@Open123 wrote:
@haulingthescoreup wrote:The difference is between those who understand the implications of frequent apps and accept them, because they see some perceived benefit in the card, and they suck up the negative impacts on their credit profile, vs those who mindlessly app for anything at all, knowing that it damages their credit profiles AND knowing that there's a good chance that they'll be declined AND knowing that if they're approved, there's a good chance that it will be a crap CL and APR.
There's calculated risk, and then there's blind, mindless apping.
I would think that most who read these forums will have a pretty good idea on where they stand and how these apps can affect their credit.
Sure, I agree the indvidual needs to determine whether certain benefits derived from receving a card merits the risk and price paid.
One of the dreary things that I do here is to point out that there are differences in apping mentality. This is especially for those who happen across the forums and think that we're all insane, coked-up credit app'ers. 
Pretty much all of our members fall into one of these categories:
- They know what their credit profiles look like, and they know what they want, because they've researched the heck out of the various offerings, and they know what they're eligible for, and they go for the cards for which they're most likely to be approved.
- They know what their credit profiles look like, and they know what they want, because they've researched the heck out of the various offerings, and they realize that they're probably not yet in the ideal demographic for approval, but they gamble and go for it anyway, figuring that the benefits of approval outweigh the negative consequences of denial, and they figure that there's a halfway-decent chance that they'll be approved (and sometimes/ often they are.) They figure that in the long run, any negatives consequences are outweighed by long-term benefits. Nothing wrong with that, as long as they don't come back, posting all surprised, because they're temporarily in the Credit Dog House.
- They know what their credit profiles look like, and they know (or at least they've read posts from others who say) that they're NOT very attractive to lenders as they now stand, and that they need to do this, that, and the other to become attractive to lenders, but they've read threads about the latest card that's hot, and even though they haven't thought through how this card might work for their own unique situations, they've decided that they want it NOW, and they app for it. No one else reading on the forums can figure out why on earth they've app'ed, but hey, there it its. Then they're either declined, or they get some crappy limit APR/ combo, and they say that they've learned their lessons, but three days later, they're apping again. <-- These are the folks that scare me, not for my sake but for theirs.
- They have no clue whatsoever how they appear in the eyes of lenders, because they haven't bothered to read the basic threads like Son of Credit 101, but they read threads here, and a card gets hot, and they think it would be cool to have it, and they apply, and they're frequently amazed and offended that they're denied. These are the folks who don't know or refuse to realize that there's actually some logic behind all this, and they figure that someone else who claims to have a 590 score said that they were approved, so heck yeah, they ought to be approved too. They either stick around and learn what's what, or they drift off and we never hear from them again.
The forums are here to help people learn how to optimize their usage of credit, and how to optimize how their credit profiles appear to current and potential lenders. We can educate, and even occasionally do some constuctive yelling (= tough love), but in the end, people are going to do what they're going to do.
eta: cna't splel
@haulingthescoreup wrote:
Pretty much all of our members fall into one of these categories:
- They know what their credit profiles look like, and they know what they want, because they've researched the heck out of the various offerings, and they know what they're eligible for, and they go for the cards for which they're most likely to be approved.
I'm kind of surprised that I actually now fall into this category and am so glad that people point out the right way to manage our credit. I was totally clueless when I came here. I only found this forum because I was mad that one of my CC companies raised my APR to 29.99% and my insurance agent told me my rates were high due to my bad credit. Even when I pulled my credit reports I still didn't understand why my credit was so poor. Fortunately I ended up here and got a reality check that late pays, collections (that I wasn't even aware of) and maxing out CCs are not appealing to lenders or others who make decisions based on our credit.
I'm not a good long term planner and didn't think I would stick with it because the task of cleaning up my credit seemed so daunting. I am still here thanks to people that have shown tough love and shared their experiences of navigating the credit world. I am only applying for cards that serve a purpose. I understand my current credit profile and because of that I take many notes on CCs that I want down the road. I want decent CLs and APRs so I am waiting until I feel the time is right. It is not easy waiting. I'm not a patient person and at times get irritated because I feel creditors should understand how far I've come and that I am now responsible. That's a ridiculous thought process and I appreciate the people here who point that out. 
@BlueNightStar wrote:
@haulingthescoreup wrote:
Pretty much all of our members fall into one of these categories:
- They know what their credit profiles look like, and they know what they want, because they've researched the heck out of the various offerings, and they know what they're eligible for, and they go for the cards for which they're most likely to be approved.
I'm kind of surprised that I actually now fall into this category and am so glad that people point out the right way to manage our credit. I was totally clueless when I came here. I only found this forum because I was mad that one of my CC companies raised my APR to 29.99% and my insurance agent told me my rates were high due to my bad credit. Even when I pulled my credit reports I still didn't understand why my credit was so poor. Fortunately I ended up here and got a reality check that late pays, collections (that I wasn't even aware of) and maxing out CCs are not appealing to lenders or others who make decisions based on our credit.
