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MyFICO forum trends

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Anonymous
Not applicable

MyFICO forum trends

After being a lurker for awhile before I actually started to post I've noticed a lot trends on MyFICO. Whether it's members chasing specific credit cards and everyone jumping on that train, people chasing higher limits, members collecting 10+ cards and sock drawing them to now a lot of members "cutting or trimming the fat." With all these trends I am wondering if it will soon lead to less exaggerated credit lines. For example people always chasing credit line increases that or available credit pushing the 6 figures. Do you guys think this will slow down and eventual trimming the fat will also lead to credit lines that aren't so crazy high? Especially since majority of users will never use that much credit or float that much in balances?
32 REPLIES 32
Anonymous
Not applicable

Re: MyFICO forum trends

To clarify not judging, saying people are doing the wrong thing or should change their habits or change their hobby of collecting cards and CLI. Just food for thought...it's all in the individuals right to do and spend how they please
Message 2 of 33
kdm31091
Super Contributor

Re: MyFICO forum trends

I think there's a pretty frequent cycle when someone first "discovers" the credit card world. You apply for a bunch of cards....one for dining, one for gas, one for this, one for that. You end up with a ton of cards. You later realize some of them are redundant with your spend level, so you cull down to the ones that are useful for everyday spending. I think people often find themselves overwhelmed with the number of cards they end up with, especially when they previously may have had 1-2 cards.

 

Chasing CLIs has never been a huge thing for me, because there's diminshing returns. If your utilization is low, it's low. You don't need a ridiculous amount of padding. YMMV with spend and income though. If you go for excessive CLIs with a particular lender you can wind up having trouble getting approved for new products with them although you can often move limits around to compensate.

 

There's always been a "flavor of the month" card; Double Cash, Venture, Merrill+, Amazon, etc, etc. It's important for one to consider if the card is truly useful to them or if they are just following the excitement of the crowd.

Message 3 of 33
Anonymous
Not applicable

Re: MyFICO forum trends


@Anonymous wrote:
After being a lurker for awhile before I actually started to post I've noticed a lot trends on MyFICO. Whether it's members chasing specific credit cards and everyone jumping on that train, people chasing higher limits, members collecting 10+ cards and sock drawing them to now a lot of members "cutting or trimming the fat." With all these trends I am wondering if it will soon lead to less exaggerated credit lines. For example people always chasing credit line increases that or available credit pushing the 6 figures. Do you guys think this will slow down and eventual trimming the fat will also lead to credit lines that aren't so crazy high? Especially since majority of users will never use that much credit or float that much in balances?

Honestly? No...chasing isn't something that is new, and remember credit lines are subject to quite a few different reasons (income, scores, usage, etc). 

Message 4 of 33
Anonymous
Not applicable

Re: MyFICO forum trends

There's always been a "flavor of the month" card; Double Cash, Venture, Merrill+, Amazon, etc, etc. It's important for one to consider if the card is truly useful to them or if they are just following the excitement of the crowd.

 

 

Yup... I remember when the Marvel card came out... that was you would read about here on MF. Now I haven't seen a post about this card in months.

Message 5 of 33
Anonymous
Not applicable

Re: MyFICO forum trends

That is a good observation but at the same time there might be a week or two where a lot of people with successful credit profiles are posting and you won't see as many flavor of the month posts, as chances are most of them are for rebuilders and less than excellent credit… or at least the cards approve people with some dings here and there. it is exciting to finally get a yes when you had no's

The people with excellent credit know they have excellent credit and usually already know what works for them and don't have to get into the Common Man synchrony and capitalone offerings.
Message 6 of 33
Anonymous
Not applicable

Re: MyFICO forum trends

SMC I didn't mean as it's something brand new and mind blowing. New in terms of there are a lot more post about Amex 3x CLI, posts about crazy discover CLI and data points on it. Just wonder if the trend in maybe six months will be to forgo a CLI from let's say 18k to 30k because most people won't extend themselves that much nor use if.

Yes, marvel card is just one of the many CSP, CSR, various Amex cards and so on. But beginning of this year a lot of members were talking about cutting back the number of cards and some were even talking about spreading it out over time.
Message 7 of 33
Anonymous
Not applicable

Re: MyFICO forum trends

Fordguy don't get me wrong I do it as well. Share my ups and downs with it. This is by no means judgement of anyone. I personal have shared denials, approvals, cli, and I have skipped specific cards because they don't fit my needs nor does my credit profile support them
Message 8 of 33
Anonymous
Not applicable

Re: MyFICO forum trends

I'm not ashamed to be in the middle of half the trends on here. If my share keepssomeone from applying they don't need or wiil be near obvious denial, or encourages someone to close a few cards and get a better one good that's great.
I just posted a disappointing PenFed outcome where bankruptcy people with lower scores are getting in and I got denied for a charge off and inquiries. THe consensus was to apply when your INQ 6 months old but their documentation is zapping me for 12 months so I share it. The PenFed "trend" is $10,000 limits with 660 credit scores so hell yeah I want one because I want to close more cards, and Refi an auto loan
Message 9 of 33
Anonymous
Not applicable

Re: MyFICO forum trends

I noticed the trend of trimming the fat as well. People are making good arguments in terms of cutting cards and people are believing in it. I don't see a problem there..
Message 10 of 33
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