topic Re: Credit Card Reprehensibility Number 2 in Credit Cards

Credit Card Reprehensibility Number 2

Anonymous — Fri, 07 Nov 2008 16:19:28 GMT

On my last post someone told me that posters come to this forum for advice and not criticism. My response to that what if the advice would be more proactive instead of reactive maybe they would not need this forum so much. It's not a criticism it's a suggestion every one is their own keeper. Many people have excellent credit and come here to drive up their scores. These are not the people I'm talking obviously you are financially responsible.

My suggestion is that maybe we should be giving better advice. Not advice about what Credit cards you get approved for or not. Instead we should take a different approach and help people build their credit in other ways so they can be approved for any card they want.

When did a credit card become your right? A credit card is a reward from a lending institution that decided that you were financial reponsible enough to cover the line of credit that they extended.

ALL I'm saying is accountability and financial responsibility are the key to getting ANY CC you want.

Re: Credit Card Reprehensibility Number 2

manyquestions — Fri, 07 Nov 2008 16:51:44 GMT

@Anonymous wrote:

When did a credit card become your right? A credit card is a reward from a lending institution that decided that you were financial reponsible enough to cover the line of credit that they extended.

Who has been posting that a credit card has become a right? I think thats a straw man argument.

Re: Credit Card Reprehensibility Number 2

MsKiwi — Fri, 07 Nov 2008 16:59:23 GMT

@Anonymous wrote:
On my last post someone told me that posters come to this forum for advice and not criticism. My response to that what if the advice would be more proactive instead of reactive maybe they would not need this forum so much. It's not a criticism it's a suggestion every one is their own keeper. Many people have excellent credit and come here to drive up their scores. These are not the people I'm talking obviously you are financially responsible.

My suggestion is that maybe we should be giving better advice. Not advice about what Credit cards you get approved for or not. Instead we should take a different approach and help people build their credit in other ways so they can be approved for any card they want.

When did a credit card become your right? A credit card is a reward from a lending institution that decided that you were financial reponsible enough to cover the line of credit that they extended.

ALL I'm saying is accountability and financial responsibility are the key to getting ANY CC you want.

That's what I thought this forum was all about. I'm not seeing what you are suggesting.

Just wanted to add that this isn't a meant to be argumentative, just the way I see this forum.

Message Edited by MsKiwi on 11-07-2008 08:59 AM

Re: Credit Card Reprehensibility Number 2

Anonymous — Fri, 07 Nov 2008 17:15:35 GMT

@Anonymous wrote:
On my last post someone told me that posters come to this forum for advice and not criticism. My response to that what if the advice would be more proactive instead of reactive maybe they would not need this forum so much. It's not a criticism it's a suggestion every one is their own keeper. Many people have excellent credit and come here to drive up their scores. These are not the people I'm talking obviously you are financially responsible.

My suggestion is that maybe we should be giving better advice. Not advice about what Credit cards you get approved for or not. Instead we should take a different approach and help people build their credit in other ways so they can be approved for any card they want.

When did a credit card become your right? A credit card is a reward from a lending institution that decided that you were financial reponsible enough to cover the line of credit that they extended.

ALL I'm saying is accountability and financial responsibility are the key to getting ANY CC you want.

I agree with the general premise of your posts. and maintainly fiscal responsibility, accountability, etc. However, we are dealing with a double-edged sword here. No matter what the circumstances are of some folks who have found themselves in debt, or with scores below their goal, the only way to rebuild your credit IS to OBTAIN credit. If we all got credit for paying our utlitiy bills on time, etc. then that would be another story, but we don't. So whether or not it irks you in some way that people coming out of bankruptcy are looking for cards to get approved for, what other option do they have to effectively and responsibly start building their credit?

Re: Credit Card Reprehensibility Number 2

fused — Fri, 07 Nov 2008 17:19:54 GMT

ddd wrote:
On my last post someone told me that posters come to this forum for advice and not criticism. My response to that what if the advice would be more proactive instead of reactive maybe they would not need this forum so much. It's not a criticism it's a suggestion every one is their own keeper. Many people have excellent credit and come here to drive up their scores. These are not the people I'm talking obviously you are financially responsible.

My suggestion is that maybe we should be giving better advice. Not advice about what Credit cards you get approved for or not. Instead we should take a different approach and help people build their credit in other ways so they can be approved for any card they want.

When did a credit card become your right? A credit card is a reward from a lending institution that decided that you were financial reponsible enough to cover the line of credit that they extended.

ALL I'm saying is accountability and financial responsibility are the key to getting ANY CC you want.

