topic Re: Credit Card Addiction in General Credit Topics

Credit Card Addiction

Anonymous — Mon, 23 Jul 2007 19:24:35 GMT

Hi All! Do you ever feel that you have an addiction to credit cards since you've started rebuilding your credit?

Since January I've gotten the following cards:

Kohls $1000

Chase Priority Club $5000

New York and Company $400

AMEX Gold Rewards

AMEX Starwoods $15,000

Macy's $600

UnionPlus MasterCard $3500 applied/approved today 7/23

My FICO's s of yesterday are:

TU 653

EQ 665

EX 688

I don't NEED any more credit I just want more. It's been sooooo long since I've been credit worthy that I just get giddy when I'm approved for another card.

Message Edited by sunkysd on 07-22-2007 11:38 PM

Message Edited by sunkysd on 07-23-2007 03:24 PM

Re: Credit Card Addiction

Anonymous — Mon, 23 Jul 2007 04:16:46 GMT

WTG!!

We just started applying for DH. We found out that his EX was in the mid 6's yesterday so today we applied with Home Depot and Target online.

Got the 2 week message from Target and he has to call Home Depot. I tried to look for cards that mainly pulled EX and the ones that people feel are easy to get with fico in the high 5's to mid 6's. I guess we will see. Maybe it's too early to apply. But he needs to diversify his credit profile a little bit. CCCU is helping but we thought a store card would too as up until last week he had never had a CC.

I can't imagine having so many cards but I'm sure it helps to have that large of a TL and low usage.

Re: Credit Card Addiction

Anonymous — Mon, 23 Jul 2007 04:19:17 GMT

sunkysd wrote:
Hi All! Do you ever feel that you have an addiction to credit cards since you've started rebuilding your credit?

Since January I've gotten the following cards:

Kohls $1000
Chase Priority Club $5000
New York and Company $400
AMEX Gold Rewards
AMEX Starwoods $15,000
Macy's $600

My FICO's s of yesterday are:
TU 653
EQ 665
EX 688

I don't NEED any more credit I just want more. It's been sooooo long since I've been credit worthy that I just get giddy when I'm approved for another card.

Message Edited by sunkysd on 07-22-2007 11:38 PM

Isn't this how we got here in the first place...

As Betty and Wilma say CHARGEIT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Re: Credit Card Addiction

Anonymous — Mon, 23 Jul 2007 04:20:29 GMT

Tmleverage wrote:

Isn't this how we got here in the first place...
As Betty and Wilma say CHARGEIT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Re: Credit Card Addiction

MidnightVoice — Mon, 23 Jul 2007 12:25:57 GMT

I have a store card, a gas card and 3 CCs.

CC1 - Credit Union, in sock drawer, pays myFICO every month to keep active

CC2 - Chase/United - always carried by self, wife and daughter, pays charitable contribution every month and is an Emergency Card and not used otherwise

CC3 - Caseys/Juniper - us for everything else, get free gas from it.

I will work on raising the CLs of #2 and #3 when they are 13 months old, and reudcing the APR, but don't need any more cards at all. When my Caseys is a year old I MIGHT get a Barnes and Nobles card (Juniper again) purely to use at B&N.

Re: Credit Card Addiction

Anonymous — Mon, 23 Jul 2007 13:16:20 GMT

The difference is this time I am 20 years older and definitely more responsible. I never realized the impact of bad credit when I was younger, therefore, I never took it seriously. My first home is on the Horizon and I'm not going to do anything to jeopardize that. I PIF every month. With the exception of my AMEX Starwoods all of my other balances are $0. AMEX Starwoods has a $3000 balance which will be paid off the end off August.

kims wrote:

Tmleverage wrote:

Isn't this how we got here in the first place...
As Betty and Wilma say CHARGEIT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Re: Credit Card Addiction

Anonymous — Mon, 23 Jul 2007 13:20:44 GMT

THANKS! If you have a Kohl's in your area have DH try to get their card. I was approved for them instantly at the store in January with a $500 CL. I just requested a CLI this weekend so now my CL is $1000 after 6 months.

kims wrote:
WTG!!

We just started applying for DH. We found out that his EX was in the mid 6's yesterday so today we applied with Home Depot and Target online.

Got the 2 week message from Target and he has to call Home Depot. I tried to look for cards that mainly pulled EX and the ones that people feel are easy to get with fico in the high 5's to mid 6's. I guess we will see. Maybe it's too early to apply. But he needs to diversify his credit profile a little bit. CCCU is helping but we thought a store card would too as up until last week he had never had a CC.

