What causes the "app itch"?

[Repo-ed]

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@Anonymous wrote:

For me, the biggest thing that causes it would be the incentives offered by the credit card companies.  If you are careful not to carry a balance, these are truly free.  Since I started down this credit card road I have flown for free many times, stayed in hotels for free, checked bags on planes for free, received free money, received gas 5% cheaper, received free gift cards, received airline club access for free, received free TU, EQ, EX scores monthly, etc.  All this was received because I was willing to take an enquiry hit.  I think I have come out ahead in all this, all thanks to those cards.

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It is entirely possible.

How many open accounts do you currently have, as a resulte of your tatics? (not that I think it was a bad tatic, just curious)

[Anonymous]

Right now 25.  Yes, I know, too many but the management of those has become a fun juggling act.

[Repo-ed]

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@Anonymous wrote:

Right now 25.  Yes, I know, too many but the management of those has become a fun juggling act.

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I think there is somebody around here with 30+ cards.  My grandparents had double that with no obvious adverse impact on their credit worthiness, clearly, or they wouldn't have been approved for the cards to begin with.  So long as you're managing the util% correctly, keep doing what you're doing and just be mindful of the INQ, is all I can say.

[LS2982]

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@Repo-ed wrote:

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@Anonymous wrote:

Right now 25.  Yes, I know, too many but the management of those has become a fun juggling act.

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I think there is somebody around here with 30+ cards.  My grandparents had double that with no obvious adverse impact on their credit worthiness, clearly, or they wouldn't have been approved for the cards to begin with.  So long as you're managing the util% correctly, keep doing what you're doing and just be mindful of the INQ, is all I can say.

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+1

I have 15 and I enjoy all of my accounts and use them wisely!

[jefftca925]

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@Anonymous wrote:

For me, the biggest thing that causes it would be the incentives offered by the credit card companies.  If you are careful not to carry a balance, these are truly free.  Since I started down this credit card road I have flown for free many times, stayed in hotels for free, checked bags on planes for free, received free money, received gas 5% cheaper, received free gift cards, received airline club access for free, received free TU, EQ, EX scores monthly, etc.  All this was received because I was willing to take an enquiry hit.  I think I have come out ahead in all this, all thanks to those cards.

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+ 1 million!!

I love the "FREE" stuff that come with these CC offers... that's where my "itching" starts.  Statement credits, Gift Cards, 0% financing, Airline miles...whatever...makes my trigger finger go CRAZY!!  I'm like Jayson with 25 or so CCs that I'm juggling and it's a PITA sometimes.  But not too bad when you can charge something really small, pay it off, and then SD it for a few months.  It is a bit of a thrill to see that "CONGRATULATIONS!! YOU'RE APPROVED!!" banner reading across the computer screen. 

[Anonymous]

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@Repo-ed wrote:

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@Anonymous wrote:

Right now 25.  Yes, I know, too many but the management of those has become a fun juggling act.

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I think there is somebody around here with 30+ cards.  My grandparents had double that with no obvious adverse impact on their credit worthiness, clearly, or they wouldn't have been approved for the cards to begin with.  So long as you're managing the util% correctly, keep doing what you're doing and just be mindful of the INQ, is all I can say.

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That person said he has 38. Incredible.

[Booner72]

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@android01 wrote:

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@Booner72 wrote:

It is an addiction like gambling.   And reading the forum about other's successes is a trigger.

I'm going to bet that a lot of us here have addictive tendencies (Alcohol, drugs, cigs, gambling, sex, etc). 

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You are absolutely right, and I'll add that many folks might not think to highly of themselves in the first place.  What's not to like about someone giving you a 15K credit line?  Somone thinks more of me than i do of myself perhaps?  That is VERY addictive.      

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Not sure if you think I'm trying to be judgmental - I'm doing the same things....It is exciting to see how much they will give you for sure.

I'm just saying that I think that the reason we get more credit than we needd, even though we all know "Only get credit when you need credit" and that new cc's hurt our scores, that the reason is it's a brain/chemical thing exactly like what happens when atttempting to acquire/get drugs, alcohol, smoking cigs, gambling, sex, food, etc

 This may be a less harmful addiction than others (Unless what you say is true, that doing this harms our self-worth).  After all, this forum has it's own 12 steps, it's own support groups for those trying not to app, etc.

ETA:  I've got the app itch myself today.  Going in person to Home Depot (now that I'm nearly collection free!) and applying for a card there.  We have Lowe's, zero balance, HD is closer.

