topic Re: At What Point Do You Say "I'm Satisfied"? in Credit Cards

At What Point Do You Say "I'm Satisfied"?

thom02099 — Sun, 09 Dec 2012 20:27:38 GMT

So I've been reading a lot of the posts here and the question came to mind...at what point are you satisfied with where you are?

Is it when you go into the garden...and stay there?

Is it when you reach a goal score and let whatever happens beyond that, happen?

Is it when you've accumulated a specific amount of credit across all your cards?

Reason I ask is that, I'm reaching that point. It's taken a long time and reading a LOT of messages here and learning from others. I started where a lot of the "newbies" here are -- scores in the upper 500s-low 600s -- and now as I approach and pass that 800 mark, I can honestly say that I've accomplished my goals.

If you check my signature you'll see a diversity of cards with some healthy limits. With my income/household income, I could probably ask for more, but in reality, do I need it? No, I don't. I'm not planning on running up any of them to the max, so there's no need for more. Planning major travel in 2013 before I retire in 2014, and I'll either use my NPSL cards or my CSP/JPM cards for travelling. I'll be at that 800 mark in early 2013 (currently one report showing a 803 -- want that to hold).

Going into retirement, I want to be able to say I reached my goals. I have pristine credit/nothing negative/low util/high scores/long history...I have the resources to borrow IF I NEED TO, but if I don't, I've accomplished what I needed. For those of you who may be in a similar position, either going into retirement, or already there, how does your situation compare? Are you/were you in a similar place? Are you happy with where you are now?

In addition to the cards, I've got a healthy mix of personal/auto loans that will pay off in the not too distant future, that will help my scores get over that 800 mark and stay there. My util is <6% right now, and I'll probably keep it in that area since it seems to work well for me.

So....I'd like to hear from others, particularly those of you near or in retirement! How has your credit journey gone? Are you in that HAPPY PLACE?

Re: At What Point Do You Say "I'm Satisfied"?

daybreakgonesXe — Sun, 09 Dec 2012 20:34:12 GMT

Personally, I think there's different areas of "i'm satisfied"! At least for me XD

I am both satisfied/unsatisfied gardening wise. I feel comfortable and satisfied that I won't have any other applications to go for in a while, but unsatisfied with the length of gardening I have done so far. I will reach that satisfied point once all my inqs drop off

Totally unsatisfied with my score...I'm aiming for perfection, and I just saw my creditkarma score drop due to a higher utilization (went from 3% to 8% to 11% this past month once everything updated in reporting...gotta thank the holidays!). Once I reach 850, at least on one score, I will be completely satisfied and simply be happy being over 800 any time after that! Only a matter of time!

I am satisfied with my credit card collection at this time. Will I be in the future? Doubt it. But right now I like having 6 revolving accounts and letting them mature and age I plan on getting an auto loan as soon as a year and half, but likely much later than that since I prefer not to co-sign because of low personal income. Hopefully by the time I graduate and go on to grad school I'll at least have a decent part time (maybe full time if the hours are right) position in my major, and be making at the very least $30,000 a year.

As you can see, I'm satisfied in some areas but unsatisfied in others! Maybe there's an overall satisfaction level, but who knows. I feel like no one can be completely satisfied with their FICO, reports, credit limits, balances, etc.!

Re: At What Point Do You Say "I'm Satisfied"?

Cdnewmanpac — Sun, 09 Dec 2012 21:15:20 GMT

my guess is 30 seconds before you log off this forum for the last time. or when you switch to flyer talk full time.

Re: At What Point Do You Say "I'm Satisfied"?

Anonymous — Sun, 09 Dec 2012 22:05:24 GMT

I believe being 'satisfied' is something personal and will vary depending on who you ask. With everything related with credit (FICO scores, ability to finance) I think one could consider being 'satisfied' when you no longer have a 'need' to use credit products and are able to use them as they are, a convenience.

Re: At What Point Do You Say "I'm Satisfied"?

GoldenloveNY — Mon, 10 Dec 2012 00:37:57 GMT

At what point? I will never be satisfied until I get every single card out there! Until I get over 800 in FICO scores! This is AMERICA!

Re: At What Point Do You Say "I'm Satisfied"?

djrez4 — Mon, 10 Dec 2012 00:46:03 GMT

@Cdnewmanpac wrote:
my guess is 30 seconds before you log off this forum for the last time. or when you switch to flyer talk full time.

FlyerTalk is not a good place to go when you're content. I've applied for more cards because of what I've learned over there, not less.

Re: At What Point Do You Say "I'm Satisfied"?

Anonymous — Mon, 10 Dec 2012 01:58:00 GMT

@djrez4 wrote:
@Cdnewmanpac wrote:
my guess is 30 seconds before you log off this forum for the last time. or when you switch to flyer talk full time.
FlyerTalk is not a good place to go when you're content. I've applied for more cards because of what I've learned over there, not less.

Probably too general (well, certainly, because of the number of shared users) but I would say, as an approximation, that on MyFico people are more concered about getting the actual cards, to raise CLs and decrease util and thus raise scores, and for some, to get a type of card considered to have prestige. If you criticize someone's favourite card, you sometimes get angry pushback.

