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Which credit cards did you instantly regret opening?

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MichaelMyer
Valued Member

Re: Which credit cards did you instantly regret opening?

Credit One. 🤪
Message 21 of 41
BuckyB
New Contributor

Re: Which credit cards did you instantly regret opening?


@MichaelMyer wrote:
Credit One. 🤪

Say it ain't so!!

Message 22 of 41
Savage225
New Member

Re: Which credit cards did you instantly regret opening?

BILT because I can not read and thought a mortgage would count. They did give me a 30K SL so I may use it every now and then for utilization boost

Message 23 of 41
MitchDeerfield
Contributor

Re: Which credit cards did you instantly regret opening?

I regret opening a Home Depot credit card, absolutely worthless.  It came with a pathetic $25 sign up bonus.  Why I applied for it I have no idea.  I guess I just wanted to buy that wet-dry vac for a bargain price.   I haven't used it since I got it two years ago.  It gives zero cashback on HD purchases, but sometimes gives 12 or 18 months zero interest on larger purchase.

Message 24 of 41
Lou-natic
Established Contributor

Re: Which credit cards did you instantly regret opening?


@Savage225 wrote:

BILT because I can not read and thought a mortgage would count. They did give me a 30K SL so I may use it every now and then for utilization boost


If it worked for mortgage payments I'd be knocking down their door for one. Just got notice that my mortgage is going up almost another $100 per month because the homeowners insurance went up...again. I don't know how they expect to keep squeezing people for more money on homeowners insurance but it's getting out of hand.

 

 




3/4/23



Message 25 of 41
longtimelurker
Epic Contributor

Re: Which credit cards did you instantly regret opening?


@Lou-natic wrote:

@Savage225 wrote:

BILT because I can not read and thought a mortgage would count. They did give me a 30K SL so I may use it every now and then for utilization boost


If it worked for mortgage payments I'd be knocking down their door for one. Just got notice that my mortgage is going up almost another $100 per month because the homeowners insurance went up...again. I don't know how they expect to keep squeezing people for more money on homeowners insurance but it's getting out of hand.

 

 


Right, but it's pretty amazing it works for rent, so maybe one day....  

 

Also, are you allowed to select your own home insurer?  (I know in some states you are).  I just saved $600 by switching issuers

Message 26 of 41
Lou-natic
Established Contributor

Re: Which credit cards did you instantly regret opening?


@longtimelurker wrote:

@Lou-natic wrote:

@Savage225 wrote:

BILT because I can not read and thought a mortgage would count. They did give me a 30K SL so I may use it every now and then for utilization boost


If it worked for mortgage payments I'd be knocking down their door for one. Just got notice that my mortgage is going up almost another $100 per month because the homeowners insurance went up...again. I don't know how they expect to keep squeezing people for more money on homeowners insurance but it's getting out of hand.

 

 


Right, but it's pretty amazing it works for rent, so maybe one day....  

 

Also, are you allowed to select your own home insurer?  (I know in some states you are).  I just saved $600 by switching issuers


Yeah I need to shop for new coverage...I just hate dealing with insurance agents and keep putting it off...but with this latest increase I'm going to have to sooner rather than later.

 

To keep the thread on track, I opened a Cap1 QS card that I totally didn't need...I could have PC'd my Plat card to the QS (which I ended up doing anyway...) and saved myself the triple pull and been further ahead. Soon after I got my FNBO card and made both of those QS cards redundant. At least I got a welcome bonus out of the ordeal but opening that card literally the same night I started my mortgage application was just icing on the cake. Instant regret on that one.

 

(as a note I still got the lowest VA rate you could get at 2.375% so it worked out anyway but it was still a dumb move)




3/4/23



Message 27 of 41
Beefy1212
Established Contributor

Re: Which credit cards did you instantly regret opening?


@BuckyB wrote: I  Like with fancy watches, no one cares except you and gold-diggers, whom you want to avoid anyway.

My Travel bag always has 3 things I call it my dont mug me fit, worn out jeans, sketchy pair of Sketchers, and that oversized hoodie with the worn out cuffs and a mystery stain. I am firmly in the true wealth and success doesn't need to show it. All your attract is as you said people you dont want to. 



Message 28 of 41
Beefy1212
Established Contributor

Re: Which credit cards did you instantly regret opening?


@BuckyB wrote:

I have not one horrible credit card mistake but three and, even worse, they're recent.

 

NFCU nRewards:  I'd just opened my Navy Federal account and was chomping at the bit for one of their cards to further my "relationship" with them.  They denied me for everything but the nRewards so I put down a $500 security and opened it.  Then a week later I was approved for...

 

NFCU More Rewards:  My dumb self didn't know that Navy Federal does not combine rewards from its cards.  Nor did I know that one has to accumulate $50 in rewards to even get the rewards, so the <$50 1% rewards I got from the nRewards card are lost because at 1% I will never use it again.  A week after I was approved for the nRewards card I saw that I was pre-approved for this one, so I opened it.  $500 limit!  I already have a Savor One so this is pointless and the $50 minimum reward redemption means it will never be used.

 

Amex Cash Magnet Card: Admittedly I was drunk when I applied for this.  Even worse, I was in pop-up jail and still accepted the card!!!  $1000 limit.  Totally worthless because I already have a 2% cash back card.  The Cash Magnet card is Amex's worst card.  I will never use this card.  Lesson: don't drink and apply for credit.

 

Surely nobody can do worse than that.  I totally trashed my average age of accounts for: three new cards with a total $2000 limit, none of which I will ever use.


I pretty much didn't even finish the application before I regretted applying for the Abound gas card they are the most obnoxious credit union I have dealt with.



Message 29 of 41
CreditCuriosity
Moderator Emeritus

Re: Which credit cards did you instantly regret opening?


@Lou-natic wrote:

@Savage225 wrote:

BILT because I can not read and thought a mortgage would count. They did give me a 30K SL so I may use it every now and then for utilization boost


If it worked for mortgage payments I'd be knocking down their door for one. Just got notice that my mortgage is going up almost another $100 per month because the homeowners insurance went up...again. I don't know how they expect to keep squeezing people for more money on homeowners insurance but it's getting out of hand.

 

 


Edit maybe you do live in FL as i thought I read it was per year not a month so you just might.

 

My auto Policy was July 2022 = 130/mo -> Jan 2023 = 225/mo Dec increase -> 277/mo.  Perfect driving recrod and credit and same exact car as 2022 start.

 

Normal homeownsers insurance from 2022 to 2023 renewal = $1200/yr to 1700/yr no claims

 

Flood Iinsurance from 2022 to 2023 renewal = 1335/yr to 1800ish no claims

 

I know nothing to do with worthless CC just a rant to your reply.   With that said new laws put in place that should hopefully curb some of this and stop drawn out litigations etc as usually it is the lawyers that are the ppl benefiting from most of this.

 

 

Message 30 of 41
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