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Reply #64: it didn't hurt me [View All]

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amazona Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-13-05 11:18 PM
Response to Reply #58
64. it didn't hurt me
I was told by my banker m-i-l the best way to keep it that way was not to apply for more credit, no matter what they offer....just say no.

Your M-I-L may be a banker, but she's obviously not a mathematician or a logician.

Think about this statement:

No matter what they offer?

That is just silly. There is a point at which the amount of money offered to take the credit card offers will be more valuable to you than the supposed cost of a ding against your credit record for accepting the offer.

If you refuse to take the money offered in the various promotions, you have of a certainty cost yourself that amount of money. Let me get an adding machine. Hmmm. $150 from Citibank last summer on a promotion. The free airline tickets woth $300-700 apiece from Amex my partner and I are (each!) receiving. The $30 from credit card we got the other day. The $25 gas credit card offers Don mentions. You know, $25 here and $300 there and in a few months it starts to add up!

Every time you refuse one of these offers, you are leaving REAL MONEY on the table right now. Today. Now ask yourself what you are getting in exchange for throwing these rebates in the garbage? My experience is that you are getting absolutely nada, that you throwing the money away and not getting a thing in return as far as improved credit.

The theory that having accepted a lot of credit card offers will hurt you when buying a house is just that, a theory. And IME it's an incorrect one. If you have a proven history of charging things and paying them off on time on an unsecured loan, you are not going to have any problem getting a very well-priced secured loan, which is what a mortgage is.

If I told you the terms of my mortgage, you wouldn't believe me. Yeah, that good. Yes, luck and timing played a part, but a proven credit history also helped. If I was a cash only buyer who didn't do the credit card game, with my low income and the fact of being long-term self-employed, no way I could have gotten a loan. I had to document that I could borrow and pay back.

