What is your absolute worst mistake with credit cards?

[Anonymous]

I have to  say my biggest mistake was sticking my head in the sand after a bad break up left me with savere credit damage. One thing that still haunts me to this day is not responding to a summons. Because I didn't respond the judgement is still there despite me paying cap one off 3 months later. The thing I did right, was pay things off so most eventually aged off my report over the last 6 years. But when you stick your head in the sand you don't build new lines of credit,  so my old good standing never late mortgage and car loans fell off along with the baddies. Because my head was in the sand I didn't know about Amex backdating  or even the fact that I could have applied for a new Amex card after a year of having my Optima Oasis.  I also didn't know about  the dangers of asking for items to be removed from old good tradelines( yes EQ removed my oldest tradeline because I complained that I was the one who closed it not the BofA.) Lastly when I finally pulled my head out of the sand, I didn't  know enough to research the first card I applied for and appd for a Care Credit that gave me a  limit that was of no use to me. If I had researched I would have known that I might have been able to recon the card. Luckily I found this place an my days of voluntary ignorance are over but as you can see, it's cost me in more then one way.

TLTR;Didn't respond to a Summons so Judgement filed against me,  Missed out on Amex back dating by 2 months, kept Optima Oasis card for 6 years, First card apped for in 6 years was a low limit  Care Credit that I didn't recon so it has never been used, accidently deleted oldest credit line while disputing something that really doesn't matter.

[Anonymous]

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@SOGGIE wrote:

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@NichelleN wrote:

One day I mistakenly thought I'd received a CapOne mailer until I looked closer. Those logos really are very similar.

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Yes they are. I so wished I would have handled business during a time when I wasn't so tired and stressed.

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I would rather have my credit one card than capital one that triple pulls people and encourages bad behavior/carrying multiple/duplicate cards. Yes their rewards are better and credit one is horrible for fees. But I bet if you looked at actual costs/savings one could probably build and use those 2 inquiries.  Dont get me wrong, if a person was able to grow with a journey card and stuck with that one card, thats fine.  Maybe I will be proved wrong in a year or two. If my limits arent able to surpass a certain amount maybe I will have wished I took the triple hit for a venture.

My worst mistake.... hmm probably being anti credit card most of my adult life. Thinking those with credit cards were foolish...living on the edge.... etc. Not realizing the amount of extra reward potential.... credit cards are TOTALLY my missing puzzle piece for being CHEAP!! 

Also my absolute worst mistake was not joining you guys sooner!

[SOGGIE]

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@Anonymous wrote:

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@SOGGIE wrote:

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@NichelleN wrote:

One day I mistakenly thought I'd received a CapOne mailer until I looked closer. Those logos really are very similar.

---

Yes they are. I so wished I would have handled business during a time when I wasn't so tired and stressed.

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I would rather have my credit one card than capital one that triple pulls people and encourages bad behavior/carrying multiple/duplicate cards. Yes their rewards are better and credit one is horrible for fees. But I bet if you looked at actual costs/savings one could probably build and use those 2 inquiries.  Dont get me wrong, if a person was able to grow with a journey card and stuck with that one card, thats fine.  Maybe I will be proved wrong in a year or two. If my limits arent able to surpass a certain amount maybe I will have wished I took the triple hit for a venture.

My worst mistake.... hmm probably being anti credit card most of my adult life. Thinking those with credit cards were foolish...living on the edge.... etc. Not realizing the amount of extra reward potential.... credit cards are TOTALLY my missing puzzle piece for being CHEAP!! 

Also my absolute worst mistake was not joining you guys sooner!

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In my case, because that was so long ago, the Cap One triple pulls would have expired by now. I agree that Credit One has horrible fees. Also, Credit One's cards do no not grow with the consumer in a way that is beneficial to the consumer. Hm! I wasn't aware that Cap One encourages bad behavior.

I know several folks who were anti-credit card most of their adult lives, and at some point when they became elderly, some life event required them to have a credit card. I love the MF forums too. Absolute best!

