I just finished up a mini spree as I fell for the CSP trap in December. Sat on the preapproval for a month while lurking around these parts learning about the world of credit as age 54 approaches. I got my CSP (5K CL) and added 2K CL from an amazon card. Spent over $4K (a nice alto sax and a soprano clarinet with accessories) on musical instruments and got the points. Someone suggested I join a credit union and found Navy Federal, my old CU from the 1980's while I served in the Navy. Took advice and applied for a NFCU card. Got a cash rewards signature with 10K CL and 15% interest (higher than most but understandable with my history). The bank happened to offer a 2.99% balance transfer so I paid off my CSP balance and put it on the NFCU card. I used my CSP points to book a flight with the chase site and applied the rest of the points toward a less expensive rental car for a trip to Arizona in March. I was denied a NFCU Checking LOC. Understandable too, given my problems with a BofA Home Equity Line of credit and other accounts with serious delinquencies leading to my low score. I'm grateful that I received the recent cards,along with a 1K CLI from Cap 1 and an upgrade to Quicksilver. I have a lot of inquiries on equifax (around 10) so it's time to shut down the app world, at least for 2 years when my HELOC goes into repayment. I'll be 56 if still alive and well. I wouldn't have done any of this if it weren't for the CSP preapp and finding this forum. I really wanted a nice travel card and all I had was an AMEX green that offers nothing except for an AF and a 24 year credit history. Coming here obviously had a big impact on my financial life. Now I have a 4K cc balance at 3% interest and a 25K total CL among 8 cards (16% utilization). Some need to be canceled but I'm afraid to do it. My therapist is really on me about this (I'm being treated for a gambling problem-been clean over 5 months but this forum is a bit like being "in action!"). BofA dismissed my goodwill letter. Nothing can be done until the LOC goes into repayment in 2017. For now I'll make minimum interest payments until the NFCU card is paid off. Then I'll make $1000 payments again that will reduce the principal. I'm still able to save $500-$1000 per month in an account that my trustee handles.
I'm far from perfect and a bit naive, but it's been fun hanging out here. Time to spend more time in the practice room with my new horns.
Thank you again.
