MF sprees

For just about anything you want to get off your chest about credit cards.
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MemberSince99
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MF sprees

Postby MemberSince99 » Thu Aug 18, 2016 1:49 pm

Has anyone noticed the sprees over there with 10, 15 or 20 apps?

I'm reading that and thinking holy crap bat man. I never in my wildest days approached anything like that. Not even drunk.

Maybe they get away with it but you have to wonder if it doesn't come back to bite them in the end. More power to them if it works for them but I'd never try that. I'm bad enough and I am nothing close to that.

Seriously what will you do.If you get every card? Can you even use them? How do you keep track of all that?
Sure I get there are apps like mint even so it's a chore.


To My Credit
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Re: MF sprees

Postby To My Credit » Thu Aug 18, 2016 3:53 pm

It's crazy. I have 5 inquiries on each of my credit bureaus and I already feel like I have too many. And I see people on there with 20+ inquiries. I have no idea how they're even approved for cards. I guess that's why our economy is the way it is.
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kdm31091
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Re: MF sprees

Postby kdm31091 » Thu Aug 18, 2016 8:33 pm

It's (partially) because of the epidemic of horrible advice on there. People are told they need to "diversify" with 20 different banks and 40 CUs for various nonsense reasons, and before you know it the sprees begin. Then the person gets caught up in the rush and gets 50 redundant accounts. Then a month later posts about being overwhelmed and wanting to close many.

The problem is that when people have card(s) they like on there, they want to push them on everyone regardless of whether it's right for the poster or not. That's not the only reason for the sprees of course but I think it plays a part. Newbies are given poor advice (as a whole; there are a few not ridiculous posters over there).

Average Joe who just wants to build credit doesn't need to apply for 10 or 20 cards but is made to feel they should.

The other problem is kind of a mob psychology thing. So many people on there have 30, 40, 50+ inquiries that it begins to feel and seem normal, despite the fact that the US population in general does not have anywhere near that many

MemberSince99
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Re: MF sprees

Postby MemberSince99 » Fri Aug 19, 2016 7:32 am

I agree.

I see many people posting congrats to them but I think I would point out that whole what's done is done it might be best to only target what you will use and work on growing those. All too many just say congrats. Ok you got a big haul now can you use and handle it. If yes then great otherwise a bit of moderation might be wise.

I know that sounds hypocritical coming from me. But I never put in even 5 apps let alone 20. I don't have even 20 cards now and may want to consolidate when annual fees hit. There are sprees then there is what some do. When it's extreme even for me then it's got to be bad.

MemberSince99
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Re: MF sprees

Postby MemberSince99 » Fri Aug 19, 2016 10:38 am

One topic was went on a spree now what

I thought what do you mean now what isn't it obvious. Then I remembered it's MF and my.thought was close them all and do it again while drunk

kdm31091
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Re: MF sprees

Postby kdm31091 » Fri Aug 19, 2016 3:12 pm

MemberSince99 wrote:One topic was went on a spree now what

I thought what do you mean now what isn't it obvious. Then I remembered it's MF and my.thought was close them all and do it again while drunk


The high from the approvals is gone, and now the anxiety of maintaining all of the accounts has set in. Happens over and over.

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Vattené
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Re: MF sprees

Postby Vattené » Fri Aug 19, 2016 3:48 pm

kdm31091 wrote:The high from the approvals is gone, and now the anxiety of maintaining all of the accounts has set in. Happens over and over.

Or...the binge is over and now they start feeling guilty and compelled to purge.
-Vattené
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plus several store accounts of varying usefulness now

kdm31091
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Re: MF sprees

Postby kdm31091 » Fri Aug 19, 2016 7:30 pm

Vattené wrote:
kdm31091 wrote:The high from the approvals is gone, and now the anxiety of maintaining all of the accounts has set in. Happens over and over.

Or...the binge is over and now they start feeling guilty and compelled to purge.


Yeah that's an even better description.

The worst part is that every one of these impulse accounts stays with you for 10 years. While a positive tradeline isn't going to hurt you, it's not good to have a bunch of impulsively opened/closed accounts over and over.

JonE
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Re: MF sprees

Postby JonE » Mon Aug 22, 2016 10:16 am

I've always said debtor's anonymous would be a good option for the majority over there. You are starting to see some of the pragmatists (the don't apply for every card under the sun people) poke their heads into threads every once in a while, but they're not even close to a majority yet. Besides which I'm not sure Admin over there would tolerate such common sense. :rolleyes:
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Re: MF sprees

Postby yfan » Tue Aug 23, 2016 3:54 pm

The biggest problem with 'sprees', IMHO, is often a lack of focus on strategy. Most of the time the people who are applying for 19 cards in as many minutes don't know what their strategy is with credit cards or even what goal they are trying to achieve with the rewards programs. They figure, "Get all the bonuses in now; worry about planning later." And that's where things usually go south. People rack up bills they can't pay and come back asking for a new balance transfer card. They don't know the best use of the rewards, or their rewards are spread across too many systems to be effective.



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