Credit Card Enthusiasts - The folks that treat collecting credit cards like Pokémon

  • 🔧 At about Midnight EST I am going to completely fuck up the site trying to fix something.
I understand that someone would want to increase their credit score for making big purchases but I don't see any of these people doing that any time soon. As far as I can see they are not in substantial debt and most people are just shitposting about what they think these people are like but my big question is why?
 
I understand that someone would want to increase their credit score for making big purchases but I don't see any of these people doing that any time soon. As far as I can see they are not in substantial debt and most people are just shitposting about what they think these people are like but my big question is why?
FICO epeen
 
This isn't going to make sense to anyone who even begins to consider keeping track of their cards. They must have something like autopayment going on their credit cards to avoid them turning into a Superfund site.

Partially, I have to think that you get so many credit cards because they generally lack annual fees but the affinity of the card provides additional benefits with a certain merchant or type of transaction, ie, something like store charge cards give you an additional earn rate of points.

Partially, there's also the gamesmanship of getting the best interest rate, lowest balance transfer fee, or premium for opening a card. If you get something like $100 for opening a new card, and you do that 1,500 times, that's $150,000.

Whoever is doing this isn't losing their shirt with Credit Cards; they've figured out how to game the system. That could mean they just have a giant pile of cards like this one.

And the upshot of this is that they may well be able to do things like use the million+ in credit to finance something up to a home or car, then balance transfer it around without ever paying interest on it, while knocking down their balance. If that sounds extreme, just remember that the fees are generally lower than the prime rate (3.5%).

There are uses and benefits for this much credit line; but a few mistakes and whatever advantage gained relative to more conventional options is likely lost.
 
I was kinda hoping they were from the mass default autism, where you run up tons of credit card debt and inspire your mates to do likewise then go bankrupt. The idea is that this will bring down the banking system and TEH JOOS who control it.

Either way, enjoy having no house, these people, because the first thing the banks will do once they've got a Court judgement against you is (at least here in Britain) apply for charging orders on properties you own. That's basically having the debt secured on your home forcibly. Then they'll either extract payments from you or just repossess.

Idiots.
 
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Reactions: Maruukat and stets
Juggling cards and rewards does legitimately have major benefits if you're capable of paying the shit off entirely every month. It's often a rich person's game to get some free shit, normal people shouldn't try this though.

You don't have to be rich at all to play this game. Just use credit cards to buy groceries, pay them off every month, and you can pick up free rewards while also improving your credit score.
 
You don't have to be rich at all to play this game. Just use credit cards to buy groceries, pay them off every month, and you can pick up free rewards while also improving your credit score.
You're not wrong but it becomes one if you try and run the scam in any quantity.
 
You don't have to be rich at all to play this game. Just use credit cards to buy groceries, pay them off every month, and you can pick up free rewards while also improving your credit score.
I can pretty much agree with this. If you use the cards responsibly and don't go overboard with them, they can hold some pretty good benefits. I was more or less talking about the ones that go so far that they make their whole lives about trying to get every single card under the sun or spending a lot of their time risking violating the lender's policies for the sake of more rewards points or cashback and then bragging about it on a public forum, acting like there aren't people from these companies who sometimes check up on these places. I can tell you of numerous times a credit card company has cut back on their rewards because of a few people who decided to go crazy with the practice of manufactured spending.

http://thepointstraveler.com/beginn...es-and-points/intro-to-manufactured-spending/
 
Make sure to get a really high limit and then never go near it if you want to increase your credit rating like that

If you're responsible, I think it's always good to have a high limit for emergencies so long as you don't go nuts and buy shit you can't afford with it. Sry, this may be off topic.
 
Geez, I can't even get one credit card (I have no credit established. I even tried applying for one specifically for people with low/no credit. Rejected).
Did you try a secured card? I was rejected too but I paid a $50 deposit and was approved.
 
I'm work in sales for a bank. I don't know what I would do if a customer told me they had 1000 cards. I don't know how you can even get that many.
I'm not an underwriter so everything I know about the process is just things I'be picked up. As I understand it after about 6 hard inquires starts negatively impacting your credit. I guess if you keep the balances low and payoff the accounts in full you could probably offset the negative impact of all those credit inquiries. Once your signed up the bank can periodically pull your credit to see if you should still have a card or if you should get a bigger credit line so I imagine these people probably get their accounts closed for being ridiculous with their credit, I can't imagine having that many credit cards makes you anything but a liability.
 
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