People's impressions of credit cards

For just about anything you want to get off your chest about credit cards.
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MemberSince99
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Postby MemberSince99 » Sun Jun 02, 2013 5:13 pm

Your scores are pretty good Snowman. It was only a few short years ago that 720 was considered an "excellent" score, it still is really it means you are doing it right.

The first time I checked my FICOs in 2010 before I bought a vehicle, I had only student loans on my report that I'd had for a number of years. My scores were 742 on one (hasn't gone up that much really) and 727 on the other (can't remember which anymore). And I was shocked it was that good I was expecting worse. The 727 had a 60 day late on a vehicle loan which is why it was lower - I had lost my job and couldn't make the payment until I got a new job. Fortunately back then you could actually get a job pretty quickly unlike now. Hate to think what would happen today. You'd be trying to talk them into only giving you 25% less than you currently make instead of the 50% less they want to pay you. And they'd be doing you a hell of a favor to give you a 50% pay cut. That's what I saw in my job search recently, it made me just say the hell with it and stay where I am it was so bad. I pity those who are looking for work today.


KrazyNick
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Postby KrazyNick » Sun Jun 02, 2013 6:11 pm

Wow some good stories here. Glad to know others do likewise! I guess there are some not so smart people out there who get a credit card and say ooooh 2500 limit that means i can charge it all up now? I just don't get it!
Bank of America Travel Rewards Visa Signature - 5k (2/10)
Capital One Mastercard- 2.5k (1/11)
Chase Freedom- 5k (4/11)
Discover It- 3k (5/11)
Chase Amazon Visa- 2k (5/13)
American Express Blue Cash Everyday- 8k (5/13)

Bank of America WorldPoints Rewards for Business- 18k (11/11)

MemberSince99
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Postby MemberSince99 » Sun Jun 02, 2013 6:17 pm

Oh you can, no problem, but you gotta pay it back. It's not free money so you can go party on it and never worry about it. I don't see how they fall into that. I can understand if you got hit with a job loss out of the blue, or major medical bills, at least that I can understand.

But then again that aspect of human nature would explain how our government operates - we just borrow more to pay our debt. I can't comprehend the money we are talking about but I can understand the credit card analogy here - it's like your cards are maxxed out and you can't spend anything so you get the credit card companies to give you CLIs so you can spend more money. Except they would never do that because they are smarter than that. But I've thought of how much that would be like taking cash advances on one card to pay the bill on another, then repeat. Back in the bad old days, I actually had to do that, I knew then I was in deep trouble that I was never going to get out of. Back then, they gave you a much higher cash advance line than they do today, I believe we have people like me to thank for it being a small fraction of the limit today.

In fact, I remember the first time that I was unable to pay my credit card in full. It was because I was moving out of state and needed money to relocate for the new job. They paid relocation but I still needed to get a household set up so I just put it on the card, thinking everything will be fine, I'll go in work hard and pay this off and no biggie. Was I ever wrong it snowballed until it was completely out of control, a lot of it was my fault, and then I lost my job (not my fault but it doesn't matter really whose fault it is). Now I know better than to do things like that, I no longer have that mentality that oh it will be ok, and I no longer carry a balance - ever. Not even a cent. Once you fall into that trap I know what can happen now. But I can still remember the day I went to the Chase branch to pay my card, and for the first time it was less than the balance due. These are the kind of life experiences you don't want to forget so you can do your very best to avoid repeating them.

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Snowman
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Postby Snowman » Sun Jun 02, 2013 7:05 pm

Thank you 99. I got my EX score with my Chase Freedom card and the score came back at 736. This made me pretty happy since I it has shown how far I have progressed since starting this journey a little over a year ago. I'm not sure what my TU and EQ scores but I am hoping that they are at least in the 700+ range.

And yeah it is bad for those that are looking for work today. I am fortunate my current job has kept me on for this long (I work in the food/service industry, it's going to be 3 years since I've been hired. Amazing how fast time flies by.) I do hope to work in the financial industry/accounting, but my real dream is to be in Law Enforcement. But unfortunately they aren't hiring right now either. But yeah it is tough to find a job, especially here (our unemployment rate is 9%). But I am glad that you were able to bring yourself out of that mess, and tell us about your experiences.
Bank Of America: BankAmeriCard Cash Rewards-4.2k
Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
Amex BCE.2k- Amex SPG-5k
Chase: Freedom-5kSouthwest Rapid Rewards Plus- 3.6k
Capital one: Venture one-10,000, Visa Signature.

MemberSince99
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Postby MemberSince99 » Sun Jun 02, 2013 9:08 pm

So you just started a year ago? Then I'd say you are doing great, and I expect you'll see a nice BCE in your wallet in the very near future.

And I hope you are able to get into your field too. Liking what you do is half the battle.