I can't imagine having so many cards but I'm sure it helps to have that large of a TL and low usage.

Re: Credit Card Addiction

Anonymous — Mon, 23 Jul 2007 14:34:04 GMT

Chase Amazon consumer 3K

Chase Amazon small biz 13,200(not reported on personal CR)

Captial One 2K cl $1943 high 8.9 apr

In September I'm trying for Discover More card

I talked to the rep and confirmed that with two cycle meathod of intrest the monthly payment is for the previous cycle and doesn't include the current month's charges, so that means that this month's PIF amount is last month's statement balance. Allowing you to float chrages over two stement cycles, the down side is that if you don't PIF your chrage for about 60 days intrest each statement. I'll do like I do like I've done with my Chase, I've autherized chase to automaticly take my statement balance out of My 5.05% saving on my due date every month

I've transfered my cap 1 balance to my small biz card with a 0 balance with a 6.99% life of balance no fee transfer offer, I 'll use my cap 1 card to buy stuff I pay off in 6 months

Discover will be my prefered card, My Amazon consumer for Amazon purchases, and a discover back up, cap 1 for short term loans <=6 months

Message Edited by rbbyrbsn on 07-23-2007 07:34 AM

Re: Credit Card Addiction

Anonymous — Mon, 23 Jul 2007 18:51:27 GMT

That's pretty much what I did. Each approval felt good. :-) Then it just became a fun game. Then I realized maybe I had too many, canceled them. Now I miss them and trying to replace them. I separate my credit cards in to categories to track spending. Medical, gas, food, fun, utilities, ect. Each bill is only for that category and I know exactly where my money is being spent.

Re: Credit Card Addiction

Anonymous — Mon, 23 Jul 2007 19:21:21 GMT

I like the fact that having the cards brings my utilization way down. I just today got a Union Plus with a $3500 limit. I think I'm done. I was approved for my mortgage 4 months ago. First time buyer; 3% down at 5.625% interest. The interest rate has gone up a little though. Now I'm just waiting to see what the market is going to be like once the ARM's reset. I'll probably start looking again around February.

ilovepizza wrote:
That's pretty much what I did. Each approval felt good. :-) Then it just became a fun game. Then I realized maybe I had too many, canceled them. Now I miss them and trying to replace them. I separate my credit cards in to categories to track spending. Medical, gas, food, fun, utilities, ect. Each bill is only for that category and I know exactly where my money is being spent.

Re: Credit Card Addiction

Anonymous — Mon, 23 Jul 2007 19:44:47 GMT

When applying for credit for like a mortgage or auto, does it not hurt you by having to much available credit?

I have heard that having to much available credit can hurt you since you have access to it and could go overboard. This may not be true, I've just heard it.

Message Edited by cbjn1103 on 07-23-2007 12:44 PM

Re: Credit Card Addiction

Anonymous — Tue, 24 Jul 2007 22:46:54 GMT

@Anonymous wrote:
When applying for credit for like a mortgage or auto, does it not hurt you by having to much available credit?
I have heard that having to much available credit can hurt you since you have access to it and could go overboard. This may not be true, I've just heard it.

Some mortgage lenders care, some don't. I think auto lenders rarely care. If you get locked in to a specific mortgage lender who is paranoid about your available credit, you can always close accounts at that time - there's no need to worry about it months or years before.

In reality, demanding that a customer close some of their accounts to reduce total CL is pointless. In many cases, customers could simply reopen those accounts immediately after the loan is approved and escrow closes. Or the customer could go on an application spree and open new accounts.

Re: Credit Card Addiction

Anonymous — Tue, 24 Jul 2007 23:40:10 GMT

sunkysd wrote:
I like the fact that having the cards brings my utilization way down. I just today got a Union Plus with a $3500 limit. I think I'm done. I was approved for my mortgage 4 months ago. First time buyer; 3% down at 5.625% interest. The interest rate has gone up a little though. Now I'm just waiting to see what the market is going to be like once the ARM's reset. I'll probably start looking again around February.

_________________________________________________________________________

EWWWW...watch those adjustable rate mortgages (ARMS). I am refinancing right now because when I originally got the ARM, it saved me about 200.00 a month. I've had it about 4 years now and my payment now is 200.00 more than before I got the ARM. So, in other words, my mortgage payment has gone up 400.00 per month within a matter of 4 years. My mother warned me this would happen, but at the time, I was really excited to save the 200.00 each month. She is doing my loan now.....and locking it in!!!! NO MORE adjustable crap for me, thank you very much!!!

