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

[kdm31091]

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@Anonymous wrote:

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@kdm31091 wrote:

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@Anonymous wrote:

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@kdm31091 wrote:

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@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....

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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.

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For someone with no college degree, you are are learned about these things.  Do you think your staunch opinion on the way people apply for credit would ever changed?. As people age, their way of thinking also evolves with some becoming more relaxed with rules they set forth.

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I do think my opinion will probably relax somewhat over time. Having said that, I'm not sure about banks relaxing their opinions over time. If anything, it seems  things are tightening up, so I think people do really need to consider apps carefully as things like Chase 5/24, amex once in a lifetime, etc become realities. These things can be cyclical so perhaps issuers will loosen up again someday but for now I do think people need to be conservative.

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Got it.  As we only have 10 more minutes to go, here are the last few questions...

• What do you think about the myFICO forum in general.?
• What would you like to see done differently moving forward?  
• With so many threads, what would you say to newbies starting their credit journey as all these massive info. can be very confusing to them?
• Lastly, shoud the SCT be rid off?

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I think MF is a great resource. I do think occasionally the herd mentality can take place on here and people egg eachother on to app for things when they really shouldn't. We have to step back and realize that this isn't a game, and credit needs to be handled carefully. So instead of telling a user to apply just because we want to live vicariously and feel the thrill of approval, we need to consider whether we truly think it's a good time to app.

Going forward, I would just like to see a little relaxation of the "FSR" standard. That is not to say I think anyone should be allowed to attack or be rude. BUT, I think sometimes any mere disagreement or questioning of a user can lead to being called "non FSR". I don't think just because you think a poster shouldn't have applied for a card, you are necessarily being un-friendly. Sometimes people need to hear the truth, and it's not always in "support" of their initial plans. But there's little point in providing advice if all people can safely say is "yes" or "congrats", etc.

I think newbies should probably start off by avoiding approvals/applications and post their main question under CCs. Their story, their journey, whatever. Then they can get well rounded advice without reading about a bunch of cards/applications/approvals.

I would not mind seeing the SCT go away because I think it gives a false sense of security. No HP doesn't mean no damage. New accounts can be just as bad or worse as a HP!

[kdm31091]

I do find it frustrating when people make a big deal about "gardening for a year" and two weeks later we see them in approvals. I have been guilty of it in the past but I think if we are not going to be serious with gardening we can't go around saying "gardening til 2017!". You either are or you aren't. In that respect I think true gardening is really only 3+ months. Generally, things only update monthly, so gardening for one or two months tends to have little impact.

[Anonymous]

I finally made one of these! Thanks for doing it. And just popping in to also say glad to have you back, you were missed in your absence. (But I get ducking away from forums for many reasons.) 

Very good read. 

[Anonymous]

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@kdm31091 wrote:

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@Anonymous wrote:

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@kdm31091 wrote:

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@Anonymous wrote:

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@kdm31091 wrote:

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@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.

---

For someone with no college degree, you are are learned about these things.  Do you think your staunch opinion on the way people apply for credit would ever changed?. As people age, their way of thinking also evolves with some becoming more relaxed with rules they set forth.

---

I do think my opinion will probably relax somewhat over time. Having said that, I'm not sure about banks relaxing their opinions over time. If anything, it seems  things are tightening up, so I think people do really need to consider apps carefully as things like Chase 5/24, amex once in a lifetime, etc become realities. These things can be cyclical so perhaps issuers will loosen up again someday but for now I do think people need to be conservative.

---

Got it.  As we only have 10 more minutes to go, here are the last few questions...

• What do you think about the myFICO forum in general.?
• What would you like to see done differently moving forward?  
• With so many threads, what would you say to newbies starting their credit journey as all these massive info. can be very confusing to them?
• Lastly, shoud the SCT be rid off?

---

I think MF is a great resource. I do think occasionally the herd mentality can take place on here and people egg eachother on to app for things when they really shouldn't. We have to step back and realize that this isn't a game, and credit needs to be handled carefully. So instead of telling a user to apply just because we want to live vicariously and feel the thrill of approval, we need to consider whether we truly think it's a good time to app.

Going forward, I would just like to see a little relaxation of the "FSR" standard. That is not to say I think anyone should be allowed to attack or be rude. BUT, I think sometimes any mere disagreement or questioning of a user can lead to being called "non FSR". I don't think just because you think a poster shouldn't have applied for a card, you are necessarily being un-friendly. Sometimes people need to hear the truth, and it's not always in "support" of their initial plans. But there's little point in providing advice if all people can safely say is "yes" or "congrats", etc.

I think newbies should probably start off by avoiding approvals/applications and post their main question under CCs. Their story, their journey, whatever. Then they can get well rounded advice without reading about a bunch of cards/applications/approvals.

I would not mind seeing the SCT go away because I think it gives a false sense of security. No HP doesn't mean no damage. New accounts can be just as bad or worse as a HP!

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Good perspective and very candid thoughts.  We do appreciate it as we want to make this community inviting to everyone out there.  Thank you for taking the time to answer all these hectic questions.

Your answers have provided insight to why you make certain responses to post and we have gotten to know you a little bit better.  I am still in shocked about you doing hair but that will come to pass with time..

Thanks for partaking in this lovely AMA and have a good evening.  

[Anonymous]

lol you and that hair YIM!!! lol

[Anonymous]

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@Anonymous wrote:
lol you and that hair YIM!!! lol

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I know right.  I just.. I just.. I just can't believe it... He seems the complete opposite of someone who will be mingling and tangling with hair if you know what I mean..

[Anonymous]

That being said, the thread will be locked shortly.  Thank you to all those who participated.  It was a very insightful one with very good questions. I hope everyone has a good evening and hope to see you at the next one in May..

Cheers,

[Anonymous]

haha..I could never do the hair thing. A piece of hair on the ground gives me the heebeegeebees.

[Anonymous]

Thanks to KDM for answering all our questions!

Looking forward to next month's guest!

[gdale6]

Thank you to YIM, KDM and all others who participated in this presentation. If anyone is interested in being a guest please contact YIM or any active mod by PM. We hope to see you all at next months session.