Credit Cards: How has joining the forum impacted your credit life?

[vanillabean]

Hopefully?

[Anonymous]

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@Broke_Triathlete wrote:

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@Anonymous wrote:

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@Broke_Triathlete wrote:

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@Anonymous wrote:

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@Broke_Triathlete wrote:

myFICO has given me a much more concise direction of correcting my credit problems that my dad created for me. The best metaphor for myFICO and how it impacted me is if I didn't have myFICO I'd be like a blind man in a circular room trying to find a corner.

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Good job on your part. No disrespect to any parents out there but some of them are the worse when it comes ruining their kids credit.  I have watched this on ABCs 20/20 and was horified what the father did to his son's credit...

http://abcnews.go.com/US/story?id=3399203

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Thank you. Yes it is horrible. While I was at college my dad opened up 2 credit cards in my name and several utilities. Once I got home I was in over $100K in credit cards and several failed utility bills. He "got away" with it because while I was at college he had stuff mailed to the house where I couldn't receive it. It was nice to know that I was able to have 100K in credit, but sad because I didn't apply for it. So in 2012 I was forced into BR after being served by BOA and Chase for Credit Cards that he used and didn't pay on. 

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What a dad you had.  Sorry you went through that.  I am very glad you turned things around and if I were you your shoes, I don't know I will be that forgiving towards him.

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Thank you. He dug me into a very deep hole. When I filed I was a 379 FICO. Now I'm a lot better and plan on getting even better. By 2016 I'll have no inquiries and by 2017 I'll have a clean report (well late 2017) So there is light at the end of the tunnel. Regarding my dad, yea, it's really hard to forgive him. I could never imagine doing to my kid (when I have one) what he did to me. Even when he asks me for money now I get irritated and the anger from what he did just pisses me off. But he's family, and I always try to forgive. Fortunately, for now, I have the credit I need and I am not buying a house or anything of the sorts. My only debt left is a consolidated student loan. NEVER AGAIN! 

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@Broke_Triathlete,

Yes, there is a light always at the end of the tunnel.  I hope you he has apologized for nearly ruining you...

[jamesdwi]

Started with 2 or 3 cards, one major Capital One 1.5k limit, which has grown slowly to 2.5k CL and is now 6 years old.

Found out about Shopping cart trick.

Got a case of the App addiction, may have been bad for me, but in the end the addiction caused my AAoA to be bullet proof, in that I managed the cards and have perfect payment

Entered primeville, Got in with AMEX, Chase, Citi, etc

Learned there are worse things than a App Denial, a curse of a $200 CL, or a major prime card with a 1k limit that doesn’t grow.

Learned that you have better luck if you behave according to your credit score. When you have 550-600 you may have to pay an AF to get a credit card, between 600 and 650 fico, they expect you to apply for cards and they will give them to you, all the sub-prime/store cards  you want. At 650 things start to tightened up if you want near to prime cards, don’t apply for more than 2-3 in a 6 months period,  YMMV, yes they may give you cards but see “there are worse things than a denial” At 650+ prime cards are available don’t go crazy  2 maybe 3 cards max per 6 month period.  At 700 scores and decent income 5k limit cards happen.  After  a year  of good behavior with 5k limit cards you may start to see 7.5k limit card and then you will start to see 10k and up limit cards. Finally got my first 20k Limit card.

Learned that Synchrony/GE give crazy limits, if you ask…

Learned Commenity cards will grow.

Learned not to shudder when requesting a CLI to 12k

Learned not to gasp when they tell me I was approved for a 10k CL

Learned that you can get an insane amount of credit of you manage your cards and budget and pay your bills.

30+ open credit cards, 200K+ in total CL,

Max CL $20K

Average CL is $6500

Lowest CL is $200

AAoA is 2y5 months

Oldest card is 6 years and a few months.

Newest card 3 months.

[CarbonCard]

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@Anonymous wrote:

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@CarbonCard wrote:

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@Anonymous wrote:

So we have people who joined MyFico for several reasons.  How has knowing more about credit cards changed your life? Has it been good, has it been bad and what will you have done differently?

For me, before joining MyFico I didn't care much about diversifying.  I was just into 1 bank only (Chase). If I got calls from Amex and Citi, I told them never to bother selling me as I was not interested.

But after joining, I relaxed my perception a bit after seeing all these AAs as it can happen to anyone.  Although there is always more to the story than what people post as to why they get AA.  But all in all, the forum has changed my opinions of certain things....

So what about you? Lets hear it... Happy 4th of July everyone..

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Before MyFico, I never really cared about how many cards I have. At the time, I was thinking that as long as I pay my bill on time, I'll get great scores. I mean I did have a great score back then, but I feel like it's lacking so I Googled ways to improve credit and MyFico was on top of the results. What made me think of improving my CS even more? My future.  I also knew that if I want better deals (mortgage, auto loans, etc) I need to increase my score.

