topic Re: 3rd Credit AMA [Ask Me Anything] Live with User KDM 31091 in Credit Cards

3rd Credit AMA [Ask Me Anything] Live with User KDM 31091

Anonymous — Wed, 06 Apr 2016 00:11:10 GMT

Hello people,

Today, we are going to have user @kdm31091 on and he will be taking questions about his credit decisions, why he join myFico, what he has learn, what he likes, what he doesn't like etc. Feel free to ask any questions especially thought provoking one's but be polite about it. The goal of the AMA is not to be judgemental but rather why we on the board arrive at certain decisions that some people think are insane.

The second goal is to use this as a learning process and also to help new people joining th board so that they don't make certain bad decisions.

DONT'S: PLEASE NO SNARKY COMMENTS. Lets respect the user and let's get started....

I will get us started.. @KDM31091, can you tell us a little bit about yourself?

NOTE: These are the previous ones in case you missed it...

http://ficoforums.myfico.com/t5/Credit-Cards/1st-Credit-AMA-Ask-me-anything-live-with-user-DDemari/m-p/4440823#M1276570

http://ficoforums.myfico.com/t5/Credit-Cards/2nd-Credit-AMA-Ask-me-anything-live-with-user-Broke-Triathlete/m-p/4479590#M1290012

Re: 3rd Credit AMA [Ask Me Anything] Live with User KDM 31091

kdm31091 — Wed, 06 Apr 2016 00:13:32 GMT

Hi everyone. Well, I'm 25 years old, and a manager in retail. Always had some interest in credit, but it's kicked into higher gear in the past few years. My mom is a credit analyst, so guess that is part of the interest.

As for credit, we all know I take a "less is more" approach with cards, lol.

Re: 3rd Credit AMA [Ask Me Anything] Live with User KDM 31091

myjourney — Wed, 06 Apr 2016 00:13:38 GMT

KDM welcome to the AMA

I have questions if you do mind

What are your views on a app spree even tho I think I know but it's good for others to read?

What are the most common mistake you see here and how have you educated others so it doesn't happen again? (I know its hard) Lol

I witnessed your transformation from an aggressive to conservative credit approach what changed your views and why?

What mistakes did you make along your journey and what have you learned from them?

This is your moment to enlighten others what would you tell someone just starting out with either a baddie background or new all together with no credit profile?

Finally if you could change one forum perception or misconception what would it be?

Thanks for sharing your personal experience knowledge via AMA

Re: 3rd Credit AMA [Ask Me Anything] Live with User KDM 31091

Anonymous — Wed, 06 Apr 2016 00:15:41 GMT

@kdm31091 wrote:
Hi everyone. Well, I'm 25 years old, and a manager in retail. Always had some interest in credit, but it's kicked into higher gear in the past few years. My mom is a credit analyst, so guess that is part of the interest.

As for credit, we all know I take a "less is more" approach with cards, lol.

I would have never guessed you were 25!

Re: 3rd Credit AMA [Ask Me Anything] Live with User KDM 31091

Broke_Triathlete — Wed, 06 Apr 2016 00:15:51 GMT

@kdm31091 wrote:
Hi everyone. Well, I'm 25 years old, and a manager in retail. Always had some interest in credit, but it's kicked into higher gear in the past few years. My mom is a credit analyst, so guess that is part of the interest.

As for credit, we all know I take a "less is more" approach with cards, lol.

What's up dude? You're going to have some fun for the next hour or so and really help people out. I came away from mine last time thinking I really did some good for people.

What was your biggest mistake that you made regarding credit? Also, was it an informed mistake or did you make the mistake uneducated about what you were trying to do?

Re: 3rd Credit AMA [Ask Me Anything] Live with User KDM 31091

Anonymous — Wed, 06 Apr 2016 00:16:20 GMT

@kdm31091 wrote:
Hi everyone. Well, I'm 25 years old, and a manager in retail. Always had some interest in credit, but it's kicked into higher gear in the past few years. My mom is a credit analyst, so guess that is part of the interest.

As for credit, we all know I take a "less is more" approach with cards, lol.

Hello KDM,

Thanks for being on to take questions. So at what age did you get your first credit card? Where you ever an AU on any of your mothers cards before getting your own?

