This is a fascinating thread to read. It seems like a lot of the high rollers on here followed a common path: had good credit without truly appreciating its value, then screwing it up one way or another, then eventually building it up to be stronger than it ever was.
That might be because this forum is primarily visited by people who have or have had credit issues in the past. There are other high rollers out there that have never had credit problems, but you won't find many posting here.
Indirectly, many of us had excellent credit. Mine was not mis management or overspending, it was lack of income from a changing job economy shortly after a divorce. Paying my child support and attempting to keep a different roof over my head, First priorities. I did not eat out or have cable. My internet was dial up. I got behind on one cc in my possesion and late on two house payments. Because, I was unable to pay the total min. due on my cc account, I accumulated consecutive 30s, a 60 and a 90 lates. I closed the account and paid it off. I went to default rates. I can attest that 29.99% and late fees add up very fast. When the lates from this one negative account age off, I will be pristine again and retain my memberhsip in the 800 club. At that time, most of my accounts will have seven years of green. I can smell the fresh cut grass now!
In my view, most who post here either built, had to rerebuild, building, or find credit cards and/or rewards as a hobby.
I think when people are building something from scratch, credit is an invaluable tool to accomplish that building in a faster pace. Financing is an essential tool for early stages of any enterprise, such as a first home or business.
Others I've known (who were born into...for a lack of a better word...affluence) have no need for credit, since they have the money to buy just about anything. Since a credit score has no meaning to them (they will never need a loan of any kind), most don't even care if you place a collection on their report. Their high end bank or amex card they have couldn't care less about their credit scores because they have such high "known" assets, unless it's a bankruptcy.
I'd guess those who "look down" are the ones whose "credit" score is seemingly the most impressive financial accomplishment. I'm not knocking it, but just making an observation. Similar to phenomenon where those most critical on the obese are the ones who were once fat and have lost the weight.
I Definitely don't laugh. I wonder alot about how old some posters are. Many of these topics allow me to reflect on where I was financially at a younger period in my life.
Yes, I am a high achiever but i havent always been therefore it would be quite hypocritical if I found pleasure in some of the things that folks on this board go through.
No laughing from me. Up to 2003 had okay credit and decent cards. In 2003 things got away from me and I got sued and also had 3 COs.
From 2003-2007 no credit cards, and only 1 high interest car loan.
2007, Chase BP Visa for $200.
2009, USAA Mastercard for $2000 (I quite literally stood up and said "oh s**t!" as I couldn't believe the limit since I still had two COs showing)
2010, USAA Amex for $9000 and Amex SPG for $2000.
By end of 2011 all derogs gone, scores back in the mid 700s, and some bigger limits and better cards.
So no laughing from me. Been there, done that, and it's no laughing matter.
No,because we all had to start somewhere!.
: Just keep up the good work and soon you we be one of us
I just got a CLI this week from walmart, one by the web sight and the other by using the backdoor numberTotal CLI $5000,I thought I was going to pass out when they approved it
I'll be the lone dissenter here and say sure, I laugh at people on a semi-regular basis. It really depends on the attitude with which they are posting, but being approved for a small limit in itself doesn't warrant condemnation. If someone is genuinely happy about being approved for a 1k limit, that's good and I'm genuinely happy for them.
Where I start to laugh is when people think they're hitting the "big-time" or show some level of arrogance, when in reality being approved for a 5-10k limit doesn't warrant that kind of attitude or anything close. The same is true when I read posts from complete morons who despite being told several times how things work, they argue that it isn't so. I've seen one poster recently who is now gone but had multiple threads, each 10+ pages long badmouthing certain lenders who refused to approve him when in reality, the problem was staring him in the mirror.
In many ways it's a reflection of society as a whole. Some guy at work couldn't stop bragging about his "brand new Ford Falcon XR6 Turbo". A lot of other people there only helped to feed his ego, but I just laughed and walked off. He didn't seem to understand why I wasn't impressed, and that's not surprising either.
I don't laugh at these folks, I feel sorry for them. I've always hoped that some of the younger people here could learn by my mistakes, which I freely share. But then I think about how NO ONE could have told me squat when I was 21 that I would have listened to. *I* knew it all, and *I* knew best. So, I understand the mindset having lived it. I continue to post occasionally in the hope that maybe some of my experience will rub off. If it does, great! If not, then at least I tried....
Well you know what they say about leading a horse to water... If you can't help them, then profit off of them (or people like them). In this world you can't have kings without servants, and there's no more fitting people to become (economic) servants than those who couldn't be bothered to help themselves.
I presume that everyone on this site is here because of past credit problems and errors, and had to start from scratch again. I sure do hope we are all hear to help each other and not scoff at was once everyone's situation here on MyFico.
Some people simply have an interest in points/rewards cards. They are in the minority on these boards, but they do exist.