Discussion in 'Rants, Musings and Ideas' started by Kaish, Jul 12, 2014.

  1. Kaish

    Kaish Well-Known Member

    I am so confused right now. Growing up I could not get a credit card to save my life. I remember applying for almost everyone and being declined, but finally was approved for a student credit card with a limit of $800. That was three years ago and up until a month ago I have only had that one credit card, but last month I was able to open another credit card, and did so I could use it as a payment plan for a new computer. A couple days ago I decided to look into upgrading my student credit card into a regular card. I was approved no problem. Today while browsing the site for a company I regularly do business with I was presented with a chance to apply for their credit card. I had applied in the past but was declined. Thinking it would happen again, I thought why not and applied. I was approved, just like that. In about a month I have gone from one credit card to four. I am starting to worry I have too many. I've noticed as well that I am constantly getting credit card offers in the mail. I have always believed it to be spam, but with me getting approved left and right I have to wonder. Am I missing something?? Is there a reason why they're swarming around me like sharks? I have always thought the credit card companies want people who can't pay right away because then they can charge interest. That has been my situation in the past, but lately I have been able to use my card on a regular basis and pay it in full every month. I know nothing about credit cards and the whole thing is overwhelming... just like that I have gone from $800 to $7,300. I know I have to be very careful not to overdo things. I've never had the opportunity to spend money I don't have, so I find myself fearful I am going to mess up somehow, but of course I'm excited. I'm so confused though, why are the credit card companies so interested in giving me a card and have I made a mistake? All of them seemed practical in the moment, and the only one I regret is the one for the computer. I'm just so fearful. This is a lot to handle all at once.
  2. Perfect Melancholy

    Perfect Melancholy SF Friend

    Basically without going into economics etc, everyone has a credit rating so it's held centrally by credit rating companies. Your bank provides them with data on you ie do you go overdrawn etc, this affects your credit ability. Credit cards companies make shit loads so pay for that data from these credit rating agencies and send you mail based on that

    Best advice I can give you is have one credit card to keep your rating healthy in case you want a montage and to only borrow what you can afford

    I'm in the uk but I found the USA government site explaining it, I hope it helps

    Also a lot of credit card companies don't look at ratings prior sorry they just see you applied so spam you, sorry meant to add this.
    Last edited by a moderator: Jul 12, 2014