May Credit AMA [Ask Me Anything] live with user @Baller4life

[Anonymous]

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@baller4life wrote:

Building my card portfolio has definitely had an impact on my finances and how I view them. I am more conscious now of saving for the future and building an emergency fund. I have worked too hard to allow anything to derail my success. So I wanted to build cash reserves and investments at the same time I built my credit. They go hand in hand. I would advice others not to fall into a false sense of security as you build your limits. Credit card limits does not equal wealth. It is not our money. It belongs to the banks.  And the same way they give it to you, they can take it away at any moment. You have to make sure you are financially secure independently of how much you have in available credit.

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This post right here may just deserve a sticky...LOL.  Congrats on your new role here baller....nice to learn a few new things about you. 

Side note -- I still sing Jim Jones' 'Ballin' whenever I read one of your threads   

[kdm31091]

How/why do the inquiries disappear and then later reappear? That's strange!

[baller4life]

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@Anonymous wrote:

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@baller4life wrote:

Building my card portfolio has definitely had an impact on my finances and how I view them. I am more conscious now of saving for the future and building an emergency fund. I have worked too hard to allow anything to derail my success. So I wanted to build cash reserves and investments at the same time I built my credit. They go hand in hand. I would advice others not to fall into a false sense of security as you build your limits. Credit card limits does not equal wealth. It is not our money. It belongs to the banks.  And the same way they give it to you, they can take it away at any moment. You have to make sure you are financially secure independently of how much you have in available credit.

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This post right here may just deserve a sticky...LOL.  Congrats on your new role here baller....nice to learn a few new things about you. 

Side note -- I still sing Jim Jones' 'Ballin' whenever I read one of your threads   

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Haha thank you Rattler! 

[Anonymous]

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@kdm31091 wrote:

How/why do the inquiries disappear and then later reappear? That's strange!

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Yeah I agree.. That seems to be happening of late here also.  I think it is a technical glitch or something..

[myjourney]

I now retire and hand off to Baller 

You go girl keep up the good work 

[Anonymous]

@Baller,

Did you know the difference between FICOs and FAKOs prior to joining the board?

[baller4life]

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@kdm31091 wrote:

How/why do the inquiries disappear and then later reappear? That's strange!

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It's a glitch at TU that they have been trying to fix for the past year or so. I was pulling my reports daily via USAA credit monitoring service. TU's database couldn't handle all the softs from the daily pulls. So, it would remove an inquiry to make room. They either upgraded their system or deleted all the softs which made those inquires that were removed return. Wasn't a big deal to no other creditor but BOA.

[baller4life]

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@myjourney wrote:

I now retire and hand off to Baller 

You go girl keep up the good work 

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haha you can NEVER retire MJ. The GC would go berserk without you!!!!

[Anonymous]

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@baller4life wrote:

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haha you can NEVER retire MJ. The GC would go berserk without you!!!!

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Fence would keep developing holes if that happened

[baller4life]

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@Anonymous wrote:

@Anonymous,

Did you know the difference between FICOs and FAKOs prior to joining the board?

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I sure did not. Had never even heard of FAKO till I joined MYfico.