Re: 3rd Credit AMA [Ask Me Anything] Live with User KDM 31091

kdm31091 — Wed, 06 Apr 2016 00:18:55 GMT

@myjourney wrote:
KDM welcome to the AMA

I have questions if you do mind

What are your views on a app spree even tho I think I know but it's good for others to read?

What are the most common mistake you see here and how have you educated others so it doesn't happen again? (I know its hard) Lol

I witnessed your transformation from an aggressive to conservative credit approach what changed your views and why?

What mistakes did you make along your journey and what have you learned from them?

This is your moment to enlighten others what would you tell someone just starting out with either a baddie background or new all together with no credit profile?

Finally if you could change one forum perception or misconception what would it be?

Thanks for sharing your personal experience knowledge via AMA

Ok - let's see here.

-I'm not a fan of app sprees, generally. It is rarely a good idea to have an influx of inquiries and new accounts hitting a report. Most analysts and/or computers don't like it (the computers that monitor for AA, etc). We've all seen people go too far and fall into trouble.

-Most common mistakes I see are impulsive applications. It's really important to run the numbers for what you actually spend every month vs what the new card will get you. 3% on something sounds great but honestly, what does that mean in dollars? People rack up a bunch of cards that they later end up SDing or closing because the benefit wasn't enough over their existing cards. Unless you are truly spending a ton of money every month, you aren't seeing huge differences. Along with impulse applications, I see some SCT/store card sprees, which I don't agree with. It has dwindled down somewhat lately.

-Along with the above point, in 2014/2014 I fell into the same pattern -- going for this card for 3% this, that card 5% on that, etc. Needing a spreadsheet to figure out my maximum return is just overkill for me when I spend maybe $1k-1500 a month on cards. This varies by individual, but I still believe most people would do better to stop diluting their returns so much.

-I have learned to tread more lightly with new accounts/inquiries because I've seen what it can do to people/profiles. I opened/closed many accounts in 2014/2015 and intend to stop this behavior.

If you are new/baddies/etc I think the best thing is to START SLOW. Do not be tempted into that Walmart CC that you will end up never using. Find a quality secured card from BOA, Discover, whoever, and go from there. Most "real" issuers will grow with you over time as you prove yourself. There is no need to get a bunch of niche use, low limit cards.

Re: 3rd Credit AMA [Ask Me Anything] Live with User KDM 31091

Anonymous — Wed, 06 Apr 2016 00:19:08 GMT

@Anonymous wrote:
@kdm31091 wrote:
Hi everyone. Well, I'm 25 years old, and a manager in retail. Always had some interest in credit, but it's kicked into higher gear in the past few years. My mom is a credit analyst, so guess that is part of the interest.

As for credit, we all know I take a "less is more" approach with cards, lol.
Hello KDM,

Thanks for being on to take questions. So at what age did you get your first credit card? Where you ever an AU on any of your mothers cards before getting your own?

That was going to be my first question....and I was curious as to what it was and the limit.

Re: 3rd Credit AMA [Ask Me Anything] Live with User KDM 31091

kdm31091 — Wed, 06 Apr 2016 00:20:37 GMT

The only AU account I am on is my grandmother's Disney Visa (it's just the 1% one), purely for the occasional discount benefits. Almost never use the thing. It's not a particularly old account though, so doesn't help me out much in that regard. I'm a major Disney fan, so I like having access to the 10% off merchandise and whatnot.

Re: 3rd Credit AMA [Ask Me Anything] Live with User KDM 31091

kdm31091 — Wed, 06 Apr 2016 00:21:47 GMT

@Anonymous wrote:
@Anonymous wrote:
@kdm31091 wrote:
Hi everyone. Well, I'm 25 years old, and a manager in retail. Always had some interest in credit, but it's kicked into higher gear in the past few years. My mom is a credit analyst, so guess that is part of the interest.

As for credit, we all know I take a "less is more" approach with cards, lol.
Hello KDM,

Thanks for being on to take questions. So at what age did you get your first credit card? Where you ever an AU on any of your mothers cards before getting your own?
That was going to be my first question....and I was curious as to what it was and the limit.

First card was I believe my Capital One secured/platinum/whatever it was called, back in 2009. Was something like a $200 limit. At the time also opened a student loan for cosmetology school (a career I got licensed for, but didn't end up pursuing permanently).

First "real" card was Discover in 2011, and built from there.