[Open123]

For me, it's the great signup deals every issuer seems to be throwing at us.  All of these deals are perishable and will all be gone in a year or two.  In my view, we'll never see the kinds of deals offered now.  50k, 100k bonuses are extraordinary signup bonuses usually targetted for an issuer's very best customers, but now it's open to the general public.

Moreover, I've never subscribed to the "only apply for credit when you need it" addage.  If you followed this, you'll never get credit extended when you really need it.  I think of banks as the sort who all are willing to loan you an umbrella when it's sunny, and wants it back the moment it rains.  If you wait until it rains and want to borrow an umbrella then, good luck!  

You buy things when others are selling.  You sell things when others are buying.  You app when the rewards are high.  You borrow when issuer's want to lend.  It's very important to be pre-emptive when it comes to financing.  Waiting until you need it is a recipe that never works well, in my view.  Even if you can secure an umbrella, you're left with whatever terms are dictated to you since you have no leverage with which to negotiate.

[jefftca925]

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@Booner72 wrote:

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@android01 wrote:

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@Booner72 wrote:

It is an addiction like gambling.   And reading the forum about other's successes is a trigger.

I'm going to bet that a lot of us here have addictive tendencies (Alcohol, drugs, cigs, gambling, sex, etc). 

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You are absolutely right, and I'll add that many folks might not think to highly of themselves in the first place.  What's not to like about someone giving you a 15K credit line?  Somone thinks more of me than i do of myself perhaps?  That is VERY addictive.      

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Not sure if you think I'm trying to be judgmental - I'm doing the same things....It is exciting to see how much they will give you for sure.

I'm just saying that I think that the reason we get more credit than we needd, even though we all know "Only get credit when you need credit" and that new cc's hurt our scores, that the reason is it's a brain/chemical thing exactly like what happens when atttempting to acquire/get drugs, alcohol, smoking cigs, gambling, sex, food, etc

 This may be a less harmful addiction than others (Unless what you say is true, that doing this harms our self-worth).  After all, this forum has it's own 12 steps, it's own support groups for those trying not to app, etc.

ETA:  I've got the app itch myself today.  Going in person to Home Depot (now that I'm nearly collection free!) and applying for a card there.  We have Lowe's, zero balance, HD is closer.

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I love Home Depot.  Have bought a lot of stuff there for remodeling projects around the house.  But stay away from the "Cabinet Refacing" people!!  They sent a rep to my house and the price she quoted me was WAY EXPENSIVE!!  Also, if you do app for their CC and your limit is not what you want, make sure you call in to the credit dept to see about getting a higher CL.  I was approved for $1001 (???) when I app'd at the store and called them when I got home and after verifying my identity they raised it to 7k.  I don't have Lowes card 'cause they are a little more pricey than HD but have a great Garden dept.

[drkaje]

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@Booner72 wrote:

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@android01 wrote:

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@Booner72 wrote:

It is an addiction like gambling.   And reading the forum about other's successes is a trigger.

I'm going to bet that a lot of us here have addictive tendencies (Alcohol, drugs, cigs, gambling, sex, etc). 

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You are absolutely right, and I'll add that many folks might not think to highly of themselves in the first place.  What's not to like about someone giving you a 15K credit line?  Somone thinks more of me than i do of myself perhaps?  That is VERY addictive.      

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Not sure if you think I'm trying to be judgmental - I'm doing the same things....It is exciting to see how much they will give you for sure.

I'm just saying that I think that the reason we get more credit than we needd, even though we all know "Only get credit when you need credit" and that new cc's hurt our scores, that the reason is it's a brain/chemical thing exactly like what happens when atttempting to acquire/get drugs, alcohol, smoking cigs, gambling, sex, food, etc

 This may be a less harmful addiction than others (Unless what you say is true, that doing this harms our self-worth).  After all, this forum has it's own 12 steps, it's own support groups for those trying not to app, etc.

ETA:  I've got the app itch myself today.  Going in person to Home Depot (now that I'm nearly collection free!) and applying for a card there.  We have Lowe's, zero balance, HD is closer.

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I doubt it's any less harmful, especially considering some relate self worth to credit approvals.

I try pretty hard to not get all wrapped-up in that feeling of being approved, forgiven, finally made it, or whatever, and avoid making the same mistakes that lead to rebuilding.

I see a ton of threads where people clean up their credit and then immediately go way deeper into debt.