@ddemari wrote:
@myjourney wrote:
@ddemari wrote:
@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
From a fellow Chicagoian you're doing a wonderful job under pressure as our first interview
I love a fellow Chicagoian, especially this time of the year when Im jealous of everyone over in California lol. And thank you
Ummm my heart and all family are in Chi-Town but my butt is parked in Florida until the deep freeze is over ....Lol
Born and raised tho
Left about ....actually in 17 days it will be 14 years but I spend a lot of time there each year especially around the 4th I throw a family BBQ
@gdale6 wrote:
@ddemari wrote:
@myjourney wrote:
@ddemari wrote:
@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
From a fellow Chicagoian you're doing a wonderful job under pressure as our first interview
I love a fellow Chicagoian, especially this time of the year when Im jealous of everyone over in California lol. And thank you
LOL, I am further up north than you are in the UP of Michigan, big snow country and I am a CA native. You are doing a fine job!
thanks gdale! UP of Michigan is definitely a bit different haha. And going from CA to there, definitely a change! I love the midwest though
thanks for the nice words!
@ddemari wrote:
@Broke_Triathlete wrote:
@ddemari wrote:
@Broke_Triathlete wrote:What's the greatest hurdle you've overcome in the credit world?
The greatest hurdle for me was finally having a report clear of bankruptcy and lates/charge offs. I made bad mistakes in college after bankruptcy and opend up some low limit cap1 cards. Used and abused the 300 dollar limit quick and let it charge off. Those 2 cards haunted my reports for 7 years. I have do a paid charge off on EQ from VonMaur that will falll off next year, then all 3 are clean. Also, getting back in with chase was huge for me. they wouldnt touch me for a long time. Now Im back with them and 12 credit cards.
Thanks for replying. I'm sort of in the same boat as you. My father ran up a bunch of cards and utilities in my name when I was at college (~ $100K) and I had to file upon graduating. My last negatives (except the BR) fall off late next year. I can't wait to have clean reports (minus the BR). I'm hoping to get in with AMEX in '18 unless they change from 5 years to 4. Good job staying on the path to righteousness!
From your scores it looks like you are working your way up. When my BK feel off reports, I didnt really see any score improvement. For me, when midland collection feel off my reports early 2015, I did experience nearly a 50 point gain. I wish I would have started to rebuild right after BK, that is also a big regret of mine. I closed my mind to credit after the experience. I was only 19 and when you are that age you really don't think about anything long term though.
You're absolutely right! I haven't really started thinking about long term until just a few years ago! I wish I had the mind I have now...back then! I'm trying thank you. The student loans are killing me because they all have dozens of 180 day lates. Also I disputed 3 of them last year, that were closed back in 2011, and Experian (the nice people they are) updated the accounts as current collections as of 6 months ago so my Experian score took a major hit as 3 "new" collections got updated. I can't wait for them to fall off haha.
Personal:
@myjourney wrote:
@ddemari wrote:
@myjourney wrote:
@ddemari wrote:
@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
From a fellow Chicagoian you're doing a wonderful job under pressure as our first interview
I love a fellow Chicagoian, especially this time of the year when Im jealous of everyone over in California lol. And thank you
Ummm my heart and all family are in Chi-Town but my butt is parked in Florida until the deep freeze is over ....Lol
Born and raised tho
Left about ....actually in 17 days it will be 14 years but I spend a lot of time there each year especially around the 4th I throw a family BBQ
Its funny that I love this area because I hate the heat and our summers are so humid. I dont like the cold but I can withstand it here until I am over it for the year. As long as the snow stays away, Im ok with the rest.
@ddemari wrote:
.
From 2014 to now I have opened up, including cards that are closed 60 cards.
Now that I have experienced AA for the second time, I would again stress not doing an app spree with a thin profile.
Of the 60 cards, how many are closed now?
To what do you attribute, root cause, of each of the AA?
For myself, high balances / utilization after the Credit Bubble led to a series of CLD and closed accounts. I consider that one AA event of about five years duration
@ddemari wrote:
@Saleen099 wrote:My question is what credit card company do you find to be the most difficult to get in with?
hey there! Since my profile has too many inquiries and new tradelines I cant get in with Citi or US bank. But for years, the most difficult lender that lets people in with derogs and recent bankruptcies, Discover Card, wouldn't ever let me in. Nothing but options for a joint account. Finally last month they approved me for the secured card application. Its funny I needed that $600.00 secured card with them when I have a $20,000 limit on a few cards. But I needed to break the wall of entry with them.
Wow that is crazy! You'd think having a few $20K cards that Discover would see you're good with credit! But like you said... One step after the other. Congrats on getting your foot in the door with them!