November 2015 Garden Cult/Club

For just about anything you want to get off your chest about credit cards.
205 posts
kdm31091
Centurion Member
Centurion Member
 
Posts: 1010
Joined: Sat Feb 21, 2015 3:35 pm
Location: Claymont, DE

Re: November 2015 Garden Cult/Club

Postby kdm31091 » Tue Nov 24, 2015 6:07 pm

Its not churning but its also not very smart IMO. "High limits beget high limits" and "util buffers" only goes so far. At some point you start getting denied for too much available credit. So combining for monster limits can come back to bite you later. Everything we do has consequences.


Nixon
Centurion Member
Centurion Member
 
Posts: 1078
Joined: Mon Nov 03, 2014 11:12 am
Location: Great Southwest

Re: November 2015 Garden Cult/Club

Postby Nixon » Tue Nov 24, 2015 8:42 pm

kdm31091 wrote:Its not churning but its also not very smart IMO. "High limits beget high limits" and "util buffers" only goes so far. At some point you start getting denied for too much available credit. So combining for monster limits can come back to bite you later. Everything we do has consequences.


Big limit had a purpose for me recently 1%, 0 for 18 offer from Capital One on my Venture made it so I can put away my bonus check in my 401k and still buy the wife a new washer, and dryer and BT the balance off all while meeting a couple of spend bonuses.
Image

kdm31091
Centurion Member
Centurion Member
 
Posts: 1010
Joined: Sat Feb 21, 2015 3:35 pm
Location: Claymont, DE

Re: November 2015 Garden Cult/Club

Postby kdm31091 » Tue Nov 24, 2015 9:02 pm

Nixon wrote:
kdm31091 wrote:Its not churning but its also not very smart IMO. "High limits beget high limits" and "util buffers" only goes so far. At some point you start getting denied for too much available credit. So combining for monster limits can come back to bite you later. Everything we do has consequences.


Big limit had a purpose for me recently 1%, 0 for 18 offer from Capital One on my Venture made it so I can put away my bonus check in my 401k and still buy the wife a new washer, and dryer and BT the balance off all while meeting a couple of spend bonuses.


There are absolutely good reasons to go for big limits. Problem is that sometimes people lose sight of what a "good reason" is, and you see people constantly going for 25k Lowe's cards who never even step foot in there. To me that is a total waste of credit exposure. But to each their own.

JonE
Centurion Member
Centurion Member
 
Posts: 336
Joined: Sat Jan 24, 2015 9:55 am
Location: Denver

Re: November 2015 Garden Cult/Club

Postby JonE » Tue Nov 24, 2015 10:35 pm

If someone played their cards right (punaroonie!) they could achieve the same high limits on 4-6 cards that they could include on 20. $20,000 spread across 4 cards is better than $20,000 spread across 20 or more. Especially when the majority of those are store cards.
Wallet: Chase Freedom, Discover IT
Chopping Block: Synchrony
Future: TBD

Nixon
Centurion Member
Centurion Member
 
Posts: 1078
Joined: Mon Nov 03, 2014 11:12 am
Location: Great Southwest

Re: November 2015 Garden Cult/Club

Postby Nixon » Wed Nov 25, 2015 1:55 am

kdm31091 wrote:
Nixon wrote:
kdm31091 wrote:Its not churning but its also not very smart IMO. "High limits beget high limits" and "util buffers" only goes so far. At some point you start getting denied for too much available credit. So combining for monster limits can come back to bite you later. Everything we do has consequences.


Big limit had a purpose for me recently 1%, 0 for 18 offer from Capital One on my Venture made it so I can put away my bonus check in my 401k and still buy the wife a new washer, and dryer and BT the balance off all while meeting a couple of spend bonuses.


There are absolutely good reasons to go for big limits. Problem is that sometimes people lose sight of what a "good reason" is, and you see people constantly going for 25k Lowe's cards who never even step foot in there. To me that is a total waste of credit exposure. But to each their own.