[NichelleN]

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@SOGGIE wrote:

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@Anonymous wrote:

---

@SOGGIE wrote:

---

@NichelleN wrote:

One day I mistakenly thought I'd received a CapOne mailer until I looked closer. Those logos really are very similar.

---

Yes they are. I so wished I would have handled business during a time when I wasn't so tired and stressed.

---

I would rather have my credit one card than capital one that triple pulls people and encourages bad behavior/carrying multiple/duplicate cards. Yes their rewards are better and credit one is horrible for fees. But I bet if you looked at actual costs/savings one could probably build and use those 2 inquiries.  Dont get me wrong, if a person was able to grow with a journey card and stuck with that one card, thats fine.  Maybe I will be proved wrong in a year or two. If my limits arent able to surpass a certain amount maybe I will have wished I took the triple hit for a venture.

My worst mistake.... hmm probably being anti credit card most of my adult life. Thinking those with credit cards were foolish...living on the edge.... etc. Not realizing the amount of extra reward potential.... credit cards are TOTALLY my missing puzzle piece for being CHEAP!! 

Also my absolute worst mistake was not joining you guys sooner!

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In my case, because that was so long ago, the Cap One triple pulls would have expired by now. I agree that Credit One has horrible fees. Also, Credit One's cards do no not grow with the consumer in a way that is beneficial to the consumer. Hm! I wasn't aware that Cap One encourages bad behavior.

I know several folks who were anti-credit card most of their adult lives, and at some point when they became elderly, some life event required them to have a credit card. I love the MF forums too. Absolute best!

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Obviously I can only speak for myself but Cap1 has been very good to me. I've never had a Credit One card as I was put off by the terms and fees in the offer. Of course I could do without the Cap1 triple pulls. But I got lucky and received only one triple pull when apping for 2 cards just minutes apart. For the long term, I definitely see more benefits with Cap1 versus Credit One.

SOGGIE - Thanks for starting this thread. And thanks to those sharing their stories. Hopefully it will prevent others from making the same mistakes we've made.

[SouthJamaica]

My biggest mistake was getting the Amex platinum card, which

1. does not report to credit reporting agencies

2. gives me no cash back

3. does not extend credit to me

4. gives me reward points I have no use for

5. gives me travel benefits I have no use for, and

6. charges me $450 a year for the most useless card in my wallet

[Anonymous]

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@SouthJamaica wrote:

My biggest mistake was getting the Amex platinum card, which

1. does not report to credit reporting agencies

2. gives me no cash back

3. does not extend credit to me

4. gives me reward points I have no use for

5. gives me travel benefits I have no use for, and

6. charges me $450 a year for the most useless card in my wallet

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Yeah... I kinda see your point there. I may be in your shoes as well in 11 months with my PRG.... I know I will sure enjoy it while I have it. Been using it for the bonus, and getting more points with dining than I do on my ED.

I will say that it is kind of scary to think they could just flat out decline your purchase for whatever reason. At least with an amex  credit card you can always know your true limit, and even see if you could be approved for one larger item that would have to be paid after statement cuts anyway.

I really don't see what the big deal is with the card... I know I would absolutely love a no AF version that gave 2-3 points on just dining. I love that it has to be PIF. I think it encourages good payment behavior too.

I could keep it at least 23 months. Technically the 195 could be written off from the 3x$100 in credits received in 24 months (is that right?).

I dunno...depends on how well MR points hold their value...time will tell. Sucks that deltas have went down though.

[Anonymous]

I can't say that I have any major mistakes with my credit cards. If I had to choose, it'd be opening my Cap One QS card. Even so, I got the $100 sign up bonus, 2 $30 uber credits, and about $15 in no hassle rewards. Can't call that a mistake at all.

[Anonymous]

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@SouthJamaica wrote:

My biggest mistake was getting the Amex platinum card, which

1. does not report to credit reporting agencies

2. gives me no cash back

3. does not extend credit to me

4. gives me reward points I have no use for

5. gives me travel benefits I have no use for, and

6. charges me $450 a year for the most useless card in my wallet

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So charge cards dont report  to the CRAs??