topic Re: Status quo in Credit Cards

Status quo

Anonymous — Tue, 22 Dec 2015 06:55:56 GMT

Greetings all,

This is what I don't understand. I see how people put their CC images in their profile and how much avaliable credit they have. Is this hurting the forums for what they really are intended to do? My impression is that these forums are to help people with their credit scores, credit reports, etc. But what I am constantly seeing is people pushing to get their CC's to their highest limits. Why would someone want to have; let's say an AMEX card with a 100k limit? Are they really going to spend that much money on credit? Has these forums become a "status quo" guide? Is this a pride thing? I understand how credit utilization works and how the debit to credit ratio helps improve one's score; but have we become obsessed with competing with everyone else on who has the highest credit limits on their personal CC's. Can someone please shine some light on this for me? Thank you in advance and as always enjoy what remains of your day.

Re: Status quo

Anonymous — Tue, 22 Dec 2015 07:13:10 GMT

I find the sigs inspiring, because without fail, each shows the scores they started with however many years ago, and what they have now. That is the point of this forum, IMO, not how many cards or total CL they have.

Personally, I'm not interested in competing with other members. Seeing those sigs lights a fire under me, and reminds me what I'm capable of accomplishing in time.

Re: Status quo

creditguy — Tue, 22 Dec 2015 07:20:24 GMT

Well you make some fine points and yes it would appear it's a competition sometimes, in fact for some I'm sure it is. The thing is those people have a lot of knowledge to provide usually. I think it's cool to see scores, cards and limits in the sig line because it's just like data points. However I'm pretty good at restraining myself from trying to keep up with the jones'. It's a to each their own sort of thing. This forum is indeed here for everything you thought it should be and more. There is much to be shared and learned here, just put on a pair of blinders and filter out what you find undesirable.

Re: Status quo

Imperfectfuture — Tue, 22 Dec 2015 07:26:55 GMT

@Anonymous wrote:
I find the sigs inspiring, because without fail, each shows the scores they started with however many years ago, and what they have now. That is the point of this forum, IMO, not how many cards or total CL they have.

Personally, I'm not interested in competing with other members. Seeing those sigs lights a fire under me, and reminds me what I'm capable of accomplishing in time.

Concur 100%. I started with weally bad reports in May 2013, and a secured card. I like the various sigs. My income is the lower end, no baller here. And if you see my limits, I'm not topping the 100k club time anytime soon.

In fact, this shows the diversity of the forum. We are all in different stages in our build, and just because you do not make 50k+ a year, does not mean you will not achieve good credit. Let us just say, I am working on getting out of the poverty mentality, and working on the can do attitude.

PS, you can turn sigs off in your settings if you prefer.

Re: Status quo

Anonymous — Tue, 22 Dec 2015 07:35:34 GMT

Even people with good credit have credit goals and like to show off what they've achieved on the way.

It's also a quick way to find people who have a card you want to know about - I wish there had been more posters with JCBs when I apped, and I have asked people about their CUs/cards/plocs before because I saw it in their sig.

Re: Status quo

Anonymous — Tue, 22 Dec 2015 08:16:24 GMT

There always should be balance in life.

So while there should be good examples and stuff to inspire/motivate.

There's also stuff that should hopefully make you pause, think and proceed with caution.

Re: Status quo

Anonymous — Tue, 22 Dec 2015 08:32:00 GMT

I just dont put it cuz I don't want to hurt your feelings, OP

Re: Status quo

daihashi — Tue, 22 Dec 2015 10:14:53 GMT

I also find them inspiring. Regarding competing... yes I am competing; I am competing with myself to achieve better and higher goals. Let's also not forget that there is a difference between a person who has a $100k credit limit and is running at 100% utilization, and a person who has $100k credit limit and is running at under 5% utilization.

Much like guns; having and pushing for higher credit is not a bad thing... it's the way a person uses it that determines whether it's good or bad.

Re: Status quo

takeshi74 — Tue, 22 Dec 2015 15:09:29 GMT

@Anonymous wrote:
Why would someone want to have; let's say an AMEX card with a 100k limit?

All sorts of reasons but it's up ot the individual to determine that. You cannot ever assume that "I don't see the reason" means "there is no reason" regardless of topic.

Given how revolving utilization impacts scoring and risk assessment, revolving utilization is one common reason for those seeking higher limits. That said, one can mange reported utilization by paying down balances prior to report date as well.

@Anonymous wrote:
Are they really going to spend that much money on credit?

Limits and spend are two entirely different things. Do not conflate the two. Again, scoring models and risk assesment favor lower revolving utilization. I'd never spend the $30K that is the limit on my PPCR that I use for gas. However, with my spend it always reports with no more than 1% utilization. One can get into trouble with high revolving utilization well before maxing cards. For years I was stuck because my revolving utilization exceeded 60%.