On flyertalk, the concentration is much more on ways to get miles and hotel points, and if that means trashing six cards so you can get 5 with new bonuses, that's fine, very little attachment to any particular card. (Now criticize a favorite airline/hotel/rewards program..., well...)

So while you may apply for more cards, it's not due to lack of contentment with the credit situation, more to do with travel needs (real or perceived)

Re: At What Point Do You Say "I'm Satisfied"?

andyaycw — Mon, 10 Dec 2012 03:36:50 GMT

For me, I've reached my happy point and can say I'm satisfied (at least for now). I've had no itch to apply for more credit or new credit in (at least what seems like) a long time. My FICO scores are all well north of 760+, the majority of my credit cards have very healthy limits, but perhaps most importantly of all, I can't find any more credit cards that would complement my spending patterns by giving me more rewards.

Re: At What Point Do You Say "I'm Satisfied"?

webhopper — Mon, 10 Dec 2012 05:14:59 GMT

When the rocks and the sand and the rake and the fire are all in zen! And you have inner peace within your wallet as well as enough bonus points to fly to Australia and back.

Re: At What Point Do You Say "I'm Satisfied"?

Shogun — Mon, 10 Dec 2012 05:23:06 GMT

30 seconds after the beginning of the Zombie apocalypse.

Re: At What Point Do You Say "I'm Satisfied"?

Involus — Mon, 10 Dec 2012 06:06:47 GMT

I would say Shogun's response would be the most realistic - as I don't think being satisfied is attainable Fico wise..

I mean I'm on 20 granted but I'm pretty happy where I sit - I would say content for now. But the last time I was content was for about a year and a half (didn't login to myFico at all during this time) and just gardened - no apps, no anything just gardened. Though during this time my util% was pretty high - I then decided after I payed util down to around 7% and I had thought my reports had updated that I would pull the trigger on Amex and Discover and to my disappointment my reports had not updated.. So I waited my 30 days and reapped for Amex and Discover (later found out Discover was 45 days so they are on the back burner for 6 mos to a year or so) was instant approved for Amex Green and BCE.

Again I am now content - this past month I have gained 3 new TLs - 2 of which are Amex and I am very happy to be in the Amex family and have the BCE. I plan to garden for minimum of 6 mos and up to 2015 when I will be 100% inq free. My goal is inq free and 800+ Ficos acrossed the board. My issue with satisfaction is I'm only 20 and will have my credit needs. I don't see myself being inq free by 2015 because I intend on buying a newer vehicle then my 1994 (almost as old as me) Jeep Grand Cherokee before then and purchasing a home of my own sometime before 2017. I would also like to grow my current TLs and close my Cap One (no AF - open for AoAA reasons), in a year I'll more than likely close my Green charge before AF and maybe get PRG for a year and so on or not get another charge at all - don't know I'm not there yet. I just forsee changes to my portfolio.

I think satisfaction comes when you can obtain any credit product you would like, weather it be financing a $100,000+ car - or buying a $1,000,000 home or knowing you meet the requirements for a Palladium/Centurion (income provided for these examples). Basically all around credit worthiness - knowing you can pull that app trigger and have no doubt you'll be approved. (Other than too many accounts or too high TLs)

Re: At What Point Do You Say "I'm Satisfied"?

chnceit — Mon, 10 Dec 2012 07:26:30 GMT

Satisfaction is such a short term word its like saying im content.

Its only natural to always want more

Re: At What Point Do You Say "I'm Satisfied"?

distantarray — Mon, 10 Dec 2012 07:36:22 GMT

@chnceit wrote:
Satisfaction is such a short term word its like saying im content.

Its only natural to always want more

unless you have ALL THE CARDS

Credit cards are like Pokemon! gotta drap them all jk (don't do it! lol)

When you have the best of each card, I don't think there's a point unless your planning on credit card churning (for sign up bonuses etc)

PenFED gas 5%

US Bank Cash+ restaurants and billpay

Citi Forward 5% restaurants Amazon movies etc

Citi Premier turns TY points into 1.33% each for travel

CSP 1.34% everything card (travel and annual bonus)

Freedom To feed the CSP at 5% to make 6.25% + checking = more

BCP for Gas + Groceries + department stores for 3-6%

Amex Platinum is a must if your a regular flyer

Amex Starwood is a good hotel card if you use a lot of hotels

Amex Hilton for bonus categories etc

If I had to pick 2, it would probably be

US bank Cash+ Restaurants and Billpay at 6.25%

@Anonymous Hilton for groceries, gas, dining, hotel, drug stores, wireless, tv services @ 3% (6 points per dollar but Hilton points are worth 0.5 cent)

Re: At What Point Do You Say "I'm Satisfied"?

Anonymous — Mon, 10 Dec 2012 12:47:59 GMT

@distantarray wrote:
@chnceit wrote:
Satisfaction is such a short term word its like saying im content.

