I'm giving up on credit cards.

[JKSIMMONS]

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@KennyRS wrote:
Sounds like you're expecting miracles to happen overnight. Credit isn't instantaneous. To have a 59X, you have to have some form of baddies. To blanket statement saying the credit system is a joke and is a waste of time really is an injustice to the system as a whole. I suggest reading more on the forum, in the credit scoring forum -- you will see results from actions that you do from that knowledge. If you are not be bothered with that, then by all means take a break from it -- when you're ready to do the work, the forum will be here ready to help guide you along. Patience is the biggest thing needed, to me, with your credit file to achieve optimum results.

Wish you nothing but the best.

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Although it's probably true, I would contend that saying "To have a 59X , you have to have some form of baddies" is also a blanket statement.  I would agree that it takes time. If you did have baddies, they need to age unless they were completely removed. Just don't jump off the deep end and torpedo the foundation you built. Sleep it off man.

[Kenny]

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@JKSIMMONS wrote:

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@KennyRS wrote:
Sounds like you're expecting miracles to happen overnight. Credit isn't instantaneous. To have a 59X, you have to have some form of baddies. To blanket statement saying the credit system is a joke and is a waste of time really is an injustice to the system as a whole. I suggest reading more on the forum, in the credit scoring forum -- you will see results from actions that you do from that knowledge. If you are not be bothered with that, then by all means take a break from it -- when you're ready to do the work, the forum will be here ready to help guide you along. Patience is the biggest thing needed, to me, with your credit file to achieve optimum results.

Wish you nothing but the best.

---

Although it's probably true, I would contend that saying "To have a 59X , you have to have some form of baddies" is also a blanket statement.  I would agree that it takes time. If you did have baddies, they need to age unless they were completely removed. Just don't jump off the deep end and torpedo the foundation you built. Sleep it off man.

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It was a blanket statement, and I should have worded it to say, "It's hard to believe that one has no baddies with a score in the 500's. High or not."

[Roarmeister]

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@FixMyCredit1992 wrote:

I don't think scoring models for fico are accurate in any way. I watched a documentary last night called "maxed out", that proves this.

 

The whole thing is a joke. People can amass over $100,000 in total credit limits, get 800 fico's, and then run them selves into the ground with debt.

Yet I work hard and get rewarded with nothing. All I want is a $1000 card I can run my monthly expenses through, and then PIF to get rewards. 

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I would like to echo the sentiments of other posters. People with high credit levels and scores like that have also worked hard and have been patient.  I've personally have been working on my credit for 35+ years, do you begrudge those like me and hundreds of others on this forum their years of hard work and diligence.  I did it the hard way and WAITED for all my baddies to drop off (7+ years) the last of which was 4 years ago.  I didn't know anything about this forum, GWs or that you could even do things which might have sped up the process.  Be patient, keep up your hard work, keep the bills paid and control your urge to spend.  It will happen but you won't be rewarded overnight.

[ayles]

OP, I just wanted to drop a line to encourage you.  I can empathize with how frustrating and challenging the whole credit journey can be.  While there is sound advice in some of the other responses, I do believe that in the credit world there are no absolutes.  Yes there is a general way of getting clis with certain companies or avoiding frs with others etc; and it is helpful to be aware of that information but I have found in my own experience that there are so many variables that go into credit (a lot of which we are not privy to as consumers) and because no two individuals are the exact same, neither will their credit journies be.

My encouragement to you would be to take some time to evaluate what type of credit journey would bring you the most peace/least stress and then create your goals accordingly.  Sometimes taking a break from "working on improving your credit" may be what brings the most peace.  At least there have been times in my journey where that has been the most beneficial.   

Peace and blessings to you.  

[bch238]

OP,

you're 22 years old with three cards and low limits.  Like most things in life, you have to be patient and pay your dues.  Whether you agree the credit score system is fair, or if you think it is rigged against you, it is the system in place.  Simply accept that you must play within the system.  For you, it means you have to make timely payments over a significant period of time into the future.  Once you are more established, you will be able to apply for better terms of credit.  I've read some of your post history, and you indicate you have tens of inquiries, mostly ending in denials.  This compounds your problem and makes you seem (or confirms that you are) risky to lenders.  You must lengthen your history. 

