Why am I obsessed with credit cards????

For just about anything you want to get off your chest about credit cards.
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g35x955
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Why am I obsessed with credit cards????

Postby g35x955 » Thu Oct 13, 2016 11:14 pm

Seriously.. I just don't get it.

I only got my first card a year and a half ago bc a friend told me I could get free money from a sign up bonus.. and now here I am... obsessed with trying to achieve the best credit I possibly can.

I find myself checking credit karma, mint, and all these other credit sites literally every day. Im always on the hunt for the next perfect card. I read up on all the posts by you members all the time. Im only 21. I feel I shouldn't be to worried about all of this but I have this haunting feeling that if I don't have good credit by the time I'm 25/26 when I buy my first house that Im gonna completely regret it.

I know for sure most people my age aren't like this..

Is it just me? Do a lot of you feel like you care just a little bit to much..
Discover IT $3000 (3/15)

Chase Freedom $4500 (12/16)


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CarefulBuilder14
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Re: Why am I obsessed with credit cards????

Postby CarefulBuilder14 » Fri Oct 14, 2016 12:18 am

g35x955 wrote:Seriously.. I just don't get it.

I only got my first card a year and a half ago bc a friend told me I could get free money from a sign up bonus.. and now here I am... obsessed with trying to achieve the best credit I possibly can.

I find myself checking credit karma, mint, and all these other credit sites literally every day. Im always on the hunt for the next perfect card. I read up on all the posts by you members all the time. Im only 21. I feel I shouldn't be to worried about all of this but I have this haunting feeling that if I don't have good credit by the time I'm 25/26 when I buy my first house that Im gonna completely regret it.

I know for sure most people my age aren't like this..

Is it just me? Do a lot of you feel like you care just a little bit to much..

I used to care a lot about that extra 1% cash on small amounts of spend. Now I just care about getting nice valuable travel perks and occasionally bonuses. I'm hunting bigger game.

Unless you're going to work for some very successful friend or relative (with a practically guaranteed good income for several years), it may not even make sense to buy a house at 25 or 26.
Love: IHG, Platinum, Sallie Mae, AA Plat, CSP
Like: Discover, ED, BCE, Hyatt, Arrival, Freedom
Might drop: BrooksBros, Prestige (Costco PC?)
Might add: Proper business card, CSR, Ritz, Delta Gold
Letting new accounts cool off since May
Really not sure what I'll add next or when

kdm31091
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Re: Why am I obsessed with credit cards????

Postby kdm31091 » Fri Oct 14, 2016 7:08 am

Like any other interest, you tend to be very passionate about it when you first learn of it. It will wane over time (or else you become one of the sad addicts who "diversify" with a new card every week!).

When I first learned about credit card rewards in 2014 I applied for several cards which are now closed. Most of these inquiries are falling off as we speak. But it's important not to get so wrapped up in the extra 1% on small amounts of spend because in most cases it is not even going to amount to $100 in a year. Just think for a second about how easy it is to spend $100. In other words, it's peanuts, don't obsess about it. Select a few solid cards that suit your life and go from there.

Signing up for bonuses and then cancelling with no intention of keeping in the long run is another matter and you don't have to intend to use it for your everyday spend, but it's not something I would recommend for someone just starting out.

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PhillyPhoto
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Re: Why am I obsessed with credit cards????

Postby PhillyPhoto » Fri Oct 14, 2016 8:33 am

I'm somewhere in the middle. I didn't really see credit cards as a means to see the world, or other perks for a long time. I got my Chase Freedom a few years ago, and actually used the sign-up bonus for a statement credit ( :beat: ). Then I started reading this site and others and saw how to better use what the banks were offering. I don't really churn per-se, but I look for cards that I can maximize the value from in my situation. I've signed up for the MB Amex Platinum, because I do realize now the once-per-lifetime bonus, and would like to keep my options open to switch to the regular someday with a high bonus. Before, I wouldn't have even known about that. I don't plan on ever MSing, because there's a lot of focus on that now, and it seems like a lot of work to me personally. There's nothing wrong with being on top of your credit, but just keep in mind it's a marathon, not a sprint. Focus on one thing at a time, if that's paying off a card, looking at a sign-up bonus/min spend, etc.
Main Cards:
Amex: Surpass
Citi: ThankYou

Sock drawer Cards:
Amex: Ameriprise Gold, HHonors, MB Plat
Chase: Amazon.com Rewards, Freedom
Citi: Macy's Amex, Simplicity
Citizens Bank: Cash Back Plus World
Discover: it
Elan: Bank Rewards
Synchrony: PayPal Extras

718 Eq|734 TU (8/16)|733 Ex (9/16)

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kcm7
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Re: Why am I obsessed with credit cards????

Postby kcm7 » Fri Oct 14, 2016 10:40 am

g35x955 wrote:
I know for sure most people my age aren't like this..

Is it just me? Do a lot of you feel like you care just a little bit to much..


I think it's natural to become obsessed with something that's super relevant to you and that gets you something you want. Like, if I'm planning a trip, I become obsessed with finding the best deal and maximizing my travel rewards. If I'm not planning a trip at the moment, I'm not just looking for flight deals for the fun of it.

