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Valued Member
Posts: 36
Registered: ‎09-17-2016
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Help me justify my credit decisions?!

Hey all! I recently (Apr 1) applied for 2 more cards - AMEX BCE and Chase FU, approved for 15K and 4K respectively. I have a local CU credit card from Oct 14, and I got the CSR and Discover IT at the end of last September (card data in sig). My only other inquiries are for Comcast and my apartment back last June and May. I have AU cards, but that's irrelevant for my coming question. I don't have any store cards, and I got all of the above cards with the intention to keep them for a while (CSR may end up being PC'd to CSP in a couple years, who knows). I always read a lot on here and ask questions to make sure I'm making smart decisions. I'm young and fresh out of college, but I don't think I'm immature about any of the decisions I've made. I'm also not considering new cards for a while, because I believe I've got a good set of ones now to really work [for me].

 

Here's the thing... I was home this past weekend, and I paid for my family's meal with my new Amex. My parents (mainly my mom) got upset I had gotten another card and lectured me for a while about how irresponsible I am. I countered that I read thoroughly to ensure I was making the right decisions, and she said, "You can't trust everything you read online; you're not as worldly as you think." I honestly believe I'm making smart decisions. IMO, I have an awesome portfolio of cards to use for various spending categories, with relatively healthy SLs, I always PIF, and I intend to keep these cards for long time. My student loans are my only debt.

 

So I'm here asking all of you "worldly" people whether or not I'm as immature as my mom wants to paint me as, or whether she just has a different POV/worldview and sees this situation differently.

 

Thanks in advance... Smiley Happy

Total Credit: $53,200
EQ 757 EXP 753 TU 747
Valued Contributor
Posts: 2,576
Registered: ‎03-23-2009

Re: Help me justify my credit decisions?!

Us mom's always worry about our children and whether they are making good choices in life. Then we sit back and remind ourselves that we've given the tools in life and now we have to let go a bit. Maybe remind mom that she did a great job raising you to make wise decisions 😉


EQ 670 EXP 690 TU 759
Frequent Contributor
Posts: 433
Registered: ‎06-04-2015
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Re: Help me justify my credit decisions?!

For many folks out there, credit = evil in their minds in pretty black and white terms. Plus parents just look out for you. Should you start living paycheck to paycheck and/or being unable to PIF, that's when issues with credit start to begin.

Ch 7 Discharge May 2015: EQ 588/TU 552/EX 570
July 2017: EQ 681/TU 668/EX 671

Discover IT $4100/Target $1300/NFCU CLOC $2000/NFCU Cash Rewards $20,000/PenFed Power Cash Rewards $18,000/Total Utilization 13%
Established Contributor
Posts: 914
Registered: ‎10-02-2015
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Re: Help me justify my credit decisions?!

[ Edited ]

If she was being condescending then I would write off the conversation entirely.  If she was being genuine then she's just looking out for you.  The negative reaction is a bit of a turn off though.  You are here on this forum doing your due research and from the few posts of yours I've seen you are doing fine. 

 

One thing, to most of the outside world anything more than a few cards is crazy to a lot of people.  Enthusiasts like us on this board and card churners are a different story, where many cards are common place.  The difference is while doing research at a place like this, one trains themselves to be able to manage lots of credit vs people who don't know anything going out and apping for a bunch of cards.  It's almost like going to school.  Being a member of this forum can give you a masters degree in credit management. 

 

The other thing, people view things through their own filters. Somewhere along the way in her life something could have made her have a bad experience with credit cards, whether it was her or witnessing someone else.  So that is her anchor point now while being completely unaware of the intelligent positive ways of managing credit and how it can help your life.

 

As for your parents just explain the truth, that your goal is to build a strong credit portfolio to help in your future.  It sounds like she is thinking just because you have cards you plan to blow them up and go crazy which is not the case.

 

Also to add to that. Having thousands and thousands of available credit with low utilization shows complete responsibility.  Especially in today's world where everyone wants and needs everything right now.

Established Contributor
Posts: 779
Registered: ‎01-15-2017
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Re: Help me justify my credit decisions?!

Many people lived or saw the affects of the Great Depression tend to ignore credit or have strict ideas. . The same can be said for people dealt with crisis from 2006 -2009.  My 95 year old plus mother probably has more cards than most any member on this board but  always pays in full every month and many of cards tend to be store cards that predate the date of Visa/Mastercard. Her deal don't charge it if you can't pay for it now.  She has her WF Visa and  30 plus store cards.   Back in the day you did not have to have a  Fico score to buy a home.Ddebt ratios and derog.  were all that mattered. Now it score driven. Part of the score to get a house is having around 4 cards. You are fine. Today people tend to want and feel the need for imediate sucess. Back when I was growing up in the 1950's and 1960's owning a TV was a big deal. Now kids feel TV and a computer is a birthright. 