What "other" ways do you suggest?

Re: Credit Card Reprehensibility Number 2

jmbfl — Fri, 07 Nov 2008 17:29:28 GMT

1) Credit is a business and business is business!

2) Proactive advice = preaching! Leave the credit preaching to DR.

EDITED! Sorry, jmbfl, but we are not allowed to post a link to DR's web site. Thank you for your understanding!

If I see one other post in here regarding DR Flava will come out to play!

Message Edited by fused on 11-07-2008 07:29 AM

Re: Credit Card Reprehensibility Number 2

jmbfl — Fri, 07 Nov 2008 17:43:38 GMT

To clarify what I said in the other thread go here:

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&message.id=125867#M125867

and then here:

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&message.id=126456#M126456

Message Edited by jmbfl on 11-07-2008 09:43 AM

Re: Credit Card Reprehensibility Number 2

jmbfl — Fri, 07 Nov 2008 17:33:54 GMT

Okey dokey! Easy enough to find. I don't want to proslytize the guy anyway. Ew!

Peace sir!

Re: Credit Card Reprehensibility Number 2

Anonymous — Fri, 07 Nov 2008 18:05:50 GMT

@fused wrote:
What "other" ways do you suggest?

I was wondering the same thing, fused!

For those who've never had credit problems, I'm going to assume you need no sermons on financial responsibility, and I sincerely applaud you. For those who have had credit blemishes, they know that sermons are not what's needed, but rather a plan of action to repair the credit and move past their mistakes while learning from them. Anyone knowledgeable about credit can easily tell you the basic equation for a good credit report:

the absence of major negative items + the presence of good payment history = good credit

Both components are essential for good credit. It's not enough to get bad things off your report, you must also establish good payment history through positive tradelines. Once an account is CO, even if you are "accountable" and pay it, it will hurt your credit as long as it stays on your report. To dilute the effect of such negatives, it is a MUST that you open new tradelines to compensate. That's why so many rebuilders on the forum are encouraged to open a modest amount of new tradelines and to keep them squeaky clean. As the OP has suggested, it's also not sufficient to merely open a gazillion new tradelines. You must also be fiscally responsible and avoid adding any new negatives that could undo the positive effects of the new tradelines.

Re: Credit Card Reprehensibility Number 2

Anonymous — Sat, 08 Nov 2008 15:23:35 GMT

These forums, at least the credit card threads, seem to be split in quarters for subject content.

It's a game I (no particular person) enjoy playing, learning little details on how to drive my scores up. It just interest me.
I've had bad times and was clueless outside of the obvious that there were many areas where I did have power to tip the financial scales away from the institutions and into my favor. This place is teaching me how to hold my head up.
I'm in a mess and I want to know how to get out of it. I need a credit card and the knowledge how to handle it responsibly and/or I need a lower interest rates and information on how to pay down my debt.
I want as many credit cards as I can get so I can load those puppies to the brim with all that free money. Tell me how I can get more. I want more, gimme gimme.

All are welcome here but I sure wish we would never see #4. 1/3 of us are and have always been #1. 2/3 of us have been any or all of #2-4.

Re: Credit Card Reprehensibility Number 2

Anonymous — Sat, 08 Nov 2008 18:31:10 GMT

@fused wrote:
What "other" ways do you suggest?

I'd like to see a national referendum that would require high schools to implement some sort of "financial responsibility" course that students are required to complete prior to graduation. I've been in the military and have been stationed all over the country, and it is saddening to see how many kids graduate without the ability to even balance a check book, let alone manage something like a credit card. Our schools operate under the public trust concept, and we owe it to ourselves to make sure that our kids are getting properly educated about matters of personal finance and the proper use of credit.

Re: Credit Card Reprehensibility Number 2

fused — Sat, 08 Nov 2008 19:34:55 GMT

beenthere wrote:

4.) I want as many credit cards as I can get so I can load those puppies to the brim with all that free money. Tell me how I can get more. I want more, gimme gimme.

All are welcome here but I sure wish we would never see #4. 1/3 of us are and have always been #1. 2/3 of us have been any or all of #2-4.

Thankfully, we have very few posts like this. Apping without a plan serves no purpose.

Re: Credit Card Reprehensibility Number 2

Anonymous — Sat, 08 Nov 2008 20:23:45 GMT

@fused wrote:
@Anonymous wrote:

4.) I want as many credit cards as I can get so I can load those puppies to the brim with all that free money. Tell me how I can get more. I want more, gimme gimme.

All are welcome here but I sure wish we would never see #4. 1/3 of us are and have always been #1. 2/3 of us have been any or all of #2-4.
Thankfully, we have very few posts like this. Apping without a plan serves no purpose.

