I will work hard to be brief, but let me first begin with my story.
When I joined the forum in March 2008 I had the following cc to my name:
Capital one $500 limit Capital one 750 limit Orchard $300 limit Summit FCU 500 limit Householdbank 1k Macy's $100 limit Target $400 limit Advantage FCU $1,000 limit
and my credit scores were barely at 550
Thanks to your WONDERFUL Advice:
I was able to get Capital one limits raised and eventually combined to one card with a total limit os $1750, then I apped to for a second card in june and got a new card no af 2500 limit raised in Sept to 3250 plus expecting step increase of plus $500 to equal $3750 my highest cl todate.
I have BOA 99/500 since June/July, Chase Freedom 2k, HSBC/Unionplus 1.5k (only great HBSC product out there in my opinion, reps are polite and very helpful) Children's place (Citi) 500limit, Lane Bryant (200) GEMB (Penny's 150, Old Navy 200, Walmart 300,) Kay's Jewelry $800, Macy's raised to $400, Hooter's 1.1K, and I fell for HSBC Direct Rewards Discover 300/19af ( I realized I need to slow down on apping when the reason reg discover denied me due to too many recent open accounts/and inqs) this was heartbreaking b/c my although I have seen the warning from Hauling, and others, I even tried to go into rehab, but feel to the addiction. The denial from discover was a wake up call though. When I called to recon, and the polite rep said, mame you have 10 new accounts open. Yikes, I didn't realize it was so many.
I have made great strides in my rebuilding process. I have my eye on a Citi gas card offered for .30 cash back per gallon, but I WONT app anytime soon. I have about 30 inqs that I don't want any one else to see. I will sit back and garden, take good care of my Chase and BOA and watch everything blossom. I was going to purchase a home, but later decided to wait until I finish grad school in May 2009, considering relocating. But it was nice to have a pre-approval in hand from a bank!!
My current scores are: EQ 654, TU 658 EX 649 I have some large balances to paid by the end of this month, from moving expenses, and school. I havent been late in over 2 years, even if I can't PIF, I am doing my best to stay away from the limits.
Thank you EVERYONE, I read this forum daily, and the advice and support is awesome. I can't wait to reach the 700 clun, and I know it won't happen if I continue to app. I am going to sit on my hands LOL
Good for you! You're well on your way to joining the 700 club and dare I say it...the 800 club? Looks like you've made amazing progress...and at your current rate of FICO score increases...in a little more than a year you're looking at scores of 900! Maybe even join the 1000 club too!
More seriously though, that's huge progress and you should be proud.
Not to spoil my congratulations with advice, but find a couple cards of those cards that you use most often, say, a Visa/Mastercard and an AmEx/Discover and carry those in your wallet and leave the rest in the sock drawer. I just recently did the same and it meant: paying fewer bills each month, a FICO score boost for less accounts with balances and my wallet is lighter and sitting is more comfortable now...and also, it's less tempting to spend with fewer cards in my wallet.
Great job! This is a very inspiring post and also very helpful to those of us rebuilding as it pinpoints the kind of cards one can start out with. If I may ask, did you have any baddies (collections) when applying for chase/boa? I ask because i was wondering if I should approach chase/boa when one of my ca's falls off or if I should wait until even the oldest one is off
I have two collections on my report, one from 2004 and the other from Verizon which I had paid on March right before I learned of the forum. A funny thing though, is the verizon phone bill doesn't show up on my report as a collection item by fico. The 2004 does as a paid collection. Chase asked me about it, but I explained that I got a phone for a relative, and I didn't realize they hadn't paid the bill and so on. I must also add, my initial credit limit with chase was $400, i recon that to the 2k a few days after activation. I had a chase in 1995 and messed that up pretty bad, I was very young and silly. The record of it fell off my report, and I am happy I got a second chance! I love CHASE, I bank with them both Savings and Checkings, likely will do mortgage with them eventually too. I received an offer to open a checking account and they would give me a $125, I jumped on that offer!! I also opened an account for my daughter and she got an ipod mini!
Message Edited by prettywise77 on 09-17-200811:21 AM
I know what you mean about the apping. I did that at first too. I still find myself tempted once in awhile. But I think because I'm bored, more than anything! But--I have to say--to be approved for 'anything' still blows me away! I was 497 about a year and half ago. Unfortunately, I didn't find the forums until I had paid my collections and right after I let 2 judgements post to my reports (ignorance is NOT bliss!).
I finally quit apping when my score started really nose-diving (right after I had almost got to 700 on both TU & EX. (Of course no where near that with EQ!)
FICO Scores 7/15/2008: EQ 600, TU 546, EX 490 9/17/08 - TU 571,12/17/08 649,3/16/09 638, 6/14 642 ScoreWatch 12/17/08 EQ 646, 1/2/ 09 664, 2/2/09 684,2/12/09 673, 2/16/09 688, 2/27 674,3/3 682,4/16 685, 6/28 679 1/2/09 EX 668 2/13/09 669 AS of NOV08 I am Credit card debit free. I AM A MYFICO.COM ADDICTED ~