Re: 3rd Credit AMA [Ask Me Anything] Live with User KDM 31091

Anonymous — Wed, 06 Apr 2016 00:22:38 GMT

@kdm31091 wrote:
The only AU account I am on is my grandmother's Disney Visa (it's just the 1% one), purely for the occasional discount benefits. Almost never use the thing. It's not a particularly old account though, so doesn't help me out much in that regard. I'm a major Disney fan, so I like having access to the 10% off merchandise and whatnot.

Interesting. So at what age did you get your first credit card? And why did you decide on that particular card?

Re: 3rd Credit AMA [Ask Me Anything] Live with User KDM 31091

myjourney — Wed, 06 Apr 2016 00:22:51 GMT

@kdm31091 wrote:
@myjourney wrote:
KDM welcome to the AMA

I have questions if you do mind

What are your views on a app spree even tho I think I know but it's good for others to read?

What are the most common mistake you see here and how have you educated others so it doesn't happen again? (I know its hard) Lol

I witnessed your transformation from an aggressive to conservative credit approach what changed your views and why?

What mistakes did you make along your journey and what have you learned from them?

This is your moment to enlighten others what would you tell someone just starting out with either a baddie background or new all together with no credit profile?

Finally if you could change one forum perception or misconception what would it be?

Thanks for sharing your personal experience knowledge via AMA
Ok - let's see here.

-I'm not a fan of app sprees, generally. It is rarely a good idea to have an influx of inquiries and new accounts hitting a report. Most analysts and/or computers don't like it (the computers that monitor for AA, etc). We've all seen people go too far and fall into trouble.

-Most common mistakes I see are impulsive applications. It's really important to run the numbers for what you actually spend every month vs what the new card will get you. 3% on something sounds great but honestly, what does that mean in dollars? People rack up a bunch of cards that they later end up SDing or closing because the benefit wasn't enough over their existing cards. Unless you are truly spending a ton of money every month, you aren't seeing huge differences. Along with impulse applications, I see some SCT/store card sprees, which I don't agree with. It has dwindled down somewhat lately.

-Along with the above point, in 2014/2014 I fell into the same pattern -- going for this card for 3% this, that card 5% on that, etc. Needing a spreadsheet to figure out my maximum return is just overkill for me when I spend maybe $1k-1500 a month on cards. This varies by individual, but I still believe most people would do better to stop diluting their returns so much.

-I have learned to tread more lightly with new accounts/inquiries because I've seen what it can do to people/profiles. I opened/closed many accounts in 2014/2015 and intend to stop this behavior.

If you are new/baddies/etc I think the best thing is to START SLOW. Do not be tempted into that Walmart CC that you will end up never using. Find a quality secured card from BOA, Discover, whoever, and go from there. Most "real" issuers will grow with you over time as you prove yourself. There is no need to get a bunch of niche use, low limit cards.

I applaud your answer to some tough question

Thanks for sharing

Re: 3rd Credit AMA [Ask Me Anything] Live with User KDM 31091

Anonymous — Wed, 06 Apr 2016 00:22:55 GMT

@kdm31091 wrote:
Hi everyone. Well, I'm 25 years old, and a manager in retail. Always had some interest in credit, but it's kicked into higher gear in the past few years. My mom is a credit analyst, so guess that is part of the interest.

As for credit, we all know I take a "less is more" approach with cards, lol.

Hello KDM, did you mom guide you with a credit process to be "conservative" in seeking credit ? I noticed that you always give good advise to others in a way that some members need to think twice before applying for a credit card

Re: 3rd Credit AMA [Ask Me Anything] Live with User KDM 31091

kdm31091 — Wed, 06 Apr 2016 00:25:56 GMT

@Anonymous wrote:
@kdm31091 wrote:
Hi everyone. Well, I'm 25 years old, and a manager in retail. Always had some interest in credit, but it's kicked into higher gear in the past few years. My mom is a credit analyst, so guess that is part of the interest.

