Well, a year ago I was rather app-happy as a result of a tempting CSP preapproval. I bit on it and overspent to get the bonus. I did get a nice alto sax and played it in a pit orchestra for $200 and went to a jazz camp in Alaska last summer. Now it just sits in a case and is on its way to Arizona. Because of this forum that I found 18 months ago and someone appropriately named creditaddict (I am too-an addict of many stripes) I joined NFCU and got a Cash Rewards card but no line of credit due to way too much home equity debt. Then I picked up a AMEX everday card to get 0% financing on my mom's dentures (I paid it off in two months). I received lots of offers during the first half of last year and wanted to go for them all, especially Citibank's double cash but I held off until Discover showed up at the door. I had never received an offer before and heard good things about it. It had a range of low interest rates offered and I applied. It was a bad experience. They did not offer me the terms on the promo but counteroffered with a $1K limit and 23% interest. I was not pleased but since I had already pulled my credit I took the card. I signed an opt-out agreement and stopped getting offers in the mail last summer. The apps ended until today when I bought my car.
It has turned out to be a pretty rewarding experience. I qualified for the double cash offer during the first year and have received several line increases. I didn't get one in April (my first denial since getting the card last June) but today another $1500 was added. Now I am over $7000 CL which ranks behind my everday ($15K) and NFCU cash rewards ($10K). I also have a CSP ($5k) and an AMEX senior gold with a pay over time option ($35K max at 19%). I have usable balance transfer offers on the discover which is why I want to build a good credit line with them, just in case. It is my main card, especially now with the 5% dining. I eat out a lot. It will probably be mothballed after the 1 year double cash expires in a couple of weeks but I could still use it for the 5% amazon, better than the 3% I get on my 500 limit Amazon Visa that I really should cancel. I get the TU fico on discover too which is nice. My overall utilization is 0%. I use and pay immediately most of the time.
Today I bought a new car at 0% interest, so I had to give up my gold spade for awhile. My next goal is to try to keep my home equity line monthly payment fixed and manageable. I owe a lot ($109K) due to some foolishness I did many years ago. I paid a lot for my mistakes but I have worked hard to make my life at 55 better than it was in my younger days. Too bad I couldn't learn the lessons sooner. Maybe my experience can help younger folks here not make the same errors I did. Watch out for gambling and credit card spending problems...I've done it all. My wrecked credit now sports 700-720 scores, but I went through Hell to get here.
If you have a discover, hang in there. I am one of the people who have done well with the card after starting slowly. If you don't have it, life goes on. I guess they are unpredicable and there are many options.
Take care.
