topic Re: July Credit AMA [Ask Me Anything] live with user @CreditAddict - Part Two in Credit Cards

July Credit AMA [Ask Me Anything] live with user @CreditAddict - Part Two

Anonymous — Wed, 06 Jul 2016 00:01:21 GMT

Hello Peeps,

For this month, we are going to have a continuation of June's AMA with user @CreditAddict and he will be taking questions about his 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 it 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. As you know, @CreditAddict has been on the board for a long time with over 25,000 posts and does make some interesting decisions. So it will be nice to get an insight into his thought process.

DONT'S: Please, no snarky comments. Lets respect the user and let's get started..

Incase you missed part one, here it is for reference - http://ficoforums.myfico.com/t5/Credit-Cards/June-Credit-AMA-Ask-Me-Anything-live-with-user-CreditAddict-Part/m-p/4638115/highlight/true#M1343150?q=credit+AMA

Re: July Credit AMA [Ask Me Anything] live with user @CreditAddict - Part Two

Creditaddict — Wed, 06 Jul 2016 00:02:18 GMT

Evening Everyone!

Re: July Credit AMA [Ask Me Anything] live with user @CreditAddict - Part Two

Anonymous — Wed, 06 Jul 2016 00:03:33 GMT

@Creditaddict wrote:
Evening Everyone!

Hey you,

Good evening!! Thanks for your commitment on doing part two.

Re: July Credit AMA [Ask Me Anything] live with user @CreditAddict - Part Two

gdale6 — Wed, 06 Jul 2016 00:03:50 GMT

Checking in and good evening

Re: July Credit AMA [Ask Me Anything] live with user @CreditAddict - Part Two

Anonymous — Wed, 06 Jul 2016 00:04:52 GMT

Thank you for coming back, CA! We appreciate you being here!

May I ask, if you had two pieces of advice for people new to credit, and two pieces of advice for those of us who are a bit more seasoned, what would those be?

Re: July Credit AMA [Ask Me Anything] live with user @CreditAddict - Part Two

Anonymous — Wed, 06 Jul 2016 00:04:53 GMT

So my question for you that I didn't get to ask is, most often you always post about your partner's cards. How many cards do you individually own?

Re: July Credit AMA [Ask Me Anything] live with user @CreditAddict - Part Two

Anonymous — Wed, 06 Jul 2016 00:11:47 GMT

Have you ever followed Jeanne Kelly? If so, your thoughts?

Re: July Credit AMA [Ask Me Anything] live with user @CreditAddict - Part Two

Creditaddict — Wed, 06 Jul 2016 00:12:25 GMT

@Anonymous wrote:
Thank you for coming back, CA! We appreciate you being here!

May I ask, if you had two pieces of advice for people new to credit, and two pieces of advice for those of us who are a bit more seasoned, what would those be?

New to credit I think I touched on a bit in the last one but maybe it leaned a little more on what to do with advice and stuff on MyFico:

1. Know what your goal is when you are starting to build credit...

Are you going to be a big user of credit, like daily card and pay cash

Are you looking to buy a car in the next 6-12 months

Are you looking to buy a house in the next 1-2 years.

Know where you spend your money so you know what card will be best but if your only goal is to make sure you have a credit score and report so you can do the big things in life than that changes what you need to go after when building credit... nice and slow and 1-2 accounts is all you need to get that going.

2. Don't overcomplicate utilization and payments and all the stuff we talk a lot about on here... Just do your best to pay your bill in full each month when it arrives and if you are not able to pay in full or are taking advantage of a 0% or something for a major purchase, create a plan on what the monthly payments will be to get it paid off sooner than you need to and make sure you change your other spending to account for this new debt payment.

Seasoned:

1. I think even seasoned we can get to caught up in the utilization and inquiries and all that stuff and most of those things are really not a big deal unless you are about to apply for something big... so just pay your statements in full and worry about multiple payments and 1-9% utilization 2 months before a major planned purchase.

2. Don't get so caught up in having an 800 fico score that you keep using a card that doesn't give you the best rewards anymore because you don't want to open a new account or you pay interest because you don't want to open a new account and "damage" your perfect score... Credit is only as good as you make it work for you!