Re: Credit Card Addiction

Anonymous — Wed, 25 Jul 2007 00:20:43 GMT

@Anonymous wrote:
Hi All! Do you ever feel that you have an addiction to credit cards since you've started rebuilding your credit?

I don't NEED any more credit I just want more. It's been sooooo long since I've been credit worthy that I just get giddy when I'm approved for another card.

Heh, I know exactly what you're talking about. Having decent credit is such a nice thing! Addiction? My approvals since January...

Limit Card
$8,000 AMEX Clear
$5,000 Discover Open Road
$5,000 Citi Platinum Select
$7,000 Chase Disney
$10,000 Bank of America MLB
$5,000 Royal Bank of Scotland
$4,000 AMEX Blue Cash
$5,000 HH FCU
$3,800 Citi DPR
$2,750 HSBC Platinum
$500 WAMU ESPN
$3,000 Hooters

$5,000 Home Depot
$5,600 Circuit City
$2,900 BestBuy
$2,500 Levitz
$750 Lowes

Doesn't include a 50K HELOC, 19K Auto Loan or Pending approval for a 7.5K CCCU Visa.

I am still rebuilding though and finished applying for now. Time to let these age...

Prior to this I had a $500 Orchard and 2 $500 Capital Ones.

Message Edited by db23 on 07-24-2007 08:20 PM

Re: Credit Card Addiction

Anonymous — Wed, 25 Jul 2007 01:21:54 GMT

sunkysd wrote:
Do you ever feel that you have an addiction to credit cards since you've started rebuilding your credit?
...
I don't NEED any more credit I just want more. It's been sooooo long since I've been credit worthy that I just get giddy when I'm approved for another card.

I do know the feeling, but there's a certain wisdom to it because credit has inertia.

Overcoming that inertia to stop your credit score from falling due to a late payment reporting and fee, overlimit fee, universal default, ratejacking, et al. can be darned difficult.

A low score can feel like it just sits there as you attempt to lift it skyward.

Once you get it moving, inertia can take hold and drive it higher. Company A gives you a chance with a $500 CL, Company B sees an even better score later and gives you a $2K CL. Company C decides they want a piece of you do they trump with a $3K CL. And so it goes. You want to break outta begging for credit and get into a position of being sought after.

The CCCs know that not everyone is going to be responsible with their CCs, and many are going to carry a balance. But they'll never find out who are the savers and who are the debtors until they issue some CCs. Even if you are a saver, perhaps they can entice you into becoming a debtor.

Re: Credit Card Addiction

Anonymous — Wed, 25 Jul 2007 03:02:33 GMT

@Anonymous wrote:
@Anonymous wrote:
Hi All! Do you ever feel that you have an addiction to credit cards since you've started rebuilding your credit?

I don't NEED any more credit I just want more. It's been sooooo long since I've been credit worthy that I just get giddy when I'm approved for another card.

Heh, I know exactly what you're talking about. Having decent credit is such a nice thing! Addiction? My approvals since January...

Limit Card
$8,000 AMEX Clear
$5,000 Discover Open Road
$5,000 Citi Platinum Select
$7,000 Chase Disney
$10,000 Bank of America MLB
$5,000 Royal Bank of Scotland
$4,000 AMEX Blue Cash
$5,000 HH FCU
$3,800 Citi DPR
$2,750 HSBC Platinum
$500 WAMU ESPN
$3,000 Hooters

$5,000 Home Depot
$5,600 Circuit City
$2,900 BestBuy
$2,500 Levitz
$750 Lowes

Doesn't include a 50K HELOC, 19K Auto Loan or Pending approval for a 7.5K CCCU Visa.

I am still rebuilding though and finished applying for now. Time to let these age...

Prior to this I had a $500 Orchard and 2 $500 Capital Ones.

Message Edited by db23 on 07-24-2007 08:20 PM

WHOA!!! Since January???!!!! You're making me look innocent... and I don't like being too innocent. hahahaha! I wonder what your scores were when you applied for these cards... if you don't mind sharing...

Re: Credit Card Addiction

Anonymous — Wed, 25 Jul 2007 03:36:34 GMT

Scores have gone down a bit since they started reporting, as was fully expected. At the time of the apps the scores were:
TU - 676
EX - 701
EQ - 692

All scores have gone down 15-20 points, which really isn't bad at all considering the number of new accounts that I've added. I fully expect the scores to be even better off than I was in another 6 months or so and then way better at the 1 year point when they stop reporting as new cards.

