topic Re: Change in Focus of this forum in Credit Cards

Change in Focus of this forum

MidnightVoice — Tue, 18 Sep 2007 16:03:07 GMT

A long, long time ago when I first joined this forum there was a big focus on "controlling score and getting out of debt". The focus seems to have shifted to "how can I get a double digit number of credit cards with crap scores, resulting in serious rather than fatal damage to my score?"

Re: Change in Focus of this forum

fused — Tue, 18 Sep 2007 17:27:58 GMT

C'mon Now, iTS Unnececelery To be Jellyous!

Re: Change in Focus of this forum

Tuscani — Tue, 18 Sep 2007 17:50:04 GMT

We actually prefer people get 100+ cards.

Re: Change in Focus of this forum

scoreupper — Tue, 18 Sep 2007 18:00:22 GMT

I have to admit, I had a credit card that was WAMU that was sold to SST 5K 0% till March, 2007. I paid it like I should min payments till the DOOM day. DOOM day came and I paid it in full. I then had no use for it as another card of mine Providain was sold to SST also. I used one every other month or so.

Long story short, WAMU card (SST serv) closed my card due to inactivity one day before I has going to make a large purchase goto the store...declined I say WTF! Called while I was at the regester...was told had no other cards on me so left in shame. Came home loged in and found this form. 6 APPS l8tr I have 5 new cards....your right this is a bad place. all it takes is one moment of weakness and you have gone to far.

Re: Change in Focus of this forum

fused — Tue, 18 Sep 2007 19:06:31 GMT

MidnightVoice wrote:

A long, long time ago when I first joined this forum there was a big focus on "controlling score and getting out of debt". The focus seems to have shifted to "how can I get a double digit number of credit cards with crap scores, resulting in serious rather than fatal damage to my score?"

Seriously, I agree with you. I only app if I need credit and I will benefit from it. As you know, I apped for joint on my DWs Chase card to improve my scores, unfortunately that didn't happen. I think it's a bad idea to go overboard with apps, most of us should only need a few CCs to build a credit history or in the case of bad credit, dilute the negatives.

Re: Change in Focus of this forum

MidnightVoice — Tue, 18 Sep 2007 19:12:37 GMT

fused111 wrote:

MidnightVoice wrote:
A long, long time ago when I first joined this forum there was a big focus on "controlling score and getting out of debt". The focus seems to have shifted to "how can I get a double digit number of credit cards with crap scores, resulting in serious rather than fatal damage to my score?"

Seriously, I agree with you. I only app if I need credit and I will benefit from it. As you know, I apped for joint on my DWs Chase card to improve my scores, unfortunately that didn't happen. I think it's a bad idea to go overboard with apps, most of us should only need a few CCs to build a credit history or in the case of bad credit, dilute the negatives.

I was making a joke out of a semi-serious warning. After problems with credit it way too easy to get carried away and get too many cards. And then it is VERY easy to screw up a payment date and get a credit hit, and it also easy to loose track of how much is being spent.

My next big temptation will be when my 12 year old washer and dryer give up the ghost...............all those 0% financing offers on big purchases

I am covered for when the 12 year old car dies on me

Re: Change in Focus of this forum

Anonymous — Tue, 18 Sep 2007 19:39:01 GMT

fused111 wrote:

MidnightVoice wrote:
A long, long time ago when I first joined this forum there was a big focus on "controlling score and getting out of debt". The focus seems to have shifted to "how can I get a double digit number of credit cards with crap scores, resulting in serious rather than fatal damage to my score?"

Seriously, I agree with you. I only app if I need credit and I will benefit from it. As you know, I apped for joint on my DWs Chase card to improve my scores, unfortunately that didn't happen. I think it's a bad idea to go overboard with apps, most of us should only need a few CCs to build a credit history or in the case of bad credit, dilute the negatives.

I agree with you fused and MV. I am one of those who filled out a lot of apps as a result of this forum. But in my defense, my plan was to get rid of the pocketful of subprime AF, MMF, low CL, high APR cards that I had and replace them with at least another level up. Not necessarily prime, but certainly better. And of course, I was declined for some, making my INQs go up higher than I would have liked.

