topic Re: I wish INQ didn't count... in Credit Cards

I wish INQ didn't count...

Creditaddict — Fri, 03 Sep 2010 20:01:34 GMT

I have vowed not to apply for anymore credit until I can try to refinance my car hopefully within the next 6 months... However not applying for anything is killing me, I just don't know how to stop, it's so much fun! I was in Target the other day and I almost applied for my 5th Target card just to see if they would give me another one!

Re: I wish INQ didn't count...

laz98 — Fri, 03 Sep 2010 20:10:07 GMT

why would you want 4 target cards, LOL??? i agree, applying for stuff is really addictive.

Re: I wish INQ didn't count...

Creditaddict — Fri, 03 Sep 2010 20:20:21 GMT

I didn't want 4 Target Cards, or atleast I was thinking maybe I could combine the stupid limits into 1 nice limit, but they won't do that. and when I had 3, I was like no way will they give me another one and then it was instantly approved... so now it's like will they really give me a 5th one... I feel I must get the answer to that! lol

Re: I wish INQ didn't count...

Datx — Fri, 03 Sep 2010 21:10:23 GMT

I'm also guilty of applying for CCs after making a promise to not apply anymore for at least 6 months. Since my recent approval came from GEMB for Paypal buyer credit, I applied for a Walmart card and was approved for $600. I was pretty satisfied and made another promise to not apply for another CC. Then I saw the "easiest Barclay credit card approval' thread on the forum the next day. Next thing you know, im on Apple's website looking to apply for the Visa card. Instant denial.

I wanted to stop applying for another 6 months so I can let my accounts age. I have been trying to stop since I want to apply for a credit card through my CU. I really need to stop applying! I think I have a problem, is there any type of counseling I can sign up for?

Re: I wish INQ didn't count...

Anonymous — Fri, 03 Sep 2010 21:39:01 GMT

I wonder ... when the TV will have the reality show to help people like you to stop applying for more ccs .... lolll

Re: I wish INQ didn't count...

Imhotrodcrazy — Fri, 03 Sep 2010 22:02:29 GMT

MyCreditStinks wrote:

is there any type of counseling I can sign up for?

I have some handcuffs left over from the job I retired from. Maybe if we handcuff your hands behind your back, that will cure the problem.

Re: I wish INQ didn't count...

jefftca925 — Fri, 03 Sep 2010 22:50:01 GMT

@Imhotrodcrazy wrote:
@MyCreditStinks wrote:

is there any type of counseling I can sign up for?
I have some handcuffs left over from the job I retired from. Maybe if we handcuff your hands behind your back, that will cure the problem.

There are other things you can type with...LOL!!! But seriously, my FICO scores dropped a bit from my recent CC acquisitions and I'm not planning on app'ing for anything else for a while so my scores can recover. If I was in your shoes and knew that I had something to work towards (your refi) I'd seriously not apply for ANYTHING until your scores are solid for your loan. I know it's thrilling to get approved but it's really temporary. You don't want to shoot yourself in the foot.

Re: I wish INQ didn't count...

FicoScore626 — Sat, 04 Sep 2010 01:40:47 GMT

I agree, I wish inquiries didn't count just so I could go friggin crazy applying for stuff...

One thing I've been planning to do is frame all of the denial letters I receive and hang them up on my walls and show them off to guests.

Re: I wish INQ didn't count...

Anonymous — Sat, 04 Sep 2010 04:00:43 GMT

@Creditaddict wrote:
I didn't want 4 Target Cards, or atleast I was thinking maybe I could combine the stupid limits into 1 nice limit, but they won't do that. and when I had 3, I was like no way will they give me another one and then it was instantly approved... so now it's like will they really give me a 5th one... I feel I must get the answer to that! lol

I'm sorry, dude, but you really do need to check into rehab.

And when you get there, save a spot for me.

Re: I wish INQ didn't count...

haulingthescoreup — Sat, 04 Sep 2010 05:07:47 GMT

Just wait until all y'all with two fistfulls of cards have to put up with the care and feeding of those things for a year or so. Gotta use this one, HSBC's quick to close; whoops, double rewards this quarter, this one will have to be the grocery/ gas card; never gonna get a CLI if I don't use this thing, so I guess I'd better stick it back in my wallet; wait, when was the due date on this one? Do I have a balance?? Am I LATE???

You know those poor people that you see on TV with the Animal Control officers carrying out cages and cages of starving critters? They no longer had pets; they just had more and more and more and more animals.

Credit is a tool. It can be fun to acquire new credit, just as it can be fun to get the latest attachment to the Dremel Rotary Super-Duper-Polisher. But having a garage full of unused tools makes no sense. It costs money, and it clutters your mind as well as the garage. And it's the same with CC's.

To copy/ paste from my own siggy: * Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?

OK, enough of my tortured similes and metaphors for tonight...

Re: I wish INQ didn't count...

Creditaddict — Sat, 04 Sep 2010 05:16:24 GMT

@haulingthescoreup wrote:
Just wait until all y'all with two fistfulls of cards have to put up with the care and feeding of those things for a year or so. Gotta use this one, HSBC's quick to close; whoops, double rewards this quarter, this one will have to be the grocery/ gas card; never gonna get a CLI if I don't use this thing, so I guess I'd better stick it back in my wallet; wait, when was the due date on this one? Do I have a balance?? Am I LATE???

You know those poor people that you see on TV with the Animal Control officers carrying out cages and cages of starving critters? They no longer had pets; they just had more and more and more and more animals.

