Disappointed in Myfico Credit Card Forum

[GmbH]

@wollepopolle

I agree with you 101%

[Anonymous]

While I'm all for open discussion and being plain spoken I'm afraid I don't see the point of this thread merge than I see the point of other recent threads. The difference is that certain others were a lot more fun...heck I even got an autograph! This is a CC Forum. There are other boards on here regarding different topics.....if you don't want information on how to increase your chances for a CC approval or what your chances are and/or experiences from fellow forum members then don't come to this particular board. If you want information on how to manage your credit profile conservatively I'm sure there is another board where you can exchange information or strategies. JMO Where's the popcorn?

[SoulMaster]

Personally, I think the OP is looking at the wrong forum... this one is about "Credit Cards"... there is completely different forum called "Rebuilding your Credit".

"Credit Cards" have many different aspects, Acceptance, Denial, Gardening, App Dungeons, Recons, etc...  Some of that might relate to rebuilding, but CC's aren't necessarily about rebuilding. Rebuilding is about rebuilding.

Moreover, getting through a financial mess is all about levity.  If you're not looking on the bright side, it's going to be a slow and painful walk.  You'll see alot of threads "The Decision" for example, that have a TON of humor in them.   Yes, LS was looking to get a new card, and thought he was there (alot of us are in that situation), and there were a bunch of us in there supporting him and sharing his pain when he wasn't, but most of the support had laughs included.

Regardless, it doesn't matter.

-SM

[Anonymous]

Applying for prime credit cards or CLIs so your credit profile looks better doesn't seem that bad.  It's when the poster openly states that they plan on carrying a balance on a high apr reward credit card for the purpose of buying something they don't have the cash on hand to buy that the advice here gets horrible.

[CK_Charles_Lover]

I think someone got declined for the Suze Orman debit card and is taking it out on everyone else!

[p-]

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@Anonymous wrote:

This is my first and only post.

I just wanted to say that this forum has been of tremendous help to me in the past on rebuilding and picking the right credit cards. However, it's my belief that the quality of information has declined as of late and I can no longer trust the information being provided at this forum.

I've seen several post by individuals that claim they are in rebuilding mode, yet they consistently post on this forum that they are applying for prime credit cards, requesting CLI's, etc. These individuals get upset and/or disappointed when the request is denied. And other forum members chime in with their condolences. Instead, of point them to the hard fact that maybe they shouldn't have apped in the first place. Maybe they should garden for the next year or two and focus on removing their baddies off their credit report or whatever else needs to be improved.

This forum use to talk about only applying for credit when needed and being conservative with your credit habits!

The interesting thing is that these supposed "rebuilders" are also giving advise about prime cards and rebuilding to others! Can you really trust the advise of someone that seems to have bad credit habits? And why do these individuals seem to get a pass when it comes to bad credit habits?

Just wondering?

Someone had to say it!

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I don't care who you are, that's funny right there.

The great thing about this forum is anecdotal advice on tactics to improve your score and achieve certain goals.  Obviously you have benefited from the combined experience or you wouldn't be here.

If your goal is to recover from credit tragedy, or find ways to clean up your file so that you can buy a house or car, the advice here is perfect.  If your goal is to game the system until you have credit limits in excess of your annual income, there is advice here for that as well.  If that's not your goal, and you're smart enough to know better, then don't follow that advice.  For every post glorifying high credit limits and 25 card wallets, there are hundreds cautioning against the risks of credit, advising patience, and extolling the benefits of responsible, conservative use of credit.  

If you want examples, look at my own journey.  My middle score was below 550 when I started here.  Now, I am a homeowner with scores in the 700's.  I have gone from 9 monthly payments to 3, and soon will have only mortgage debt.  I've cleaned up my credit and become an expert on managing money thanks to what I've learned from other people's successes and mistakes on these boards.  I have only the credit cards I need or use, and never carry a balance.  I do ask for limit increases, especially on my lower limit cards, mainly because I want to keep my utilization percentage low.  I have goals for the cards I want - and plan to apply for an AMEX BCP as soon as I am qualified.  Not to compete with others in this forum, but because running my spending through a high payback card saves me money in the end.  If anything, reading all the sob stories on this forum helps remind me of the dangers of credit, and motivates me to pay down debt.  

As far as people who app too soon, so what?  Look at it this way - if you're 12 to 18 months away from a score that can meet your credit goals, like buying a house, then it is better to get the inquiries now.  They'll be gone by the time your score needs to be high, and adding accounts earlier helps your AAOA in the future.  Most of my cards were added when I was still in the 600's, and now that I am over 700 the inquiries are close to falling off.  and my BCP will be backdated, thanks to the Zync I got before my scores were really perfect.

What I'm saying is everyone's situation is different.  It's up to you to decide what your own personal goals are with regard to credit, and to decide which advice here is best suited to carry you toward those goals.   If you know it all now, and have nothing more to learn, then go in peace.  We wish you the best of luck.

[tcbofade]

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@p- wrote:

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   If you know it all now, and have nothing more to learn, then go in peace.  We wish you the best of luck.

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People who think that they know it all really annoy those of us who do...

...or something like that... 

[p-]

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@Anonymous wrote:

...I understand that some of the rebuilders saw their credit ruined through unpredictable events, bad luck, bad health. But there are also those who played high-risk games by over-extending themselves financially. It's not legal advise that's given here, obviously. However, I tend to be more impressed by those posters on here that give fairly conservative advise and that seem to have a long (and good) credit history.

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Right...  and you learn just as much watching the risk takers over extend themselves and crash and burn as you do from listening to the conservative advice.  It's perfect; you can see both paths play out and decide which one you want to take.  Time and time again, I've said that good credit scores are best achieved by responsible use of credit.  Show a history of borrowing less than what you can afford, paying on time, and keep your promises, and you will qualify for premium offers.  For a conservative credit user, all the rest is just noise.

And nobody gets a pass...  I can't count how many reponses I've seen with a "what were you thinking" tone or "of course you were denied, your report says you always pay late".  Believe me, the advice here dedfinitely still has value.

[p-]

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@tcbofade wrote:

People who think that they know it all really annoy those of us who do...

...or something like that... 

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Heh heh...  and knowing is half the battle.

[lithium78]

I probably fall into the category of "rebuilder going around giving advice."  I've been rebuilding for six years, but I've only been seriously educating myself for the past three years when I joined myFico.  I have graduated recently from rebuilding cards to prime cards and I've learned a lot over the time it's taken me to get this far.  Unfortunately, it's going to take at least another year for my scores to catch up with the knowledge I have now.  I don't think that makes me someone to ignore, because I have experience with making pretty much every mistake someone can make with credit cards and now I have the experience of what it takes to recover from those mistakes.  I'm sorry the OP seems to have an attitude problem, but there are lots of other thoughtful people on this forum who are willing to listen and give advice of their own.