November 2015 Garden Cult/Club

For just about anything you want to get off your chest about credit cards.
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CarefulBuilder14
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Re: November 2015 Garden Cult/Club

Postby CarefulBuilder14 » Wed Nov 25, 2015 11:05 pm

It's also kind of alarming how many posts there are like:

"I applied for card X (a major network card, not a store-only card) a year ago but never used it. Now it's being closed for inactivity."
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card


yfan
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Re: November 2015 Garden Cult/Club

Postby yfan » Thu Nov 26, 2015 12:47 am

kdm31091 wrote:
CarefulBuilder14 wrote:In continual amazement at MF...how can so many people with RCs and Amex Plats not have the funds to PIF??

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?

But it's like, a WMC, man. It tells people I'm rich!

Nixon
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Re: November 2015 Garden Cult/Club

Postby Nixon » Thu Nov 26, 2015 1:21 am

kdm31091 wrote:
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.


I may not depend on my income to survive solely nor my bonus for that matter, but for the low, low cost of $50, I was able to avoid $2,000 in taxes by funneling my entire bonus check ~$5,000 into my 401k. I'll take that deal any day that ends with Y.
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kdm31091
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Re: November 2015 Garden Cult/Club

Postby kdm31091 » Thu Nov 26, 2015 5:27 am

Nixon wrote:
kdm31091 wrote:
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.


I may not depend on my income to survive solely nor my bonus for that matter, but for the low, low cost of $50, I was able to avoid $2,000 in taxes by funneling my entire bonus check ~$5,000 into my 401k. I'll take that deal any day that ends with Y.


And that's a smart use of a bonus. However, the number of people who obtain cards with high bonus spend requirements and then two days later make posts wondering how they will meet the spend is just really puzzling. Did someone hold a gun to their head and make them get the card? It's pretty easy to determine whether 3k in 3 months or whatever the threshold is is something that's within your normal budget or not. If not, you're just spending more to get a bonus.

It's easy to get caught up in the hype but they have to do what is right for their budget and lifestyle, not what will make them popular on myfico...lol. The impulse and drunk apping on there is also getting really out of hand and frightening...I think a lot of those people picked a really bad hobby for their personalities (i.e. addictive personalities).

kdm31091
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Re: November 2015 Garden Cult/Club

Postby kdm31091 » Thu Nov 26, 2015 7:16 am

Another crazy myfico trend...."I needed ____ so I applied for ____", as if its normal to apply for a new credit card every time you need to make a purchase.

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Re: November 2015 Garden Cult/Club

Postby CarefulBuilder14 » Thu Nov 26, 2015 11:19 am

kdm31091 wrote:Another crazy myfico trend...."I needed ____ so I applied for ____", as if its normal to apply for a new credit card every time you need to make a purchase.

Well, in limited circumstances (like if a large transaction offers an opportunity for a great signup bonus) that can make sense.

I suppose you're talking about things like, "I needed a warm hat, so I opened an LL Bean Visa for a $10 coupon" (or whatever bonus it comes with).
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card

yfan
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Re: November 2015 Garden Cult/Club

Postby yfan » Thu Nov 26, 2015 11:48 am

CarefulBuilder14 wrote:
kdm31091 wrote:Another crazy myfico trend...."I needed ____ so I applied for ____", as if its normal to apply for a new credit card every time you need to make a purchase.

Well, in limited circumstances (like if a large transaction offers an opportunity for a great signup bonus) that can make sense.

I suppose you're talking about things like, "I needed a warm hat, so I opened an LL Bean Visa for a $10 coupon" (or whatever bonus it comes with).

Well, there's that, but there's also people applying for a card that they won't otherwise use simply for a large sign-up bonus, and doing so without fully researching the available options for a large purchase without a new card.

For one thing, if it's a large purchase of a single item, people can often negotiate a cash discount, and take advantage of a 0% installment loan offer stretching out over a period of time. It may well turn out that investing the excess money may result in better returns along with the cash savings.

There are also times when one doesn't really need to make a purchase but uses the sign-up bonus as a justification to buy something.

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Re: November 2015 Garden Cult/Club

Postby kdm31091 » Thu Nov 26, 2015 12:43 pm

It sounds mean but all the comenity AA is humorous to me. People open up accounts every week and think nothing will happen. That comenity is some kind of magic lender who just gives out infinite cards. SCT or not its still credit. The sooner people stop treating it like a game, the sooner they will see better results. They have no one to blame but themselves. Then theyre egged on to call EO and demand the accounts be reopened...why? You showed risk by opening a new account every day for every new pair of socks you wanted to buy. Now you face the consequences. The AA threads always turn into a long discussion and speculation and I dont get it. Its not rocket science. Dont make yourself a risky customer and you wont have to worry.

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Re: November 2015 Garden Cult/Club

Postby Nixon » Thu Nov 26, 2015 6:12 pm

Yeah, Ron is a goofball when it comes to CCs, but at least he has a profile that will handle all those detritus cards. No rebuilder should be applying for every comenity card under the sun. I can't wait for Laura and some of the others to get their ass bit with AA from them.
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Re: November 2015 Garden Cult/Club

Postby CarefulBuilder14 » Thu Nov 26, 2015 7:33 pm

I just checked MF and I've been censored for the first time there. Someone insulted me, I gave a very civil reply, and my reply was removed but not the original insult.

The person who insulted me had many posts removed on that thread - some of them very creepy.
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card



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