Starting to see Applying is Addicting!!!!

[Nova5041]

Ive just recently, starting applying for credit cards a few months ago, and I have to admit that at first I was afraid of denials, but with every approval it makes me more fearless towards applying for credit cards. Not to mention, its hard seeing an offer and not wanting to apply for it, or even seeing if you can get it. Lol, rather if its for bonus points, 0% intrerest or just adding another CL towards helping your util, I understand now how some of you guys have 20+ inqs and 15+ credit cards, and keep falling out of the garden. Would you guys agree with my outlook, or is it just me? LOL!

[dstew201]

I agree! . See my post about AMEX czars limit reached.

[12njoy]

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@Nova5041 wrote:

Ive just recently, starting applying for credit cards a few months ago, and I have to admit that at first I was afraid of denials, but with every approval it makes me more fearless towards applying for credit cards. Not to mention, its hard seeing an offer and not wanting to apply for it, or even seeing if you can get it. Lol, rather if its for bonus points, 0% intrerest or just adding another CL towards helping your util, I understand now how some of you guys have 20+ inqs and 15+ credit cards, and keep falling out of the garden. Would you guys agree with my outlook, or is it just me? LOL!

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+1

[SouthJamaica]

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@Nova5041 wrote:

Ive just recently, starting applying for credit cards a few months ago, and I have to admit that at first I was afraid of denials, but with every approval it makes me more fearless towards applying for credit cards. Not to mention, its hard seeing an offer and not wanting to apply for it, or even seeing if you can get it. Lol, rather if its for bonus points, 0% intrerest or just adding another CL towards helping your util, I understand now how some of you guys have 20+ inqs and 15+ credit cards, and keep falling out of the garden. Would you guys agree with my outlook, or is it just me? LOL!

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I agree that it's addicting.

But it's not good to give in to it.

[kdm31091]

It can be addicting but eventually you will plateau and start getting hit with low limits, high APRs, and denials. Chasing every penny in rewards by opening a bunch of cards gets to the point of not being worth it unless you are spending an exorbitant amount of money every month. Otherwise, keep it simple. Less is more IMO.

Credit card addiction can be just as bad as any other addiction. It's fine to consider it an interest/hobby to maximize rewards, but when you start apping for everything under the sun you know you've got problems.

[NRB525]

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@kdm31091 wrote:

It can be addicting but eventually you will plateau and start getting hit with low limits, high APRs, and denials. Chasing every penny in rewards by opening a bunch of cards gets to the point of not being worth it unless you are spending an exorbitant amount of money every month. Otherwise, keep it simple. Less is more IMO.

Credit card addiction can be just as bad as any other addiction. It's fine to consider it an interest/hobby to maximize rewards, but when you start apping for everything under the sun you know you've got problems.

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+1

OP, you are rebuilding from some sort of significant credit issues in the past. You have three cards with good rewards and annual fees. While you can get new cards, often with annual fees, and that may be a choice you make, at this stage, you need to start really looking closely at the cards you do have, and doing the detailed calculations on your spend to see whether you really will see any benefit from any other cards.

Given you have three travel cards, each with a different type of travel redemptions that don't really work well together, this analysis of how your travel cards will work with your spend is a critical step you should take time to do now. Chase UR points don't play with AMEX MR points, because the redemption partners are nearly all different. Many people find the Capital One Venture points easier to deal with.

Yes, the apping can be addictive, and each person has to make their own decisions, but it's best to formulate a long term plan that each app should align with.

[kdm31091]

^ Exactly.

So many people just app for cards without really doing the math to see if the benefit is even substantial.

For example: someone may have a Double Cash for daily spend. Then they have an AARP for dining at an extra 1%. A BCE for an extra 1% on groceries. etc.

Even if you spend literally a thousand dollars on dining and groceries on those other two cards, it's an extra $10 a month, but now it's spread across different reward programs! And in BCE's case, you cannot even redeem until $25.

The point is that sometimes it's not worth having so many cards and spreading the spend. Pick a program you like, whether it's points or a certain cash back system, and stick to it. Concentrate most of the spending there. Even if you are not getting the absolute highest percentage on every category, you will make up for it with simplicity and less hassle.

[Anonymous]

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@NRB525 wrote:

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@kdm31091 wrote:

It can be addicting but eventually you will plateau and start getting hit with low limits, high APRs, and denials. Chasing every penny in rewards by opening a bunch of cards gets to the point of not being worth it unless you are spending an exorbitant amount of money every month. Otherwise, keep it simple. Less is more IMO.

Credit card addiction can be just as bad as any other addiction. It's fine to consider it an interest/hobby to maximize rewards, but when you start apping for everything under the sun you know you've got problems.

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+1

OP, you are rebuilding from some sort of significant credit issues in the past. You have three cards with good rewards and annual fees. While you can get new cards, often with annual fees, and that may be a choice you make, at this stage, you need to start really looking closely at the cards you do have, and doing the detailed calculations on your spend to see whether you really will see any benefit from any other cards.

Given you have three travel cards, each with a different type of travel redemptions that don't really work well together, this analysis of how your travel cards will work with your spend is a critical step you should take time to do now. Chase UR points don't play with AMEX MR points, because the redemption partners are nearly all different. Many people find the Capital One Venture points easier to deal with.

Yes, the apping can be addictive, and each person has to make their own decisions, but it's best to formulate a long term plan that each app should align with.

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That is the key! Have a long term plan so that you choose cards that are most beneficial to you and you are not "chasing" rewards, etc...

[Anonymous]

In november 2014 i start with the cards apps but a error because in that time not understand the need of 700+ score to apply for some cards and waste alot HP , now i still feel addicting xd but im waiting for that score to have betters terms and sl. 

[Anonymous]

I Agree with Kdm3109 opinion1, i also think is a dangerous addiction, look this way, to make money on that rewards cards you have to spend a lots of it to be worth it, got be carefully how to deal with those rewards cards