As for your current score, it does seem unlikely that you have no negative  indicators (or baddies) on your reports.  Have you no late payment history at all?  No collections?  Nothing?  If not, then it appears that your inquiries are hurting you immensely, and it should tell you to have patience and make timely payments. 

If it matters, I didn't have a rewards card until I was in my 40s.  I struggled through my college years, had a card (Citibank, I think)  closed for late payments in the early 90s when I was in grad school and felt sick about it (and paid off the $500 over several months when $500 was still a lot of money, both because it was the early 90s and because I was a starving student hawking compact discs to have money for lights and gas).  I bought several practical cars commensurate with my income and paid them off, driving them an average of 7 years.  I bought a house, again, commensurate with my income.   For 20 years I made due with plain old credit cards, sometimes paying interest (gasp!).  Other than making timely payments on my financial obligations, I didn't pay attention to my credit cards or my scores.  Slowly I started getting credit line increases without asking for them; I still didn't think about it.  It just happened.  Now I am in position to get the cards I want--and more importantly, need.  It's the credit card circle of life.

[SunriseEarth]

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@Roarmeister wrote:

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@FixMyCredit1992 wrote:

I don't think scoring models for fico are accurate in any way. I watched a documentary last night called "maxed out", that proves this.

 

The whole thing is a joke. People can amass over $100,000 in total credit limits, get 800 fico's, and then run them selves into the ground with debt.

Yet I work hard and get rewarded with nothing. All I want is a $1000 card I can run my monthly expenses through, and then PIF to get rewards. 

---

I would like to echo the sentiments of other posters. People with high credit levels and scores like that have also worked hard and have been patient.  I've personally have been working on my credit for 35+ years, do you begrudge those like me and hundreds of others on this forum their years of hard work and diligence.  I did it the hard way and WAITED for all my baddies to drop off (7+ years) the last of which was 4 years ago.  I didn't know anything about this forum, GWs or that you could even do things which might have sped up the process.  Be patient, keep up your hard work, keep the bills paid and control your urge to spend.  It will happen but you won't be rewarded overnight.

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+1.   We'd all love to be handed the keys to the kingdom overnight, but that's just not how it works.   I've had some rapid success, such as an amazing return to AMEX.  I've also had some GW luck.  Still, there are plenty of CCs I want that will be out of my reach for years, so I just need to be patient, as does the OP.  

[Dw4250]

OP- One late payment or other types of baddies can drive down a score +100 pts.  The more recent, the more it stings.

I understand your frustration...credit building/rebuilding can be a soul sucking experience.  But as others have advised, patience is your best friend.  I made some poor choices and buried my head in the sand back in 2009.  By the time I finally decided to get my act together, my scores were a dreadful 510/503/496.  They did not "recover" (i.e. go over 700) until March of THIS YEAR, and that was with 4+ years of patience, hard work and sacrifice.

Let your account age, PIF or keep your balances low, no lates and no more HPs/new accounts for a year or so and you should be fine....

[weehoo]

Don't let the man bring you down, and remember cash is king! :-)

[Juss11]

I started out fixing my wifes & my credit 3 years ago. We both started out with cap one cards with $300 limits. I remember when I got that I was happy. It was the first real CC I had in over 10 years. Our scores were worse whan yours. It has taken alot of work & time to FINALLY hit the 700 mark & get the prime cards. Hell my cap one card has only ever went to $1000 & my wifes is at $500 with n late payments and hardly ever even a ballance on them. We both have cards in the 10k range now, but it took 3 years to get there.

[Bman70]

OK give up, then check back in 7 years. You'll be in for a nice surprise. Just don't do anything to add any additional baddies; pay your cards; and forget about it. I pretty much gave up on my credit 10 years ago, however by month end I should pass 800. You need to have an interesting life in the meantime, because there are few shortcuts to good scores... although there are ways to get nice spikes. It feels best when you're not watching the pot boil all the time. But really, for me the best improvement has been my attitude and beliefs - these days I remind myself that life is full of opportunities, brings me only good, and the world loves to help me get ahead and see me succeed. And it's true, for me at least. As Henry Ford said, "If you think you can, or think you can't, you're right." Read some good financial books like T. Harv Eker's Millionaire Mind or Randy Gage or even Napoleon Hill. Don't watch conspiracy or "scam exposure" documentaries, they're just unsatisfied people trying to make you unsatisfied too.