Mine wasnt lowes card
Image

kdm31091
Centurion Member
Centurion Member
 
Posts: 1010
Joined: Sat Feb 21, 2015 3:35 pm
Location: Claymont, DE

Re: November 2015 Garden Cult/Club

Postby kdm31091 » Wed Nov 25, 2015 7:25 am

Nixon wrote:Mine wasnt lowes card


I know that; it's just an example of a card with a "high limit" that people go for for no other reason

User avatar
CarefulBuilder14
Centurion Member
Centurion Member
 
Posts: 3757
Joined: Thu May 08, 2014 7:42 pm
Location: United States

Re: November 2015 Garden Cult/Club

Postby CarefulBuilder14 » Wed Nov 25, 2015 2:17 pm

In continual amazement at MF...how can so many people with RCs and Amex Plats not have the funds to PIF??
Love: IHG, Platinum, Sallie Mae, AA Plat, CSP
Like: Discover, ED, BCE, Hyatt, Arrival, Freedom
Might drop: BrooksBros, Prestige (Costco PC?)
Might add: Proper business card, CSR, Ritz, Delta Gold
Letting new accounts cool off since May
Really not sure what I'll add next or when

User avatar
Vattené
Centurion Member
Centurion Member
 
Posts: 1157
Joined: Sun Jan 26, 2014 3:55 am
Location: US

Re: November 2015 Garden Cult/Club

Postby Vattené » Wed Nov 25, 2015 3:13 pm

CarefulBuilder14 wrote:In continual amazement at MF...how can so many people with RCs and Amex Plats not have the funds to PIF??

I'm guessing they either don't manage their money that well or have no business holding cards with AFs that steep.

Of course, it could also be both.
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

User avatar
CarefulBuilder14
Centurion Member
Centurion Member
 
Posts: 3757
Joined: Thu May 08, 2014 7:42 pm
Location: United States

Re: November 2015 Garden Cult/Club

Postby CarefulBuilder14 » Wed Nov 25, 2015 3:23 pm

Vattené wrote:
CarefulBuilder14 wrote:In continual amazement at MF...how can so many people with RCs and Amex Plats not have the funds to PIF??

I'm guessing they either don't manage their money that well or have no business holding cards with AFs that steep.

Of course, it could also be both.

I think a lot of it is the illusion of status. I can understand someone with debt wanting airlines miles to visit family, but upgrades/status during luxury travel is definitely a bit beyond that.
Love: IHG, Platinum, Sallie Mae, AA Plat, CSP
Like: Discover, ED, BCE, Hyatt, Arrival, Freedom
Might drop: BrooksBros, Prestige (Costco PC?)
Might add: Proper business card, CSR, Ritz, Delta Gold
Letting new accounts cool off since May
Really not sure what I'll add next or when

kdm31091
Centurion Member
Centurion Member
 
Posts: 1010
Joined: Sat Feb 21, 2015 3:35 pm
Location: Claymont, DE

Re: November 2015 Garden Cult/Club

Postby kdm31091 » Wed Nov 25, 2015 8:50 pm

CarefulBuilder14 wrote:In continual amazement at MF...how can so many people with RCs and Amex Plats not have the funds to PIF??


Exactly. They shouldn't be applying for it to begin with if they cannot PIF. Of all cards to not PIF on, ones with large annual fees are the worst IMO. It cracks me up because several of the "regulars" on there with many AF cards who act like they are "high rollers" and travel all the time etc....are constantly mentioning BTs, 0% offers, etc...all those points and miles are completely useless if you are paying interest month after month. I think quite a lot of people on there are overextended and don't want to admit it. They applied for a bunch of cards that are hyped up, and now can't keep up with the debt after "meeting all their bonuses" because that was a requirement even if it meant overspending. It's sad.

The other thing I've noticed more and more lately are people applying/PCing for relatively silly reasons. For example, two people now have PC'd their QS into Venture Ones because they "want a WMC". Can they even name one time in which they used the benefits of WMC? Why would you PC to a lesser rewards card in exchange for some fringe benefits that you are 99.9% not going to use? The logic escapes me, especially when they further state that the card is SD'd so they don't care about the rewards. Ok, that may be true, but then why care about the WMC status? Marketing is a powerful thing that's for sure. Makes people forget common sense.

Of course one can and should do what makes them happy -- it's just the fact that if such a thing is that important to you, you might need to back off of MF and go find something more productive to do with your time.



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: No registered users and 2 guests