I'm not a good long term planner and didn't think I would stick with it because the task of cleaning up my credit seemed so daunting. I am still here thanks to people that have shown tough love and shared their experiences of navigating the credit world. I am only applying for cards that serve a purpose. I understand my current credit profile and because of that I take many notes on CCs that I want down the road. I want decent CLs and APRs so I am waiting until I feel the time is right. It is not easy waiting. I'm not a patient person and at times get irritated because I feel creditors should understand how far I've come and that I am now responsible. That's a ridiculous thought process and I appreciate the people here who point that out.
WTG!!! Your on the right path!!!!!
@BlueNightStar wrote:
@haulingthescoreup wrote:
Pretty much all of our members fall into one of these categories:
- They know what their credit profiles look like, and they know what they want, because they've researched the heck out of the various offerings, and they know what they're eligible for, and they go for the cards for which they're most likely to be approved.
I'm kind of surprised that I actually now fall into this category and am so glad that people point out the right way to manage our credit. I was totally clueless when I came here. I only found this forum because I was mad that one of my CC companies raised my APR to 29.99% and my insurance agent told me my rates were high due to my bad credit. Even when I pulled my credit reports I still didn't understand why my credit was so poor. Fortunately I ended up here and got a reality check that late pays, collections (that I wasn't even aware of) and maxing out CCs are not appealing to lenders or others who make decisions based on our credit.
I'm not a good long term planner and didn't think I would stick with it because the task of cleaning up my credit seemed so daunting. I am still here thanks to people that have shown tough love and shared their experiences of navigating the credit world. I am only applying for cards that serve a purpose. I understand my current credit profile and because of that I take many notes on CCs that I want down the road. I want decent CLs and APRs so I am waiting until I feel the time is right. It is not easy waiting. I'm not a patient person and at times get irritated because I feel creditors should understand how far I've come and that I am now responsible. That's a ridiculous thought process and I appreciate the people here who point that out.
My experience says they will start to notice and when they do they will welcome you into "their fold". You have made excellent progress and will soon be at the point where you can be the choosy one instead of the creditors. When you get that level of choice, that's a powerful feeling. BTW, I don't believe that is a "ridiculous though process" just the need for acknowledgement of the work you have done. That is the reason for this board, people here will acknowledge your achievements much more quickly giving you that little boost to keep on track.
@Anonymous wrote:
@BlueNightStar wrote:
@haulingthescoreup wrote:
Pretty much all of our members fall into one of these categories:
- They know what their credit profiles look like, and they know what they want, because they've researched the heck out of the various offerings, and they know what they're eligible for, and they go for the cards for which they're most likely to be approved.
I'm kind of surprised that I actually now fall into this category and am so glad that people point out the right way to manage our credit. I was totally clueless when I came here. I only found this forum because I was mad that one of my CC companies raised my APR to 29.99% and my insurance agent told me my rates were high due to my bad credit. Even when I pulled my credit reports I still didn't understand why my credit was so poor. Fortunately I ended up here and got a reality check that late pays, collections (that I wasn't even aware of) and maxing out CCs are not appealing to lenders or others who make decisions based on our credit.
I'm not a good long term planner and didn't think I would stick with it because the task of cleaning up my credit seemed so daunting. I am still here thanks to people that have shown tough love and shared their experiences of navigating the credit world. I am only applying for cards that serve a purpose. I understand my current credit profile and because of that I take many notes on CCs that I want down the road. I want decent CLs and APRs so I am waiting until I feel the time is right. It is not easy waiting. I'm not a patient person and at times get irritated because I feel creditors should understand how far I've come and that I am now responsible. That's a ridiculous thought process and I appreciate the people here who point that out.
My experience says they will start to notice and when they do they will welcome you into "their fold". You have made excellent progress and will soon be at the point where you can be the choosy one instead of the creditors. When you get that level of choice, that's a powerful feeling. BTW, I don't believe that is a "ridiculous though process" just the need for acknowledgement of the work you have done. That is the reason for this board, people here will acknowledge your achievements much more quickly giving you that little boost to keep on track.
+1
@BlueNightStar wrote:
@Anonymous wrote:My experience says they will start to notice and when they do they will welcome you into "their fold". You have made excellent progress and will soon be at the point where you can be the choosy one instead of the creditors. When you get that level of choice, that's a powerful feeling. BTW, I don't believe that is a "ridiculous though process" just the need for acknowledgement of the work you have done. That is the reason for this board, people here will acknowledge your achievements much more quickly giving you that little boost to keep on track.
Thank you so much for the encouraging words. It really does make a difference. I so want to believe that this will pay off someday but it does get discouraging at times watching my scores only increase by 3 or 4 points when I'm making such large (for me) payments to get out of debt. The thought of them starting to notice at some point in time gives me hope. Thank you for taking the time to post.
It will pay off, however it is a slow process and meant to make you more responsible with your credit.