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I just crossed what I feel is a major threshold in my BK 7 Rebuild. I am downright elated and eternally grateful for all of the information I found on these forums. Like most, I went into BK 7 thinking life would be cash only for a looooong time.
The major threshold: This week, I received a CLI on my PenFed Power Cash Rewards (2.5 months old) from my SL of $2,000 to $18,000! This is by far the best card/limit/apr I've ever had even pre-BK.
I closed Merrick Bank and am closing Credit One as soon as I can get somebody there on the phone (LOL.) I know everyone has mixed feelings on these cards, but they were an excellent starting point for me. They can be useful tools if you diligently monitor your account and don't get into trouble.
Each of my FICO scores are up about 100 points since discharge. This is with most cards reporting balances since Merrick and CreditOne had fees that were billed monthly, causing them to always report at least a few bucks. With them gone, I can finally get to all cards reporting zero except one and am expecting my scores to respond nicely.
Where I'm going from here:
How I got here:
I've never felt this finacially healthy in my life. I keep tabs on my accounts and balances like never before. I log EVERY dollar I spend. I make payments before each card reports (and after before due date if not PIF.) It is a truly great feeling and I think things are really going to take off from here. Thank you all
Congratulations on your rebuild! You were discharged just a few months before me and it's great to follow your progress, so thanks for sharing your story.
I would definitely recommend building up an emergency fund, even if it's small at first. I love having mine as a cushion, and I've never slept better. I completely agree that Credit One can be a useful tool with rebuilding - if you look at it that way, as a means to an end. It's a lousy card but it can serve a purpose.
Keep up the great work, SteelerNYC!
I changed my direct deposit around to route $$ into two of my savings accounts.
I've also been chasing new account bonuses and should have around $1000 coming to me in the next month or two. That will go straight to savings and will be a nice jump start
Third NFCU Cash Rewards statement cut yesterday. Hit the max button today and CLI from $1,000 to $20,000 was approved instantly
Wow!! You've got two high limit cards now and your profile is looking strong. Congrats to you!
Hit the button on my Discover IT . . . instant $300 CLI bringing me to $4100. I'll take it
Otherwise not a whole lot going on. Being frugal. Building my savings. I think I'll be going for the Navy Amex when it comes out this Fall
@Anonymous wrote:Hit the button on my Discover IT . . . instant $300 CLI bringing me to $4100. I'll take it
Otherwise not a whole lot going on. Being frugal. Building my savings. I think I'll be going for the Navy Amex when it comes out this Fall
Hey, something is better than nothing! Congrats on the CLI bump.