As for credit, we all know I take a "less is more" approach with cards, lol.
Hello KDM, did you mom guide you with a credit process to be "conservative" in seeking credit ? I noticed that you always give good advise to others in a way that some members need to think twice before applying for a credit card

She has definitely shaped my viewpoints. She's not a life-long credit analyst, it's a career she got into a few years ago, so I didn't have the advice growing up so much, but more recently, it's been beneficial. She works for a well known, major lender and she has talked about having to CLD or close people's accounts when they request BTs, etc, because of too many new accounts (no she doesn't work for comenity lol). So it did teach me to tread lightly because these things are very real, and although they are kind of rare, they do happen. She also has constantly told me that, at least within her company/training/mindset, if she sees someone with more than 5-6 open credit cards, she starts to get nervous -- potential debt, etc. Could be a completely individual thing, as many have way more than that with no issues, but something to think about.

Re: 3rd Credit AMA [Ask Me Anything] Live with User KDM 31091

gdale6 — Wed, 06 Apr 2016 00:26:33 GMT

Checking in, welcome to the AMA KDM.

Re: 3rd Credit AMA [Ask Me Anything] Live with User KDM 31091

pizza1 — Wed, 06 Apr 2016 00:27:41 GMT

So, I heard through the grapevine that you're quite the coffee connoisseur, and coffee cup collector extraordinaire!

Besides being a coffee fanatic, what other obsessions or hobbies do you have?

Re: 3rd Credit AMA [Ask Me Anything] Live with User KDM 31091

Anonymous — Wed, 06 Apr 2016 00:28:16 GMT

@kdm31091 wrote:
@Anonymous wrote:
@kdm31091 wrote:
Hi everyone. Well, I'm 25 years old, and a manager in retail. Always had some interest in credit, but it's kicked into higher gear in the past few years. My mom is a credit analyst, so guess that is part of the interest.

As for credit, we all know I take a "less is more" approach with cards, lol.
Hello KDM, did you mom guide you with a credit process to be "conservative" in seeking credit ? I noticed that you always give good advise to others in a way that some members need to think twice before applying for a credit card
She has definitely shaped my viewpoints. She's not a life-long credit analyst, it's a career she got into a few years ago, so I didn't have the advice growing up so much, but more recently, it's been beneficial. She works for a well known, major lender and she has talked about having to CLD or close people's accounts when they request BTs, etc, because of too many new accounts (no she doesn't work for comenity lol). So it did teach me to tread lightly because these things are very real, and although they are kind of rare, they do happen. She also has constantly told me that, at least within her company/training/mindset, if she sees someone with more than 5-6 open credit cards, she starts to get nervous -- potential debt, etc. Could be a completely individual thing, as many have way more than that with no issues, but something to think about.

Interesting data, thank you to point out specific details

Re: 3rd Credit AMA [Ask Me Anything] Live with User KDM 31091

kdm31091 — Wed, 06 Apr 2016 00:28:38 GMT

@pizza1 wrote:
So, I heard threw the grapevine that you're quite the coffee connoisseur, and coffee cup collector extraordinaire!

Besides being a coffee fanatic, what other obsessions or hobbies do you have?

Indeed, I do collect coffee mugs from places I go, etc. I have a lot!

I'm also into doing hair, I love going to the beach. Major hobby of mine is spending time with my dog lol. I live a fairly quiet lifestyle with my partner. Credit became a big hobby for me too of course, but I have tried to pull back a little, only because the more you think about it, the more you end up applying for cards.

Re: 3rd Credit AMA [Ask Me Anything] Live with User KDM 31091

Anonymous — Wed, 06 Apr 2016 00:31:36 GMT

@kdm31091 wrote:
@pizza1 wrote:
So, I heard threw the grapevine that you're quite the coffee connoisseur, and coffee cup collector extraordinaire!

Besides being a coffee fanatic, what other obsessions or hobbies do you have?
Indeed, I do collect coffee mugs from places I go, etc. I have a lot!

I'm also into doing hair, I love going to the beach. Major hobby of mine is spending time with my dog lol. I live a fairly quiet lifestyle with my partner. Credit became a big hobby for me too of course, but I have tried to pull back a little, only because the more you think about it, the more you end up applying for cards.

I would never have thought this - see blue. Do you have a salon? Just interesting. So out of all the cards you have / have had, who is your favorite lender and least favorite?

Re: 3rd Credit AMA [Ask Me Anything] Live with User KDM 31091

Anonymous — Wed, 06 Apr 2016 00:32:07 GMT

Who is your favorite issuer and why?

If you could have any nerfed or discontinued card, what would it be?