Actually, if you read between the lines, we have a very large amount of post like this.

Re: Credit Card Reprehensibility Number 2

Anonymous — Sat, 08 Nov 2008 21:12:18 GMT

@Anonymous wrote:
@fused wrote:
What "other" ways do you suggest?

I'd like to see a national referendum that would require high schools to implement some sort of "financial responsibility" course that students are required to complete prior to graduation. I've been in the military and have been stationed all over the country, and it is saddening to see how many kids graduate without the ability to even balance a check book, let alone manage something like a credit card. Our schools operate under the public trust concept, and we owe it to ourselves to make sure that our kids are getting properly educated about matters of personal finance and the proper use of credit.

This is a fantatic idea which we recently discussed in detail on another thread. However, it still doesn't do a thing to build your credit. The problem here is that NO credit is just about as bad as BAD credit. So, even though the OP objects to seeing people who have had past credit problems trying to apply for and obtain credit cards, it is positively the only way for them to build up a positive credit history.

Re: Credit Card Reprehensibility Number 2

laz98 — Sat, 08 Nov 2008 23:24:58 GMT

@Anonymous wrote:
@fused wrote:
Thankfully, we have very few posts like this. Apping without a plan serves no purpose.

Actually, if you read between the lines, we have a very large amount of post like this.

i don't think it's up to us to decide why other people are applying. we should just either give them the advice they want or bite our tongues, instead of assuming we know what their reasons are. it's really none of our business.

Re: Credit Card Reprehensibility Number 2

score_building — Sun, 09 Nov 2008 00:18:31 GMT

@laz98 wrote:
@Anonymous wrote:

Actually, if you read between the lines, we have a very large amount of post like this.
i don't think it's up to us to decide why other people are applying. we should just either give them the advice they want or bite our tongues, instead of assuming we know what their reasons are. it's really none of our business.

yeah or address it in thread when you see it if possible. compartmentalizing members' posts into 4 catagories without the ability to use specific examples probably has limited utility.

especially when many of us will vacillate between categories or be a combination of two or more, including ones not mentioned in the four listed depending on who is doing the evaluating. i was kinda surprised to see a mod give the post kudos because it does seem to be a slightly polarizing (though v. interesting) observation (and not without merit).

Re: Credit Card Reprehensibility Number 2

Anonymous — Sun, 09 Nov 2008 00:20:34 GMT

ddd,

(yawn)

What exactly is the purpose of this thread?

Re: Credit Card Reprehensibility Number 2

MattH — Sun, 09 Nov 2008 00:28:23 GMT

@Anonymous wrote:
These forums, at least the credit card threads, seem to be split in quarters for subject content.
It's a game I (no particular person) enjoy playing, learning little details on how to drive my scores up. It just interest me.
I've had bad times and was clueless outside of the obvious that there were many areas where I did have power to tip the financial scales away from the institutions and into my favor. This place is teaching me how to hold my head up.
I'm in a mess and I want to know how to get out of it. I need a credit card and the knowledge how to handle it responsibly and/or I need a lower interest rates and information on how to pay down my debt.
I want as many credit cards as I can get so I can load those puppies to the brim with all that free money. Tell me how I can get more. I want more, gimme gimme.
All are welcome here but I sure wish we would never see #4. 1/3 of us are and have always been #1. 2/3 of us have been any or all of #2-4.

I'm #1, driven by intellectual curiousity about FICO scoring partly because I'm in the data-mining business myself (my own data-mining being scientific data for the R&D division of a big pharmaceutical company). My wife and I got various credit cards and our current 5.875% 30-year fixed-rate morgage before I even knew what a FICO score was, and neither of us has applied for any credit in several years. Our basic financial philosophy has always been pretty conservative.

Re: Credit Card Reprehensibility Number 2

Anonymous — Sun, 09 Nov 2008 16:43:51 GMT

"bite our tongues" isn't the American way. I'm don't pick on folks and I don't assume anything. I deal in facts and the #4 persons tells us what they are doing if you read carefully. Posting examples is singling people out which serves no purpose. Fact is, the vast majority of #4s come here just long enough to satisfy their immediate needs and split. As I posted earlier, I've been all 4 of these kinds of people. It's for the true lessons learned here that I am firmly a #1 person today.

Re: Credit Card Reprehensibility Number 2

Anonymous — Sun, 09 Nov 2008 16:45:12 GMT

@Scout1965 wrote:
ddd,

(yawn)

What exactly is the purpose of this thread?

...limited utility