What do you think about this article?

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jmon117
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What do you think about this article?

Postby jmon117 » Fri Feb 12, 2016 6:21 am

http://abcnews.go.com/GMA/WaterCooler/s ... 883&page=1

I remember seeing it a few weeks ago and it just baffled me how this was even possible. How could you get 143 CCs in a year without the companies getting a little weary?


Nixon
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Re: What do you think about this article?

Postby Nixon » Fri Feb 12, 2016 8:51 am

Ask Ron on MyFICO.
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Vattené
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Re: What do you think about this article?

Postby Vattené » Fri Feb 12, 2016 8:54 am

This man would be a god on MyFICO.

I'm also surprised he doesn't get turned down more. According to the article he is still applying for a lot and denials are rare. Even if it's due to computer algorithms deeming him creditworthy, he still has $1.7 million in available credit!
-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

kdm31091
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Re: What do you think about this article?

Postby kdm31091 » Fri Feb 12, 2016 9:50 am

You also have to wonder, though, how many people are just BSing. In the case of Ron, there's really no proof that he's not just a troll making up approvals. I don't think he is, but my point is that you can say you were approved for whatever you want; doesn't make it true. Some of his posts are pretty troll-like or just mental illness like.... "my brother needed new sunglasses, so I got a sunglass hut CC"...seriously? That's not a normal thought process, to open a new CC for every trivial purchase in your life.

takeshi
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Re: What do you think about this article?

Postby takeshi » Fri Feb 12, 2016 9:51 am

jmon117 wrote:How could you get 143 CCs in a year without the companies getting a little weary?

Don't put so much emphasis on the number alone. Consider that he has one card with a $50 limit.

The credit world was also probably very different back in the late 60's considering the changes in just the 18 years I've been building my own credit.

kdm31091 wrote:That's not a normal thought process

No one collecting cards on the scale of people like these guys is normal.

Even those of use with more than a few cards aren't normal. Constantly pushing limits and lowering APR's isn't normal. Playing the score/rewards/churn/MS/etc games isn't normal. Having others on a forum in a similar situation just makes it seem normal.

Sure, people can BS on any forum on any topic but it really has no impact on me either way.

Kevin86475391
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Re: What do you think about this article?

Postby Kevin86475391 » Fri Feb 12, 2016 12:22 pm

Fascinating article. Indeed I'm sure things were different in the 60s and 70s when he started this. However, I also think it's worth noting that the article says that if he gets declined he sends a letter to the company explaining his goal of remaining in the Guinness book of world records. To me it sounds like a lot of creditors probably just shrug and go along with it to be good sports, giving him low limits of course.

In fact it says he has, $1.7 million and credit and 1,497 cards. That comes to an average credit limit of only $1,135.60 - not a whole lot for someone with "nearly perfect credit" as the article says. And I get that. If I were a credit analyst with any kind of discretion over approving him or not - and considering that despite the massive number of cards he evidently has perfect payment history and doesn't carry debt - I'd absolutely just go ahead and approve him for a small limit to keep the record going.

On the other hand if I saw a "regular person" with just 100 cards I'd be a lot more likely to reject the application.

Another point, the article says "He assumes they are valid until he's told otherwise." I think there's a good chance quite a few are not then, especially since he clearly has so many store cards. Nowadays I don't use store cards except my one Target card, but over the past decade or so I've had at least 5 or 6 store cards closed due to inactivity...I don't recalling getting a notification letter for ANY of them. I just noticed when I checked my credit report.

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CarefulBuilder14
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Re: What do you think about this article?

Postby CarefulBuilder14 » Fri Feb 12, 2016 12:36 pm

I wonder how many fragments a split file can have...
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: What do you think about this article?

Postby JonE » Fri Feb 12, 2016 12:43 pm

With this kind of prevailing mentality, it makes me wonder if we won't see a market correction of credit card companies. Either some banks getting out of the credit card business completely (maybe the sub-primers like Credit One or First Premier) or offering a lot less in the way of credit offerings. The only people who were relatively successful during the last crash were the ones who didn't live beyond their means. Everybody else sunk with the economy.

Kinda makes my 3-4 card plan look brilliant in comparison.
Current Cards: Chase Freedom, Discover IT
Future: TBD

ingramjuan
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Re: What do you think about this article?

Postby ingramjuan » Mon Feb 15, 2016 11:09 pm

jmon117 wrote:http://abcnews.go.com/GMA/WaterCooler/story?id=411883&page=1

I remember seeing it a few weeks ago and it just baffled me how this was even possible. How could you get 143 CCs in a year without the companies getting a little weary?



After reading this, this guy my have over 1k credit cards, but I am sure they are not all active.
CARDS:
Capital One Platinum (2001) |Capital One QuickSilver World (2002) | Amex Gold Delta (2013) | Best Buy Visa (2013) |Discover It (2015) | Amex Platinum (2015)

Gardening Since: June, 2015

Next Cards:
Personal: Chase Freedom Unlimited
Business: Amex Plum
Store Card: Lowes



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