Frequent Contributor
Posts: 316
Registered: ‎09-15-2016
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Re: Help me justify my credit decisions?!

I hear you on that front.  I am old enough to be your mom, and MY mom thinks if you use a credit card, its because you dont have the money.  That is how she used CC in her life. Cant say I have never charged something I didnt have the funds for, but I made sure I paid in within the time frame I set myself.  My mom doesnt know how to do that so she assumes no one else does.  I ignore her because while she doesnt get it, she does it out of love.  Smiley Happy

FICO08 7/27/17 EQ-769, TU-767, EX-761
Gardening unit sometime in 2018
Regular Contributor
Posts: 230
Registered: ‎06-22-2011
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Re: Help me justify my credit decisions?!

As long as you are aware of how obtaining the best scores. Being on these boards.

 

I would probably question my son/daughter too if I knew of several cards, HOWEVER if they started saying, my utilization is under 8.9 aggregate and I only need to charge this meal to report at 1% blah, blah, also stating credit mix for mortgage or auto scores in the future. I would shut up in a heartbeat and hug them. 

Starting Score: 2/23/2017 Score 8 EQ 651 TU 659 EX 679
Current Score:06/23/2017 Score 8 EQ 741 TU 751 EX 756
Mortgage Scores 06/23/2017 EQ 671 TU 739 EX 675
Goal Score: 750+ ATB FICO 8, Mortgage Scores 700+
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Regular Contributor
Posts: 174
Registered: ‎01-29-2017

Re: Help me justify my credit decisions?!

I think your parents are just trying to keep you out of possible bad situation.

 

Some questions you should ask yourself.

 

Do you have 6 months of savings that you can pay all bills and live on if you lost your job tomorrow and had no income for 6 months?

Do you always have enough cash to pay off anything that you charge on your cards?

 

If not you may want to at least take their suggestions with at least a grain of salt and decide what is actually best for you.

 

Debt can sneak up on you, make sure you always have enough cash to pay off unsecured debts and live on.

 

 

FICO 8 Scores 02/21/2017 EQ 593, TU 584 EX 602 -- 06/21/2017 - EQ 632, TU 652, EX 656
Super Contributor
Posts: 6,188
Registered: ‎02-24-2015
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Re: Help me justify my credit decisions?!

[ Edited ]

bms4au wrote:

Hey all! I recently (Apr 1) applied for 2 more cards - AMEX BCE and Chase FU, approved for 15K and 4K respectively. I have a local CU credit card from Oct 14, and I got the CSR and Discover IT at the end of last September (card data in sig). My only other inquiries are for Comcast and my apartment back last June and May. I have AU cards, but that's irrelevant for my coming question. I don't have any store cards, and I got all of the above cards with the intention to keep them for a while (CSR may end up being PC'd to CSP in a couple years, who knows). I always read a lot on here and ask questions to make sure I'm making smart decisions. I'm young and fresh out of college, but I don't think I'm immature about any of the decisions I've made. I'm also not considering new cards for a while, because I believe I've got a good set of ones now to really work [for me].

 

Here's the thing... I was home this past weekend, and I paid for my family's meal with my new Amex. My parents (mainly my mom) got upset I had gotten another card and lectured me for a while about how irresponsible I am. I countered that I read thoroughly to ensure I was making the right decisions, and she said, "You can't trust everything you read online; you're not as worldly as you think." I honestly believe I'm making smart decisions. IMO, I have an awesome portfolio of cards to use for various spending categories, with relatively healthy SLs, I always PIF, and I intend to keep these cards for long time. My student loans are my only debt.

 

So I'm here asking all of you "worldly" people whether or not I'm as immature as my mom wants to paint me as, or whether she just has a different POV/worldview and sees this situation differently.

 

Thanks in advance... Smiley Happy


The fact that you're asking this question to a bunch of credit enthusiasts sort of hints at the answer you'd like Smiley Happy

 

And it's not "always listen to your Mom".


FICO8 EQ 736 TU 761 EX 741 FICO5 EQ 720 Total revolving 422500
Valued Contributor
Posts: 2,068
Registered: ‎01-10-2016
0 Kudos

Re: Help me justify my credit decisions?!

My mom lectures me on how many cards I have... buttttt my credit is a good 180+ points over hers 😂 They just worry my friend.

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