Random rant about bad credit decisions

For just about anything you want to get off your chest about credit cards.
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kdm31091
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Random rant about bad credit decisions

Postby kdm31091 » Wed Oct 07, 2015 9:44 am

I have noticed some pretty disturbing behavior on other credit sites in general, but lately, it's getting to me more and more. Some recent gems:

-People who are paying down 5k or 10k or more in debt yet are worried about apping for more cards for rewards. Makes no sense. Rewards only matter when you have no debt. Of course, we've all had to carry balances sometimes, but then the focus must be to eliminate the debt, not worry about rewards! Taking on more cards is so unwise in that situation IMO.

-People with limited incomes chasing after hard-to-justify cards. I won't knock low income -- I'm a retail manager, certainly not living the life of luxury. That's exactly why I don't usually go for AF cards, though...I can't justify them in most cases. I do have BCP, which I only can really justify by buying Home Depot and other gift cards at grocery stores (no Visa GCs though!). That said, probably won't keep it forever. But I see so many people who state their income is 20-25k and they are worried about CSP, Southwest, or any number of cards with $95+ AFs. It makes no sense to me. Even if you dumped literally all 20k on the card, at a 2% return, you would make $400 in rewards, minus the fee, so $300 ish. You don't get a flat 2% return with these cards, so the number is going to be less, and you also can't spend all of your income so...seems stupid to me.

Just venting. I am so tired of seeing bad credit habits promoted and applauded. Why is everyone so afraid to say "this card makes zero sense for you?" It's unlikely the person will listen, anyway, but still!


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CarefulBuilder14
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Re: Random rant about bad credit decisions

Postby CarefulBuilder14 » Wed Oct 07, 2015 11:16 am

kdm31091 wrote:I have noticed some pretty disturbing behavior on other credit sites in general, but lately, it's getting to me more and more. Some recent gems:

-People who are paying down 5k or 10k or more in debt yet are worried about apping for more cards for rewards. Makes no sense. Rewards only matter when you have no debt. Of course, we've all had to carry balances sometimes, but then the focus must be to eliminate the debt, not worry about rewards! Taking on more cards is so unwise in that situation IMO.

-People with limited incomes chasing after hard-to-justify cards. I won't knock low income -- I'm a retail manager, certainly not living the life of luxury. That's exactly why I don't usually go for AF cards, though...I can't justify them in most cases. I do have BCP, which I only can really justify by buying Home Depot and other gift cards at grocery stores (no Visa GCs though!). That said, probably won't keep it forever. But I see so many people who state their income is 20-25k and they are worried about CSP, Southwest, or any number of cards with $95+ AFs. It makes no sense to me. Even if you dumped literally all 20k on the card, at a 2% return, you would make $400 in rewards, minus the fee, so $300 ish. You don't get a flat 2% return with these cards, so the number is going to be less, and you also can't spend all of your income so...seems stupid to me.

Just venting. I am so tired of seeing bad credit habits promoted and applauded. Why is everyone so afraid to say "this card makes zero sense for you?" It's unlikely the person will listen, anyway, but still!

As to the first point, there are some pretty awful cases. Some people have the attitude that it's okay to start spending freely again once they have 0% for 12/15/18 months on a BT card. They think that not having to pay interest for a year means its okay to just pay the minimum and not think about the debt again for a year.

I can see some sense in trying to get another card when you have a lot of debt, though. If there's no AF, an intro 0% or good BT terms, and rewards can be efficiently used to get a statement credit, then a card can make sense.

What I still find amazing is when people carry balances on Chase's hotel/airline/Sapphire Preferred cards. Those cards generally entail 15.99% with no 0% period, and yet serve little purpose beyond travel (which usually is not a necessity). Even if someone takes the CSP bonus as a statement credit for a quick $400, the interest on the carried balance can eat that up so quickly.

On the second point, I have a lot more understanding for people who get hard-to-justify cards (presumably getting bonuses and then dodging AFs). It lets people with modest incomes travel...although that gets into the whole bonus hunting/customer loyalty/nerfing/incentives debate.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

JonE
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Re: Random rant about bad credit decisions

Postby JonE » Wed Oct 07, 2015 3:12 pm

Getting endless amounts of store cards for places you will never shop has always puzzled me. I have Walmart and will try for Amazon again in the future when my profile approves. I shop both places regularly.

And it always kills me the people that rack up credit card debt that they can't pay then try for a Balance Transfer cards they won't get because they have credit card debt. :confused:
Current Cards: Chase Freedom, Discover IT
Future: TBD

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kcm7
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Re: Random rant about bad credit decisions

Postby kcm7 » Wed Oct 07, 2015 3:14 pm

Oi, with the CSP.

For whatever reason, it's shown as the top recommended card whenever a lot of people go on Credit Sesame/Karma. My friends and family know I'm a little obsessed with cards, so I'm getting a lot of, "Hey so is the Sapphire a good card?"

And then their eyes glaze over when I respond, "Well it can be, but it costs $95/year. But how much do you spend, how much do you travel, and how much do you travel with these specific airlines and hotels?"

"... But ... it's a good card right?"

*sigh*

I have a feeling lots of people out there are getting the CSP and redeeming for cash back, when they could get possibly MORE cash back on cards without the annual fee.
Cards:

-Capital One Quicksilver
-Barclaycard Arrival (no AF)
- US Bank (no rewards)
-IHG

Gamma
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Re: Random rant about bad credit decisions

Postby Gamma » Wed Oct 07, 2015 4:39 pm

kdm31091 wrote:I have noticed some pretty disturbing behavior on other credit sites in general, but lately, it's getting to me more and more. Some recent gems:

-People who are paying down 5k or 10k or more in debt yet are worried about apping for more cards for rewards. Makes no sense. Rewards only matter when you have no debt. Of course, we've all had to carry balances sometimes, but then the focus must be to eliminate the debt, not worry about rewards! Taking on more cards is so unwise in that situation IMO.

