I signed up for an American Express preferred Blue card and got approved for a limit of $25,000. I have a 830 credit score. I realized that the places I shop don’t accept that card and you have to pay for it yearly so I canceled it.

Then I decided I was going to get a Costco Visa. Once I signed up the credit limit was only $5,000. So I canceled that one. So I stupidly signed up for a Wells Fargo Visa and that was $4,000.

Don’t leave yet and please don’t make fun of me but I’m not done being stupid. I decided I wanted a different American Express card and when I signed up for it the credit limit was $2,000 so I canceled that one.

Again I know I’m fucking stupid but how bad did I just fuck up my credit?

  • kkj@lemmy.dbzer0.comEnglish
    181·
    7 days ago

    If you’re buying on credit it by defintion means you can’t afford it and thus shouldn’t buy it.

    Buying it on credit doesn’t mean that that’s the only way you could buy it. I buy everything on credit, and I’ve paid about $50 total in interest in 10 years of doing so, a number far outweighed by the hundreds of dollars of rewards I’ve redeemed.

    Now, obviously the bank wouldn’t let me do this if not for the fact that people as a whole pay more in interest than they redeem in rewards, but that doesn’t mean that any given individual does.

    • jj4211@lemmy.world
      1·
      6 days ago

      Not only interest, but the transaction fees. The financial institutions make big money on the transaction fees, and generally the rewards are less than the transaction fees, so they can’t even possibly lose money on the deal.

    • 74 183.84@lemm.eeEnglish
      1·
      6 days ago

      This is pretty much what I do. I get cash back and have a very good credit score because of it. I usually pay it off completely every month. If for some reason I dont/cant I pay enough such that I do not have to pay interest. So yeah, free money! It doesn’t really make sense to use debit over credit (assuming you are financially responsible)