Disappointed in Myfico Credit Card Forum

[Anonymous]

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@Anonymous wrote:

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I would kind of disagree with the whole "only apply for credit if you NEED it" philosophy. I think it has some merit in that you shouldn't over-apply as that dings you and makes you less attractive for when you DO need it, however, if you only applied for what you NEED, you'd hardly ever apply. Let's face it, how many of us NEED credit cards? I bet less than half. I didn't have any until recently and I survived fine without them. If I took that advice literally I still wouldn't have any.

So, I think it's a good guideline but if you take everything you are told as absolute dogma rather than really thinking and doing what's right for you, that's a bad thing

I think this is a really important conversation. Thx for having it. Though I'm not the OP, I've had similar concerns.

When we left BK we saw rebuilding as a journey with an end point. Then we'd begin stage two, maintenance, which has no end.

We started rebuilding with set goals. We needed. We app'd. Over time we got. Weds we hit our final goal.

We're no longer rebuilding. (YES!)

We have positive revolving accts and installments. The cards we have are AF free, and they work for us w rewards and discounts. Our CLs aren't huge, but more than ample as we only use them to pay bills to reap those rewards and discounts. We have savings and good ins now too, and our cards will grow w us, so it's all we need.

Now we're shifting to the maintenance journey to keep that credit. After paying our loans off, we might need to add another 9 1/2 yrs down the road after PIF. We'll need to pay on time to keep our scores up and rates down and save ourselves money. We'll have to watch the market to make sure we still have the right cards for us that help us to save that money.

But you're right. We won't be app'ing much because we need to. We don't need to app because we have what we need.

It took a lot of credit counseling, therapy, and digging out of financial ruin for me to understand what true need is, versus want. Want vs true need is what got us in trouble. I suspect I'm not alone in this.

I thank this board for your help. It's been invaluable ( and I plan to come back and research and poke around if I need the help again). And certainly you see a wide variety of experiences and opinions. But there is a definite imbalance.

The problem is I can't stay in the credit rebuilding board for all the info I need. And I think maybe the forum  is not a healthy place for me, someone who has struggled, and is struggling emotionally, with financial responsibility to come on a regular basis and participate.

But that's me, and it's for my own good. I don't mean to criticize or insult, but to say I think the OP raises some good points and perhaps those who are regulars here might want to consider expanding on that as to this forum's purpose and mission. And again, ty. I couldn't have gotten here without the help.

[improvingmycredit]

+1

I don't need credit to live, but sure "need" it to get my mortgage loan.  Crazy!  If I went in with limited credit or no credit, I would get a flat out denial for my mortgage and probably told to go get some credit and come back and apply.

When I was first starting out, denial after denial for no credit history. 

[ChesterPDexter]

Some of us are reorganizing debt.  In  a nutshell, this is what happened to me:

I had investments that were basically destroyed in 2008-2009 in the stock market.

I panicked and backed up my investments by drawing cash from credit and also by relying on credit for living expenses (so I could indirectly prop up my investments with cash.)

I didn't default on, nor pay late on, one dime of that borrowed money.

I was punished by worsening rates due to high indebtedness and I punished myself by choosing to take on all that debt in the first place.

I grew more indebted due to the hiked APRs infllicted on me as I struggled to meet living expenses and while I kept all accounts paid perfectly.

Now I'm paying my debts down and enjoying lowered rates and an improved ability to repay my loans, and pay them off faster.

This forum has helped me arrange favorable credit terms so that I can achieve my goal of repaying all of my debt.

I didn't read the whole thread, but if there are judgments being made about people, anyone can feel free to judge me - but I didn't get into debt by buying a bunch of sofas and shoes and dinners out - on the contrary, I was only trying to protect the only money I had - and I've done a lousy job of it.  But I feel good about meeting all of my obligations.  I look forward to continuing to be rewarded for that, because it's about all the financial power I can muster right now.

[p-]

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@Anonymous wrote:

...I doubt very many of us, if any of us at all, actually need credit...

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Au contraire...  I have my largest limit credit card dedicated to my wife's work expenses.  They expect at the level of her position for her to be able to float expenses until reimbursement. 

And here's 12 more reasons to have a credit card.  Some of them may not be needs, but are at least smart:

http://ficoforums.myfico.com/t5/Credit-Cards/Why-do-you-have-a-credit-card-your-opinion/m-p/1153171#M322055

[Anonymous]

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@CS800 wrote:

....   This thread has passed its time... 

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I recomend that when using quote feature.   This style of editing out most and only leaving the relevant makes it much easier to read and understand what you are responiding to.

My respones.     No Way this thead has passed it's time.

[RyVision]

Let me sum this thread up for everyone from start to finish. It's fairly simple.

First, as for only applying for credit you actually "need"...  Ever heard the saying "they only loan money to those that don't need it" ... Though that should be enough, obviously it's not.  Get into a position where you NEED credit, then go apply, then get back here and tell us all how that went LOL.   Building and rebuilding credit is done for a reason, to have it WHEN you need it or to use it as you see fit (if you need a forum to hold your hand on how you build and use your credit, then it doesn't matter what is posted here or anywhere really).

