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

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kdm31091
Super Contributor

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


@_NERD wrote:
What's in your wallet?

I have the cashfoward, BOA wildlife cash rewards, discover, double cash, cash+, AU disney card...some of these are barely used or SD. Used to have more cards but have trimmed down somewhat.

Message 41 of 80
kdm31091
Super Contributor

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


@Anonymous wrote:

Are you considering a credit analyst position maybe with your mom? you are giving advise to a lot of members here like an analyst saying the do and the don't....


No college degree or I would think about it. Most positions require a degree these days!

 

I do try to give the most straightforward advice I can, and try to think like a credit analyst or issuer would. When we get caught up in the thrill of applying for things we can forget that it can be playing with fire.

Message 42 of 80
Sharingan
Established Contributor

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

Kdm, given the figures you've provided on your monthly spend, how exactly is the Cash Forward's high redemption requirement any better than what you were encountering with your Double Cash? You've mentioned that you don't like the reward structure on the Double Cash (you are paying your bill every month, right??), but... I presume not all of your monthly spend is uncategorized, so you must be waiting quite a bit of time before seeing a dime of your Cash Forward's rewards, no? Isn't the timeframe roughly the same for the two cards before you, specifically, would be able to cash out, possibly even slightly favoring the DC? The thought of a $50 threshold on a 1.5% card kinda irks me. 2%, I can deal with.



Message 43 of 80
_NERD
Established Contributor

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

I edited my question while you were replying. All those cards are stuffed in your wallet right now?

3B profile optimization in progress...
Message 44 of 80
Anonymous
Not applicable

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


@kdm31091 wrote:

@Anonymous wrote:

Are you considering a credit analyst position maybe with your mom? you are giving advise to a lot of members here like an analyst saying the do and the don't....


No college degree or I would think about it. Most positions require a degree these days!

 

I do try to give the most straightforward advice I can, and try to think like a credit analyst or issuer would. When we get caught up in the thrill of applying for things we can forget that it can be playing with fire.


That's true, but never too late to give the first step !

Message 45 of 80
Anonymous
Not applicable

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

Since you have been on the board for a while, what mistakes do you see newbies make that you wish they didn't make?  Thus, what makes you cringe?  I know you don't like app aprees, but what else don't you like?

Message 46 of 80
kdm31091
Super Contributor

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


@Sharingan wrote:

Kdm, given the figures you've provided on your monthly spend, how exactly is the Cash Forward's high redemption requirement any better than what you were encountering with your Double Cash? You've mentioned that you don't like the reward structure on the Double Cash (you are paying your bill every month, right??), but... I presume not all of your monthly spend is uncategorized, so you must be waiting quite a bit of time before seeing a dime of your Cash Forward's rewards, no? Isn't the timeframe roughly the same for the two cards before you, specifically, would be able to cash out, possibly even slightly favoring the DC? The thought of a $50 threshold on a 1.5% card kinda irks me. 2%, I can deal with.


You are correct -- the $50 cashout is a bummer. I got the signup bonus on the Cashforward, which was $100, and as of now I have about $118 in rewards. Excluding the bonus, I'd have awhile to go before I could collect the money. It does bug me, but I don't usually cash out that often anyway, as $18 doesn't feel like much of a reward. I prefer to save up for something "special" with the rewards vs just erasing $18 in everyday purchases. But, I do hate unnecessary restrictions. It's clear Barclay's wants to force people to use the card as  their main card and nothing else, hence the $50 requirement. They are transparent with rewards, and cut and dry, moreso than the Double Cash where tracking isn't as effecient. Quicksilver is probably the better card vs Cashforward for many people, but I just don't like dealing with Capital One. My opinions are unique though. Most people just want the highest return, so Double Cash it is.

Message 47 of 80
CreditCuriosity
Moderator Emeritus

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


@kdm31091 wrote:

@redpat wrote:

Did you ever think of going into business for yourself or the Banking industry i.e a commercial lender?

 

 


I've thought about many different options, but I haven't really thought about doing that. Interesting.


I believe you promised me quite a while ago if you remember this conversation you would at least never be an UW/Analyst.  Do you plan on keeping this promise? Smiley Happy

 

In all seriousness I dont really have any questions for you other than a statement.  You definitely have been out spoken on this forum whether it has been good or bad.  I do believe you have offered some good advise to people on the forum.  Although I don't see eye to eye with you among many things I think you are fairly well spoken about your views on credit whether people agree or don't on this forum

Message 48 of 80
kdm31091
Super Contributor

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


@Anonymous wrote:

Since you have been on the board for a while, what mistakes do you see newbies make that you wish they didn't make?  Thus, what makes you cringe?  I know you don't like app aprees, but what else don't you like?


It doesn't even have to be a spree per se, but I dislike when newbies are so impulsive and eager to apply for card after card. They achieve a fairly borderline approval on say, January 1, and by January 4 they make a thread asking whether they should apply for x, y, and z. January 6 they want another card. etc. You have to be patient in the credit world like with many other things in life. You will not get every card you want right  away, and racking up a bunch of denials does more harm than good. I understand approvals can be exciting -- been there -- but again, sit down and run the numbers. An extra 1% on something you spend $100 a month on is not going to change your life, but the inquiries remain for 2 years, so not something to do impulsively.

 

@Anonymous: I remember! I don't think most people would like me as an analyst. Of course, looking at my inquiries/new accounts/closed accounts, I'd probably take AA on my own cards lol Smiley Sad

Message 49 of 80
Anonymous
Not applicable

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


@CreditCuriousity wrote:

@kdm31091 wrote:

@redpat wrote:

Did you ever think of going into business for yourself or the Banking industry i.e a commercial lender?

 

 


I've thought about many different options, but I haven't really thought about doing that. Interesting.


I believe you promised me quite a while ago if you remember this conversation you would at least never be an UW/Analyst.  Do you plan on keeping this promise? Smiley Happy

 

In all seriousness I dont really have any questions for you other than a statement.  You definitely have been out spoken on this forum whether it has been good or bad.  I do believe you have offered some good advise to people on the forum.  Although I don't see eye to eye with you among many things I think you are fairly well spoken about your views on credit whether people agree or don't on this forum


Agreed. I think varying opinions are good hence the AMA. It affords us a chance to see shaped the opnions of users based on their posts and also discovers things we didn't know about them.

 

Imagine my shock when KDM said he did hairSmiley SurprisedSmiley Happy... Would never have guessed it.

Message 50 of 80
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