant" millenial, who's here just to argue, because that's certainly not my intention.

I applied for my first line of credit the day I turned 18, the first moment I was legally able to. I still have friends who've graduated college with me with zero credit cards, zero lines of credits, and therefore no established credit. These are people that don't even know their credit score or even care to look into it. I feel proud to call myself a 22 year old with a sterling credit record and high credit score, someone with $25,000 in available credit across four credit cards, and someone who has, for their age, a relatively diverse credit profile. 

You mention the millenials discounting the advice they receive here because they only want to hear "their own answers." The reason I was discounting the "advice" that was offered to me in regards to my CSP card is because I had already gone through the pros and cons of CSP vs. Titanium Card. I already knew there was a difference in rewards, annual fee, everything else. I don't need to be treated as though I'm stupid, or a kid that won't listen. The decisions I make are thought out and researched before hand, in mostly everything I do, so when I'm "attacked" for closing the wrong card, when that's not even my question in the first place, naturally I'm going to become defensive.

I do appreciate those who take time to offer their advice. But as you presumably saw first hand, one person offered advice in regards to the question I had asked in my thread. All the other replies were questions asking me why I would close my CSP card and keep the Titanium Card. Everyone beating that horse got me nowhere in regards to the question I'd asked. My question was ignored for the most part. I hope you can appreciate my frustration in this matter. It's not my intention to come off as stubborn, or as someone who only wants to hear my own answers. I simply wanted answers to the question I asked, not remarks and comments on a topic that wasn't up for discussion.

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Yes, you pretty much summarized what I was trying to say. You and I are in the same boat, but you've been slightly more successful than I have been. 

I shake my head at my own peers when they tell me they don't care about building credit, but at the same time, they want that nice car, house, etc. 

I've fully given up trying to educate my friends on finances and credit building.