Hello people,
This is going to be the first AMA we are going to be having. Today, we are going to have user @DDemari on and he will be taking questions about his credit decisions, why he join myFico, what he has learn, what he likes, what he doesn't like etc. Feel free to ask any questions especially thought provoking one's but be polite about it. The first goal of the AMA is not to be judgemental but rather why we on the board arrive at certain decisions that some people think are insane.
The second goal is to use this as a learning process and also to help new people joining th board so that they don't make certain bad decisions. The AMA is going to be a continuous thing and we will be asking people if they would be to be on live to take questions...
DONT'S: Please, no snarky comments. Lets respect the user and let's get started
I will get us started.. @DDemari, can you tell us a little bit about yourself?
@Anonymous wrote:Hello people,
@this is going to be the first AMA we are going to be having. Today, we are going to have user @ddemari on and he will be taking questions about his credit decisions, why he join myFico, what he has learn, what he likes, what he doesn't like etc. Feel free to ask any questions especially thought provoking one's but be polite about it. The first goal of the AMA is not to be judgemental but rather why we on the board arrive at certain decisions that some people think are insane.
The second goal is not to judge but use this as a learning process and also to help new people joining th board so that they don't make certain bad decisions. The AMA is going to be a continuous thing and we will be asking people if they would be to be on live to take questions...
DONT'S: Please, no snarky comments. Lets respect the user and let's get started
@I will get us started.. @ddemari, can you tell us a little bit about yourself?
Hi Everyone! Thanks for having me as a guest this evening.
I am a midwestern person that has always been platned in the Chicago land area. I graduated from college from 2008 and put my degree in marketing/business to use. I have been working at a law firm as a marketing director for the past 5 years.
I've always had a fascination about credit, from a young age to now. I got my first credit on my 18th birthday. I called American Express at 12 am, applied over the phone and was approved for American Express Blue Credit Card, $1,000.00 dollar limit. I was a senior in high school with a part-time retail job. It all began then for me
(hey, this is a pretty cool idea!)
What made you decide to join MF and start posting?
Quicksilver $10,000 | Better Balance Rewards $2000 | Sallie Mae $3500 | Freedom $3500
Just checking in, great questions so far!
July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge
Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
June 2017 update: All scores over 820, just pure gardening now.
What's the greatest hurdle you've overcome in the credit world?
Personal:
@myjourney wrote:How fast did you accumulate these accounts and what would you tell others about the pluses and minuses based on your experience?
Do you fear other lenders will follow suit with AA?
Do you think you we're caught up in the forum's hype of more cards, higher limits, SP CLI's, or cushion for UTL purposes?
Do you think there's an element of peer pressure here to have more cards then more quality cards, because you've stated you didn't need the credit?
Based on your experience now with account closure what would you like to say to someone just starting out (no credit or rebuilding)?
You have my utmost respect for sharing your story
Thanks
Oldest card open on my reports is an Amex from 2003 and the youngest is a Chase United Club Visa From Jan. 2016.
From 2014 to now I have opened up, including cards that are closed 60 cards.
The plus for me was the excitment I had when I was approved for everything, because I spent along time with a dirty report and I also didnt trust myself with paying bills years back. I did rack up some major perks with cards, too.
I can say that I definitely get caught up in approvals, getting higher limits, cushioning with large limits I dont need. I dont feel pressured though. I feel that my general interest in these topics is enhanced by others who are curious too. I can see from some posters in their threads or comments that they may be a bit green, I recommend first and foremost not going on constant app spress. And if you do an app spree, really consider the cards you are opening. No one really needs 60+ cards, my latest credit report is over 200 pages long.
I dont feel an element of peer pressure on here, I think most pepole understand or atleast will get the info that everyones profile is different and what works for me might not work for you. I do think though more of us should focus on quality and not quantity but I need to work on that too.
Now that I have experienced AA for the second time, I would again stress not doing an app spree with a thin profile. If I were just starting out and say had a few cards. If I could go back, I would focus on those 3-4 cards, use them and be happy with it. Not apply for everything and anything because I could. You really dont need every card out there. Start your good relationships with banks out sooner than later and never, never let an account charge off or go late.
Your welcome