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Newbie Credit Card Mistakes
Yesterday’s article about a “waiting period on credit cards” has proved to be popular and has motivated a lot of people to share their experiences! I am really glad to find out so many people are doing quite well despite having recently found this hobby.
One of the common mistakes I talked about in the article was stranded points. People new to the hobby also tend to over-apply, meaning they end up missing out on good offers when they come around or get temporarily blacklisted by a bank for too many applications in a short period of time.
Thankfully I haven’t been denied very often, although I have spent my share of time on reconsideration calls with all of my favorite banks explaining myself. I have also had to pass on an offer or two because I had recently applied for a inferior card at the same bank and wasn’t eligible to get another card so soon. None of those things amount to huge mistakes, but every defeat still stings a bit.
My Biggest Newbie Credit Card Mistake
Since I have been writing about common credit card mistakes of newbies, I thought it is only fair to share the biggest mistake I made when I was new to the hobby. When I got started several years ago, I took on the app-o-rama strategy of applying for gazillions of cards all at once. Or to put it more plainly, I would apply for cards in large waves every few months. During these rounds, I often went back and forth between applications for both myself and my wife. (With her permission of course!) 🙂
During one such app-o-rama, I applied for a card with all of my wife’s information, but my social security number. I had been going back and forth between her apps and mine and somehow the information got mixed up in my brain. The result was an instant denial and a gigantic mess to follow.
When my wife called in to find out about why the application was denied, she was instantly transferred to the fraud department who wouldn’t give her any info. After a second call and many levels of questions, someone eventually told her that the social security number didn’t match. Thankfully they hadn’t run her credit, so all that needed to be done was another application with the correct information.
After that day I generally shifted our applications to different days so only one set of information was in my brain at a time. Eventually I trusted myself again and I now apply for cards for both of us on the same date, however I never go back and forth. I apply for my cards and then hers or vice-versa. I also carefully read the confirmation screen before submitting an app. Pretty simple steps, however things like that can get lost in the excitement of a credit card application round.
Your Biggest Newbie Mistakes?
Now that I have made myself look like a complete idiot, how about you do the same? Just kidding, but I would love for some of you to share your biggest newbie mistake in the comments. By sharing our collective experiences, we can help those new to the hobby avoid some of the simple pitfalls. Thanks in advance and have a wonderful day!
Miles to Memories has partnered with CardRatings for our coverage of credit card products. Miles to Memories and CardRatings may receive a commission from card issuers.