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3rd Credit AMA [Ask Me Anything] Live with User KDM 31091

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Anonymous
Not applicable

3rd Credit AMA [Ask Me Anything] Live with User KDM 31091

Hello people,

Today, we are going to have user @kdm31091 on and he will be taking questions about his credit decisions, why he join myFico, what he has learn, what he likes, what he doesn't like etc. Feel free to ask any questions especially thought provoking one's but be polite about it. The goal of the AMA is not to be judgemental but rather why we on the board arrive at certain decisions that some people think are insane.

The second goal is to use this as a learning process and also to help new people joining th board so that they don't make certain bad decisions. 


DONT'S: PLEASE NO SNARKY COMMENTS. Lets respect the user and let's get startedSmiley Happy....


I will get us started.. @KDM31091, can you tell us a little bit about yourself?

 

NOTE: These are the previous ones in case you missed it...

 

http://ficoforums.myfico.com/t5/Credit-Cards/1st-Credit-AMA-Ask-me-anything-live-with-user-DDemari/m...

 

http://ficoforums.myfico.com/t5/Credit-Cards/2nd-Credit-AMA-Ask-me-anything-live-with-user-Broke-Tri...

Message 1 of 80
79 REPLIES 79
kdm31091
Super Contributor

Re: 3rd Credit AMA [Ask Me Anything] Live with User KDM 31091

Hi everyone. Well, I'm 25 years old, and a manager in retail. Always had some interest in credit, but it's kicked into higher gear in the past few years. My mom is a credit analyst, so guess that is part of the interest.

 

As for credit, we all know I take a "less is more" approach with cards, lol.

Message 2 of 80
myjourney
Super Contributor

Re: 3rd Credit AMA [Ask Me Anything] Live with User KDM 31091

KDM welcome to the AMASmiley Wink

 

I have questions if you do mindSmiley Surprised

 

What are your views on a app spree even tho I think I know but it's good for others to read?

 

What are the most common mistake you see here and how have you educated others so it doesn't happen again? (I know its hard) LolSmiley Tongue

 

I witnessed your transformation from an aggressive to conservative credit approach what changed your views and why?

 

What mistakes did you make along your journey and what have you learned from them?

 

This is your moment to enlighten others what would you tell someone just starting out with either a baddie background or new all together with no credit profile?

 

Finally if you could change one forum perception or misconception what would it be?

 

Thanks for sharing your personal experience knowledge via AMA

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 3 of 80
Anonymous
Not applicable

Re: 3rd Credit AMA [Ask Me Anything] Live with User KDM 31091


@kdm31091 wrote:

Hi everyone. Well, I'm 25 years old, and a manager in retail. Always had some interest in credit, but it's kicked into higher gear in the past few years. My mom is a credit analyst, so guess that is part of the interest.

 

As for credit, we all know I take a "less is more" approach with cards, lol.


I would have never guessed you were 25! Smiley Surprised

Message 4 of 80
Broke_Triathlete
Valued Contributor

Re: 3rd Credit AMA [Ask Me Anything] Live with User KDM 31091


@kdm31091 wrote:

Hi everyone. Well, I'm 25 years old, and a manager in retail. Always had some interest in credit, but it's kicked into higher gear in the past few years. My mom is a credit analyst, so guess that is part of the interest.

 

As for credit, we all know I take a "less is more" approach with cards, lol.


What's up dude? You're going to have some fun for the next hour or so and really help people out. I came away from mine last time thinking I really did some good for people.

 

What was your biggest mistake that you made regarding credit? Also, was it an informed mistake or did you make the mistake uneducated about what you were trying to do?

Personal:

Business:


Message 5 of 80
Anonymous
Not applicable

Re: 3rd Credit AMA [Ask Me Anything] Live with User KDM 31091


@kdm31091 wrote:

Hi everyone. Well, I'm 25 years old, and a manager in retail. Always had some interest in credit, but it's kicked into higher gear in the past few years. My mom is a credit analyst, so guess that is part of the interest.

 

As for credit, we all know I take a "less is more" approach with cards, lol.


Hello KDM,

 

Thanks for being on to take questions.  So at what age did you get your first credit card?  Where you ever an AU on any of your mothers cards before getting your own?

