01-02-2009 04:24 PM - edited 03-04-2009 03:35 AM
01-02-2009 05:06 PM
OK, we've gone through the Sleigh Center The Sleigh Center and its successor Son of the Sleigh Center , and it looks like it's time to start things up again.
We're in the middle of the worst economy that most of us have ever seen, and credit is tightening up everywhere. We all know what to do, and more importantly, what not to do, but some of us keep doing it anyway.
If you've realized that it's time to cool your jets and get back in control of your credit apping, join in for some tough love. The best part: after you get tough love, you get to turn around and pass it on to everyone else!
The only way that you're going to get the credit that you want, that helps you rather than hurting you or leaves you floating in the pond with the ducks, is to research the world of credit, decide where you want to be, learn how to get there, make a plan, and then stick to it.
If the 2009 TL-CYJ Center can help, then come on down!
OK, I'll bite.
In 2009, I will not be apping for anything more. I was doing really good with no recent apps until Nov. 28, 08 when I apped at the register at Target. Got 3K on a Target Visa and then went home (pumped) and apped w/Macys and Kohls. Got them too. Afterwards, felt really addicted. EX went down about 10 points, but that's about all that happened. Thank goodness.
I will do nothing but sit out and watch these grow! I will concentrate on continuing to keep my utilization low and to get TU and EQ over the 700 mark.
01-02-2009 05:07 PM - edited 01-02-2009 05:10 PM
My name is LilMirth, and I'm a barely recovering Appaholic.
When I started repairing my credit in late July, my FICO scores were in the toilet. They were so bad, that I was too embarrassed to even tell you what they were. Watching the economy and financial sector spin out of control, I knew that I had to at least try to do something, because (frankly) paying for airline tickets (with my checkcard), renting cars, and getting hotels was a PITA. I also knew that I'd be ineligible for a lot of jobs with credit history as bad as mine. I knew if I waited too long, I'd get caught up in the credit crunch, and no amount of "fixing" would net me what I wanted. So, I fixed my credit. My scores rose. And, my loosely considered goal of having three major credit (one for business expenses, one for monthly expenses to get reward points, and one for "emergencies"), and one store charge card (for mix).
Credit repair went exceedingly well. I had a goal of having my BoA CLId, and getting a NavyFed nRewards card, and keeping Cap1 (if they CLId it) or cancelling Cap1 and getting a different card, by the Spring of 2009. My credit situation wasn't nearly as bleak as it appeared, because BoA noticed my efforts and bumped me up to 5k. NFCU, offered me two 12k nRewards cards. I rolled the dice on Target, and got a $500 limit. My scores kept rising.
And then, I got an e-mail from Barnes & Noble Juni... they were offering a rewards Mastercard. I didn't need it. I didn't even research it. I App'd. I got it. And then, there was the Walmart... I don't even like that store!!! But, I was amazed that I'd gone from being laughed at to being instantly approved. So I app'd. I got it.
Then, they all reported, along with my new car and the refi of said new car with NFCU's even lower rate. Let's just say that it wasn't pretty. My AAOA was knocked from 6-7 years down to 2. I was rebucketed. My experian score, which had been my highest, was knocked down 34 points, and is still hovering around 640. Ouch! Fortunately, EQ & TU are 30-40 points higher.
If that wasn't bad enough... Now, I have to deal with keeping Juni & Gemb happy until I get some type of score return on the INQ, new account, and lowered AAOA that I took for them. I hate both cards. They're difficult to deal with, and I resent having to manage them. I'm going to close them at the one year mark, but that's more than 7 months from now.
So, you'd think I'd have seen the light... Oh, I see it alright, but I also see "CLI Request" buttons, and random offers of credit that sometimes get through the opt-out net that I've cast. When I'm out shopping, the cashiers try to convince me to apply for credit; Old Navy, Gap, Nordies, Macy's, Krogers, Meijers, BestBuy you name it... And, I keep almost caving. First, I'll talk myself into it. Only the threat of public humiliation at being turned down for having too many new accounts has kept that small little voice just audible enough to hear.... "DON'T DO IT YOU IDIOT!" That, and the fear of shame & disappointment at having to confess what I've done in this forum. You guys have put a lot of effort into me. I don't want to disappoint now...
