I can't stop applying for credit cards. Please help!!!

[Anonymous]

As soon as I turned 18 years old (Dec 2014), somebody told me about credit and how important it is for your financial life, but now I'm obsessed with it and can't control myself when applying for credit cards. I have had two secured cc for six months and my FICO socre is now 640, but it's going down and down because of the inquiries of new applications. Now I have a EXPRESSNEXT cc and a JOURNEY cc from Capital One for college students, also a new secured cc from Dicover, the thing is that my debt is increasing and I'm afraid of not being able to pay it back and mess up my credit completely. I don't know what to do, I just can't stop applying for new credit.

PLEASE HELP! ANYONE WITH THE SAME PROBLEM? I don't really think so because I'm obesessed with this. 

[Anonymous]

Applying for a lot of credit and running up debts you can't pay are two separate issues, and I'm not even sure having a lot of credit is a problem.

Inquiries lose their impact quickly and new accounts age, but you need a solid budget that allows you to pay off your balances over time. Even $100 per month is progress. Maybe try the personal finance subgroup so you can obsess over budgeting for a while instead of credit! Both are important to your financial future.

[TRC_WA]

Stop applying.

Seek professional help.

[Anonymous]

Welcome to MyFico.  Alot of education and research into the type of credit cards you have the urge to apply for can be curbed by reading on it and then realizing it won't help/ does not fit into your spending habits.  Often times, people have the urge to keep applying becasue they keep gettiing approved and once the denials roll in, they slow down.

In your case with such a young credit history, there has to be an underlying cause for wanting to apply.  Is it because you need to buy something?  Is it because you want something flashy?  Do you want the cards just to show off?  Why do you want to apply for all these cards?  Identify that and you will be able to have will power to say NO to CC APPS.

There is a garden thread on here (study group of people together not applying for credit and encouraging each other to lay off apps). Perhaps it is time to go there and introduce yourself and join the campaign? Up to you..

[Anonymous]

Thanks for the reply!

So far I've been able to pay off my debt because i dont charge what i cant pay back, but thats not the real problem, its that i cant stop applying for new credit, like when i go to the mall and the offer me a new cc in every store, I'm like an idiot "oh yeah sure" and there it goes another denial and another hard pull. And whenever im online i take a look to new credit cards and apply......... I seriously need to stop, but i dont know how. And the worst thing is that I'm ruining what takes a lot of time to build up. Its so frustrating

[kdm31091]

To be honest, yes the garden thread can help, but plenty of "future app talk" sneaks in there. Some people benefit from this site and others find it too much of a temptation. It seems you are the latter.

I do not want to scare you off but realistically, it's better to take a break from this site (temporary or permanent) and as TRC said honestly seek some help. Credit cards can be an addiction just like anything else. Some members here have realized this and laid off the site and/or apps. Some still are addicted unfortunately. You certainly aren't alone.

You can have a good credit score and history with only a few cards. You do not need to obtain 20 or 30 cards for that purpose. You will see people with that many on here, but it's a personal choice rather than something needed for good credit. Rewards mean nothing if you are still paying debts. You are thinking backwards. Budget before rewards. If you're spending more than you can afford, perhaps you are simply someone who cannot handle credit cards at the moment.

[Anonymous]

You're totally right! The reason why i keep applying is because i keep getting approved, but that's not helping me. and I know I dont need all these credit cards, but i think i like how they look in my wallet, lol this is embarrassing, but its the truth, I'm obsessed with this and I need help to stop!!!

[Anonymous]

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@kdm31091 wrote:

To be honest, yes the garden thread can help, but plenty of "future app talk" sneaks in there. Some people benefit from this site and others find it too much of a temptation. It seems you are the latter.

I do not want to scare you off but realistically, it's better to take a break from this site (temporary or permanent) and as TRC said honestly seek some help. Credit cards can be an addiction just like anything else. Some members here have realized this and laid off the site and/or apps. Some still are addicted unfortunately.

You can have a good credit score and history with only a few cards. You do not need to obtain 20 or 30 cards for that purpose. You will see people with that many on here, but it's a personal choice rather than something needed for good credit.

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I don't know if you notice but OP just joined the site.  Also, people are able to resist temptation where a group of people are with the same expectation and goal with a strong example as MyFico.  Not just in the garden thread but life in general.

So if OP just joined the site and needs help, asking OP to take a break from the site does not help.  Reading and properly educating oneself on credit may just do the opposite.

[Anonymous]

As Salt Water says, running up debt is very different from applying for credit.

I too have an apping problem, but I don't have the debt problem.  The debt problem is very serious and can really screw you for over a decade if you get to the point of chargeoffs and collections.

It's a good thing that your credit score is dropping as it will stop you from getting approvals.

In all seriousness, your road is familiar to alot of us who are rebuilding from bad credit.  We're just 10 years ahead of you and have already gone through the hardships of having bad credit for a decade of our lives.

Reign in the spending and stop apping.  You do NOT want to have bad credit at age 18.

Having bad credit REALLY sux...and it lingers around for years and years ... seemingly forever.

[TRC_WA]

When you set a goal staying away from credit card applications isn't all that difficult... for me anyway.

1 week till silver spade.