December 2015 Garden 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: December 2015 Garden Club

Postby Nixon » Wed Dec 02, 2015 9:24 pm

kdm31091 wrote:The worst part is that they act as though Comenity isn't within their rights to request income verification. Yes, it's annoying and yes, it's a pain in the ass, but they have every right to ask for it. They're extending you credit and giving you rewards. The whole "well they are just making a horrible mistake" attitude is ridiculous, considering you are benefiting from their rewards. The entitlement on that website really is sickening. They all want 50k limits, top rewards, and retention bonuses, but they do not want to pay any AFs, provide any income documentation, or do anything other than milk the issuers. It's tiring, and I'm glad to see issuers are slowly but surely clamping down on them.

We all know the 1% util thing is totally BS along with most of the stuff those people claim. The income/cards/limits I think are fabricated a lot of the time.


If their utilization is 1% then why the hell do they need more padding?
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kdm31091
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Re: December 2015 Garden Club

Postby kdm31091 » Wed Dec 02, 2015 9:39 pm

Nixon wrote:
kdm31091 wrote:The worst part is that they act as though Comenity isn't within their rights to request income verification. Yes, it's annoying and yes, it's a pain in the ass, but they have every right to ask for it. They're extending you credit and giving you rewards. The whole "well they are just making a horrible mistake" attitude is ridiculous, considering you are benefiting from their rewards. The entitlement on that website really is sickening. They all want 50k limits, top rewards, and retention bonuses, but they do not want to pay any AFs, provide any income documentation, or do anything other than milk the issuers. It's tiring, and I'm glad to see issuers are slowly but surely clamping down on them.

We all know the 1% util thing is totally BS along with most of the stuff those people claim. The income/cards/limits I think are fabricated a lot of the time.


If their utilization is 1% then why the hell do they need more padding?


You don't, unless you are crazy. I don't understand the whole "util padding" thing anyway. Assuming you generally keep your util low, what's the need for all this "padding" with useless cards? All it does is hinder later approvals for cards you actually do want -- limits vs income is a real thing! Utilization has no memory and no long term impact on your score, so the obsession with it is puzzling to say the least. The people who are obsessing over util are the same ones constantly killing their AAOA and racking up a ton of HPs, which is much more damaging than not micromanaging utilization.

I know I say it every day but there are some people who REALLY need to get off of that website. People who claim they are gardening and a day later there they are wondering if their chase app will be approved. Or they say "nothing else I need" but a $200 AARP bonus comes along and all of a sudden that is more important than reaching any other credit goals. If myfico is supposed to educate people on building a good credit file, coulda fooled me, as all it seems to be is short-sighted, impulsive and greedy decisions (which will come back to bite people and then you get the whining threads). Don't get me wrong, it's a nice bonus to apply for, but not if what you really need to be doing is avoiding apping after racking up 20 inquiries in the past 2 months.

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Vattené
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Re: December 2015 Garden Club

Postby Vattené » Wed Dec 02, 2015 9:55 pm

kdm31091 wrote:You don't, unless you are crazy. I don't understand the whole "util padding" thing anyway. Assuming you generally keep your util low, what's the need for all this "padding" with useless cards? All it does is hinder later approvals for cards you actually do want -- limits vs income is a real thing! Utilization has no memory and no long term impact on your score, so the obsession with it is puzzling to say the least. The people who are obsessing over util are the same ones constantly killing their AAOA and racking up a ton of HPs, which is much more damaging than not micromanaging utilization.

I know I say it every day but there are some people who REALLY need to get off of that website. People who claim they are gardening and a day later there they are wondering if their chase app will be approved. Or they say "nothing else I need" but a $200 AARP bonus comes along and all of a sudden that is more important than reaching any other credit goals. If myfico is supposed to educate people on building a good credit file, coulda fooled me, as all it seems to be is short-sighted, impulsive and greedy decisions (which will come back to bite people and then you get the whining threads). Don't get me wrong, it's a nice bonus to apply for, but not if what you really need to be doing is avoiding apping after racking up 20 inquiries in the past 2 months.

You seem to consistently forget that no other credit scoring factor can be used as a pretense to app, app, app.
-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

yfan
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Re: December 2015 Garden Club

Postby yfan » Wed Dec 02, 2015 11:08 pm

Vattené wrote:Are you entering the raffle (assuming employees are eligible)?

Unfortunately, employees are not eligible. :( But if you are interested, I can give you the info in PM. :D

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Re: December 2015 Garden Club

Postby yfan » Wed Dec 02, 2015 11:19 pm

kdm31091 wrote:I know I say it every day but there are some people who REALLY need to get off of that website. People who claim they are gardening and a day later there they are wondering if their chase app will be approved. Or they say "nothing else I need" but a $200 AARP bonus comes along and all of a sudden that is more important than reaching any other credit goals. If myfico is supposed to educate people on building a good credit file, coulda fooled me, as all it seems to be is short-sighted, impulsive and greedy decisions (which will come back to bite people and then you get the whining threads). Don't get me wrong, it's a nice bonus to apply for, but not if what you really need to be doing is avoiding apping after racking up 20 inquiries in the past 2 months.

