November 2015 Garden Cult/Club

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

Postby Nixon » Thu Nov 26, 2015 9:41 pm

Image


kdm31091
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Re: November 2015 Garden Cult/Club

Postby kdm31091 » Thu Nov 26, 2015 10:13 pm

Nixon wrote:Here's a kneeslapper for ya!

http://ficoforums.myfico.com/t5/Credit- ... -p/4347600


Again, everyone rushes in with the sympathy instead of counseling the OP on the real issue: what caused the AA? Likely, applying for a SCT every week etc. But no, instead it's always "omg comenity sucks! how many more will be hit with this!?" like it's some kind of unavoidable disease. It is avoidable. Don't be irresponsible with credit applications. Again, is this rocket science to them?

Tubpbs
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Re: November 2015 Garden Cult/Club

Postby Tubpbs » Fri Nov 27, 2015 10:26 am

Nixon wrote:Here's a kneeslapper for ya!

http://ficoforums.myfico.com/t5/Credit- ... -p/4347600


It didn't get ridiculous until the end when they attack the only person who said anything helpful or honest in the post. Really foolish group.
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
Discover - It

kdm31091
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Re: November 2015 Garden Cult/Club

Postby kdm31091 » Fri Nov 27, 2015 10:39 am

Tubpbs wrote:
Nixon wrote:Here's a kneeslapper for ya!

http://ficoforums.myfico.com/t5/Credit- ... -p/4347600


It didn't get ridiculous until the end when they attack the only person who said anything helpful or honest in the post. Really foolish group.


They'd prefer to whine about how horrible Comenity is and they'll never do business with them. "This is really gonna hurt their bottom line!"...no, shutting down a bunch of overly addicted applicants is probably not going to put comenity out of business.

They're all living in some fantasy world where they feel like any lender who doesn't give them 20 cards a month with 10k limits and a $500 retention offer while they purchase a pack of gum every 6 months is a horrible lender who is about to go under. These people need to get with it.

Unfortunately anyone who questions their irrationality is immediately chided, as you saw, so I guess they just have to learn the hard way. What's humorous is that the most entitled tend to be the ones who are "rebuilding"...you'd think because they are "rebuilding" they'd be grateful for what they get, not demanding the world.

JonE
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Re: November 2015 Garden Cult/Club

Postby JonE » Fri Nov 27, 2015 10:49 am

I haven't seen hard totals, but I do wonder how many actual Comenity card holders there are in the general population, and how many of those are actually affected by something like this. I get grief all the time for telling people they have too many credit cards, but the fact is most credit card lenders see that and think the same. Financial lenders, banks, loan providers are all conservative by nature. They don't want to have to worry about whether someone is overextended, in major debt, or otherwise living beyond their means. I have now five cards, and will probably wind up with a total of six after Care Credit goes away. Most of those cards are with lenders that aren't going to be happy if I go on any major app sprees or put a lot of spending on the card and only make minimum payments. The kind of thing being discussed in that thread is exactly what happens when you have too much of a CL with a particular lender, especially one that isn't worth the plastic their logos are printed on.
Wallet: Chase Freedom, Discover IT
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Tubpbs
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Re: November 2015 Garden Cult/Club

Postby Tubpbs » Fri Nov 27, 2015 11:11 am

JonE wrote:I haven't seen hard totals, but I do wonder how many actual Comenity card holders there are in the general population, and how many of those are actually affected by something like this. I get grief all the time for telling people they have too many credit cards, but the fact is most credit card lenders see that and think the same. Financial lenders, banks, loan providers are all conservative by nature. They don't want to have to worry about whether someone is overextended, in major debt, or otherwise living beyond their means. I have now five cards, and will probably wind up with a total of six after Care Credit goes away. Most of those cards are with lenders that aren't going to be happy if I go on any major app sprees or put a lot of spending on the card and only make minimum payments. The kind of thing being discussed in that thread is exactly what happens when you have too much of a CL with a particular lender, especially one that isn't worth the plastic their logos are printed on.


I agree. It's really not that complicated... If you apped all at once, they may or may not see the inquiries and they certainly don't know about the new accounts. Once they find out about the accounts, if your profile doesn't support the accounts, they change their mind. That's the express reason you applied in the way you did in the first place... To deceive the computer that approves the accounts. It's ridiculous. I'm not saying I haven't applied for more than one card at once, but I knew what I was doing and I took the risk.

Then the one guy explains, fairly nicely and civilly, that if your sister is relying on her Comenity card to buy gas to "make it home" that basically she is a moron and that's her own fault. I was much nastier about it, but I was actually nicer about it then I would have been in real life. It's really stupid. Something you know when you're 14 is stupid... Someone's response went so far as to suggest that cash is on its way out, which is possibly the stupidest thing I've heard in the last several years of my life... I want to make an account over there to try to explain these things but I feel like it's a supreme waste of my time...
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
Discover - It

JonE
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Re: November 2015 Garden Cult/Club

Postby JonE » Fri Nov 27, 2015 11:20 am

I've applied for two this month (got both!), I started with Credit One in January of last year (don't ask!), and apped for Walmart and Amazon in November last year, which I got, and basically had Care Credit thrust upon me by a dentist to pay their bill (yes, I could have said no). Next applications weren't until this month (Discover and Amazon after canceling the last Amazon card before 5% kicked in for Prime members, again got both). Next November it'll probably be the last two on my list (CSP and EDP) then I think that's it. Ultimately I'll wind up with six cards, 4 bank cards for varying purposes (Discover and Freedom for categories, EDP for General Spend + Gas and Groceries, CSP for Dining and Travel) and two useful store cards for places I shop at often (Amazon and Walmart).