You have the goal of getting a house at a pretty young age, so I think winning the credit game is a pretty natural desire. Once you get that great score, you'll probably just go into "maintenance" mode, rather than checking scores every day. Or you'll fall down the MyFICO rabbit hole and have to go to credit rehab. :ppp
Cards:

-Capital One Quicksilver
-Barclaycard Arrival (no AF)
- US Bank (no rewards)
-IHG

thom02099
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Re: Why am I obsessed with credit cards????

Postby thom02099 » Fri Oct 14, 2016 10:44 am

kdm31091 wrote:Like any other interest, you tend to be very passionate about it when you first learn of it. It will wane over time (or else you become one of the sad addicts who "diversify" with a new card every week!).


^^^^ This.

Like any addiction, recognising that it may be a problem is the first step to a solution. Acknowledgement is key. One can have a healthy interest in credit (or any other subject, for that matter), as long as it's kept in perspective. A way to do that, keep it in perspective, is to stay on a site such as this one, where you will get honest answers, and will be called out if you go too far astray. You want to stay away from other sites (**coughmyficocough**) that, on first glance appear to be a good source of information, but in reality, is full of misinformation, favouritism, and generally bad advice to apply for anything and everything. Wrong move.
Retired, and in the process of retiring cards!
EQ = 846 EX=828 TU = 836 as of 02/2016

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CarefulBuilder14
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Re: Why am I obsessed with credit cards????

Postby CarefulBuilder14 » Fri Oct 14, 2016 12:31 pm

It may help to give yourself a limited window of time to read forums. I'm on mass transit a lot, and read/post on the forums when my options to be otherwise productive are limited.
Love: IHG, Platinum, Sallie Mae, AA Plat, CSP
Like: Discover, ED, BCE, Hyatt, Arrival, Freedom
Might drop: BrooksBros, Prestige (Costco PC?)
Might add: Proper business card, CSR, Ritz, Delta Gold
Letting new accounts cool off since May
Really not sure what I'll add next or when

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Vattené
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Re: Why am I obsessed with credit cards????

Postby Vattené » Fri Oct 14, 2016 3:39 pm

You're right most people your age aren't like this, but that doesn't mean that it's not OK to be. I'm one that is like that. I'm still interested in it, but it did wane for me, too. At a certain point you know what is available and what works best for you, and there's just not much left to learn (at least that's relevant to you).

It's like any hobby or interest. MOST people aren't super into comic book movies (just to pick an example that's more mainstream), but if you are who cares? You like what you like. You can be WAY into a thing and still not have it become an unhealthy obsession. Hopefully it won't get to that point for you, and you'll able to responsibly manage your credit and be aware of your score without feeling like you have to check it constantly. You've got a solid foundation established that will turn into a good history with time. If you continue taking care of your finances, and decide (even at 25/26) that you'd like to buy a house, you'll have good enough credit to buy one at the best terms available.
-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

Kevin86475391
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Re: Why am I obsessed with credit cards????

Postby Kevin86475391 » Sat Oct 15, 2016 1:33 am

g35x955 wrote:Why am I obsessed with credit cards????

Seriously.. I just don't get it.



I'm going to take a different approach to answering this and just discuss why getting approved for credits and obsessing about credit score and other credit related topics might be addictive in general, not necessarily to you specifically.

I think in a lot of ways playing the 'credit game' really is like playing a game. There's a desire to 'level up' and progress to a better and better score. Crucially, the difficulty in doing so (especially at first and especially for people new to credit without any existing blemishes) is ideal for an engaging 'game.' It's hard enough to stay interesting and engaging, but not so difficult that it seems hopeless or impossible.

As you pointed out, you can also monitor your progress almost 24/7 in various ways. This provides near instant feedback and reward. "My credit score went up!" *rush of dopamine* "Must get it higher!" Same deal with getting a card approval or even just a pre-approval from a company you find attractive.

There's also a social element to it. Forums like this and other financial groups provide a venue for people to literally compare scores, brag, advise, or support each other. This makes it easy to integrate your interests in credit cards directly into your social identity to some extent, at least in some contexts, and that certainly solidifies the addiction.

Finally, there's definitely a social prestige factor at play too. Of course to some extent having a high credit score, being able to be approved for things at the best rates, and having an appealing selection of 'exclusive' cards can make you feel good about yourself and/or impress others.

Indeed the fact that there are potential real life rewards to playing the credit game well is definitely one of, if not the, most significant thing that makes it addictive.

For some people it may also fill a void of some kind - just like any addiction from the most harmless to the utterly destructive.

So just play responsibly. Keep things in perspective. Make sure it stays fun and doesn't negatively affect your life.

Anyway, just my speculation.

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CarefulBuilder14
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Re: Why am I obsessed with credit cards????

Postby CarefulBuilder14 » Sat Oct 15, 2016 5:41 pm

A lot of seemingly pointless or trivial credit actions and behaviors are more understandable when you realize that some people have to always be changing something.
Love: IHG, Platinum, Sallie Mae, AA Plat, CSP
Like: Discover, ED, BCE, Hyatt, Arrival, Freedom
Might drop: BrooksBros, Prestige (Costco PC?)
Might add: Proper business card, CSR, Ritz, Delta Gold
Letting new accounts cool off since May
Really not sure what I'll add next or when



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