All the good threads are getting closed :(

[Thomas_Thumb]

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@Anonymous wrote:

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@Thomas_Thumb wrote:

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@Anonymous wrote:

Cash back is a feel good thing that only rewards people who push a large amount of money through the cards. Read the MS sites sometime, they are quite eye-opening, and really break the numbers down well. 

Your limit on the card is meaningless if you don't have the cash to actually pay them. In fact, high limit cards are actually worse for people who can't afford to pay them off very quickly. A couple of months of 12% interest on 5K destroys your rewards earnings.

Check out the utilization threads sometime. Most people are carrying balances on non-0% cards. 

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Posting a balance and then PIF looks the same from a utilization perspective as carrying a balance. I always allow my cards to post their full amount but always PIF each statement. A high CL allows me to do this without concern that score will drop due to aggregate utilization going high. Not sure that "most people" carry a balance.

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Possible, but average CC debt in the US is on the rise https://www.nerdwallet.com/blog/credit-card-data/average-credit-card-debt-household/. I dn't think most people posting >10% uti are doing it for score max reasons, if they were they would let less post. My CCs get paid quickly to zero, scores be damned. When I go for a house I'll remanage that situation based on knowledge gained here, but there is too much room for error to not PIF. 

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Posting more than 10% UT is not a strategy for max score. People with low CL relative to income will naturally be at a higher UT% level if they pay the old fashion way - statement posts charges, then pay statement balance. I doubt most people use a prepay MyFICO tactic to pay balance down to post a zero balance for score maximizing. Most people don't know their Fico scores anyway. 

For the majority it is just simpler to get a statement and then PIF as opposed to pre-paying it and then perhaps paying it a 2nd time each month if you miss something. Just pay once after statement posts monthly charges.

As I say, always PIF statement balances prior to due date (3 to 5 days). By paying after statement cuts, you are using someone else's money from date of charge to post statement payment date month after month.  Paying before a statement cuts leaves money on the table - IMO. 

P.S. One reason the apparent average CC debt is on the rise is because we are moving toward a cashless society - which translates to more $$ on cards - NOT necessarily more debt. If you PIF every month, it is NOT debt by my view - no different than cash. Of course, data is "misinterpreted" all the time to support agendas. Politics anyone?!

[pizza1]

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@Kenny wrote:

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@pizza1 wrote:

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@Anonymous wrote:

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@Anonymous wrote:
The user posted the thread clearly looking to incite negative or otherwise "adverse" comments and reactions. Many will agree that the usual "congrats!!!" was not due for such reckless action with ones credit regardless if it is theirs to wreck.

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If this community is so easily riled up by something so silly, maybe they should be looking inward a little bit? I mean, just don't read it if you can't comment on it without saying something that causes a mod to edit or delete your posts. I've been pretty up front with some of my opinions on people's financial decisions when they ask for advice, especially in the auto loan area, but none of my posts seem to have crossed that threshhold. I can only imagine what some of those things said before they were deleted. I was bummed I missed the fireworks. 

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Totally agree Hanales!! 

I cant tell you how many of my threads got locked...I think personally out of pure jealousy because Im so popular, LOL.. Anyway.. all true!!  

P.S.  Youre lucky Im posting here, becasue it doesnt count towards my post count,  lol 

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What planet are you from?  As a moderator, I have never locked a thread out of anything except either a request from the original poster, the thread was going south and people were warned but still kept on, or blatant TOS violations. I'm hoping that comment was a joke, there's no need to talk like that about people you don't even know. And make no mistake we are PEOPLE.

Classic example of caring about the wrong things regarding your last comment. I'm sure it was a joke, but who cares about post counts? I don't look at the number of posts a user has and go wow they are really a quality poster. (Not that I try to have those thoughts about people anyway.) The content of the posts are what's most important.

I'm not saying this to be incendiary.. on the contrary: someone needs to reveal the reality of the situation. Somethings you just cannot advertise to the whole forum; trust that if a thread was closed it was closed for a reason.

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yes Kenny...It was meant all jokingly. There have been discussions in the past about Smorgs, and kudos/post count , that why I said that. It been joked about before. 