The answer to the disappointed thread....  There is all types of info here. From good to bad, for those seeking to conservatively handle their credit, build it, rebuild it, to those just wondering how to grow it, sometimes too fast or too much (everyone should have heard about being stuck in toy card limit hell by now).  If someone can't seek out what they're looking for on MyFico, 1. they're lazy, 2. they should ask where to find it, and how to use search if need be, 3. they have some learning to do, understandable. 

If they can't sort out the information that pertains TO them, they need to figure out what they want out of the info in the first place. If you can't go into the library and know which section to start with for what you need, fiction, reality, science etc etc etc. Then you better leave the library or you'll only get confused.

Yes, the amount of info here can be confusing, sometimes even seeming far from what one might expect, but there is a bit about doing ones own research, as well as discerning what of that info you need and can use to fit your own goals.  If someone can not do that, they probably have no business having credit cards.

There is no such thing as too much information. The only problem with that is often times people want the cheat sheet, the easy path, the instruction book to their own personal goal.  Life nor credit work that way, if the answer to personal goals came in a book or a pill, we'd all be our own version of perfect, whatever we wanted to be or achieve.

For anyone complaining about the varied and vast postings of info here, if you don't agree with it, don't use it, find another "book" in the library and use that, there are hundreds to choose from. The first hint to doing that, is thinking for yourself, not condemning the library because it doesn't think for you. The many varied sections exist because not everyone wants the same thing.

[This message brought to you by the bit of wisdom, age and experience usually bring]

[Anonymous]

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@digitaldiva wrote:

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@tcbofade wrote:

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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... 

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LOL!  I had thought about this saying in a long time; until now!!

I believe the full saying is:

Those of you who think you know everything, are very annoying to those of us who do! 

Thanks for the laugh, p-!!

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Those who think they know but can not explain or defend their position are much more annoying.

[Anonymous]

I just really wanna say thanks to all of you who post your experiences here. You guys have helped me to know what's out there and worth having, and how to get it. I think you are doing a great thing with sharing and I hope you all keep up the good work. That's what I think, though I can't tell you exactly why I'm right I just know I am! Seriously guys, I appreciate your postings here.

[Walt_K]

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@Anonymous wrote:

I completely agree with the original poster. There has been an atmosphere of one-up-manship on here recently. A lot of people who keep pushing their credit possibilities to the utmost. While this is not unlawful  it has little to do with the conservative and slow approach to building credit. For some on here, it's all a game about how to get the biggest lines in no time. It's not about long-term strategies.

Frequent questions on here include:

"I've had my XY credit card for 2 months. When am I eligible for a line increase?"

"I've got only 2 baddies on my report. Why am I declined by bank X?"

"My application spree results: 8 out of 12 applications approved! When can I apply for new cards?"

"I make $40k a year. Why is my credit line with bank X only $10k?"

"I was declined for having too many inquiries. How can I recon? And, if approved during reconning, can I ask them for a CLI right away?"

"I've had my XYZ credit card for a year. Why does Amex reject me for too little credit history?"

Frequent answers/adivise by some "experts" include:

"Recon, recon, recon! If not approved, call ten times till they approve you!"

"Ask for twice your current limit!"

"Ask for as much as you can. They'll counter it."

"Don't care about inquiries. They don't matter."

"Get them all out of the way at once."

"You've got only X number of baddies on your report. You're in good shape."

I don't like the tone of entitlement that a lot of posters seem to exude. Maybe that's just my wrong perception. Most people on here are actually quite nice and helpful (from what I can tell from their online persona).In general, I'd like this forum to be a bit more conservative altogether.

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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I've said this.  They don't.  At least not nearly as much as you would think from reading posts here at times.  Inquiries are very small part of your score.  If you have a big purchase such as a car or a house in your near future, then you should be more concerned about inquiries.  There are other people that should be more attuned to inquiries.  People that are rebuilding that need to squeeze every point out of their score possible.  People that are new to credit whose scores might be more highly sensitive to new accounts showing up.  But you'll see people who come on here with 760+ scores afraid to apply for a couple new credit cards to take advantage of some bonuses.  So just as I've seen people go app crazy, I've also seen the standard mantra about avoiding too many inquiries be given to someone in circumstances where I'd consider it bad advice.

[quest208]

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@Anonymous wrote:

And just out of curiousity, what do you mean by they "get a pass"? As in, how? And who exactly are you to judge people you don't know anyway? You have NO, and I mean NO idea what cricumstances might have ruined their credit. Did they lose their job through no fault of their own and were unable despite their best efforts to get another job? Did they have unexpected huge medical bills they had no hope of paying? Or were they just careless and irresponsible? You have no way to know that, and you have no right to judge.

Someone had to say it.

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+10000

/thread

OP has not returned, no reason to even entertain this anymore.

but i bet OP will create a new username and continue to post and seek advice.