Hello Peeps,
For this month, we are going to have a continuation of June's AMA with user @CreditAddict and he will be taking questions about his 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 it 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. As you know, @CreditAddict has been on the board for a long time with over 25,000 posts and does make some interesting decisions. So it will be nice to get an insight into his thought process.
DONT'S: Please, no snarky comments. Lets respect the user and let's get started..
Incase you missed part one, here it is for reference - http://ficoforums.myfico.com/t5/Credit-Cards/June-Credit-AMA-Ask-Me-Anything-live-with-user-CreditAd...
Evening Everyone!
@Creditaddict wrote:Evening Everyone!
Hey you,
Good evening!! Thanks for your commitment on doing part two.
Checking in and good evening
Thank you for coming back, CA! We appreciate you being here!
May I ask, if you had two pieces of advice for people new to credit, and two pieces of advice for those of us who are a bit more seasoned, what would those be?
@Anonymous wrote:Thank you for coming back, CA! We appreciate you being here!
May I ask, if you had two pieces of advice for people new to credit, and two pieces of advice for those of us who are a bit more seasoned, what would those be?
New to credit I think I touched on a bit in the last one but maybe it leaned a little more on what to do with advice and stuff on MyFico:
1. Know what your goal is when you are starting to build credit...
Are you going to be a big user of credit, like daily card and pay cash
Are you looking to buy a car in the next 6-12 months
Are you looking to buy a house in the next 1-2 years.
Know where you spend your money so you know what card will be best but if your only goal is to make sure you have a credit score and report so you can do the big things in life than that changes what you need to go after when building credit... nice and slow and 1-2 accounts is all you need to get that going.
2. Don't overcomplicate utilization and payments and all the stuff we talk a lot about on here... Just do your best to pay your bill in full each month when it arrives and if you are not able to pay in full or are taking advantage of a 0% or something for a major purchase, create a plan on what the monthly payments will be to get it paid off sooner than you need to and make sure you change your other spending to account for this new debt payment.
Seasoned:
1. I think even seasoned we can get to caught up in the utilization and inquiries and all that stuff and most of those things are really not a big deal unless you are about to apply for something big... so just pay your statements in full and worry about multiple payments and 1-9% utilization 2 months before a major planned purchase.
2. Don't get so caught up in having an 800 fico score that you keep using a card that doesn't give you the best rewards anymore because you don't want to open a new account or you pay interest because you don't want to open a new account and "damage" your perfect score... Credit is only as good as you make it work for you!
@Anonymous wrote:So my question for you that I didn't get to ask is, most often you always post about your partner's cards. How many cards do you individually own?
The list I posted in Part One shows my cards and the few that I'm AU on but with opening all our businesses we removed each other from almost all our cards accept for our daily use cards because neither of us needs the extra util. or age of accounts hitting us for the banks that still count all of that stuff!
I believe the number is in the 80's currently 
Welcome creditaddict, I missed the first part, but I am happy that you had a chance to come back to chat with us tonight.
I have read most of your post and of couse the Navy thread 
You became a legend here.
I know you became an expert in credit card with the wonderful collection that you have now. Here is the question for you. If you have to pick only one card, which one will be and why ?