Just had to say....

For just about anything you want to get off your chest about credit cards.
jmtdallastx
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Postby jmtdallastx » Tue May 21, 2013 9:38 am

is "The Garden" in the USA Region?


MemberSince99
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Postby MemberSince99 » Tue May 21, 2013 9:44 am

I see three cases where long term "gardening" after getting a couple of cards makes sense.

First if you are going for a mortgage as your next goal. Absolutely makes sense to do that then.

Second if you don't want to spook/possibly tick off your current creditors with too much new credit and fear potential AA (adverse action).

Third if you've met your goals and just want to see CLIs on your existing cards.

Typically in their case, aside from the fanatical love of gardening, I think the second reason fits. They seem to feel that if you have a few inquiries or a couple of new cards, then anytime you apply for a new card it will be a toy limit. That can be true, however, I'm living proof it's not ALWAYS the case in fact the majority of the time it's NOT the case once you are established. I have PLENTY of inquires and most of my credit is newer, but FNBO gave me a limit 100 higher than my highest with their Amex card recently.

If I followed everything those guys said to do I'd stll be in Cap One with a 500 limit land. Granted I've made plenty of mistakes and my path is FAR from optimal, HOWEVER, in the end I have the cards I wanted and some really nice ones and the mistakes were learning experiences and I'm glad to have had that. As they say no guts no glory - if you want to live in the garden with your 500 Cap One that will NEVER grow with you, by all means do so, but you won't see me in the garden if there is something I really want.
But again I would like to say, they are a very nice and helpful bunch all in all some of them I'd like to buy a beer and shoot the breeze with someday!

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FastSRT8
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Postby FastSRT8 » Tue May 21, 2013 10:54 am

Thanks for the explanation!

Now for the more pressing issue of getting into the so called garden, I won't qualify as I only have and will only carry 2 credit cards. My wallet is physically thin for a purpose....... you want it to almost a per a like you don't carry a wallet in your suit breast pocket.

So I guess I won't be I. Their club of 20+ credit cards in my name.

MemberSince99 wrote:It's a joke about the MyFICO site. On their credit card board, there are very few threads that do not have "garden" in there somewhere. Most have it multiple times. If I had a dollar for every time the word "garden" appears on that board, I could retire now.

The meaning of it is basically don't apply for anything, which they see applications/inquiries as a worse crime against humanity than Hitler, Stalin and Amin combined, though a lot of them have 20+ cards in their signatures. So as soon as someone gets a card, they all say "Congrats +1 now get in the garden for the rest of your life or you'll destroy your credit and your life and have to hang yourself in your closet!!!!!!" (a bit of an exaggeration but you get the idea). They almost make this garden a religious type of experience and it's not much of an exaggeration to say, the meaning of life.

That's where that stuff comes from.

They are actually a pretty decent bunch all in all, and have a lot of knowledge and experience, but they are a bit fanatical in their views. I think some of them have forgotten the goal is not to "garden" but to get and use the cards you want and use them to enhance and live your life, and that credit is to live and not to live for credit. Personally I'm never in the "garden" but I have now reached a point I have the cards I want and no plans to apply for anything in the near term. I do not consider that gardening in terms of the way and meaning of my life, only that I have credit to meet my needs.
Carpe diem quam minimum credula postero!

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djrez4
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Postby djrez4 » Tue May 21, 2013 12:16 pm

MemberSince99 wrote:

First if you are going for a mortgage as your next goal. Absolutely makes sense to do that then.



Of the three mortgage brokers I've spoken to this week, not a single one has mentioned anything about my number of inquiries. I have two Transunion and two Experian from earlier this month. Not a peep.
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Sevenfeet
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Postby Sevenfeet » Tue May 21, 2013 12:19 pm

FastSRT8 wrote:Thanks for the explanation!

Now for the more pressing issue of getting into the so called garden, I won't qualify as I only have and will only carry 2 credit cards. My wallet is physically thin for a purpose....... you want it to almost a per a like you don't carry a wallet in your suit breast pocket.

So I guess I won't be I. Their club of 20+ credit cards in my name.


Who needs 20 cards when one of them is Centurion? :)
Cards:
American Express Platinum (NPSL)
Penfed Platinum Reward Visa ($28K)
Chase Freedom Visa ($25K)
Fidelity American Express ($20K)
American Express Blue Cash Preferred ($20K)
Bank of America Cash Rewards MasterCard ($20K)
Citi Thank You Preferred Visa ($9.5K)
Chase Sapphire Preferred ($7.5K)
US Bank Cash + Visa Signature ($7K)
Discover IT ($4K)

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Postby MemberSince99 » Tue May 21, 2013 12:21 pm

You could be the exception though. You only have a few and a high score. In terms of score, a few inquiries could push me for example from 760s to 750s. It might not sound bad but those few points difference could mean thousands in extra interest over the term of the loan.

So even if they don't mind, it can still make sense to lay off for a while before going for a mortgage.

MemberSince99
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Postby MemberSince99 » Tue May 21, 2013 12:22 pm

Sevenfeet wrote:Who needs 20 cards when one of them is Centurion? :)


Exactly. Though he's smart to have a non-Amex backup, both for places that don't take Amex (still plenty of those unfortunately) and just in case.

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djrez4
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Postby djrez4 » Tue May 21, 2013 1:28 pm

MemberSince99 wrote:You could be the exception though. You only have a few and a high score. In terms of score, a few inquiries could push me for example from 760s to 750s. It might not sound bad but those few points difference could mean thousands in extra interest over the term of the loan.

So even if they don't mind, it can still make sense to lay off for a while before going for a mortgage.


True, but we're talking 1/8 point. On my loan, $6810 over 30 years, or $19 a month. To offset that, for example, a Chase mortgage auto-paid from a Chase checking account receives $500 a year toward the principal - $42 a month directly off the loan amount.
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s.jessica
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Postby s.jessica » Tue May 21, 2013 6:09 pm

As per information I received from Yahoo! Answers, the "Garden" is where you go to bury your cards after cutting them into little pieces. It didn't say if you put all the pieces in the same hole or if you need to space them - I assume you have to space them at least 2" to allow room for them to grow.

cashback
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Postby cashback » Tue May 21, 2013 6:10 pm

Its a complete waste to have a great credit score and not abuse it... err... I mean use it...
Credit Cards
Amex BCE 25K ---- PenFed Platinum Rewards 15.5K --- US Bank Cash+ 12K --- Discover IT 6K --- Citi Dividend 5K --- Chase Freedom 12.5K --- Amex SPG 6K --- Citi Thank You Preferred 15K

Not Used
Citi Simplicity - 5K, Sam's Club Discover - 10K

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Sallie Mae World Mastercard

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