I've already bumped TU down from 18 Inqs at the highest point to 6 right now and they should be gone in another week or so at my current pace. EQ is at 7 Inqs right now and will probably take 2-3 months to get down to 0. EX - well that'll take 2 years to be at 0.

All in all I got denied 2 times, from PenFed and Citi. Citi basically yelled at me and said to stop applying, reason for denial was too many apps within a short time span.

I only need a PenFed and Navy FCU card to complete my *Collection*

Oh, looks like I left off the GEMB / JCPenny card - they only gave me a $200 CL so they didn't really deserve to make the list anyway.

I also left off 2 Juniper cards and a Target Red card as I canceled them pretty much right away because of useless CLs.

Re: Credit Card Addiction

Anonymous — Wed, 25 Jul 2007 13:13:03 GMT

Hi Flygirl. Believe me, I am not getting an ARM. I'm just curious to see if housing prices will be lower once the ARMS begin resetting. There will probably be very many in foreclosure and up for sale.

flygirl wrote:

sunkysd wrote:
I like the fact that having the cards brings my utilization way down. I just today got a Union Plus with a $3500 limit. I think I'm done. I was approved for my mortgage 4 months ago. First time buyer; 3% down at 5.625% interest. The interest rate has gone up a little though. Now I'm just waiting to see what the market is going to be like once the ARM's reset. I'll probably start looking again around February.

_________________________________________________________________________

EWWWW...watch those adjustable rate mortgages (ARMS). I am refinancing right now because when I originally got the ARM, it saved me about 200.00 a month. I've had it about 4 years now and my payment now is 200.00 more than before I got the ARM. So, in other words, my mortgage payment has gone up 400.00 per month within a matter of 4 years. My mother warned me this would happen, but at the time, I was really excited to save the 200.00 each month. She is doing my loan now.....and locking it in!!!! NO MORE adjustable crap for me, thank you very much!!!

Re: Credit Card Addiction

Anonymous — Wed, 25 Jul 2007 13:15:18 GMT

WOW! I'd be afraid to have THAT much credit. Scared I would accidentally miss a payment!

@Anonymous wrote:

@Anonymous wrote:
Hi All! Do you ever feel that you have an addiction to credit cards since you've started rebuilding your credit?

I don't NEED any more credit I just want more. It's been sooooo long since I've been credit worthy that I just get giddy when I'm approved for another card.

Heh, I know exactly what you're talking about. Having decent credit is such a nice thing! Addiction? My approvals since January...

Limit Card
$8,000 AMEX Clear
$5,000 Discover Open Road
$5,000 Citi Platinum Select
$7,000 Chase Disney
$10,000 Bank of America MLB
$5,000 Royal Bank of Scotland
$4,000 AMEX Blue Cash
$5,000 HH FCU
$3,800 Citi DPR
$2,750 HSBC Platinum
$500 WAMU ESPN
$3,000 Hooters

$5,000 Home Depot
$5,600 Circuit City
$2,900 BestBuy
$2,500 Levitz
$750 Lowes

Doesn't include a 50K HELOC, 19K Auto Loan or Pending approval for a 7.5K CCCU Visa.

I am still rebuilding though and finished applying for now. Time to let these age...

Prior to this I had a $500 Orchard and 2 $500 Capital Ones.

Message Edited by db23 on 07-24-2007 08:20 PM

Re: Credit Card Addiction

Anonymous — Wed, 25 Jul 2007 13:17:39 GMT

Thanks Noah_Bodie. That really is a great piece of advice.

Noah_Bodie wrote:

sunkysd wrote:
Do you ever feel that you have an addiction to credit cards since you've started rebuilding your credit?
...
I don't NEED any more credit I just want more. It's been sooooo long since I've been credit worthy that I just get giddy when I'm approved for another card.

I do know the feeling, but there's a certain wisdom to it because credit has inertia.

Overcoming that inertia to stop your credit score from falling due to a late payment reporting and fee, overlimit fee, universal default, ratejacking, et al. can be darned difficult.

A low score can feel like it just sits there as you attempt to lift it skyward.

Once you get it moving, inertia can take hold and drive it higher. Company A gives you a chance with a $500 CL, Company B sees an even better score later and gives you a $2K CL. Company C decides they want a piece of you do they trump with a $3K CL. And so it goes. You want to break outta begging for credit and get into a position of being sought after.

The CCCs know that not everyone is going to be responsible with their CCs, and many are going to carry a balance. But they'll never find out who are the savers and who are the debtors until they issue some CCs. Even if you are a saver, perhaps they can entice you into becoming a debtor.