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Anyone else addicted to applying for new cards?

Jesuschild2712
New Member

Anyone else addicted to applying for new cards?

So i'm pretty sure I am not the only one, but I am always looking for new cards to apply for. I don't even need them it just gives me a thrill getting approved which I am aware all the inquiries are doing slight damage, but it will be ok haha. Sorry if this is a lame post i'm just new here and trying to get started. I have come to this forum multiples times for advice and I am super greatful, looking forward to getting more involved!

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Message 1 of 16
15 REPLIES 15
Fico82
Frequent Contributor

Re: Anyone else addicted to applying for new cards?

Yes ! 😄 i would be one as well.  Especially knowing that just a few years back i couldnt even get a candy bar on credit . Its definitely hard to pace my self but i think ive done pretty good . 

 

Welcome to the forums great place here indeed 🤘







Message 2 of 16
Traveler101
Frequent Contributor

Re: Anyone else addicted to applying for new cards?

There's nothing more thrilling than an approval. Especially when it 25k or over out the gate. It took me 2 years of car payments before I could even get in with cap1 for a 300.00 line my score and credit was so bad. I learned much here on this site and nourished and gardened. That 300.00 line was given 6.9 years ago. Today I sit at 184k across 8 cards. I got in with Barclay's 6.5 years ago. Haven't seen an increase in their card in 6 years. I will probably see if they still reallocate lines and move it into 1 card out of the 2 I hold with them. While I'm grateful they gave me a chance years ago, my credit has gotten way better, they have left me behind. So that slot, when it opens up will be for the next app. That's after some of my newest accounts age some. I had applied to USB, I think the app disappeared like the inquiry did. That's fine. Gives me time to contemplate wells fargo or chase beginning of next year. 

Message 3 of 16
RobertJ
Established Contributor

Re: Anyone else addicted to applying for new cards?

My name is Robert, and I'm an addict.

 

I swear, those SUBs forever tempt me.  It's been so hard for me to keep my card portfolio where it is.  




Message 4 of 16
Centurion_Dreamer
Established Member

Re: Anyone else addicted to applying for new cards?

Yes, it is difficult to keep the rules in mind not to apply every week for a new card.

Instead build up a good portfolio slowly and be clever.

As soon as I have the required rank I may show my portfolio in a signature.

My goal is the Amex Centurion (as my username is suggesting).

Active Cards:
Message 5 of 16
azdude480
Established Member

Re: Anyone else addicted to applying for new cards?

I have always been ... "a bit more into it" than the average person. I had no financial knowledge / role model of any kind growing up. I then totally blew my credit when I was 18 and got my first job and credit card, and it didn't recover until collections fell off in my mid-late 20s (unfortunately there wasn't much of a gap between collections falling off, getting some additional cards and credit for the first time, and going bankrupt due to a relentless series of tragedies--stacked on top of undeniable overspending). 

Anyways, I've tried to figure out why it was such a 'thing for' me. I think honestly, it is/was some kind of weird, twisted validation in my mind to put past financial failures behind me.

Additionally, I think it sort of coincides with my goal-oriented, always-progressing, engineer/IT type mind where I like to have a number of things that I can work on and "improve" over time. Along those same lines, I like trying to figure out systems and algorithms and sort of 'get in there' and formulate hypothesis about things, before actually testing them. I'm sure others are the same, and it makes me wonder how people really found out about Chase's 5/24 rule (for example). While I'm sure it doesn't take more than one underwriter or insider leaking or confirming the information, it's quite possible many 'rules/algorithms' we have come to know and trust (and rely on) were just people like we find all over this fun little forum.

It's a really interesting addiction, and a potentially destructive one if the personal discipline isn't at the same level as the 'appreciation for the approvals'. I think it's good to just ground yourself and remind yourself that credit approvals and credit scores aren't true depictions about someone and their credit worthiness or financial standing. They certainly are not in infallable indicator of overall financial success. (As much as I hate to invoke the guy, take Dave Ramsey and his non-existent-to-bad credit score, for example).

Credit cards (and the approvals needed to get them) are fun and exciting for some of us. But credit itself is a game that is stacked against the person who applies for the credit. Even people who claim they PIF and reap the rewards actually spend more (just google any number of studies on this topic) than they otherwise would (at least in the vast majority of cases) because of things like the psychological effect of swiping a card versus watching actual money leave your wallet. 

Lurker since 2012. Member since 2022.

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In the garden until September 2023.
Message 6 of 16
NoMoreE46
Community Leader
Valued Contributor

Re: Anyone else addicted to applying for new cards?


@RobertJ wrote:

My name is Robert, and I'm an addict.

 

I swear, those SUBs forever tempt me.  It's been so hard for me to keep my card portfolio where it is.  


ha ha ha

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Message 7 of 16
SDMarik
Established Contributor

Re: Anyone else addicted to applying for new cards?

There is certainly a thrill involved (for me at least) with a new approval. I think part of it for me is the fact that it has been about 6 years since I've been denied, that feeling of my "streak" potentially ending adds to the rush. I am starting to shift focus now, instead of accumulating more and more cards I am going to add one more (BofA) and then start trying to monster limits on them. 

  

Message 8 of 16
learningcredit54
Regular Contributor

Re: Anyone else addicted to applying for new cards?


@Fico82 wrote:

Yes ! 😄 i would be one as well.  Especially knowing that just a few years back i couldnt even get a candy bar on credit . Its definitely hard to pace my self but i think ive done pretty good . 

 

Welcome to the forums great place here indeed 🤘


Just last year I was unable to get that candy bar as well and this year I got my first taste of credit approvals after YEARS of rebuilding, failing, and then rebuilding again. I didn't understand the importance of credit profiles.

I got the trigger finger for apps earlier and am now in the garden for a bit. I am learning credit late (38 years old) but better now than never. Best part about it I can teach my kids so they don't make the same credit mistakes I made.

I browse the forum everyday reading up on cards and apps and whatnot so I too have the credit addiction.


Last Inquiry: 07/2022 (IN THE GARDEN)

2022 just got a decent profile back


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Message 9 of 16
_ptatohed
Frequent Contributor

Re: Anyone else addicted to applying for new cards?

For me, it was like this when I was young.  When I was 18+, how many credit cards can I amass?    Visa, MC, store, gas station, etc.  Today, in my mid 40s, I think unless this new card can give me something my existing cards don't, I am not interested.  Not as 'fun' but more 'practical'.  Smiley Happy    

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Message 10 of 16
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