I heard all the arguments about not closing cards and did it anyway, only because they were costing me huge sums of money in fees and such. My highest CL was a Visa with $1200 CL, 10.95 monthly fee and AF with NO grace period on my 23.99% APR. All other cards were in the $300 or $400 CL range with APRs from 23.99 to 29.99%.

Now, I have a total of 5 cards I plan on keeping with my lowest new limit at $1000 (no annual fee 0% until 01/2008, then 11.99% APR), next is $1000 CL with 12.9% APR and my highest is $3000 CL with 12.9% APR. I do have a couple in the middle, one with $1500 CL with 0% for 6 mos.on BTs, then 20.24 APR and one with $2500 CL at 21.57 APR. But I am getting some 1.9% for life of transfer BT checks sent to me for this one.

Everything else is already gone or going (2 more) as soon as they are paid off (2-3 weeks). Five cards are plenty to raise scores. Even through my transition, my scores have gone down and then back up so that they started at TU 650 / EQ 635 / EX 603 and now are TU 678 / EQ 645 / EX 621. This is all in 6 weeks.

Thanks to the advice and help from all of you, I have everything I wanted except a gas card. I can't get approved for one of those because they all (or so it seems) go through Citi or Chase and they are not BK friendly). I will just live without one of those. I have also closed 3 store acounts and am seriously thinking about closing at least one of the remaining two that I have.

Anyway, enough is enough. I for one am done. Good luck to the rest of you and may you learn that sometimes (agreeing with fused and MV here) less is indeed more!

Re: Change in Focus of this forum

fused — Tue, 18 Sep 2007 20:14:46 GMT

So which CC shall we app for today, I say Junny!

Re: Change in Focus of this forum

Anonymous — Tue, 18 Sep 2007 20:20:09 GMT

When all the experts are saying keep only 1 or 2 credit cards, People in this website are going after cards as if they were addicted to crack!!

Message Edited by Redamagon on 09-18-2007 01:20 PM

Re: Change in Focus of this forum

MidnightVoice — Tue, 18 Sep 2007 20:23:13 GMT

Another problem with a huge number of cards at once is the average age. MY AA at the moment is 8 years - get 5 more new cards and it would drop like a stone, and take years to recover!

So I will let them age gracefully and gently nudge the CLs up every year or so

Re: Change in Focus of this forum

Anonymous — Tue, 18 Sep 2007 20:28:37 GMT

MidnightVoice wrote:

I was making a joke out of a semi-serious warning. After problems with credit it way too easy to get carried away and get too many cards. And then it is VERY easy to screw up a payment date and get a credit hit, and it also easy to loose track of how much is being spent.

My next big temptation will be when my 12 year old washer and dryer give up the ghost...............all those 0% financing offers on big purchases

I am covered for when the 12 year old car dies on me

I have only been on this forum for a little bit, but I have noticed this as well. Yes, some people are getting carried away and app-ing for 10, 20, 30 cards at a time, but this CC forum has helped ME tremendously in helping me figure out what card I can get with my score. I just applied for my second CC ever last night, and I was approved. If not for this forum, I probably would not have even applied. I don't have a problem with CC debt so I know this new card is going to be a positive TL for me...even if it is a sub-prime card.

I can see how people can get carried away though, I *did* get a little rush when I saw that "APPROVED!" on the screen

(At least this forum is not like some other I have visited where people list EVERY card they have and it's corresponding CLI in their signature... that's just obnoxious IMO)

Re: Change in Focus of this forum

Anonymous — Tue, 18 Sep 2007 20:31:28 GMT

have only been on this forum for a little bit, but I have noticed this as well. Yes, some people are getting carried away and app-ing for 10, 20, 30 cards at a time, but this CC forum has helped ME tremendously in helping me figure out what card I can get with my score. I just applied for my second CC ever last night, and I was approved. If not for this forum, I probably would not have even applied. I don't have a problem with CC debt so I know this new card is going to be a positive TL for me...even if it is a sub-prime card.