"I was told by my mother-in-law" or "I read on the credit scoring site where lots of credit card companies pay for advertising" that making money off credit card companies hurts your credit score is not a convincing argument. And I promise you that it isn't true. I'm sure your M-I-L believes what she is saying. But she's wrong.
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  -Anyone else apply for credit cards for fun and PROFIT? NNN0LHI  Apr-13-05 12:38 PM   #0 
  - You sound like a smart guy. You're beating these crooks at their own game  sweetladybug   Apr-13-05 12:42 PM   # 
  - Never owned or applied for a card that had activation or yearly fees  NNN0LHI   Apr-13-05 12:59 PM   #11 
  - That's a certain way to screw up your credit history, friend  Technowitch   Apr-13-05 12:42 PM   #1 
  - It'll definitely ding your credit  Jacobin   Apr-13-05 12:45 PM   #5 
  - You are correct.  Worst Username Ever   Apr-13-05 12:47 PM   #7 
  - Explain my consistent 800+ credit score then?  NNN0LHI   Apr-13-05 01:04 PM   #13 
     - Congrats on your score  Jacobin   Apr-13-05 06:24 PM   #52 
     - Perhaps it may?  NNN0LHI   Apr-13-05 06:36 PM   #53 
     - If you've only started doing this, that's why it's 825  LynneSin   Apr-13-05 06:45 PM   #57 
        - See post #8. I've already said I have been doing this for years and years  NNN0LHI   Apr-13-05 09:05 PM   #60 
  - Been doing it for years and years  NNN0LHI   Apr-13-05 12:48 PM   #8 
  - you must be doing something right if your retired at 50 .  captain crunch   Apr-13-05 01:37 PM   #21 
  - I began working at Ford when I was 18 and still in high school  NNN0LHI   Apr-13-05 01:52 PM   #22 
  - Don is right, ya'll  amazona   Apr-13-05 05:45 PM   #44 
  - no it really doesn't, though  amazona   Apr-13-05 05:42 PM   #43 
  - Do you keep track?  Must_B_Free   Apr-13-05 12:43 PM   #2 
  - It takes a little time but being retired I am not short of spare time n/t  NNN0LHI   Apr-13-05 01:05 PM   #14 
  - They'll just sell your name and address and other info to other marketers  NYCGirl   Apr-13-05 12:44 PM   #3 
  - You're wrecking your credit rating.  The Gigmeister   Apr-13-05 12:45 PM   #4 
  - not everyone trembles before the altar of 'good credit'...  LiberallyInclined   Apr-13-05 12:50 PM   #9 
  - You got it brother n/t  NNN0LHI   Apr-13-05 12:56 PM   #10 
  - Exactly, no worries about credit score. I do this too.They offer, I accept  uppityperson   Apr-13-05 01:12 PM   #17 
  - When a card is closed by the person holding the card it does not...  NNN0LHI   Apr-13-05 01:10 PM   #15 
     - The fact that you had and then cancelled the card is what matters...  The Gigmeister   Apr-13-05 03:19 PM   #31 
        - It doesn't appear to bother them in the slightest  NNN0LHI   Apr-13-05 03:33 PM   #32 
  - My husband got $75 from Union bank for opening an account  SoCalDem   Apr-13-05 12:46 PM   #6 
  - Sorry dude you can't defeat dishonesty with more dishonesty  libertypirate   Apr-13-05 01:03 PM   #12 
  - Sorry dude. Dishonesty implies breaking the law or lying about something  NNN0LHI   Apr-13-05 01:12 PM   #18 
  - No it does not.... Which is a big problem...  libertypirate   Apr-13-05 02:31 PM   #25 
     - What in the hell are you talking about...  NNN0LHI   Apr-13-05 03:10 PM   #29 
     - Wha? Dishonest?  Cats Against Frist   Apr-13-05 04:08 PM   #37 
  - What was dishonest about his actions?  silverlib   Apr-13-05 01:13 PM   #19 
  - Always being screwed... So we screw back  libertypirate   Apr-13-05 02:38 PM   #27 
     - Oh the poor little oppressed credit card companies  Commie Pinko Dirtbag   Apr-13-05 03:17 PM   #30 
     - I think you may be onto something CPD n/t  NNN0LHI   Apr-13-05 03:51 PM   #33 
     - I usually am.  Commie Pinko Dirtbag   Apr-13-05 04:00 PM   #35 
     - Oh please I don't care a bit for credit card companies...  libertypirate   Apr-13-05 04:06 PM   #36 
        - Not revenge. Self defense.  Commie Pinko Dirtbag   Apr-13-05 04:23 PM   #38 
           - Your right about Mr. Nice Guy is done...  libertypirate   Apr-13-05 05:11 PM   #39 
              - All right, now I'm gonna have to chime in here. That's at least 5 uses  fob   Apr-13-05 05:32 PM   #41 
              - Its about as illegal/immoral as someone collecting a rebate  NNN0LHI   Apr-13-05 06:08 PM   #51 
                 - Of course, and you shouldn't feel like you have to justify yourself  fob   Apr-14-05 11:50 AM   #66 
              - The CC racket is a game  yankeedem   Apr-13-05 06:04 PM   #49 
     - It's not a loophole - it's an explicit offer from the credit card company  muriel_volestrangler   Apr-13-05 04:00 PM   #34 
     - How is he screwing them?  yankeedem   Apr-13-05 06:00 PM   #48 
  - Misplaced morality.  info being   Apr-13-05 05:20 PM   #40 
  - how on earth is this dishonest?  amazona   Apr-13-05 05:51 PM   #46 
  - This sounds more like a caricature of liberal sentiment.  Zenlitened   Apr-13-05 07:14 PM   #59 
  - I played last month  silverlib   Apr-13-05 01:12 PM   #16 
  - That's damned clever. nt  benburch   Apr-13-05 01:17 PM   #20 
  - I have been known to take interest-free loans  MurrayDelph   Apr-13-05 01:57 PM   #23 
  - I have a cash back Mastercard that I usually put a grand a month on  NNN0LHI   Apr-13-05 02:10 PM   #24 
  - MBNA fucked us over with their bankruptcy bill. This is just playing even  Selatius   Apr-13-05 02:33 PM   #26 
  - My husband is very good at the CC shuffle  TalkingDog   Apr-13-05 02:39 PM   #28 
  - yes absolutely  amazona   Apr-13-05 05:39 PM   #42 
  - I used to switch long distance carriers..  solinvictus   Apr-13-05 05:49 PM   #45 
  - oh me too absolutely!  amazona   Apr-13-05 05:55 PM   #47 
  - here's a recent one, unfortunately closed to new applicants  amazona   Apr-13-05 06:07 PM   #50 
  - Just hope you're not planning to buy a home or anything  LynneSin   Apr-13-05 06:38 PM   #54 
  - Some schmuck paying at a rate of 27.99% is paying for your gas.  RUMMYisFROSTED   Apr-13-05 06:39 PM   #55 
  - Its my fault someone is paying 27.99% interest? I have a suggestion for you  NNN0LHI   Apr-13-05 10:00 PM   #61 
     - I forgot to mention,  RUMMYisFROSTED   Apr-14-05 08:12 AM   #65 
        - I am really sorry. You fooled the heck out of me  NNN0LHI   Apr-14-05 06:59 PM   #67 
  - Good for you  Book Lover   Apr-13-05 06:42 PM   #56 
  - This is not a good idea for everyone  fishnfla   Apr-13-05 07:04 PM   #58 
  - Checking accounts are not a good idea for everyone either  NNN0LHI   Apr-13-05 11:09 PM   #63 
  - it didn't hurt me  amazona   Apr-13-05 11:18 PM   #64 
  - More blows against the empire. Screwing credit card companies is  Zorra   Apr-13-05 10:36 PM   #62 

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