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Snowman
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Postby Snowman » Sun Jun 02, 2013 9:18 pm

99- I started my credit journey in April of 2012. And I hope so to. It is the last card that I want, but at this point I'll stop with the apps and maybe try in a couple of years for it.

I hope so too. The problem with my state is that because of our budget issues, the hiring of state workers get slowed down. Needless to say, I hope they start hiring soon, but I might as well get a degree or go into a line of work I like until then.
Bank Of America: BankAmeriCard Cash Rewards-4.2k
Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
Amex BCE.2k- Amex SPG-5k
Chase: Freedom-5kSouthwest Rapid Rewards Plus- 3.6k
Capital one: Venture one-10,000, Visa Signature.

MemberSince99
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Postby MemberSince99 » Sun Jun 02, 2013 9:25 pm

Why wait a couple of years? I say go for it no later than January. That gives you a year with them, over a year, and your scores should be nothing but higher, and you get a backdate to 2012 so your revolver will show an opening date earlier than your PRG (funny how that works isn't it?) and you get 2 years backdating.

So honestly give it a shot in January, if declined only a SP but I bet you'll get it.

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Snowman
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Postby Snowman » Sun Jun 02, 2013 9:33 pm

I'll definitely do that then. I was thinking to have my inquires fade from my credit reports before I apply. But your right, I have nothing to lose but an Inquiry. It drives me nuts, because I have 4 inquires on EX, but 2 on the other bureaus, and that+the amount of time my accounts have been established and the length of time I have been an American Express customer is to short are the main reasons listed in my denial letter. And I do hope to get it, but I am probably going to end up closing my PRG, since I don't spend so much as to offset the AF.
Bank Of America: BankAmeriCard Cash Rewards-4.2k
Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
Amex BCE.2k- Amex SPG-5k
Chase: Freedom-5kSouthwest Rapid Rewards Plus- 3.6k
Capital one: Venture one-10,000, Visa Signature.

AMEXPlatino86
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Postby AMEXPlatino86 » Sun Jun 02, 2013 9:40 pm

I know the feeling. I truly didn't understand the power of CC or even credit in general. I got my first credit card when I just turned 18 from BOA. I was using it but didn't really know what to do with it. I really was using it when I transferred to my university but did the unthinkable by maxing it out twice. Unfortunately things really fell apart when I just so happened to graduate when the economy collapsed. I ended up not finding a job, losing my place, moving in with my mother and defaulting on the card.

After the charge-off, I swore off credit cards and just lived off my debit card and cash. This time I knew that I had to take better care of my finances so I moved out and waited to clean up my finances. Fast forward to Spring 2011 I met my personal banker at WF and she suggested that I get a card to start building credit again. Lucky enough I wasn't approved at that moment but I got welcome envelope about a week later and I was ecstatic that someone had decided to take a chance on me again.

When I got an offer from AMEX for a Gold card, I hesitated and didn't even apply till the last day of the offer because I was thinking that AMEX is for the rich people and that wouldn't want anybody like me. For the first time I was so happy to be wrong. And I guess everything is history from there.

I have only 4 cards and who knows I might go for my 5th but nothing really catches my eye at this point. I'm just going to stick or cancel a few cards since it's just me. I know I'm going to upgrade to Platinum this July. But I appreciate every thing that I've learned off of here and tell everyone not to fear credit. Let it work for you. Only you can make credit fun. (yes this is towards you MemberSince99)
Wells Fargo Platinum 2.100 (5/2011-cld 7/12/14)
AmEx Platinum (6/12)
Barclays Apple (6/12)
AMEX Gold Delta (5/13)
Marriott Rewards (7/14)

My credit score :cool:
EQ: unknown
EX: 762
TU: 752

Gamma
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Postby Gamma » Sun Jun 02, 2013 9:43 pm

I remember back before I got credit my parents told me to always use credit cards in case of emergency. They never told me anything about earning rewards on cards before. So one day, I went to my bank (BoA) to deposit a check and the teller asked me if I was interested in applying for their power reward points card (i was preapproved.) I told him no thanks and he basically was telling me if I do apply, I will get approved for sure with 100% rate. I never knew anything about credit scores or inquiries so I just told him him sure and that I would be using this for emergencies only. I did ends up getting approved, which surprised me because that was my first major credit card. It came in the mail few weeks later and came with a rewards booklet how I can accumulate points for every purchase. I was excited and never knew how one can get rewarded for using credit cards. Regardless, I still kept it as an emergency card in case unexpected expenses came. I then started researching for other cards that would give better benefits and after about 2 months of no use of card, I got a call from BoA card services asking why I haven't used my new credit card. I had no idea at the time they make money off swype fees, which is probably why they called me so I can earn them some extra bucks. Anyways, after researching, I have gotten all these great cards I currently have. BoA was basically my stepping stone towards credit card rewards.



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