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 » Thu Dec 31, 2015 4:17 pm

CarefulBuilder14 wrote:I find it alarming how applying for low/no-bonus store cards on a "try it and see" basis (and then closing them after a few weeks, if that) has become conflated with gardening.

ETA: Any guesses as to how long it will take for closing cards to go out of fashion?


The "garden thread" is a joke on there. None of them actually garden for any real length of time (and the few that do are not heavy posters on the thread ironically).

MF is usually very against closing cards as a rule. Store cards seem to be "ok" to close but closing any "real" card? If you make a thread about it you are given 500 usually meaningless reasons to keep it. Not that there's never a good reason to keep a card, but some of them act like you're committing a mortal sin if you want to just move on from a card.


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CarefulBuilder14
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Re: Done with myfico, apparently!

Postby CarefulBuilder14 » Fri Jan 01, 2016 5:37 pm

kdm31091 wrote:
CarefulBuilder14 wrote:I find it alarming how applying for low/no-bonus store cards on a "try it and see" basis (and then closing them after a few weeks, if that) has become conflated with gardening.

ETA: Any guesses as to how long it will take for closing cards to go out of fashion?


The "garden thread" is a joke on there. None of them actually garden for any real length of time (and the few that do are not heavy posters on the thread ironically).

MF is usually very against closing cards as a rule. Store cards seem to be "ok" to close but closing any "real" card? If you make a thread about it you are given 500 usually meaningless reasons to keep it. Not that there's never a good reason to keep a card, but some of them act like you're committing a mortal sin if you want to just move on from a card.

I think a lot of what happens on MF is not driven by the various stated goals of:
-Having many accounts (or only a few)
-Broad issuer diversification (or simplicity)
-Maximizing rewards or total credit limits
...but instead by the compulsion for constant activity. Any activity.

Ideally, credit activity should be progress towards a particular goal, following a consistent plan. That plan may involve closing rebuilder cards and/or getting cards strategically just for bonuses, but the plan shouldn't change frequently.

However, if someone is driven to always be doing something, then it's easier to change the goal to justify activity than it is to keep the goal and just be patient.
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card

kdm31091
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Re: Done with myfico, apparently!

Postby kdm31091 » Fri Jan 01, 2016 6:46 pm

CarefulBuilder14 wrote:
kdm31091 wrote:
CarefulBuilder14 wrote:I find it alarming how applying for low/no-bonus store cards on a "try it and see" basis (and then closing them after a few weeks, if that) has become conflated with gardening.

ETA: Any guesses as to how long it will take for closing cards to go out of fashion?


The "garden thread" is a joke on there. None of them actually garden for any real length of time (and the few that do are not heavy posters on the thread ironically).

MF is usually very against closing cards as a rule. Store cards seem to be "ok" to close but closing any "real" card? If you make a thread about it you are given 500 usually meaningless reasons to keep it. Not that there's never a good reason to keep a card, but some of them act like you're committing a mortal sin if you want to just move on from a card.

I think a lot of what happens on MF is not driven by the various stated goals of:
-Having many accounts (or only a few)
-Broad issuer diversification (or simplicity)
-Maximizing rewards or total credit limits
...but instead by the compulsion for constant activity. Any activity.

Ideally, credit activity should be progress towards a particular goal, following a consistent plan. That plan may involve closing rebuilder cards and/or getting cards strategically just for bonuses, but the plan shouldn't change frequently.

However, if someone is driven to always be doing something, then it's easier to change the goal to justify activity than it is to keep the goal and just be patient.


It seems the "goal" just varies week by week for many of them, and it's really pretty ridiculous. Some of them need to find something else to focus their energy on, and meanwhile just be patient and let their profiles grow.

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Re: Done with myfico, apparently!

Postby JonE » Sat Jan 02, 2016 3:42 pm

If the majority there focused as much on saving/investing money as they do on spending it, they could turn it into a millionaire's forum.
Wallet: Chase Freedom, Discover IT
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kdm31091
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Re: Done with myfico, apparently!

Postby kdm31091 » Sat Jan 02, 2016 4:16 pm

double post
Last edited by kdm31091 on Sat Jan 02, 2016 4:17 pm, edited 1 time in total.

kdm31091
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Re: Done with myfico, apparently!

Postby kdm31091 » Sat Jan 02, 2016 4:16 pm

JonE wrote:If the majority there focused as much on saving/investing money as they do on spending it, they could turn it into a millionaire's forum.


Right - it's all about spending and chasing after rewards. Not that I don't like rewards, but I don't like 1, 2 or 5% back dictate my budget for the month. Some people just cannot handle it without overspending, and the MF community rarely points that out to anyone; instead they just encourage them to app away, which is doing a disservice to many people.

However, it seems a lot of people have grown tired of things there because I notice less activity and less of the former regulars posting. MF is just far too over-moderated. ANY kind of small, minor disagreement is immediately edited out and the people are warned/banned. They need to just RELAX already, but they never will. God forbid you ask someone why they apped or suggest they didn't need a card. You will be banned. I'm only barely exaggerating.