@Anonymous wrote:
Has these forums become a "status quo" guide? Is this a pride thing?

There are those who seek higher limits for status, bragging rights, etc. Everyone is not exactly the same. As always, you have to consider each source. For some it is just a matter of bragging rights. However, that doesn't mean that it is for everyone.

@Anonymous wrote:
I understand how credit utilization works and how the debit to credit ratio helps improve one's score; but have we become obsessed with competing with everyone else on who has the highest credit limits on their personal CC's. Can someone please shine some light on this for me?

Again, people vary. Some are bragging. Some like to indicate their progress. Some include the information because others keep asking for it and they don't want to have to type it out every time. Do whatever it is that works for you. Stop worrying over why people have signatures. Or don't. I don't have one. I don't see the need to disclose the cards that I have, limits, scores, etc with every post and if any of that info is relevant to a post I want to make I'll include that infromation.

@Anonymous wrote:
Is this hurting the forums for what they really are intended to do?

Good question. How would you measure this? Have things declined since people started using signatures which was probably LONG ago? People were using them before I joined. I haven't noticed any sort of decline based on the threads that I hit on a near daily basis. What have you seen over time or are you just assuming that this must be a problem based on the intent you're assuming motivates other to use signatures? I'm not entirely sure that the 20 days since you signed up would really offer a meaningul timespan but maybe you have stats to support your argument.

Regardless of what anyone posts, IMO it's up to the reader to consider the source, validate, corrborate, etc just as the person would do with any information. Even if everyone was merely pusing others to increase credit limits for bragging rights it's still the individual's decision on how to act on that information. Simply follow the crowd or carefully consider the info and use it as it is relevant to the individual? I suggest the latter.

Re: Status quo

Anonymous — Wed, 23 Dec 2015 07:42:20 GMT

I agree and I disagree. I am not passing judgement on no one. It is simply an observation. Although, It is irrevelvant if I just signed on to these forums 20 days ago. I am member of many other forums that discuss credit and the repair thereof. If people push their limits for bragging rights so be it. I could give a rats....If people use these increases so that others can learn how to do it themselves; than it's great too. I honestly think I have touched on some people's toes as they are guilty of doing this themselves. But really does it matter in the long run? I learned a long time that if you are not sleeping with them and they don't sign your paycheck then whatever they say, does it really matter? No. And I really don't believe that whether you have been a member for 1 day or 20 years that one's opinion's and observations have less than an impact as others or are less relevant. Last time I checked it is still a free country. I appreciate all that have shared their opinions. I have taken all comments and utilized them for future reference. Thank you and as always enjoy what remains of your day.

Re: Status quo

Mattopotamus — Wed, 23 Dec 2015 14:11:36 GMT

A lot of people visit the forums for help/advice and rebuilding, but there is also a strong core of people, myself inlcuded, obsessed with credit scores, cards, and credit limits. I do not really have a reason why, but it feels good knowing I have an Amex with a high credit lmit. It is something I worked very hard at, and shows my finiancial respoblility. I like reading about the latest card with the best rewards and people getting the 3X CLI increase. I know I am not alone

Re: Status quo

LadyJEsq — Wed, 23 Dec 2015 15:23:09 GMT

@Anonymous wrote:
I agree and I disagree. I am not passing judgement on no one. It is simply an observation. Although, It is irrevelvant if I just signed on to these forums 20 days ago. I am member of many other forums that discuss credit and the repair thereof. If people push their limits for bragging rights so be it. I could give a rats....If people use these increases so that others can learn how to do it themselves; than it's great too. I honestly think I have touched on some people's toes as they are guilty of doing this themselves. But really does it matter in the long run? I learned a long time that if you are not sleeping with them and they don't sign your paycheck then whatever they say, does it really matter? No. And I really don't believe that whether you have been a member for 1 day or 20 years that one's opinion's and observations have less than an impact as others or are less relevant. Last time I checked it is still a free country. I appreciate all that have shared their opinions. I have taken all comments and utilized them for future reference. Thank you and as always enjoy what remains of your day.

I think you may have misread @takeshi74 message.

Re: Status quo

Anonymous — Wed, 23 Dec 2015 16:49:53 GMT

What I find interesting is the variation as to what people include in their sigs.

Some, including me and takeshi, don't have a sig for various reasons. Others include just the list of cards, whereas as some include CL, APR, and open date and maybe other stuff). So not much consensus as to what should be included. I guess there is a reason for each style (if I list the cards, people interested in one of them can ask my opinion, and then, as the next question will be how long have you had it and what is your CL, I may as well show that etc).

