June 2015 Garden Club/Cult

For just about anything you want to get off your chest about credit cards.
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Vermonster
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Re: June 2015 Garden Club/Cult

Postby Vermonster » Fri Jun 05, 2015 9:30 am

There seems to be a lingering debate on MF about how much is too much. I know it all varies based on the individual and their needs but I think we can all agree that going above 20 cards is getting into that dangerous territory.

For me, I like to have one points/rewards system, and the rest straight cash. I know I'm not "maximizing" rewards, but I'm also not spreading out my rewards. In 2 years I saved enough in URs to get 2 round trip tickets to Italy. If I has MRs too I would have only had enough for one ticket through each. That extra hassle isn't worth it to me for the potential extra money.

Right now I have 4 cards, and my recent Double Cash was an impulse that I regret a little. I can see myself getting 1 or 2 more cards in the next 5 years. Mostly as we look at houses that need work I can see a Lowes/HD card. Besides that I really don't need anything, and staying away from MF helps me not think about apping for random cards.
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kdm31091
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Re: June 2015 Garden Club/Cult

Postby kdm31091 » Fri Jun 05, 2015 9:34 am

Vermonster wrote:There seems to be a lingering debate on MF about how much is too much. I know it all varies based on the individual and their needs but I think we can all agree that going above 20 cards is getting into that dangerous territory.

For me, I like to have one points/rewards system, and the rest straight cash. I know I'm not "maximizing" rewards, but I'm also not spreading out my rewards. In 2 years I saved enough in URs to get 2 round trip tickets to Italy. If I has MRs too I would have only had enough for one ticket through each. That extra hassle isn't worth it to me for the potential extra money.

Right now I have 4 cards, and my recent Double Cash was an impulse that I regret a little. I can see myself getting 1 or 2 more cards in the next 5 years. Mostly as we look at houses that need work I can see a Lowes/HD card. Besides that I really don't need anything, and staying away from MF helps me not think about apping for random cards.


Yup, which is why some people being banned from there should take it as a blessing in disguise (if they were unable to refrain from being on there a lot otherwise).

To be honest, myfico has some good advice, but a lot of it is also "Sure, go ahead and app"...and encourages people's impulses. You rarely see "no, you shouldn't app for that". It's all about chasing the thrill and bonus. The advice is imbalanced, IMO. Staying away is a good option. I don't post there much anymore. All it really does is make you think you want/need cards that you really don't, unless you just avoid the credit cards section and post in the other areas.

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obxfisherman
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Re: June 2015 Garden Club/Cult

Postby obxfisherman » Fri Jun 05, 2015 9:39 am

Vermonster wrote:There seems to be a lingering debate on MF about how much is too much. I know it all varies based on the individual and their needs but I think we can all agree that going above 20 cards is getting into that dangerous territory..


I would agree with you there. When you don't factor in closed cards I think I have like 18..if you factor those in it's like 22. so I"m on the edge, but again i'm in consolidation mode now which is good. I love the forum here, I feel it provides insightful information and the people are nice and friendly. MF on the other hand seems way more obsessed with all things credit, and needless to say I don't have an account here. The community here feels very tight knit which I like, and we all provide valuable insight for one another :)
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kdm31091
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Re: June 2015 Garden Club/Cult

Postby kdm31091 » Fri Jun 05, 2015 9:43 am

obxfisherman wrote:
Vermonster wrote:There seems to be a lingering debate on MF about how much is too much. I know it all varies based on the individual and their needs but I think we can all agree that going above 20 cards is getting into that dangerous territory..


I would agree with you there. When you don't factor in closed cards I think I have like 18..if you factor those in it's like 22. so I"m on the edge, but again i'm in consolidation mode now which is good. I love the forum here, I feel it provides insightful information and the people are nice and friendly. MF on the other hand seems way more obsessed with all things credit, and needless to say I don't have an account here. The community here feels very tight knit which I like, and we all provide valuable insight for one another :)


This forum seems much more like a community with real, honest advice. Myfico is more coddling of people. "go ahead and app, it's okay that you have 20 new cards in the past year, it's fine..." They encourage apping over basically anything else and encourage telling people only what they want to hear. If you tell the real truth you get warned/suspended/banned, which is why I don't post as much on there. They want a certain type of posts ONLY and I'm not going to waste huge chunks of my life on a site like that.