I can see how people can get carried away though, I *did* get a little rush when I saw that "APPROVED!" on the screen

(At least this forum is not like some other I have visited where people list EVERY card they have and it's corresponding CLI in their signature... that's just obnoxious IMO)

-----------------------------------------------------------------------------------------------------------------------------------

I am glad you are getting the best cracks out there, but just don't overdose!!!!

Re: Change in Focus of this forum

MidnightVoice — Tue, 18 Sep 2007 20:33:43 GMT

MeganML84 wrote:

but this CC forum has helped ME tremendously in helping me figure out what card I can get with my score. I just applied for my second CC ever last night, and I was approved. If not for this forum, I probably would not have even applied. I don't have a problem with CC debt so I know this new card is going to be a positive TL for me...even if it is a sub-prime card.

Please don't get me wrong - this forum is a tremendous help to a lot of people (including me) and a superb source of advice (in another post I relate how Chase advised me to come here!). And all the help comes from real people with real life expertise, which is why I have likened it to Alcoholics Anonymous.

I am just a minimalist and great believer in fiscal responsibility, and need to preach and be obnoxious at times

Re: Change in Focus of this forum

Anonymous — Tue, 18 Sep 2007 21:51:18 GMT

I want enough credit cards that I can make a scale-mail suit of armor out of credit cards and then show up at the next SCA convention.

Re: Change in Focus of this forum

Anonymous — Tue, 18 Sep 2007 21:53:46 GMT

once i have enough plastic to be neutrally bouyant (just in case i fall into open water) i'll stop!

Re: Change in Focus of this forum

MidnightVoice — Tue, 18 Sep 2007 22:04:52 GMT

dnm45227 wrote:
once i have enough plastic to be neutrally bouyant (just in case i fall into open water) i'll stop!

So you were one of the Carvial supplicants I assume

Re: Change in Focus of this forum

Anonymous — Tue, 18 Sep 2007 22:09:29 GMT

MidnightVoice wrote:

dnm45227 wrote:
once i have enough plastic to be neutrally bouyant (just in case i fall into open water) i'll stop!

So you were one of the Carvial supplicants I assume

dw got a 500 seamiles and her credit is usually about 40 fako points lower than mine, so i appd for one and got 700 (she laughed). i figured i'd show them cause i thought i saw a one low, one high cl pattern. i appd the emigrant card and got 500. figured i'd better stop apping and start running like a thief.

i did get the to combine the cl into the seamiles today. yay me i've got a card that i can buy dinner on and not hit 10% utilization.

Re: Change in Focus of this forum

Anonymous — Tue, 18 Sep 2007 22:11:43 GMT

Wow I missed it. Never saw anyone actually with 10-20 cards. I have no problem with people apping to better deal bad cards, and there are alot out there. Higher limits beget higher limits, IMHO. Then you open the door to better rates.

Anyone who is apping for cardfs just to see approved with no consideration for the Terms and conditions of said card and no particular plan is asking for trouble. I have lots of card 8 for different reasons. But in acquiring those cards I have closed cards that did not serve me.

I only hope tht anyone else is doing the same thing and improving their credit profile instead of damaging it.

Re: Change in Focus of this forum

haulingthescoreup — Tue, 18 Sep 2007 22:17:19 GMT

Thanks for bringing this up, MV. It does make for sorta weird reading sometimes, especially late at night. As a proud high-achieving adult ADHD-er, I look at credit cards as tiny little rectangular land mines, out to hunt me down and cause massive injuries. Even so, after some posts like the Juniper feeding frenzy, I get a little twitchy. But then I pull out my reports that are fine except for the lates and say, nah...

Re: Change in Focus of this forum

Anonymous — Tue, 18 Sep 2007 22:19:03 GMT

the seamiles i got actually has a better rate than my plat skymiles amex (16.?? seamiles vs. 18.?? on the amex)! that's why i combined the emigrant into the seamiles and dumped the 59 af hsbc discover w/a cheesey 300 cl.