[Anonymous]

Peanut gallery posting.

New Forum User still. Learnt some things from here, some things from elsewhere. I originally thought the post in question was either a joke, an attempt at statistical proof or really embarrassing. 

Struggling my way through my credit fall from grace 16 months ago, I've seen some great intel on these forums, some not so great - which is a given we're all human AFAIK, and the same for posters, some quite kind, some I must remind myself this is a faceless entity and I am just words on a screen, don't take it personal. 

Constructive criticism is a learned means of managing up individuals.  Hoping this vast melting pot of IP Addresses could succumb to this tactic is hopeful, but not completely possible. Enter Mod's to assist the learning curve.

All in all, thanks Mod's and Users for trying, I'll wave at the FICO building while I sit in traffic tonight on my way home in silent praise.

[Anonymous]

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@Anonymous wrote:

I'm sorry, is there a card that gives unlimited 5% cashback? Because all the ones I'm aware of cap at 1500/quarter, which is 75/300 bucks. If you spent 1500 bucks at amazon to get back 75, you're not really "earning" anything, because it's a guarantee some of those purchases were not needed. I guess it pays for your prime membership so you get free shipping? 

5% on gas and groceries is great, except again, it's capped. We're talking about meaningful amounts of money here. What happens to MOST people is they end up letting balances float from time to time, and end up just paying any rewards in interest. 

Net on 50K a year (71% of the country) is 37K. There is no way you're hitting minimum spend on non-essential categories, unless you're a single person who lives rent free. Everyone else is buying non-essentials, and likely not saving, which means they will eventually hit a cash crunch wall, if not now, when they get close to retirement, or need to buy a home, or a car at less than a 10% interest rate, or a million other things that come up in life. 

Cash back is a feel good thing that only rewards people who push a large amount of money through the cards. Read the MS sites sometime, they are quite eye-opening, and really break the numbers down well. 

Your limit on the card is meaningless if you don't have the cash to actually pay them. In fact, high limit cards are actually worse for people who can't afford to pay them off very quickly. A couple of months of 12% interest on 5K destroys your rewards earnings.

Check out the utilization threads sometime. Most people are carrying balances on non-0% cards. 

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In response to the blue.

I think my rewards are more meaningful because I dont make that much money and anything I can get back is awesome.  I have earned about $600  on my cards this year (including more than $150 on my discover since june and they will double that next year).  I didn't buy more or spend more but I was able to defer having to pay for a few emergencies that popped up (that would have hurt my credit if I couldnt have paid them right away by credit card) that I didn't have cash available for at the time.  4 of my 5 cards are 0% interest currently and I am carrying a balance on one for a very expensive emergency water heater replacement, it will be paid off in two months and will still be at 0% but I get rewards back for doing it.  I put 99% of all my spend on the cards to get the cash back and by spend I mean mostly bills and groceries and esentials and also anything else.  Even though $25 isnt much to you it makes a big difference to me. 

In response to the original post in this thread.  I hate when threads and posts disapear, if they ae locked then at least I know what was said.  If I dont like a topic or a posters personality I skip over the post  or the thread as a whole.  There is no reason to be nasty to anyone.  There are people on here who like to beat dead horses,  and it comes accross as nasty a lot of the time. 

[SunriseEarth]

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@Gunnar419 wrote:

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@Anonymous wrote:

Sorry, I just can't condone someone applying/ "applying" for a bunch of turd cards for no other reason than "because I could"

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Nobody's expecting anyone to condone bad choices. Nor is anybody saying that no one should ever be criticized or critiqued. The issue is about people getting riled up to the point of getting threads closed because the discussion is getting so heated. Different matter entirely.

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You are correct!    

Question someone's choices all you want.  However, when you turn that into a personal attack, a name-calling tirade, a flame war, it's disruptive to the Community.   No one is above reproach here, but a proper critique should not descend into a playground argument.  

[Anonymous]

Or, people could realize it is an internet forum that they posted on for the world to see and comment, and accept the fact that they may have just indeed screwed the pooch.