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Re: Done with myfico, apparently!

Postby silver6054 » Sun Jan 03, 2016 4:57 pm

kdm31091 wrote:
Right - it's all about spending and chasing after rewards. Not that I don't like rewards, but I don't like 1, 2 or 5% back dictate my budget for the month. Some people just cannot handle it without overspending, and the MF community rarely points that out to anyone; instead they just encourage them to app away, which is doing a disservice to many people.

However, it seems a lot of people have grown tired of things there because I notice less activity and less of the former regulars posting. MF is just far too over-moderated. ANY kind of small, minor disagreement is immediately edited out and the people are warned/banned. They need to just RELAX already, but they never will. God forbid you ask someone why they apped or suggest they didn't need a card. You will be banned. I'm only barely exaggerating.


PSA: So on June 1st, KDM posted, to Nixon, "Then I guess you shouldn't care so much you are banned, right? So you can move on with life"
But once KDM got banned, its worth a whole long thread about how random it is, and MyFico is bad, and is anyway going down hill with less regular posters etc. Time to move on?

kdm31091
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Re: Done with myfico, apparently!

Postby kdm31091 » Sun Jan 03, 2016 6:17 pm

silver6054 wrote:
kdm31091 wrote:
Right - it's all about spending and chasing after rewards. Not that I don't like rewards, but I don't like 1, 2 or 5% back dictate my budget for the month. Some people just cannot handle it without overspending, and the MF community rarely points that out to anyone; instead they just encourage them to app away, which is doing a disservice to many people.

However, it seems a lot of people have grown tired of things there because I notice less activity and less of the former regulars posting. MF is just far too over-moderated. ANY kind of small, minor disagreement is immediately edited out and the people are warned/banned. They need to just RELAX already, but they never will. God forbid you ask someone why they apped or suggest they didn't need a card. You will be banned. I'm only barely exaggerating.


PSA: So on June 1st, KDM posted, to Nixon, "Then I guess you shouldn't care so much you are banned, right? So you can move on with life"
But once KDM got banned, its worth a whole long thread about how random it is, and MyFico is bad, and is anyway going down hill with less regular posters etc. Time to move on?


I agree with you. I need to take my own advice and move on :) I actually do find myself browsing MF less often, which is a good step. Browsing certain sites just becomes a habit unfortunately.

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Re: Done with myfico, apparently!

Postby Nixon » Sun Jan 03, 2016 8:00 pm

silver6054 wrote:
kdm31091 wrote:
Right - it's all about spending and chasing after rewards. Not that I don't like rewards, but I don't like 1, 2 or 5% back dictate my budget for the month. Some people just cannot handle it without overspending, and the MF community rarely points that out to anyone; instead they just encourage them to app away, which is doing a disservice to many people.

However, it seems a lot of people have grown tired of things there because I notice less activity and less of the former regulars posting. MF is just far too over-moderated. ANY kind of small, minor disagreement is immediately edited out and the people are warned/banned. They need to just RELAX already, but they never will. God forbid you ask someone why they apped or suggest they didn't need a card. You will be banned. I'm only barely exaggerating.


PSA: So on June 1st, KDM posted, to Nixon, "Then I guess you shouldn't care so much you are banned, right? So you can move on with life"
But once KDM got banned, its worth a whole long thread about how random it is, and MyFico is bad, and is anyway going down hill with less regular posters etc. Time to move on?


Regardless, It's still a forum filled with those who coddle or are too afraid to be honest for fear of getting ousted from the GC Clique.
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kdm31091
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Re: Done with myfico, apparently!

Postby kdm31091 » Sun Jan 03, 2016 8:29 pm

Nixon wrote:
silver6054 wrote:
kdm31091 wrote:
Right - it's all about spending and chasing after rewards. Not that I don't like rewards, but I don't like 1, 2 or 5% back dictate my budget for the month. Some people just cannot handle it without overspending, and the MF community rarely points that out to anyone; instead they just encourage them to app away, which is doing a disservice to many people.

However, it seems a lot of people have grown tired of things there because I notice less activity and less of the former regulars posting. MF is just far too over-moderated. ANY kind of small, minor disagreement is immediately edited out and the people are warned/banned. They need to just RELAX already, but they never will. God forbid you ask someone why they apped or suggest they didn't need a card. You will be banned. I'm only barely exaggerating.


PSA: So on June 1st, KDM posted, to Nixon, "Then I guess you shouldn't care so much you are banned, right? So you can move on with life"
But once KDM got banned, its worth a whole long thread about how random it is, and MyFico is bad, and is anyway going down hill with less regular posters etc. Time to move on?


Regardless, It's still a forum filled with those who coddle or are too afraid to be honest for fear of getting ousted from the GC Clique.


Pretty much. At least on here we are willing/able to be honest with people.



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