Has it been good ever since? Heck yeah! I've had ups and downs in my life and if I didn't increase my CC portfolio and limits, I probably won't be able to achieve college..

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@CarbonCard,

I agree... Having a solid credit portfolio does come with its ups and downs and manuevering that is what makes one successful.. Good job so far and I hope you are having a good 4th..

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Thanks man, I had great 4th! I hope yours was great too!

[CarbonCard]

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@Anonymous wrote:
American Express is simply a pain no matter how you cut it. Besides that though I have no issues with moderate churning.

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I was gonna apply for the PRG because of it's 50k MR offer, but decided not to.. I already have 4 Amex cards... (ED, Blue, BCE, and Business Gold)

Maybe next year. I'm sure this offer will pop up again.

[Anonymous]

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@jamesdwi wrote:

Started with 2 or 3 cards, one major Capital One 1.5k limit, which has grown slowly to 2.5k CL and is now 6 years old.

Found out about Shopping cart trick.

Got a case of the App addiction, may have been bad for me, but in the end the addiction caused my AAoA to be bullet proof, in that I managed the cards and have perfect payment

Entered primeville, Got in with AMEX, Chase, Citi, etc

Learned there are worse things than a App Denial, a curse of a $200 CL, or a major prime card with a 1k limit that doesn’t grow.

Learned that you have better luck if you behave according to your credit score. When you have 550-600 you may have to pay an AF to get a credit card, between 600 and 650 fico, they expect you to apply for cards and they will give them to you, all the sub-prime/store cards  you want. At 650 things start to tightened up if you want near to prime cards, don’t apply for more than 2-3 in a 6 months period,  YMMV, yes they may give you cards but see “there are worse things than a denial” At 650+ prime cards are available don’t go crazy  2 maybe 3 cards max per 6 month period.  At 700 scores and decent income 5k limit cards happen.  After  a year  of good behavior with 5k limit cards you may start to see 7.5k limit card and then you will start to see 10k and up limit cards. Finally got my first 20k Limit card.

Learned that Synchrony/GE give crazy limits, if you ask…

Learned Commenity cards will grow.

Learned not to shudder when requesting a CLI to 12k

Learned not to gasp when they tell me I was approved for a 10k CL

Learned that you can get an insane amount of credit of you manage your cards and budget and pay your bills.

30+ open credit cards, 200K+ in total CL,

Max CL $20K

Average CL is $6500

Lowest CL is $200

AAoA is 2y5 months

Oldest card is 6 years and a few months.

Newest card 3 months.

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@jamesdwi,

I agree.. Applying for credit card is all about strategy.  Knowing your scores, assessing your needs and then going in for the kill... Thanks for the insight.

[Anonymous]

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@CarbonCard wrote:

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@Anonymous wrote:
American Express is simply a pain no matter how you cut it. Besides that though I have no issues with moderate churning.

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I was gonna apply for the PRG because of it's 50k MR offer, but decided not to.. I already have 4 Amex cards... (ED, Blue, BCE, and Business Gold)

Maybe next year. I'm sure this offer will pop up again.

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@CarbonCard,

Good decision, these offers always come back.. So no need to have it now.

[Anonymous]

I've definitely learned more about CC practices, and interest rates/APRs in particular.  I never realized just how much I was forking over in hard-earned money to the CC companies!  I only had a couple of cards while rebuilding, but OMG the interest charges!!!  You PAY to carry that balance - did I ever!

Now I'm definitely working on establishing a PIF policy, every time.  And it's improved my credit scores - in turn, I feel better about my strategy and financial future.

Couldn't have done it without this board, so I thank you all for that.

[Broke_Triathlete]

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@Anonymous wrote:

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@Broke_Triathlete wrote:

---

@Anonymous wrote:

---

@Broke_Triathlete wrote:

---

@Anonymous wrote:

---

@Broke_Triathlete wrote:

myFICO has given me a much more concise direction of correcting my credit problems that my dad created for me. The best metaphor for myFICO and how it impacted me is if I didn't have myFICO I'd be like a blind man in a circular room trying to find a corner.

---

Good job on your part. No disrespect to any parents out there but some of them are the worse when it comes ruining their kids credit.  I have watched this on ABCs 20/20 and was horified what the father did to his son's credit...

http://abcnews.go.com/US/story?id=3399203

---

Thank you. Yes it is horrible. While I was at college my dad opened up 2 credit cards in my name and several utilities. Once I got home I was in over $100K in credit cards and several failed utility bills. He "got away" with it because while I was at college he had stuff mailed to the house where I couldn't receive it. It was nice to know that I was able to have 100K in credit, but sad because I didn't apply for it. So in 2012 I was forced into BR after being served by BOA and Chase for Credit Cards that he used and didn't pay on. 

