Done with myfico, apparently!

A place to discuss anything... except credit cards!
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kdm31091
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Re: Done with myfico, apparently!

Postby kdm31091 » Tue Jan 05, 2016 2:56 pm

I personally find the entitlement hilarious. Every single AA situation without fail is treated as: "omg you dont deserve it! Call the EO now! Go to a branch and get a manager!"

Meanwhile the person apps for a card once a week, collects a bonus and thereafter purchases a pack of gum a month. They march into a bank demanding an answer as if they are God. What do you think a banker thinks of someone who apps like that? They think its risky. This isnt rocket science, but everyone on there feels they should be exempt from the rules and it should be ok for them to open even 1 new account every month. Long term, you just can't do that.


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Re: Done with myfico, apparently!

Postby Nixon » Tue Jan 05, 2016 2:57 pm

kdm31091 wrote:I personally find the entitlement hilarious. Every single AA situation without fail is treated as: "omg you dont deserve it! Call the EO now! Go to a branch and get a manager!"

Meanwhile the person apps for a card once a week, collects a bonus and thereafter purchases a pack of gum a month. They march into a bank demanding an answer as if they are God. What do you think a banker thinks of someone who apps like that? They think its risky. This isnt rocket science, but everyone on there feels they should be exempt from the rules and it should be ok for them to open even 1 new account every month. Long term, you just can't do that.


You referring to the guy who got closed down by Chase for running business money through a personal account?
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yfan
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Re: Done with myfico, apparently!

Postby yfan » Tue Jan 05, 2016 3:01 pm

silver6054 wrote:But left as an exercise to the reader, is "OMG it's metal!!!" worse in content/spirit than many pages of "Doesn't MyFico suck?"

Is it worse? By a mile. Here in context one can provide examples and make a case about why MF "sucks" - although I think the case made is generally about specific propensities on MF that are actually not long-term good credit decisions rather than a simple "sucks" comment; so in that sense, there is also a qualitative difference. There is no credit specific case to be made to fawn over the physical construction of a card.

yfan wrote:But that is exactly what a car/train wreck is. Most car wrecks come with similar characteristics - vehicles collide, there are dents and smashes, glass on the road, sometimes an ambulance - not a whole lot new to see in each individual wreck. Yet every dang wreck slows down traffic not because of blocked streets but because people gotta look. The repetitive nature of the faults is also itself a matter than can "engage interest."


OK, but in my personal opinion, a good car/train wreck is MUCH more interesting than pizza1 applying for the 10th card that week.

Well in general, real life is more interesting than credit card forums. That doesn't mean certain analogies are not applicable.

kdm31091
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Re: Done with myfico, apparently!

Postby kdm31091 » Tue Jan 05, 2016 3:04 pm

Nixon wrote:
kdm31091 wrote:I personally find the entitlement hilarious. Every single AA situation without fail is treated as: "omg you dont deserve it! Call the EO now! Go to a branch and get a manager!"

Meanwhile the person apps for a card once a week, collects a bonus and thereafter purchases a pack of gum a month. They march into a bank demanding an answer as if they are God. What do you think a banker thinks of someone who apps like that? They think its risky. This isnt rocket science, but everyone on there feels they should be exempt from the rules and it should be ok for them to open even 1 new account every month. Long term, you just can't do that.


You referring to the guy who got closed down by Chase for running business money through a personal account?


Yes although there are many examples every day on there of ridiculous entitlement.

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CarefulBuilder14
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Re: Done with myfico, apparently!

Postby CarefulBuilder14 » Tue Jan 05, 2016 11:39 pm

Very useful: SchwabPlat, CSP, IHG, Costco (was AA Plat), Freedom, SPG, Prestige (retention)
Somewhat useful: Discover, ED (was EDP), BCE, Hyatt
SD with activity alerts, might close: Arrival

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech, BofA Travel PH, Aviator Red

kdm31091
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Re: Done with myfico, apparently!

Postby kdm31091 » Wed Jan 06, 2016 7:16 am



I like that thread you made. It's so true -- there's really not very many cards that are super "exclusive" and who decides that anyway? It's an arbitrary, and quite honestly, silly thing to go after, whether rebuilding or not. Before Chase tightened down on the CSP, people would apply for it just because of the metal or "exclusive" factor. Now, if someone wants to blow $95 a year for that, that's on them, but it doesn't make it exclusive or special.

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Re: Done with myfico, apparently!

Postby Vattené » Wed Jan 06, 2016 11:37 am

I agree. Very few cards really are that hard to get if you want them bad enough.

Of course they can provide real value to the right spenders, but most of the exclusivity branding plays more to a person's desire to be seen as someone able to throw money around rather than be seen as someone with excellent credit. Like most status symbols, it's supposed to be a signal of wealth, not financial responsibility.
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FICO-8:
EX - 827 (4/17) | TU - 812 (4/17)
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: Done with myfico, apparently!

Postby kdm31091 » Thu Jan 07, 2016 7:07 am

Vattené wrote:I agree. Very few cards really are that hard to get if you want them bad enough.

Of course they can provide real value to the right spenders, but most of the exclusivity branding plays more to a person's desire to be seen as someone able to throw money around rather than be seen as someone with excellent credit. Like most status symbols, it's supposed to be a signal of wealth, not financial responsibility.


Unfortunately, the very few people who actually are the right spenders and get meaningful use out of the card tend to over-glamorize it, so that the more average joe ends up wanting/going for it. They talk about loving all the perks, and half the time the average person has no idea what the perks even mean, but they make them sound enticing.

It also seems that people end up talking themselves into spending more than they would normally to fit the new card. They say "well, I don't really travel, but if I get a CSP I'll travel a lot with all the benefits!"...they seem to forget that it still costs money, even if you are getting a great value out of points. That's just covering the airfare and maybe hotel. You still spend plenty of money on trips otherwise! I think travel is a good thing, but I also think people shouldn't adjust their lifestyle around a reward program.

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Re: Done with myfico, apparently!

Postby kdm31091 » Tue Jan 12, 2016 7:20 am

I love seeing overconfident MF members getting slapped with tiny limits on cards they should have waited to app for. :rolleyes:

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Re: Done with myfico, apparently!

Postby 4ktvs » Tue Jan 12, 2016 9:36 am

kdm31091 wrote:I love seeing overconfident MF members getting slapped with tiny limits on cards they should have waited to app for. :rolleyes:


That guy who claims to be 18 had a card from US bank with a limit of $300. LOL

He should have waited to apply for the Cash+ but it looks like he went for it anyways. Why he went for ALL those other cards before like two QS and the venture I have no idea. Even if the guy does make 80k or what ever per year. There is no need to build that much credit right away and even later on why have two QS?

Now stuck with a $300 limit %1 cash back card he is. He had it a long time coming though.. US bank clearly cut out all the BS and I would say they punished him by granting the card than not. They clearly wanted him to take the AAOA hit with out much risk to themselves.

When they grant a limit that low the bank is making a very clear statement. One I would hope they consider when looking to the future.



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