Credit is a tool. It can be fun to acquire new credit, just as it can be fun to get the latest attachment to the Dremel Rotary Super-Duper-Polisher. But having a garage full of unused tools makes no sense. It costs money, and it clutters your mind as well as the garage. And it's the same with CC's.

To copy/ paste from my own siggy: * Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?

OK, enough of my tortured similes and metaphors for tonight...

HAHA that is a great post and oh so true! I have so many cards I had to set them up to automatically pay each month either on the 1st or the 15th of the month, I just quickly open statements each month check that the interest rate has not changed, check the min, and check that my payment is still above this min and I'm done.

For daily use cards I'm down to just Amex Zync, Toyota Visa and now the stupid Best Buy Mastercard... seriously considering just going back to the 2 though.

thanks for your metaphors

Re: I wish INQ didn't count...

techman2008 — Sat, 04 Sep 2010 05:53:38 GMT

Yep it's addicting alright lol.

Re: I wish INQ didn't count...

Anonymous — Sat, 04 Sep 2010 06:32:20 GMT

@haulingthescoreup wrote:
Just wait until all y'all with two fistfulls of cards have to put up with the care and feeding of those things for a year or so. Gotta use this one, HSBC's quick to close; whoops, double rewards this quarter, this one will have to be the grocery/ gas card; never gonna get a CLI if I don't use this thing, so I guess I'd better stick it back in my wallet; wait, when was the due date on this one? Do I have a balance?? Am I LATE???

You know those poor people that you see on TV with the Animal Control officers carrying out cages and cages of starving critters? They no longer had pets; they just had more and more and more and more animals.

Credit is a tool. It can be fun to acquire new credit, just as it can be fun to get the latest attachment to the Dremel Rotary Super-Duper-Polisher. But having a garage full of unused tools makes no sense. It costs money, and it clutters your mind as well as the garage. And it's the same with CC's.

To copy/ paste from my own siggy: * Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?

OK, enough of my tortured similes and metaphors for tonight...

Wait? I've already got between 40 to 50. I set up a spreadsheet for credit card rotation, a database for every little detail about each card / card issuer and enter each and every debit / credit to accounting software Then every weekend I go through and PIF any card with a balance.

Credit is a tool. Credit is a hobby. Credit creates job opportunities*. Credit card miles pay for 4 RT first-class tickets per year when we go home on leave.

God bless credit card junkies and those who stiff banks and credit card companies!

Re: I wish INQ didn't count...

Anonymous — Sat, 04 Sep 2010 08:48:23 GMT

O6 wrote: Wait? I've already got between 40 to 50.

That's not a lot, over your 91 years...

Re: I wish INQ didn't count...

Anonymous — Sat, 04 Sep 2010 09:18:53 GMT

@Anonymous wrote:

O6 wrote: Wait? I've already got between 40 to 50.
That's not a lot, over your 91 years...

Absolutely right!

I am behind the curve. I figure two per year is reasonable. As soon as my INQs drop to zero, I am going on an app spree.

Re: I wish INQ didn't count...

Anonymous — Sat, 04 Sep 2010 09:21:54 GMT

Oh, and the best thing about being 91 ...

... a wife less than half your age.

Re: I wish INQ didn't count...

Anonymous — Sat, 04 Sep 2010 09:38:48 GMT

Yup, that beats drooling, for sure.

Re: I wish INQ didn't count...

Anonymous — Sat, 04 Sep 2010 10:59:59 GMT

@Anonymous wrote:
Yup, that beats drooling, for sure.

Ah, my friend, but I still drool.

You see, we've got this 26-year-old live-in housekeeper.

Re: I wish INQ didn't count...

haulingthescoreup — Sat, 04 Sep 2010 13:12:44 GMT

@Anonymous wrote:

...Credit is a tool. Credit is a hobby. Credit creates job opportunities*. Credit card miles pay for 4 RT first-class tickets per year when we go home on leave.

Well, you know me, I'm all about the rewards aspects of CC's. But isn't it a bit inefficient to have rewards scattered all over 40+ cards? It seems like you would have 438 points on one card, and 225 miles on another card, and $11.36 cash back on a third, and on and on. Redemption sounds like a huge pain.

And many cards have tiered rewards system, where the points accruals and/or redemption rates get better with more card usage. Seems like having to spread purchases all over the place potentially lessens rewards, not increases them.

Re: I wish INQ didn't count...

Anonymous — Sat, 04 Sep 2010 13:22:16 GMT

@haulingthescoreup wrote:

@Anonymous wrote:

...Credit is a tool. Credit is a hobby. Credit creates job opportunities*. Credit card miles pay for 4 RT first-class tickets per year when we go home on leave.
Well, you know me, I'm all about the rewards aspects of CC's. But isn't it a bit inefficient to have rewards scattered all over 40+ cards? It seems like you would have 438 points on one card, and 225 miles on another card, and $11.36 cash back on a third, and on and on. Redemption sounds like a huge pain.

And many cards have tiered rewards system, where the points accruals and/or redemption rates get better with more card usage. Seems like having to spread purchases all over the place potentially lessens rewards, not increases them.

Got that all figured out.

The vast majority of them I just use once or twice every two months. The only three that I use religiously are two that have good cashback bonuses and one that is really good with miles.

Now, do I need all those cards? Hell, no! But some people collect stamps and others collect coins. Me? I collect cards and CLs.