topic Re: What is your ablsolute worst mistake with credit cards? in Credit Cards

What is your absolute worst mistake with credit cards?

SOGGIE — Sat, 18 Jul 2015 21:11:36 GMT

Other than payment defaults, in your entire history of credit, what do you feel is your absolute worst mistake you made relating to credit cards?

I will share my worst experience. Do not laugh. Many many years ago, I received pre-approved mailers from Capital One, Chase, US Bank, American Express, etc. I was so extremely tired and stressed to the max when I decided to respond to the invitations. I started with Capital One (sort of). Responded to the invite, and was informed that I was approved. When the card came I wanted to expel 50 hard bricks. What I inadvertently ending up responding to was Credit One, not Capital One. Their logos were similar, and this threw me off. I never heard of Credit One prior to this incident. When I learned about this company, and realized that I royally screwed myself. This was a very sad moment in my credit history.

Re: What is your ablsolute worst mistake with credit cards?

Anonymous — Sat, 18 Jul 2015 18:35:24 GMT

Almost exactly what happened to you. I can't believe I was so stupid lol. I even jumped for joy that Capital One was sending me offers. Then I ended up with a $300 Credit One.

Re: What is your ablsolute worst mistake with credit cards?

SOGGIE — Sat, 18 Jul 2015 18:47:27 GMT

@Anonymous wrote:
Almost exactly what happened to you. I can't believe I was so stupid lol. I even jumped for joy that Capital One was sending me offers. Then I ended up with a $300 Credit One.

I always wondered how many people this happened to.

Re: What is your ablsolute worst mistake with credit cards?

Anonymous — Sat, 18 Jul 2015 19:03:15 GMT

I'm sure they get plenty of business this way. The logo is almost identical and then the name... I think somehow our brains just see C----- One and we associate it with what we already know. It's really deceiving, but I take responbonsibility for not reading like I should have.

Re: What is your ablsolute worst mistake with credit cards?

SOGGIE — Sat, 18 Jul 2015 19:05:46 GMT

@Anonymous wrote:
I'm sure they get plenty of business this way. The logo is almost identical and then the name... I think somehow our brains just see C----- One and we associate it with what we already know. It's really deceiving, but I take responbonsibility for not reading like I should have.

Exactly! That was the other thing that threw me off (C and One).

Re: What is your ablsolute worst mistake with credit cards?

delaney1 — Sat, 18 Jul 2015 19:09:26 GMT

Wow, that's terrible. Seems like they set up their company to purposefully get some of those people who wouldn't be paying attention.

Re: What is your ablsolute worst mistake with credit cards?

IncrsCreditScore1 — Sat, 18 Jul 2015 19:16:03 GMT

My worst mistake was just not paying attention to my credit, paying off the cards, then cancelling them (thought I was being smart about credit and didn't have a credit card for years), paid cash for everything except auto loan and mortgage. Then when I did apply for a credit card, I was shocked to be denied, tried another and was denied - that started me into doing some research which led me to this forum. After reading the messages for days, I finally started working on repairing my credit. So my advice to everyone is to check your credit ratings on a scheduled, routine basis, and immediately take care of anything you see that is incorrect.

Re: What is your ablsolute worst mistake with credit cards?

SOGGIE — Sat, 18 Jul 2015 19:17:25 GMT

@delaney1 wrote:
Wow, that's terrible. Seems like they set up their company to purposefully get some of those people who wouldn't be paying attention.

I was unsuccessful researching infringement lawsuits between Cap One and Credit One.

Re: What is your ablsolute worst mistake with credit cards?

NichelleN — Sat, 18 Jul 2015 20:06:13 GMT

One day I mistakenly thought I'd received a CapOne mailer until I looked closer. Those logos really are very similar.

Re: What is your ablsolute worst mistake with credit cards?

SOGGIE — Sat, 18 Jul 2015 20:08:47 GMT

@NichelleN wrote:
One day I mistakenly thought I'd received a CapOne mailer until I looked closer. Those logos really are very similar.

Yes they are. I so wished I would have handled business during a time when I wasn't so tired and stressed.

Re: What is your ablsolute worst mistake with credit cards?

taxi818 — Sat, 18 Jul 2015 20:34:18 GMT

@Anonymous wrote:
I'm sure they get plenty of business this way. The logo is almost identical and then the name... I think somehow our brains just see C----- One and we associate it with what we already know. It's really deceiving, but I take responbonsibility for not reading like I should have.

Yikes!!!!. you got a credit one instead of a capital one?. Oh My. Did not notice during app process??

Re: What is your ablsolute worst mistake with credit cards?

SOGGIE — Sat, 18 Jul 2015 20:42:42 GMT

@taxi818 wrote:
@Anonymous wrote:
I'm sure they get plenty of business this way. The logo is almost identical and then the name... I think somehow our brains just see C----- One and we associate it with what we already know. It's really deceiving, but I take responbonsibility for not reading like I should have.
Yikes!!!!. you got a credit one instead of a capital one?. Oh My. Did not notice during app process??

No. I was tired, but I noticed it when the card came. Yikes? Every word other than 'Yikes' crossed my mind and came spewing out of my mouth once I realized I apped for the wrong card. The bad part is that an actual Cap One mailer was among that pile of offers, and I grabbed the wrong one and took the plunge.

Re: What is your ablsolute worst mistake with credit cards?