Message 6 of 80
kdm31091
Super Contributor

Re: 3rd Credit AMA [Ask Me Anything] Live with User KDM 31091


@myjourney wrote:

KDM welcome to the AMASmiley Wink

 

I have questions if you do mindSmiley Surprised

 

What are your views on a app spree even tho I think I know but it's good for others to read?

 

What are the most common mistake you see here and how have you educated others so it doesn't happen again? (I know its hard) LolSmiley Tongue

 

I witnessed your transformation from an aggressive to conservative credit approach what changed your views and why?

 

What mistakes did you make along your journey and what have you learned from them?

 

This is your moment to enlighten others what would you tell someone just starting out with either a baddie background or new all together with no credit profile?

 

Finally if you could change one forum perception or misconception what would it be?

 

Thanks for sharing your personal experience knowledge via AMA


Ok - let's see here.

 

-I'm not a fan of app sprees, generally. It is rarely a good idea to have an influx of inquiries and new accounts hitting a report. Most analysts and/or computers don't like it (the computers that monitor for AA, etc). We've all seen people go too far and fall into trouble.

 

-Most common mistakes I see are impulsive applications. It's really important to run the numbers for what you actually spend every month vs what the new card will get you. 3% on something sounds great but honestly, what does that mean in dollars? People rack up a bunch of cards that they later end up SDing or closing because the benefit wasn't enough over their existing cards. Unless you are truly spending a ton of money every month, you aren't seeing huge differences. Along with impulse applications, I see some SCT/store card sprees, which I don't agree with. It has dwindled down somewhat lately.

 

-Along with the above point, in 2014/2014 I fell into the same pattern -- going for this card for 3% this, that card 5% on that, etc. Needing a spreadsheet to figure out my maximum return is just overkill for me when I spend maybe $1k-1500 a month on cards. This varies by individual, but I still believe most people would do better to stop diluting their returns so much.

 

-I have learned to tread more lightly with new accounts/inquiries because I've seen what it can do to people/profiles. I opened/closed many accounts in 2014/2015 and intend to stop this behavior.

 

If you are new/baddies/etc I think the best thing is to START SLOW. Do not be tempted into that Walmart CC that you will end up never using. Find a quality  secured card from BOA, Discover, whoever, and go from there. Most "real" issuers will grow with you over time as you prove yourself. There is no need to get a bunch of niche use, low limit cards.

Message 7 of 80
Anonymous
Not applicable

Re: 3rd Credit AMA [Ask Me Anything] Live with User KDM 31091


@Anonymous wrote:

@kdm31091 wrote:

Hi everyone. Well, I'm 25 years old, and a manager in retail. Always had some interest in credit, but it's kicked into higher gear in the past few years. My mom is a credit analyst, so guess that is part of the interest.

 

As for credit, we all know I take a "less is more" approach with cards, lol.


Hello KDM,

 

Thanks for being on to take questions.  So at what age did you get your first credit card?  Where you ever an AU on any of your mothers cards before getting your own?


That was going to be my first question....and I was curious as to what it was and the limit.

Message 8 of 80
kdm31091
Super Contributor

Re: 3rd Credit AMA [Ask Me Anything] Live with User KDM 31091

The only AU account I am on is my grandmother's Disney Visa (it's just the 1% one), purely for the occasional discount benefits. Almost never use the thing. It's not a particularly old account though, so doesn't help me out much in that regard. I'm a major Disney fan, so I like having access to the 10% off merchandise and whatnot.

Message 9 of 80
kdm31091
Super Contributor

Re: 3rd Credit AMA [Ask Me Anything] Live with User KDM 31091


@Anonymous wrote:

@Anonymous wrote:

@kdm31091 wrote:

Hi everyone. Well, I'm 25 years old, and a manager in retail. Always had some interest in credit, but it's kicked into higher gear in the past few years. My mom is a credit analyst, so guess that is part of the interest.

 

As for credit, we all know I take a "less is more" approach with cards, lol.


Hello KDM,

 

Thanks for being on to take questions.  So at what age did you get your first credit card?  Where you ever an AU on any of your mothers cards before getting your own?


That was going to be my first question....and I was curious as to what it was and the limit.


First card was I believe my Capital One secured/platinum/whatever it was called, back in 2009. Was something like a $200 limit. At the time also opened a student loan for cosmetology school (a career I got licensed for, but didn't end up pursuing permanently).

 

First "real" card was Discover in 2011, and built from there.

Message 10 of 80
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