Its only natural to always want more
unless you have ALL THE CARDS

Credit cards are like Pokemon! gotta drap them all jk (don't do it! lol)

When you have the best of each card, I don't think there's a point unless your planning on credit card churning (for sign up bonuses etc)

PenFED gas 5%
US Bank Cash+ restaurants and billpay
Citi Forward 5% restaurants Amazon movies etc
Citi Premier turns TY points into 1.33% each for travel
CSP 1.34% everything card (travel and annual bonus)
Freedom To feed the CSP at 5% to make 6.25% + checking = more
BCP for Gas + Groceries + department stores for 3-6%
Amex Platinum is a must if your a regular flyer
Amex Starwood is a good hotel card if you use a lot of hotels
Amex Hilton for bonus categories etc

If I had to pick 2, it would probably be

US bank Cash+ Restaurants and Billpay at 6.25%
@Anonymous Hilton for groceries, gas, dining, hotel, drug stores, wireless, tv services @ 3% (6 points per dollar but Hilton points are worth 0.5 cent)

And for completeness, probably add Priceline Visa, for 2% on anything not covered by the rest!

Re: At What Point Do You Say "I'm Satisfied"?

armbenderc — Mon, 10 Dec 2012 12:53:50 GMT

@distantarray wrote:
@chnceit wrote:
Satisfaction is such a short term word its like saying im content.

Its only natural to always want more
unless you have ALL THE CARDS

Credit cards are like Pokemon! gotta drap them all jk (don't do it! lol)

When you have the best of each card, I don't think there's a point unless your planning on credit card churning (for sign up bonuses etc)

PenFED gas 5%
US Bank Cash+ restaurants and billpay
Citi Forward 5% restaurants Amazon movies etc
Citi Premier turns TY points into 1.33% each for travel
CSP 1.34% everything card (travel and annual bonus)
Freedom To feed the CSP at 5% to make 6.25% + checking = more
BCP for Gas + Groceries + department stores for 3-6%
Amex Platinum is a must if your a regular flyer
Amex Starwood is a good hotel card if you use a lot of hotels
Amex Hilton for bonus categories etc

If I had to pick 2, it would probably be

US bank Cash+ Restaurants and Billpay at 6.25%
@Anonymous Hilton for groceries, gas, dining, hotel, drug stores, wireless, tv services @ 3% (6 points per dollar but Hilton points are worth 0.5 cent)

Got to app them all...
j/k

Re: At What Point Do You Say "I'm Satisfied"?

Cdnewmanpac — Mon, 10 Dec 2012 14:14:43 GMT

@djrez4 wrote:
@Cdnewmanpac wrote:
my guess is 30 seconds before you log off this forum for the last time. or when you switch to flyer talk full time.
FlyerTalk is not a good place to go when you're content. I've applied for more cards because of what I've learned over there, not less.

Should clarify: I can go directly to the forums over there for the cards/programs I already have. I have learned to maximize the value of the cards I have without being tempted to apply for new ones. Here, otoh, there is only one credit card forum. So you log in to find out if getting declined for a te at Costco is a hard or soft pull for current card members, and you have to wade through 20 "I just got approved for x" posts. Pretty soon, you start wondering "would I, too, benefit from card x?"

So my overall point was that op was asking his question in the wrong place, as I think very few "satisfied" card users on these forums.

Re: At What Point Do You Say "I'm Satisfied"?

Anonymous — Mon, 10 Dec 2012 14:15:16 GMT

I am finally at the point of being satisfied. What did it for me was getting the cards that I set out to get. Most of them are smaller limits but I am happy to be in with the companies (Chase, Citi, GE, Discover, FNBO). The Chase Freedom card was what did me in and I stopped after that. That's the one I wanted the most all along and had I did more research, I could have gotten it earlier in my quest to rebuild. The only thing I want for in the future is a Mastercard and of course higher credit limits on what I have but that's a year or so from now. The only thing bugging me now is wishing I had not opened a few of the accounts that I did along the way and I really want to close them but I have read that would be bad since I just opened them a few months ago.

Re: At What Point Do You Say "I'm Satisfied"?

Anonymous — Mon, 10 Dec 2012 19:14:19 GMT

The finish line is different for everyone.

I'm proud to say my 7 year journey finally came to a close this past October with the drop off my last baddie from 2005. That was a bad year that included an 8mo stint of unemployment that led to 5 figures of CC debt. It took YEARS to pay it all back, but I did. All the subprime cards have since been closed out and replaced with only the prime cards that benefit me most. I use credit sparingly now. Being in huge debt in your 20's is the worst feeling in the world. I've learned my lesson. When that last baddie finally aged off my score finally pushed through 800, and I intend to keep it that way!!

Re: At What Point Do You Say "I'm Satisfied"?

thom02099 — Mon, 10 Dec 2012 19:22:58 GMT

Thanks to all for the responses thus far!

I do understand and agree that "satisfied" is a very subjective and personal situation, hence the question. I wanted to see how others gauge what they consider "satisfied" at this point (whatever that might be) in their credit careers.

Still of particular interest to me are those of you out there who have gone into retirement or nearing retirement. How satisfied are you as to where you are, and what, if anything would you do differently?

As one who is nearing retirement, I know that my strategies will necessarily change somewhat, but the FUNDAMENTALS of credit management don't change.