topic Re: Why is this sooooo addicting? in Credit Card Applications

Why is this sooooo addicting?

Anonymous — Wed, 17 Sep 2014 04:52:55 GMT

I recently got my first new car, and decided to go crazy and have a bit of an app spree. I CLI'd all of my cards (all success except my BCP) and I got the CSP and Arrival+.

Anyway, this has brought my total available credit to around 70% of my annual income, so I know I should stop. But then I started reading about how the CSP and the Freedom work together AND I see that the Chase prequal site shows me approved for the Freedom.

KAJDSKAJSDKASJDKASASDJDHAFASDJ. I want to do it soooo much.

Re: Why is this sooooo addicting?

heyarrnold — Wed, 17 Sep 2014 05:37:39 GMT

Do it lol

Re: Why is this sooooo addicting?

Blodreina — Wed, 17 Sep 2014 09:32:22 GMT

@heyarrnold wrote:
Do it lol

Lol...exact thing I said.

Re: Why is this sooooo addicting?

takeshi74 — Wed, 17 Sep 2014 13:23:09 GMT

It's not addicting. Some people have such tendencies. Keep it in check as it's not sustainable long term practice.

Re: Why is this sooooo addicting?

BootStraps — Wed, 17 Sep 2014 16:33:05 GMT

At what point you stop is really a personal choice.

For some, half of their annual income is the line that makes them comfortable. For others, like myself, twice my annual income is the line. I have heard of other posters that have available credit at 3x their income.

The point where you say "this is more credit than I will ever need" is the point that you stop. Don't tell yourself "I shouldn't" if you don't feel you have reached that point yet.

Re: Why is this sooooo addicting?

Imperfectfuture — Tue, 04 Nov 2014 05:13:48 GMT

@BootStraps wrote:
At what point you stop is really a personal choice.

For some, half of their annual income is the line that makes them comfortable. For others, like myself, twice my annual income is the line. I have heard of other posters that have available credit at 3x their income.

The point where you say "this is more credit than I will ever need" is the point that you stop. Don't tell yourself "I shouldn't" if you don't feel you have reached that point yet.

But what if you don't, NOR ever will, use credit that is two or three times annual income?

Re: Why is this sooooo addicting?

uswala — Tue, 04 Nov 2014 05:23:24 GMT

Congrats!

Re: Why is this sooooo addicting?

Ford725 — Tue, 04 Nov 2014 06:25:39 GMT

Go for it!!!

Re: Why is this sooooo addicting?

Anomalous — Tue, 04 Nov 2014 10:50:29 GMT

Congratulations! Get it! Wish I could right now

Re: Why is this sooooo addicting?

jamesdwi — Tue, 04 Nov 2014 13:08:13 GMT

@Imperfectfuture wrote:
@BootStraps wrote:
At what point you stop is really a personal choice.

For some, half of their annual income is the line that makes them comfortable. For others, like myself, twice my annual income is the line. I have heard of other posters that have available credit at 3x their income.

The point where you say "this is more credit than I will ever need" is the point that you stop. Don't tell yourself "I shouldn't" if you don't feel you have reached that point yet.
But what if you don't, NOR ever will, use credit that is two or three times annual income?

the point is you won't get penalized for the amount you do need to use, If at some point you need to use 40% of your income, that you are comfortable with. If your total CL is 50% of your income. Some or all of your lenders may panic seeing your UTL at 80% and potentially multiple cards over 95%, compounded if you need to run a balance for 1-6 months. If you have 200% of you income as total CL's your 40% will only increase your total UTL to 20%, your usage pattern probably won't raise any red flags with your lenders especially if you spread it out over 3 or 4 high limit cards. That is the real power of credit, the abililty to handle lifes little hickups without losing sleep over them.

Re: Why is this sooooo addicting?

wacdenney — Tue, 04 Nov 2014 14:34:59 GMT

DO IT!!

Re: Why is this sooooo addicting?

gen-specific — Wed, 05 Nov 2014 03:08:43 GMT

if you are a compulsory spender then stop, you will eventually ruin your credit

if you don't spend outside of your means, then no need to stop

Re: Why is this sooooo addicting?

chalupaman — Wed, 05 Nov 2014 03:10:10 GMT

Lol. I sometimes feel the same way. I want to garden more but then there's always something that takes me right out of the garden though I haven't had a single new inquiry on my EX report since early September.

Re: Why is this sooooo addicting?

Anonymous — Wed, 05 Nov 2014 06:16:56 GMT

Get it while you can