Re: July Credit AMA [Ask Me Anything] live with user @CreditAddict - Part Two

Creditaddict — Wed, 06 Jul 2016 00:14:07 GMT

@Anonymous wrote:
So my question for you that I didn't get to ask is, most often you always post about your partner's cards. How many cards do you individually own?

The list I posted in Part One shows my cards and the few that I'm AU on but with opening all our businesses we removed each other from almost all our cards accept for our daily use cards because neither of us needs the extra util. or age of accounts hitting us for the banks that still count all of that stuff!

I believe the number is in the 80's currently

Re: July Credit AMA [Ask Me Anything] live with user @CreditAddict - Part Two

Anonymous — Wed, 06 Jul 2016 00:15:08 GMT

Welcome creditaddict, I missed the first part, but I am happy that you had a chance to come back to chat with us tonight.

I have read most of your post and of couse the Navy thread You became a legend here.

I know you became an expert in credit card with the wonderful collection that you have now. Here is the question for you. If you have to pick only one card, which one will be and why ?

Re: July Credit AMA [Ask Me Anything] live with user @CreditAddict - Part Two

Creditaddict — Wed, 06 Jul 2016 00:16:20 GMT

@Anonymous wrote:
Have you ever followed Jeanne Kelly? If so, your thoughts?

I actually haven't but a quick google and thank you, I will have to read some more into her... looks like she is doing what I want to do!

Re: July Credit AMA [Ask Me Anything] live with user @CreditAddict - Part Two

Anonymous — Wed, 06 Jul 2016 00:17:58 GMT

@Anonymous wrote:
Have you ever followed Jeanne Kelly? If so, your thoughts?

@Anonymous,

@I was curious as to who she was and now I know because of you. I am curious to hear @Anonymous's answer also.

Re: July Credit AMA [Ask Me Anything] live with user @CreditAddict - Part Two

Creditaddict — Wed, 06 Jul 2016 00:20:18 GMT

@Anonymous wrote:
Welcome creditaddict, I missed the first part, but I am happy that you had a chance to come back to chat with us tonight.

I have read most of your post and of couse the Navy thread You became a legend here.

I know you became an expert in credit card with the wonderful collection that you have now. Here is the question for you. If you have to pick only one card, which one will be and why ?

I can tell you what's in my wallet right now:

Ritz - Daily Card for the non-categories of Costco

Costco - for the categories

I use to be all about cash back and partner and I both carried Citi Double Cash for when Amex was not taken and Fidelity Amex for EVERYTHING but then I started to try this game of traveling for free and we went to Costa Rica flying for free and staying 8 out of our 9 nights for free and the night we paid for was because the cost wasn't worth the point value! and that kind of hooked me... we don't travel to to much but when we do and I can travel in style for the way I use to travel total eco style it seems to be worthy to me... but now that I have my platinum status with Marriott I think it might be cheaper to buy it each year than charge enough to keep it so starting to lean back towards cash.

Re: July Credit AMA [Ask Me Anything] live with user @CreditAddict - Part Two

kdm31091 — Wed, 06 Jul 2016 00:21:46 GMT

If you are only carrying a couple cards, what is the purpose for having so many? It would seem difficult to rack up meaningful points on that many accounts for it to be worth having them. Curious what your thought process is.

Re: July Credit AMA [Ask Me Anything] live with user @CreditAddict - Part Two

Anonymous — Wed, 06 Jul 2016 00:22:32 GMT

@Anonymous wrote:
@Anonymous wrote:
Have you ever followed Jeanne Kelly? If so, your thoughts?
@Anonymous,

@I was curious as to who she was and now I know because of you. I am curious to hear @Anonymous's answer also.

She is really really good, IMO.