A lot of the folks on those boards go for the flavor of the month, or they go for a card because it looks cool. That's not great criteria for having a Credit Card that will be attached to your CR for at least 10 years.
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kdm31091
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Re: November 2015 Garden Cult/Club

Postby kdm31091 » Fri Nov 27, 2015 12:02 pm

Tubpbs wrote:
JonE wrote:I haven't seen hard totals, but I do wonder how many actual Comenity card holders there are in the general population, and how many of those are actually affected by something like this. I get grief all the time for telling people they have too many credit cards, but the fact is most credit card lenders see that and think the same. Financial lenders, banks, loan providers are all conservative by nature. They don't want to have to worry about whether someone is overextended, in major debt, or otherwise living beyond their means. I have now five cards, and will probably wind up with a total of six after Care Credit goes away. Most of those cards are with lenders that aren't going to be happy if I go on any major app sprees or put a lot of spending on the card and only make minimum payments. The kind of thing being discussed in that thread is exactly what happens when you have too much of a CL with a particular lender, especially one that isn't worth the plastic their logos are printed on.


I agree. It's really not that complicated... If you apped all at once, they may or may not see the inquiries and they certainly don't know about the new accounts. Once they find out about the accounts, if your profile doesn't support the accounts, they change their mind. That's the express reason you applied in the way you did in the first place... To deceive the computer that approves the accounts. It's ridiculous. I'm not saying I haven't applied for more than one card at once, but I knew what I was doing and I took the risk.

Then the one guy explains, fairly nicely and civilly, that if your sister is relying on her Comenity card to buy gas to "make it home" that basically she is a moron and that's her own fault. I was much nastier about it, but I was actually nicer about it then I would have been in real life. It's really stupid. Something you know when you're 14 is stupid... Someone's response went so far as to suggest that cash is on its way out, which is possibly the stupidest thing I've heard in the last several years of my life... I want to make an account over there to try to explain these things but I feel like it's a supreme waste of my time...


And quite a few of them aren't just apping for one or two cards. Some people show up in the approvals forum week after week, applying for as many as 5, 10 or more cards in a month (that they mention - could be more). It's a sickness. But they are egged on with "you have a thick file". Sorry but "thick file" only goes so far. You're still aggressively seeking credit and sooner or later, the hammer will come down. When it does, instead of encouraging rational behavior, myfico encourages users to be entitled and demand everything be restored (already people are writing letters to the executive office). Truth is, comenity doesn't want a customer like that. It's the same with Chase's 5 in 24 policy. All of the churners are freaking out saying how it will kill Chase's bottom line etc. Guess what, no it won't. They are shutting out the customers they don't want, i.e. 98% of the people who are complaining about the policy. And Comenity is merely doing a similar thing.

I wish people didn't continue convincing each other that they were invincible but it appears most of them still think they are. A normal consumer is not opening 10 credit accounts in a year, or maybe even in 10 years, nor do they have 15 inquiries per bureau. So of course most myfico members are the upper extreme of credit seeking and therefore they will be "hit" with AA (I hate putting it that way because again it makes it sound unavoidable or something).

As far as waste of time, I concur. I spent a lot of time and energy on that website trying to talk sense into people and 90% of it was a waste of my time. A few people did seem to listen and messaged me saying "thank you for the advice" and appeared to take it into consideration. But by and large, unfortunately, the impulsive addicts outnumber anyone reasonable.

I know someone who works at BOA as a credit analyst. Everyone's file varies of course so I am generalizing, but she basically says that anyone who applies for credit (and it goes into review) and has more than 5-6 cards total is scrutinized more closely to be approved, watched more closely and generally considered a higher risk. These banks don't want people having 30 accounts. Not rocket science, but again everyone thinks they are exempt from the rule because of their "thick file". Not so.

Tubpbs
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Re: November 2015 Garden Cult/Club

Postby Tubpbs » Fri Nov 27, 2015 2:46 pm

I agree. I think taking the Chase thing one step further...they are HELPING their bottom line by cutting out both the risky people that are constantly applying for more cards AND the people who are just in it for the sign up bonus...

Neither of those people are good customers of Chase, if they turn out to be, it is worth the risk of pushing them away if the vast majority of them are going to be a problem or nuisance...
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
Discover - It

kdm31091
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Re: November 2015 Garden Cult/Club

Postby kdm31091 » Fri Nov 27, 2015 2:50 pm

Tubpbs wrote:I agree. I think taking the Chase thing one step further...they are HELPING their bottom line by cutting out both the risky people that are constantly applying for more cards AND the people who are just in it for the sign up bonus...

Neither of those people are good customers of Chase, if they turn out to be, it is worth the risk of pushing them away if the vast majority of them are going to be a problem or nuisance...


A nuisance especially, like those who buy a pack of gum once every 6 months (and applying for 10 cards in between) but call the EO demanding retention offers as if they are some kind of great customer that Chase cares about keeping.



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