-People with limited incomes chasing after hard-to-justify cards. I won't knock low income -- I'm a retail manager, certainly not living the life of luxury. That's exactly why I don't usually go for AF cards, though...I can't justify them in most cases. I do have BCP, which I only can really justify by buying Home Depot and other gift cards at grocery stores (no Visa GCs though!). That said, probably won't keep it forever. But I see so many people who state their income is 20-25k and they are worried about CSP, Southwest, or any number of cards with $95+ AFs. It makes no sense to me. Even if you dumped literally all 20k on the card, at a 2% return, you would make $400 in rewards, minus the fee, so $300 ish. You don't get a flat 2% return with these cards, so the number is going to be less, and you also can't spend all of your income so...seems stupid to me.

Just venting. I am so tired of seeing bad credit habits promoted and applauded. Why is everyone so afraid to say "this card makes zero sense for you?" It's unlikely the person will listen, anyway, but still!


I like how you answer people with silly/stupid questions or concerns over at mf, straightforward and right to the point. I would like to see maybe a name thrown at them too, but that would probably get you banned there, even though they deserve it (pizza1 comes to mind). Most people in a credit forum like that really worry about simple things that should be a no issue. What I do like seeing is when they are told the truth about their actions or concerns, they usually stop replying in that topic or a mod comes in to make everyone hold hands and sing kumbaya. The truth usually upsets them, but what can you do?

Nixon
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Re: Random rant about bad credit decisions

Postby Nixon » Wed Oct 07, 2015 9:04 pm

Gamma wrote:
kdm31091 wrote:I have noticed some pretty disturbing behavior on other credit sites in general, but lately, it's getting to me more and more. Some recent gems:

-People who are paying down 5k or 10k or more in debt yet are worried about apping for more cards for rewards. Makes no sense. Rewards only matter when you have no debt. Of course, we've all had to carry balances sometimes, but then the focus must be to eliminate the debt, not worry about rewards! Taking on more cards is so unwise in that situation IMO.

-People with limited incomes chasing after hard-to-justify cards. I won't knock low income -- I'm a retail manager, certainly not living the life of luxury. That's exactly why I don't usually go for AF cards, though...I can't justify them in most cases. I do have BCP, which I only can really justify by buying Home Depot and other gift cards at grocery stores (no Visa GCs though!). That said, probably won't keep it forever. But I see so many people who state their income is 20-25k and they are worried about CSP, Southwest, or any number of cards with $95+ AFs. It makes no sense to me. Even if you dumped literally all 20k on the card, at a 2% return, you would make $400 in rewards, minus the fee, so $300 ish. You don't get a flat 2% return with these cards, so the number is going to be less, and you also can't spend all of your income so...seems stupid to me.

Just venting. I am so tired of seeing bad credit habits promoted and applauded. Why is everyone so afraid to say "this card makes zero sense for you?" It's unlikely the person will listen, anyway, but still!


I like how you answer people with silly/stupid questions or concerns over at mf, straightforward and right to the point. I would like to see maybe a name thrown at them too, but that would probably get you banned there, even though they deserve it (pizza1 comes to mind). Most people in a credit forum like that really worry about simple things that should be a no issue. What I do like seeing is when they are told the truth about their actions or concerns, they usually stop replying in that topic or a mod comes in to make everyone hold hands and sing kumbaya. The truth usually upsets them, but what can you do?


He wasn't the only one. The difference is I called a rat a rat. (MVV) That site is such a joke. :cheers:
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kdm31091
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Re: Random rant about bad credit decisions

Postby kdm31091 » Wed Oct 07, 2015 10:00 pm

Pizza1 is a certifiable nutcase. If you even slightly question their number of cards (supposedly, 2 years after BK which I call BS on) they freak out, get defensive, say they don't want your opinion, etc etc. Then why did you ask a question? Shut up and apply to your heart's delight. No need to post about it if all you'll do is flip out when someone questions you.

Nixon
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Re: Random rant about bad credit decisions

Postby Nixon » Wed Oct 07, 2015 10:07 pm

kdm31091 wrote:Pizza1 is a certifiable nutcase. If you even slightly question their number of cards (supposedly, 2 years after BK which I call BS on) they freak out, get defensive, say they don't want your opinion, etc etc. Then why did you ask a question? Shut up and apply to your heart's delight. No need to post about it if all you'll do is flip out when someone questions you.


Funny part about her. She brags on about her supposed "1% reporting on 1 card", yet is constantly applying for credit limit increases. 1% of xxx is still less than 1% of xxxx, and xxxxx for that matter. That whole site has gone batshit since I left. But apparently i'm the bad guy.

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lobbythis
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Re: Random rant about bad credit decisions

Postby lobbythis » Thu Oct 08, 2015 1:28 am

you guys are so obsessed with the human turds of society

Vermonster
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Re: Random rant about bad credit decisions

Postby Vermonster » Thu Oct 08, 2015 8:40 am

99% of the stuff said on MF is complete bullshit. It is probably one of the more vain websites on the internet. People continually contradict themselves and weave these intricate stories just to up their post count. If what was said on MF was any indication of reality, Bankruptcy would be as regular as my BM's, everyone would have 5 or 6 $20k+ limit cards and 20-30 store cards with $500 limits, 800 FICO scores, ridiculous mortgage and auto loan rates, and any derogs would be because a girlfriend/boyfriend/brother/uncle/plumber/dachshund borrowed a credit card and forgot to pay it.


Any way.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k



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