I don't need more credit. I don't even WANT any more credit. I've got exactly what I want and need, save for my much further down the road goal of getting a Discover card. But that's at least 2-3 years away. Because of my impulsiveness and Apping addiction, I have two cards that I don't want or need, that have contributed to my scores being held down, and new app count. From two subprime lenders that annoy me. My just desserts.
So, help me to stay FICO sober. There is absolutely no reason, at all, for me to apply for credit. There is absolutely no reason, at all, for me to pester generous (so far) lenders for CLIs. If you sense me slipping off the wagon... yank me back to the garden with some tough love. Please?
My goals: No new Apps, PERIOD. No "me" initiated requests for CLIs, PERIOD. Only auto CLIs as granted by lenders for payment history, spending patterns, and relationship. Age my new accounts to one year, then cut Juni & GEMB loose.
ETA: Good grief did that turn out to be a long post! Sorry!
Friendly, Supportive & Respectful
"However gradual may be the growth of confidence, that of credit requires still more time to arrive at maturity” ~ Benjamin Disraeli
01-02-2009 05:24 PM
01-02-2009 05:51 PM
In 2008 I started credit repair. That was 5 years after a BK. I made a $6500 down on an 18,000 car which allowed me 4.9% financing. Quite the $300 Orchard card that landed me an $1800 Hooters and a $2500 (%7.9) Juniper Card. I also landed a $4500 GEMB Camera store card (jeez) which I'm keeping and a Target card that I'm tossing.
When the financial crisis focus switched from houses to credit cards it struck me that I had all the credit cards I need and hit the breaks on apps. In February all this will be 1 year old and so will the inquiries. I almost stuck me head into the bullets but I'm just at cool. Hitting the breaks when I did leaves me with a low profile but enough fuel to pull ahead slowly and safely. I'm going to cruse thru this drama and I fully expect that when it's over I'll be in a great position for one really great card. and that's it.
01-02-2009 06:08 PM
I'd like to join, but I'm getting a mortgage this spring. And then I want to convert at least one of my Chase cards into a Chase Freedom. And I might apply for a couple of home improvement store cards. But that's it, and then I'm done, for good and ever!
So, no joining. But I'm not apping for anything until I go for my mortgage.
01-02-2009 06:12 PM
I'm in too, nothing to cause an INQ for one year for me.
I got my last card (Amex Blue) about two weeks ago, putting me up to a total of 4 (Citi, Chase, BofA). I have my Amazon card for fun, Citi card for rewards and BofA for BTs and emergencies where I have to carry a balance.
I want to find a nice CU next year 'round about this time, maybe Penfed, maybe something more local (I have no idea where I'll be) so I want all of my accounts nicely aged and INQs clear by then.
Good luck to all of us!
(Oh, and that's my room right next to the Rec Room, someone get Ilecs in here, I hear Santa brought a new Wii!)
01-03-2009 03:55 AM
I'm in too, nothing to cause an INQ for one year for me.
Exactly that for me, too - no new inqs! It's exceedingly boring just sitting waiting for things to age, with nothing more exciting going on credit-wise than the occasional inq dropping off or account hitting a birthday, but it has to be done! No applications or anything else inq-causing for me this year, and I'm going to attempt to go easy on the CLI requests, too. I'd rather get auto-CLIs than just barely wheedle my way into a CLI the issuer would really rather not give me - even CLI requests feel very risky and liable to backfire right now, and I'm not even talking about (just) AmEx!
Good luck, everyone, and Happy New Year!
01-03-2009 07:51 AM - edited 01-03-2009 08:05 AM
(1) I SWEAR to let everything age!!!! And I have opted-out so I have no temptation
(2) I can't think of a card I WANT that I don't already have.
(3) I already have good cards with good limits from good CCC (USAA, NFCU, Discover and Citi). There is nothing left to 'get'.
(4) When Orchard offered me a $1000 card because of my 'excellent' credit history it was an insult (actually I laughed - 2 years ago I would have been jumping for joy). I had played with their 'preapprover' -- I'll stick with what I have and be loyal to them since they have been very good to me.
(5) I will probably dump AmEx -- it is no longer a useful card for me. Definately dumping Cap1 because of AF and low limit.
*keep repeating this to self*