This is long, but I must type it.
I have learned so much here after stumbling onto this site about 10 days ago, I want to share my story. I do keep in mind that there are such negative reviews about certain cards here, but I have some of these cards at the moment.
Of course, I have bad credit. Ten years ago, I never even thought about credit scores and cannot tell you what mine was. I do know that by the age of 27 I could walk into Best Buy, apply for a card and have the rep on the phone tell me that I could set my own credit limit. My have things changed!!!!
Anyway, I have a secured Visa through my CU with a limit of 2500.00, which I have had for 2 years. It is nearly maxed out. I finally got another Orchard... $300.00 limit... $79.00 fee last summer. I was happy that even Orchard would take a risk on me since I have burned them a few times.
I had not applied for any cards in the past two years because I used to think that the way to build credit was to not have much of it, but show that you can be responsible with one card or loan. Oh, just so happens that where I live we have this one car dealership owner who prides himself on giving ANYONE a car loan, so I got one a couple of years ago. I am sure that has helped me.
Anyway, so 10 days ago or so, I get a pre-approved offer for a Discover and was just going to toss it becuase I knew that there was no way in HELL I would get it. Well I did.. and it turned out to be an HSBC card, as you already quessed. But I do not care. They gave me a $1600.00 limit, no anual fee. I almost fell out of my tree! My application was for a Platinum Card. It did not say Rewards Card like it does on their site, so I was confused about the card.
It was while searching for info about the card that I came across this site! I then applied for a Cap 1 card and got that TOO! Only a $500.00 limit, but hey a few days ago I had only a $300 Orchard. Well, I got a lil application CRAZY over next 9 days after reading other people's application success stories here! Let's just say that I have PILES of declined letter sitting on my desk at the moment. I even tried Discover and of course they sent me over to HSBC who then approved it, but I found out that while it was a Rewards card (about which I know nothing) it only had a $300.00 limit with a $59.00 fee. That was when reality started to sink in.
This is where all of you come in. I learned so much about how to get limits increased... and to make sure I move towards graduation as my credit improves... and about combining limits. I made many calls to HSBC about combining those cards for a $1900.00 limit. The last person I spoke to said that it is already done, I just have to wait a few more days to see it. I made sure to tell her I wanted the one with no annual fee kept opened and told her that the first time I made the request, I was told that I would have to take on the $59.00 AF as a balance. She told me that I did not and to make sure that when I got the 300.00 card (it came today a few days after the other one) not to close it since it needs to be open to combine the balances.
Regarding Cap 1's questionable practices and HSBC holding onto payments (things I have read about here) I have gone and signed up for HSBC free online checking account. I figure that there will be NO excuse for late payments when the money is coming out of an account at the same bank! For Cap 1, I set up early notifications for payments. I had them e-mail detailed information about the number of days it takes for payments to post to accounts. I will be paying both of these accounts out of the HSBC checking and will have direct deposit for this account as well.
As for the VERY many applications I have submitted in the past ten days, well, I know I only hurt myself for the next 6-12 months, but I was just so estatic and figured that I better run with this ball while it was in my hands. I do not need any extra credit now. I am fine with paying with cash so I am not worried about maxing anything out or about not getting anything in the near future. Yesterday, it hit me that I was engaging in the same compulsive, overlly emotion-based, irrational behavior that cost me ten years of my life and financial options! I am going to just chill out work this credit rebuilding game and reclaim my life. I just want my own home! After reading here, I know I can do it!
I have even sock drawed my secured Visa and made extra payments. I was not really using it anyway, but I did not know how important it was to get that balance signficantly lowered NOW. I thought banks wanted you to keep high balances and prove you make at least the minimum payments. I had been paying about $150.00 a month (my min. payments are about $67.00, APR is .67 or something.) I upped that to $200.00, made another payment this past week. It will be paid off in the fall! I called Orchard for a CLI, they said no, but I am ok with that. My 6 month ani. is coming up in two weeks or so. I will see what happens. I sock drawed that too and just registered it with my phone company as my payment method. I have two bills coming on that a month for a total of $42.00 or so!
I spoke with one CU where I am paying back a loan that I reaffirmed during bankruptcy and let them know that the last report on my credit report was a couple of years ago.. as opened and 120 days late.. although I have been paying regularly for nearly a year. They said they do not usually report on these cases, but will do so for me. I really wanted at least 1 store card. I had been turned down by gas and store cars all week. Tonight, after reading some more posts here, I thought it best to try for a Macys and Target card. I will find out next week about Macys and I got approved for Target. I know they start of with small limits, but from what I read they give great CLI several times a year!
I know this was long, but I just wanted to share my story with everyone, especially other newbies and to say how I come here everyday now and just learn such important information. Without reading your posts, I would not have known to take the above actions! Thanks!!!
I do not know my Fico scores, but my scores are Ex. 575, Eq. 600, and TU. 557. Bankrupcy in 2003
Message Edited by Changingmantra on
01-26-2008 08:42 PMMessage Edited by Changingmantra on
01-26-2008 08:56 PMMessage Edited by Changingmantra on
01-27-2008 12:23 AM
*Note to self* Remember why and for how long you had to rebuild in the first place! One Day at a Time, One Day at a Time!
