12-30-2009 10:04 AM
Did not see a "newcomers" thread so I figured I would make one for myself to say hello.
I have been on the rebuilding path for 7 years now. I am not sure what my credit scores were back then but I am sure
they were way South of 600. Here is what my current picture looks like. Oldest Account is 16 years.
2 30-day lates dated June of 2003. EQ is 713 and TU is 710.
BOA opened Jun 09, 10K CL, PIF
PENFED opened Jun 09, 3K CL, PIF
PENFED LOC opened Jun 09, 8K CL, zero balance
USAA MC, opened Dec 09, 10K CL, PIF
USAA AMEX, opened Dec 09, 5K CL, PIF
Military store card (STAR) opened 1993, 8K CL, 4K balance
Discover Card (AU - wife) opened 1995, 5K CL, PIF
BOFA MC (AU-wife) opened Sep 08, 9K CL, 3K balance
I do not now what my scores were before my app spree but I know what they are now.
I have 4 IN on EQ and 2 on TU. I applied for an AMEX earlier (Oct 09) and got declined and those suckers
pulled all 3 CR's...not nice.
Anyhoo I am done applying for cards now and will just wait to see how my scores adjust once
the 2 lates drop off (next year?) and some of my new accounts get a little age on them.
12-30-2009 11:51 AM
Hi, swanky! Welcome to the forum!
Great idea you have in starting this "Introduction" thread for newcomers. And from the info you posted here, it looks like you've done an outstanding job in rebuilding your credit over the last 7 years, with solid, prime lenders and good limits.
How did you manage this? And have you been following any of the info posted here in the forums on your journey?
I'm looking forward to seeing what your scores are sometime late summer of 2010, and I'll just bet they'll be up into the 760s, at least.
Congratulations on the new accounts (5 TL's = $36K, in six months!) and on your success in general!!
12-30-2009 02:14 PM - edited 12-30-2009 02:16 PM
I just discovered this forum last week... I will be totally honest with you. I got remarried seven years ago to a great
lady and she helped me to get back on track. She taught me that making payments on time is easier than not making
them. I never knew what my scores were and did not want to know. Multiple charge-off's, lates to 90 days, etc.
Made all payments on-time from 2003 to present.
I went to BOA this past June and the teller said "you are preapproved for a cc". I almost laughed in her face.
Been burned way too many times with that line. Went ahead anyways and to my suprise I got approved for
$10K CL. Never had one more than $1000 before that. Two weeks later I wanted to confirm if my credit had
improved since I was still skeptical, so I applied to PENFED. They approved me for an account (they had
declined me for an account a few years ago due to my poor credit). Then I applied for a cc and they approved
me for $3K...hmmm, ok, so I applied for a LOC for $8K just cuz...they approved that. Now I was starting to feel
good bout myself.
Then I applied for the COSTCO AMEX in Oct and got declined. During this period I had no
clue what my FICO was at all. Laid low licking my wounds from the AMEX decline for a few months. 2 Weeks ago
I got a "pre-approval" letter from USAA for a MC (I have auto and life insurance through them). I usually throw
these out (especially after the COSTCO AMEX pre-approval) but I noticed the envelope was ripped open.
I called USAA and told them to put a watch on my account and while I was on the line the CSR said
" you should submit an app" I said go ahead and got approved for the MC with a $10K limit. The decline
on the AMEX was still sore so when I saw that USAA had an AMEX card I called back a week later and
spoke with a CSR on the phone and she asked me how much I wanted the limit to be. I said $3K would
be great (just wanted it for COSTCO). She came back a minute later and said that my CL was $5K.
Then I found this forum a day or two later.
12-30-2009 06:41 PM
Congrats! Those are some pretty nice credit limits. Were all of your limits just based off of your good credit standing, or was your income a factor in the approval and high limits?.
12-30-2009 07:36 PM
Well for BOA and PENFED they never asked for income. USAA asked what I made and what my wife made.
I make about $50K and my wife makes about twice that. So not really sure what the answer is. Probably a lil of both?
12-31-2009 06:02 AM
swanky, you've hit a home run...great credit successes and a great lady, too!
Make sure to use a bit of those new credit lines (here and there) for the occassional "there's-no-particular-reason-except-I-love-you" gift for her! (But I think you probably know that already...)
Have a very Happy 2010!
12-31-2009 11:28 AM
Congrats on the journey you've made!!! Sounds like the lady knows how to make her money work for her!
Happy new year & happy credit gardening to you!! Grab one of those cards & get yourself a nice bottle of champagne for tonight!!