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Thanks for sharing your experience, Booner. It takes a lot of courage to speak out and I applaud you for that. It is easy to get caught up in getting approved and getting higher and higher limits. The thing that we need to remember is that it takes discipline to manage the accounts well.
I like to compare credit cards to tools. Used responsibly, they can be a great benefit. Used carelessly, they can cause great damage. They offer convenience, rewards, payment security and many other benefits. As one of the others on this thread mentioned, there's much that can be gained from playing the rewards game. But, it's essential to PIF in order to come out ahead; it does no good to get from 1%-5% back on purchases if you're paying interest from carrying balances. And it can be all too easy to dig a hole that becomes difficult to get out of. It takes careful management to use them well, and the ability to differentiate between needs and wants -- credit is not extra cash that's lying around; it must be repaid.
You deserve respect for recognizing your situation and taking responsibility for it. I wish you all success with your plan to pay the balance down on your remaining card. I promise that you'll feel so much better when you reach that point. Best wishes to you.
Two weeks ago I was approved for a 10K Visa Platinum Rewards at the local CU with a 720 TU score. I transferred all the balances (no cost) and CLOSED the cards. I do agree that you shouldn't close credit cards unless they cost you money - or you can't stop using them. Even knowing they were paid off, I don't trust myself, or my husband, to not go out and do this again.
This is a very expensive game to play if you lose. I lost. I'm sharing to hopefully help someone else avoid the trap I fell into!
congrats on all, i think we all get caught up in rebuilding mode and even get addicted to that approval feeling, while i am frustrated with my current toy limits i have said the only good thing about them is they really make me think before i buy. i can't wait to hit the 5k mark on a single card but hope i dont fall back into bad habbits. i think getting a charge card really changed how i view credit cards, and trained me to pay in full. i saved my fee crazy sub prime cards that were the start of my rebuilding to remind myself to never burn my credit because i never want to have to resort to using companies like them ever again!
@SnackTrader wrote:
I'm glad you shared this, Booner.
I was on this site rather religiously from last June as a reader to this April as a contributor. It is a wealth of knowledge on how to attain cards, but does little to educate on spending habits. I expect this is because everyone is in a very different place financially, and my spending habits are very different from others'. Regardless, without good self-control, and even more importantly, strict budgets, many on this site have paid hundreds or thousands in unnecessary interest. It has made me sad, and has in part caused me to back away from this forum to remain positive. It was rather depressing to go to bed frustrated at someone's out of control spending or applying, especially since many on this forum don't recognize how destructive their habits can be. I just want to scream at many to say TAKE IT SLOW and re-evaluate things. But it would be out of line and would receive fierce criticism from many who would say I am jumping to conclusions. However, your post, Booner, shows just how destructive all sorts of behavior advocated on thIs forum can be.
Please, EVERYONE read the horror stories and remember that you won't know what is happening until it is TOO LATE! Since joining this forum last June I have made almost $12,000 in extra payments on my installments loans and I have increased my savings by nearly $3,000 as well. Ask yourself, are you in a better situation than when you started?
+100000000
It took me about a year to get over the "app envy" that can come from being on the forums. The best posts are indeed the honest ones. The balance on this site...in particular this CC part of the site...is providing people with the important info they need to apply for or use their cards most appropriately. Its tough when you "know" the best info but don't have the best habits. We should always remind each other that credit it a tool. Its not a status symbol. This is the struggle we face day in and day out. We live in a consumerist society. That can work to our benefit and to the opposite of our benefit.
Booner definitely always remember this forum is here to hear about your success and your stuggles. No one is alone in their credit struggles or their credit success.
@Booner72 wrote:I came to MyFico in 2011 to fix my credit and buy a house. I lived here on the forum. Once the house was bought, I wandered over to the CC section. I applied for this, that, and the other. I wasn't disciplined enough to PIF each month. I had balances going on everything, spreadsheets, due dates, the works.
Two weeks ago I was approved for a 10K Visa Platinum Rewards at the local CU with a 720 TU score. I transferred all the balances (no cost) and CLOSED the cards. I do agree that you shouldn't close credit cards unless they cost you money - or you can't stop using them. Even knowing they were paid off, I don't trust myself, or my husband, to not go out and do this again.
This is a very expensive game to play if you lose. I lost. I'm sharing to hopefully help someone else avoid the trap I fell into!
Bravo for sharing
A big kudo for finding a way to better control your spending and budget
Best wishes
I am honestly surprised at the positive responses. I thought I was going to get my head chewed off for this post. In fact, I stayed away from MyFico for the last year because of the shame of by cc balances!
But I wasn't out buying things I didn't need (well, of course I was sometimes) - DH works concrete and gets unemployment thru the winter. We were living on 270 a week for a family of four. He was buying groceries at Walmart which I didn't know about (30% interest) and I was using the Old Navy Visa (29%) to buy gas and other daily needs as I was going back and fro to work. 270 is nothing.
Thanks everyone!!! I guess here's a post you can show someone who you see being nuts with apps, etc. I hope others come forward with their "shame" - it does feel good to get it out!
@BlueNightStar wrote:
@SnackTrader wrote:
I'm glad you shared this, Booner.
I was on this site rather religiously from last June as a reader to this April as a contributor. It is a wealth of knowledge on how to attain cards, but does little to educate on spending habits. I expect this is because everyone is in a very different place financially, and my spending habits are very different from others'. Regardless, without good self-control, and even more importantly, strict budgets, many on this site have paid hundreds or thousands in unnecessary interest. It has made me sad, and has in part caused me to back away from this forum to remain positive. It was rather depressing to go to bed frustrated at someone's out of control spending or applying, especially since many on this forum don't recognize how destructive their habits can be. I just want to scream at many to say TAKE IT SLOW and re-evaluate things. But it would be out of line and would receive fierce criticism from many who would say I am jumping to conclusions. However, your post, Booner, shows just how destructive all sorts of behavior advocated on thIs forum can be.
Please, EVERYONE read the horror stories and remember that you won't know what is happening until it is TOO LATE! Since joining this forum last June I have made almost $12,000 in extra payments on my installments loans and I have increased my savings by nearly $3,000 as well. Ask yourself, are you in a better situation than when you started?I wish people like you would speak out more often. I personally feel there needs to be a little more balance of posting (with viewpoints like yours) and there is a way to phrase things that doesn't come off as condescending or critical. Someone will always take it the wrong way but a constant stream of false positives without a reality check really does no one any favors.
My favorite posts are by people that are conveying geniune honesty and concern for the long term financial health of other people. Most of us that have been around the block a few times can see the trouble brewing and I think it's important to share our thoughts when appropriate. You never know the people you may have a positive influence on that aren't posting but reading what you write and taking it to heart.
+1 This.
Starting my rebuild!