---

What a dad you had.  Sorry you went through that.  I am very glad you turned things around and if I were you your shoes, I don't know I will be that forgiving towards him.

---

Thank you. He dug me into a very deep hole. When I filed I was a 379 FICO. Now I'm a lot better and plan on getting even better. By 2016 I'll have no inquiries and by 2017 I'll have a clean report (well late 2017) So there is light at the end of the tunnel. Regarding my dad, yea, it's really hard to forgive him. I could never imagine doing to my kid (when I have one) what he did to me. Even when he asks me for money now I get irritated and the anger from what he did just pisses me off. But he's family, and I always try to forgive. Fortunately, for now, I have the credit I need and I am not buying a house or anything of the sorts. My only debt left is a consolidated student loan. NEVER AGAIN! 

---

@Broke_Triathlete,

Yes, there is a light always at the end of the tunnel.  I hope you he has apologized for nearly ruining you...

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Deep down I think he's sorry. He's said it a few times but could be just going through the motions so he can ask to borrow money. IDK. I'm making him sound like a horrible person but he's not. He has a good heart but just made a few bad investments that tanked, and was gripping at straws, AKA my credit, to try to make it happen. It's been going on for 10 years now since he started this. But, in 2 years all of his negative actions (with exception to the BR) will be off the reports. I can only pray that any creditor in the future will understand my situation and realize it's not me at fault. The worst is being looked negatively against for something I'm not even responsible for, even a job. I remember when I applied for the local Sherriffs department (when my FICO was south of 400) I was told that I couldn't have the job there because my credit score resmebles a theif. Even though I have never been arrested, or even (to this day) ever getting a speeding ticket. 

[Anonymous]

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@Broke_Triathlete wrote:

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@Anonymous wrote:

---

@Broke_Triathlete wrote:

---

@Anonymous wrote:

---

@Broke_Triathlete wrote:

---

@Anonymous wrote:

---

@Broke_Triathlete wrote:

myFICO has given me a much more concise direction of correcting my credit problems that my dad created for me. The best metaphor for myFICO and how it impacted me is if I didn't have myFICO I'd be like a blind man in a circular room trying to find a corner.

---

Good job on your part. No disrespect to any parents out there but some of them are the worse when it comes ruining their kids credit.  I have watched this on ABCs 20/20 and was horified what the father did to his son's credit...

http://abcnews.go.com/US/story?id=3399203

---

Thank you. Yes it is horrible. While I was at college my dad opened up 2 credit cards in my name and several utilities. Once I got home I was in over $100K in credit cards and several failed utility bills. He "got away" with it because while I was at college he had stuff mailed to the house where I couldn't receive it. It was nice to know that I was able to have 100K in credit, but sad because I didn't apply for it. So in 2012 I was forced into BR after being served by BOA and Chase for Credit Cards that he used and didn't pay on. 

---

What a dad you had.  Sorry you went through that.  I am very glad you turned things around and if I were you your shoes, I don't know I will be that forgiving towards him.

---

Thank you. He dug me into a very deep hole. When I filed I was a 379 FICO. Now I'm a lot better and plan on getting even better. By 2016 I'll have no inquiries and by 2017 I'll have a clean report (well late 2017) So there is light at the end of the tunnel. Regarding my dad, yea, it's really hard to forgive him. I could never imagine doing to my kid (when I have one) what he did to me. Even when he asks me for money now I get irritated and the anger from what he did just pisses me off. But he's family, and I always try to forgive. Fortunately, for now, I have the credit I need and I am not buying a house or anything of the sorts. My only debt left is a consolidated student loan. NEVER AGAIN! 

---

@Broke_Triathlete,

Yes, there is a light always at the end of the tunnel.  I hope you he has apologized for nearly ruining you...

---

Deep down I think he's sorry. He's said it a few times but could be just going through the motions so he can ask to borrow money. IDK. I'm making him sound like a horrible person but he's not. He has a good heart but just made a few bad investments that tanked, and was gripping at straws, AKA my credit, to try to make it happen. It's been going on for 10 years now since he started this. But, in 2 years all of his negative actions (with exception to the BR) will be off the reports. I can only pray that any creditor in the future will understand my situation and realize it's not me at fault. The worst is being looked negatively against for something I'm not even responsible for, even a job. I remember when I applied for the local Sherriffs department (when my FICO was south of 400) I was told that I couldn't have the job there because my credit score resmebles a theif. Even though I have never been arrested, or even (to this day) ever getting a speeding ticket. 

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That is an outragious comment by the department - see blue. And no, you are not making your dad to look bad.  Your are the suffering the consequences as a result of his actions.  Glad you are in a better place now.