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CarefulBuilder14
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Re: June 2015 Garden Club/Cult

Postby CarefulBuilder14 » Fri Jun 05, 2015 10:24 am

I'm at 9 cards. I don't have plans to close any of them in the immediate future, but I certainly like having fewer rewards currencies (MRs, URs, Discover CB). If I'm using a card with some other rewards system, it's to keep the card active or get some special offer/discount.
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Whatamuji
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Re: June 2015 Garden Club/Cult

Postby Whatamuji » Fri Jun 05, 2015 11:23 am

Credit cards are really an addiction. I started with a Discover so I imagine I got pretty lucky compared to getting stuck with a crappy card. That second card offer I got in the mail was a Capital One Platinum with no rewards so I snagged it up because it was a Mastercard branded card and liked the idea of diversification (luckily got that upgraded to Quicksilver so it's getting some cashback love). Then came the giant that is Amazon and it's credit lines, snagged both of those up for the financing and the $70 credit. And told myself "okay, no more credit cards". But I wanted something for groceries so about a month later I saw the BoA Cash Rewards card and jumped on it. Had to get recon'd but it was worth it. I was so desperate for that card before I got the denial letter that I actually applied for both Student and Secured cards but luckily I walked away from that experience with the Visa Signature card (I think, waiting on it to come in the mail). Now I'm trying to figure out how to use all my cards for something so they don't sit in the sock drawer. I don't personally care about maximizing rewards nor do I really care about the bonus offers as I don't have the income to pull those sorta bonuses off. My future plan is to keep the cards I have and eventually get a card that I can use for either hotels and airfare or just hotels. Once that last card is snagged up then I think I'll have my arsenal assembled as it were. :)

P.S. There should be a anti-credit card application addiction ad run on TV saying something along the lines "Tobacco kills, but so do credit card apps".
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Nixon
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Re: June 2015 Garden Club/Cult

Postby Nixon » Fri Jun 05, 2015 11:44 am

kdm31091 wrote:This forum seems much more like a community with real, honest advice. Myfico is more coddling of people. "go ahead and app, it's okay that you have 20 new cards in the past year, it's fine..." They encourage apping over basically anything else and encourage telling people only what they want to hear. If you tell the real truth you get warned/suspended/banned, which is why I don't post as much on there. They want a certain type of posts ONLY and I'm not going to waste huge chunks of my life on a site like that.


You mean like "Congrats, thanks for sharing."
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kdm31091
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Re: June 2015 Garden Club/Cult

Postby kdm31091 » Fri Jun 05, 2015 11:48 am

Nixon wrote:
kdm31091 wrote:This forum seems much more like a community with real, honest advice. Myfico is more coddling of people. "go ahead and app, it's okay that you have 20 new cards in the past year, it's fine..." They encourage apping over basically anything else and encourage telling people only what they want to hear. If you tell the real truth you get warned/suspended/banned, which is why I don't post as much on there. They want a certain type of posts ONLY and I'm not going to waste huge chunks of my life on a site like that.


You mean like "Congrats, thanks for sharing."


They want that and pretty much blanket encouragement only. It is basically frowned upon to tell someone no, they shouldn't app or that they are going overboard or being unreasonable. Basically anytime you tell someone "no" you get in trouble. Forums should permit both sides of a coin in discussion, as long as no one is rude about it. But it's not what myfico wants. I've just accepted it and taken my time elsewhere. The solution is merely to not post as much or at all.

Nixon
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Re: June 2015 Garden Club/Cult

Postby Nixon » Fri Jun 05, 2015 11:53 am

You aren't the first or only one to notice that, mind you.

Back on topic though. How's your gardening doing?
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kdm31091
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Re: June 2015 Garden Club/Cult

Postby kdm31091 » Fri Jun 05, 2015 11:55 am

Nixon wrote:You aren't the first or only one to notice that, mind you.

Back on topic though. How's your gardening doing?


It's going. There's really nothing I even yearn for right now. With Discover's double reward promotion especially, making it at least 2% back on everything I have no reason to apply for anything



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