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Fear & Control

When I was 18 I had a ton of credit cards with no self control or no ideal of how I would pay the credit cards back. At some point I didn't care that lead me to have to file a Chapter 13 at the age of 21 which now I feel like it was a easy way out an I could have gotten a part time job to pay the cards off but I was young an dumb.

 

What I'm trying to say is I'm so happy I had that experience when I was younger but it's really taught be discipline cause now I don't evan use my credit cards if I can't pay them off come my next payday.

 

An I would recommend to anyone try to avoid filling BK is your can only make the minimum payments for a while that's ok but get a part time job to avoid a BK.

 

I'm just speaking on my experience not trying to past judgment on anyone.


Starting Score 3-31-08: EQ 582 TU 577 EX 625
Current Score 3-19-10: EQ 703 TU 712 EX No Clue
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Re: Fear & Control

That same thing is going to happen to my nephew. He just turned 19 in college part time job but he will quit that soon, and he already has 16 credit cards (not an exxageration). He started getting them earlier this year, and every freakin app he put in has been accepted. He has almost every store card imagineable, two Chase cards, bunch of gas cards, Citi, and a bright shiny new AMEX green card.

 

I am 40 something and I have 2 cards (one a secured Orchard), I honestly think I am being discrimminated against because of my age. I have been turned down by banks (Hooters, Cap 1) that give cards to monkey's that fling their own poo. I started from scratch this year, just like my nephew has, and I honestly don't understand it.

 

Maybe when I was in college way back in the 80's I should have applied for a shi*load of cards like everyone else and filed a mid 90's BK like everyone else too.   

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Re: Fear & Control


Pappy214 wrote:

That same thing is going to happen to my nephew. He just turned 19 in college part time job but he will quit that soon, and he already has 16 credit cards (not an exxageration). He started getting them earlier this year, and every freakin app he put in has been accepted. He has almost every store card imagineable, two Chase cards, bunch of gas cards, Citi, and a bright shiny new AMEX green card.

 

I am 40 something and I have 2 cards (one a secured Orchard), I honestly think I am being discrimminated against because of my age. I have been turned down by banks (Hooters, Cap 1) that give cards to monkey's that fling their own poo. I started from scratch this year, just like my nephew has, and I honestly don't understand it.

 

Maybe when I was in college way back in the 80's I should have applied for a shi*load of cards like everyone else and filed a mid 90's BK like everyone else too.   


 

Well he's setting himself up why does he need 16 credit cards at that age.

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Re: Fear & Control

I only applied for and recieved 4 CCs in college and I got in over my head where I was only able to pay the minimum due most months.  It took me a couple of years after I graduated before I was able to pay them all off and yet, during all that time, they just kept raising my CL, tempting me to get into more trouble.
Oct 2008 FICO: EQ:706 ,EX:708, TU:720
Sept 2007 FICO: EQ:673, EX:683, TU:676
July 2006 FICO: EQ:627, EX:609, TU:645
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Re: Fear & Control


mjbfan79 wrote:

 

Well he's setting himself up why does he need 16 credit cards at that age.

Well because (like some of the people in this forum) he is addicted to getting them. I only want 5 cards myself. 1 gas, 1 store, 3 prime (Chase Citi Discover or AMEX) thats it, I also don't put money on my cards unless I know I can PIF. I am sure this Christmas I might carry a balance in January (of course it won't go past that when I only have two cards with $300 limits) Smiley Sad  

 

It just irks me to no end to see him get these approvals, some with decent limits (Hooters $2500, Citi $1000) and I got turned down for both. My income is 8 times what he makes. I can only think it is my age...

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Re: Fear & Control

[ Edited ]

Miner wrote:
I only applied for and recieved 4 CCs in college and I got in over my head where I was only able to pay the minimum due most months.  It took me a couple of years after I graduated before I was able to pay them all off and yet, during all that time, they just kept raising my CL, tempting me to get into more trouble.

 

Yeah the CLI was a trap to keep you in debt.
Message Edited by mjbfan79 on 10-03-2008 12:46 PM

Starting Score 3-31-08: EQ 582 TU 577 EX 625
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Re: Fear & Control

I guess maybe they think I am too smart (and old) to fall into their trap... and that is why I don't get approved?
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Re: Fear & Control

[ Edited ]

Pappy214 wrote:

Well because (like some of the people in this forum) he is addicted to getting them. I only want 5 cards myself. 1 gas, 1 store, 3 prime (Chase Citi Discover or AMEX) thats it, I also don't put money on my cards unless I know I can PIF. I am sure this Christmas I might carry a balance in January (of course it won't go past that when I only have two cards with $300 limits) Smiley Sad  

 

It just irks me to no end to see him get these approvals, some with decent limits (Hooters $2500, Citi $1000) and I got turned down for both. My income is 8 times what he makes. I can only think it is my age...


Yeah i think you do have a better chance at getting approved for cards when your younger with no credit history especially collage students. My question to you is you said in a previous thread that you where in your 40's why are you just not starting to establish your credit. Did you file a BK a few years back?

Message Edited by mjbfan79 on 10-03-2008 12:52 PM

Starting Score 3-31-08: EQ 582 TU 577 EX 625
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Re: Fear & Control

No, I have never had a BK. I paid for everything in cash up until now, and used my VISA check card. I went to buy a BMW in June, and that is when I learned all about credit and how it works. BMW was not going to give me the car at first, even with my income and having no debts. But they found a bank willing to finance me at 25% interest.

 

That is why I suddenly care about credit. I want my next car to be a Porsche. I want to buy this car within the next few years, and I want a great score when I walk into the dealer so I am not treated like garbage and given a high interest rate.

 

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Re: Fear & Control

[ Edited ]

Welcome to the world of distorted credit.  Those who should have the best credit (ie. pay cash for everything, own their Home and cars outright) have the worse credit of all.  And despite that, my goal is still to be one of them (though I'll keep my CCs).

 

If the only thing on your credit is that 25% interest rate car, wait until 6 months after you got the loan and then try applying for a credit card from your bank again.  The longer you've had that loan, the more favorable banks will treat you.

Message Edited by Miner on 10-03-2008 11:40 AM
Oct 2008 FICO: EQ:706 ,EX:708, TU:720
Sept 2007 FICO: EQ:673, EX:683, TU:676
July 2006 FICO: EQ:627, EX:609, TU:645
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