Anonymous — Sat, 18 Jul 2015 20:53:34 GMT

Before I knew much about credit cards (aka, just last year), I was burning inquiries applying for useless credit cards haphazardly, and I really regret that. For example, I burnt two EQ pulls applying for the Target credit card on separate occasions (and still wasn't approved!) when I really should have just gotten the debit Red card. I wasted three EX pulls just a few months apart on Amex for the BCE and was not approved only to find out the Sallie Mae MC was a better fit for me anyway (and for that card I was approved the first time!)

Really, I consider all of my pre-myFICO credit card actions to be humiliating failures.

Re: What is your ablsolute worst mistake with credit cards?

Anonymous — Sat, 18 Jul 2015 20:52:42 GMT

@SOGGIE wrote:
Other than payment defaults, in your entire history of credit, what do you feel is your absolute worst mistake you made relating to credit cards?

I will share my worst experience. Do not laugh. Many many years ago, I received pre-approved mailers from Capital One, Chase, US Bank, American Express, etc. I was so extremely tired and stressed to the max when I decided to respond to the invitations. I started with Capital One (sort of). Responded to the invite, and was informed that I was approved. When the card came I wanted to expel 50 hard bricks. What I inadvertently ending up responding to was Credit One, not Capital One. Their logos were similar, and this threw me off. I never heard of Credit One prior to this incident. When I learned about this company, and realized that I royally screwed myself. This was a very sad moment in my credit history.

Not really having any was mine! We went to buy our dream home and come to find out all of our previouse mtg's & auto loans fell off our reports and it was like starting over again! What a nightmare! It was right when the recession hit. We sold our old home, rented and had paid off auto loans. Didn't do anything during those times as things got pretty bad in FL. It was pay for it or don't get it. By the time all was getting better, there was nothing left to report on our credit. But we made it through and thanks to Myfico friends, have now entered into a whole new world. I did have crappy cards for a bit like Cap One low limit, First Premier and Merrick.

Re: What is your ablsolute worst mistake with credit cards?

taxi818 — Sat, 18 Jul 2015 20:52:58 GMT

@SOGGIE wrote:
@taxi818 wrote:
@Anonymous wrote:
I'm sure they get plenty of business this way. The logo is almost identical and then the name... I think somehow our brains just see C----- One and we associate it with what we already know. It's really deceiving, but I take responbonsibility for not reading like I should have.
Yikes!!!!. you got a credit one instead of a capital one?. Oh My. Did not notice during app process??
No. I was tired, but I noticed it when the card came. Yikes? Every word other than 'Yikes' crossed my mind and came spewing out of my mouth once I realized I apped for the wrong card. The bad part is that an actual Cap One mailer was among that pile of offers, and I grabbed the wrong one and took the plunge.

Sorry. to hear. Taking a plunge is right. I guess at this point best to keep it open for a while. hope they are not getting your for the monthly maintenance. and AF. read where they also get you if you want a cli. who charges for a cli? May as well put a couple dollars on it and let it report. no big deal.

Re: What is your ablsolute worst mistake with credit cards?

Anonymous — Sat, 18 Jul 2015 21:01:11 GMT

Since you precluded payment defaults, (I declared bankruptcy in 1982), I'll have to go with apping for the Overstock card last month.

Re: What is your ablsolute worst mistake with credit cards?

SOGGIE — Sat, 18 Jul 2015 21:03:19 GMT

@Anonymous wrote:
Before I knew much about credit cards (aka, just last year), I was burning inquiries applying for useless credit cards haphazardly, and I really regret that. For example, I burnt two EQ pulls applying for the Target credit card on separate occasions (and still wasn't approved!) when I really should have just gotten the debit Red card. I wasted three EX pulls just a few months apart on Amex for the BCE and was not approved only to find out the Sallie Mae MC was a better fit for me anyway (and for that card I was approved the first time!)

Really, I consider all of my pre-myFICO credit card actions to be humiliating failures.

Not so bad of a mistake Jaylau. You're doing great now.

Re: What is your ablsolute worst mistake with credit cards?

Anonymous — Sat, 18 Jul 2015 21:06:14 GMT

@Anonymous wrote:
Since you precluded payment defaults, (I declared bankruptcy in 1982), I'll have to go with apping for the Overstock card last month.

At least you are strong enough to admit it.

Re: What is your ablsolute worst mistake with credit cards?

SOGGIE — Sat, 18 Jul 2015 21:07:01 GMT

@Anonymous wrote:

Not really having any was mine! We went to buy our dream home and come to find out all of our previouse mtg's & auto loans fell off our reports and it was like starting over again! What a nightmare! It was right when the recession hit. We sold our old home, rented and had paid off auto loans. Didn't do anything during those times as things got pretty bad in FL. It was pay for it or don't get it. By the time all was getting better, there was nothing left to report on our credit. But we made it through and thanks to Myfico friends, have now entered into a whole new world. I did have crappy cards for a bit like Cap One low limit, First Premier and Merrick.

Yes Sandi. I know the feeling. I went down that road. Let many of my accounts go. Paid cash for everything, and had to almost start over. That is when the Credit One hell happened.

Re: What is your ablsolute worst mistake with credit cards?

Anonymous — Sat, 18 Jul 2015 21:08:50 GMT

@Anonymous wrote:
@Anonymous wrote:
Since you precluded payment defaults, (I declared bankruptcy in 1982), I'll have to go with apping for the Overstock card last month.
At least you are strong enough to admit it.

But I wasn't strong enough to resist that damned pop up. In my defense, I had just been dumped from the Discover gravy train and needed a fix.