Re: Status quo

Anonymous — Wed, 23 Dec 2015 18:32:11 GMT

You surely must be joking? You not only have created a post about a rant, and how "is it really"... "I'm a member on other forums", etc. But you've made yourself look like you're sensitive about something.

You've not stepped on anyones toes, you've just shown that for some reason, YOU are sensitive about seeing people with high limit cards in their signature, as that seems to be the only thing that you're concerned with. Not utilization, not APR, not the type of card, but the limits.

For me, I find it not only informative, but interesting when I see these signatures. Does it make me angry that they have such high limits? Is it a keeping up with the Jones'? Absolutely not, unless you make it that way. For some, maybe the competition makes them push themselves harder and achieve things that they may not have achieved without the push.

For me, I want people to know; Where I started, Shere I've been, Where I'm Going, and Where I'm at. Is that a bad thing? I'm just trying to inspire others that may be in a similar situation to one of those points.

I think if you really have an issue with it, disable signatures, or don't look for advice here. Just MHO.

Thanks!

Re: Status quo

Anonymous — Wed, 23 Dec 2015 18:45:42 GMT

I find it inspiring. I actually take the time to read. I thinks it admirable that most of them started where I was and have grown that much. It does give me hope.
I literally went from having zero credit and a 480 score to a mid 600 credit score with over 110k in revolving credit. And this all started in July of this year!
I've asked the questions, sent messages to people. Not everyone starts off with perfect credit. And I For one would rather take advise from those people.
My biggest CLI was because of those guys. Normally I'd just sit there and say "ok" I'm happy with it. But if they tell me I can do better, I'll ask how? What do I need to do?
Do I need 500k in credit. No.
Do I need a sense of accomplishment? Absolutly.
I really don't pay much attention to there sigs. I pay more attention to what they say and how they got there, to have those sigs....

Re: Status quo

elim — Wed, 23 Dec 2015 18:46:29 GMT

posters put their stats in their signatures to stop having to type 90 lines of text pertaining to where they are in their journey (scores, revolving accounts, installment accounts, open dates, inquiries, limits, balances etc.) when they have a question (i'm sure as well as trophies of goals met).

has nothing to do with brags or status quo.

Re: Status quo

Anonymous — Wed, 23 Dec 2015 18:55:05 GMT

Theres only a few people here that compete. not sure what you are talking about OP. I would like to think my signature would be inspiring, considering 6 months ago I was in the 600's and my highest major cc limit was $2k.

Some folks here have a huge income or a business. Having 100k limit isnt really that crazy if you are spending enough. A lot of times though I see people are combining and saying chase is 50k when really its 3 cards.

Re: Status quo

Sharingan — Wed, 23 Dec 2015 19:35:52 GMT

I can only speak for myself, but I have my cards in my signature because I like having them there and because I can. While it is not my intention to brag by any means, I can't say that it is really of any importance to me at all if someone has a problem with my signature or interprets it in an unintended way. I do consider this somewhat of an enthusiast site, and if you go to any forum on luxury cars, guns, trading cards, collectibles, watches, etc, you are going to see posters doing the exact same thing (listing superfluous information and images of what they have). While no one really owns the credit products extended to them, it's the same idea. When all is said and done, it's not anyone's business what or why another individual has what they have. This website has eloquently outlined the parameters of discussion topics and what can and cannot be listed in signatures/profiles; and if there are no violations, then I can't really agree with the OP's concerns.

Lastly, there are discussions on much more than just helping others improve their scores and reports. I don't know if I would be here if every topic had to be on building/rebuilding credit.

Re: Status quo

Anonymous — Wed, 23 Dec 2015 18:56:41 GMT

@Anonymous wrote:
I agree and I disagree. I am not passing judgement on no one. It is simply an observation. Although, It is irrevelvant if I just signed on to these forums 20 days ago. I am member of many other forums that discuss credit and the repair thereof. If people push their limits for bragging rights so be it. I could give a rats....If people use these increases so that others can learn how to do it themselves; than it's great too. I honestly think I have touched on some people's toes as they are guilty of doing this themselves. But really does it matter in the long run? I learned a long time that if you are not sleeping with them and they don't sign your paycheck then whatever they say, does it really matter? No. And I really don't believe that whether you have been a member for 1 day or 20 years that one's opinion's and observations have less than an impact as others or are less relevant. Last time I checked it is still a free country. I appreciate all that have shared their opinions. I have taken all comments and utilized them for future reference. Thank you and as always enjoy what remains of your day.

I dont see any stepped on toes either, not sure what thats all about.

Re: Status quo

elim — Wed, 23 Dec 2015 19:05:35 GMT

this KDM eh either way... i'm out