This is the perpetual "Don't Leave Money on the Table" syndrome - with a warped sense of what "leaving money on the table" is. Every bonus you could app for but don't qualifies as leaving money on the table, the cardinal MyFico sin.

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CarefulBuilder14
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Re: December 2015 Garden Club

Postby CarefulBuilder14 » Thu Dec 03, 2015 1:41 am

I wonder if Comenity has some demographic/brand-based algorithm to detect people who get the cards because of retail brand loyalty vs. just wanting easy credit.

For example: I suspect that the group that is a regular, serious customer of both Sportsmans Guide and Home Shopping Network (or Overstock, Wayfair, etc.) is pretty small. I think most people who have both cards are going to be rebuilders or general credit addicts.

Then again, this is my NYC-raised view of the world. I think HSN is for old people, and Overstock and Wayfair are for soccer moms. A few old people and soccer moms are going to be gun owners, and some go camping or buy camping stuff for relatives, but probably very few spend enough to see the need for a paid membership or to get a special credit card for guns and camping stuff.

I guess the LL Bean card isn't that rare around here, but that doesn't involve a membership fee.

Maybe some of you do know a lot of gun lovers who like HSN, or soccer moms who want volume discounts on guns and ammo. Still, I think probability says a lot of people with peculiar store card combinations have the cards just because they are easy credit.
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JonE
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Re: December 2015 Garden Club

Postby JonE » Thu Dec 03, 2015 3:37 am

There is a Cabela's near here that, if I decided to ever apply for a store card again, would be the most likely candidate. I may need a firearm for work if my job duties change (unarmed security officer who may go armed) and the location is pretty close. Plus I remember the 'mothership' location when I lived in Sidney, NE for a short while.
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Nixon
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Re: December 2015 Garden Club

Postby Nixon » Thu Dec 03, 2015 4:31 am

JonE wrote:There is a Cabela's near here that, if I decided to ever apply for a store card again, would be the most likely candidate. I may need a firearm for work if my job duties change (unarmed security officer who may go armed) and the location is pretty close. Plus I remember the 'mothership' location when I lived in Sidney, NE for a short while.


Whatever you do, just make sure you know you get what you pay for when it comes to firearms. If you can afford to wait a little longer to get a Glock, Springfield or an HK then do so. You won't regret it.
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kdm31091
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Re: December 2015 Garden Club

Postby kdm31091 » Thu Dec 03, 2015 5:49 am

Yes, I understand "don't leave money on the table" to some extent, but you are not really getting the bonus "for free" because a) you have to spend to get it, and if the spend wasn't planned (and look at the number of "omg how do I meet my bonus spend" threads), you're just overspending to get some money back, and b) it requires a HP and AAOA ding, along with a new account on your report for 10 years. Yfan's definitely right about them having a very warped sense of what leaving money on the table really is.

Oh well, let them crash and burn I suppose. I'd hate to see some of their AAOA and number of inquiries though! :rolleyes: I also love the posts in applications where people are like "denied, too many inquiries! Well I do have a huge amount!"....umm, the only thing that's going to fix that is not apping for a card every week. Going back to the garden and getting bored and apping again 2 days later will leave you in a perpetual cycle of "too many inquiries". Normal people do not apply for credit cards every time they are bored.

I think my interest in maximizing rewards has peaked, and so it's become easier to garden and focus on growing what I have and maintaining a solid set of cards vs chasing every penny in rewards with tons of new accounts.

yfan
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Re: December 2015 Garden Club

Postby yfan » Thu Dec 03, 2015 12:29 pm

kdm31091 wrote:I think my interest in maximizing rewards has peaked, and so it's become easier to garden and focus on growing what I have and maintaining a solid set of cards vs chasing every penny in rewards with tons of new accounts.

Oh, I still have plenty of interest in maximizing rewards, but I don't need a crazy number of inquiries with an equally crazy number of cards to juggle to do that. I think that a lot of people would do better to focus on the benefits offered by the cards they already have.

For example, a whole lot of the store card syndrome can be solved by using Discover Deals and shopping online. You get the 5% cashback like a store card (or more) if the store is listed (double that if you are enrolled in that promo), and lots of retailers now offer store pickups for those online orders - so it's a win, win. Amex Offers is another great way to get small "bonuses" for small spends without grabbing a new card every other day. BankAmeriDeals can also be good depending on what you are spending on. And Citi Offers, which is new but turning out to be useful for me. I know they don't have the Citi Offers on the Double Cash (yet), but I lucked out having a Diamond Preferred card, which while not a direct rewards card (well it has rewards but hard to redeem the "Easy Deals" points) does get the offers.

I've probably saved at least as much proportionally using these deals as I would have applying for a card with a bonus.



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