Re: July Credit AMA [Ask Me Anything] live with user @CreditAddict - Part Two

Anonymous — Wed, 06 Jul 2016 00:23:05 GMT

@Creditaddict wrote:
@Anonymous wrote:
So my question for you that I didn't get to ask is, most often you always post about your partner's cards. How many cards do you individually own?
The list I posted in Part One shows my cards and the few that I'm AU on but with opening all our businesses we removed each other from almost all our cards accept for our daily use cards because neither of us needs the extra util. or age of accounts hitting us for the banks that still count all of that stuff!
I believe the number is in the 80's currently

If you don't mind me asking, how many businesses d oyou have and how where you able to build credit for those since you had BK? Was it more difficult than building personal credit?

Re: July Credit AMA [Ask Me Anything] live with user @CreditAddict - Part Two

Anonymous — Wed, 06 Jul 2016 00:25:58 GMT

@Creditaddict wrote:
@Anonymous wrote:
Welcome creditaddict, I missed the first part, but I am happy that you had a chance to come back to chat with us tonight.

I have read most of your post and of couse the Navy thread You became a legend here.

I know you became an expert in credit card with the wonderful collection that you have now. Here is the question for you. If you have to pick only one card, which one will be and why ?
I can tell you what's in my wallet right now:
Ritz - Daily Card for the non-categories of Costco
Costco - for the categories

I use to be all about cash back and partner and I both carried Citi Double Cash for when Amex was not taken and Fidelity Amex for EVERYTHING but then I started to try this game of traveling for free and we went to Costa Rica flying for free and staying 8 out of our 9 nights for free and the night we paid for was because the cost wasn't worth the point value! and that kind of hooked me... we don't travel to to much but when we do and I can travel in style for the way I use to travel total eco style it seems to be worthy to me... but now that I have my platinum status with Marriott I think it might be cheaper to buy it each year than charge enough to keep it so starting to lean back towards cash.

Fantastic , I prefer travel cards vs. cash cards..... but you only allow to pick one card ...just kidding

Re: July Credit AMA [Ask Me Anything] live with user @CreditAddict - Part Two

Creditaddict — Wed, 06 Jul 2016 00:26:07 GMT

@kdm31091 wrote:
If you are only carrying a couple cards, what is the purpose for having so many? It would seem difficult to rack up meaningful points on that many accounts for it to be worth having them. Curious what your thought process is.

It's almost a game!

I hit 100 accounts which was somewhat a goal that just seemed funny and then I paired down.

now I have 2 goals:

1 Million in Unsecured Credit Cards

Chase Palladium

Why? because it's almost a game and why not!?

but I go many many months without using most of them and then if I think of it I try to grab one and use it for something, like last week I was seeing that Macy's Amex dropped off my report as an open account, so I grabbed it and charged lunch on it and then put it back into my folder!

Re: July Credit AMA [Ask Me Anything] live with user @CreditAddict - Part Two

Anonymous — Wed, 06 Jul 2016 00:26:29 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Have you ever followed Jeanne Kelly? If so, your thoughts?
@Anonymous,

@I was curious as to who she was and now I know because of you. I am curious to hear @Anonymous's answer also.
She is really really good, IMO.

@Anonymous @Anonymous. I am pretty suspicious of such"experts" but since you vouch for her then I have read up on her one of these days. Thanks for sharing.

Re: July Credit AMA [Ask Me Anything] live with user @CreditAddict - Part Two

Creditaddict — Wed, 06 Jul 2016 00:28:35 GMT

@Anonymous wrote:
@Creditaddict wrote:
@Anonymous wrote:
So my question for you that I didn't get to ask is, most often you always post about your partner's cards. How many cards do you individually own?
The list I posted in Part One shows my cards and the few that I'm AU on but with opening all our businesses we removed each other from almost all our cards accept for our daily use cards because neither of us needs the extra util. or age of accounts hitting us for the banks that still count all of that stuff!
I believe the number is in the 80's currently
If you don't mind me asking, how many businesses d oyou have and how where you able to build credit for those since you had BK? Was it more difficult than building personal credit?

We have a catering company and 1 laundry, about to be 2 Laundries.

The advantage of 2 of us is I can balance out who applies for credit that needs to be PG'd... Business credit no PG I have found super easy... of course there isn't nearly as much stuff as you could get back in 2006-2008 without PG but still a lot of store cards and it's like personal credit, once you get one, they just start falling like dominos and all start approving!