Re: What causes the "app itch"?
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.
Last App: 9/2012
Goal: No Apps until 2/2014 & FICO over 700