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What is your absolute worst mistake with credit cards?

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SOGGIE
Valued Contributor

Re: What is your ablsolute worst mistake with credit cards?


@Anne1208 wrote:

I will never carry balances on cards again, but even if i did, i wouldnt put up with a company that jacks up my interest rates when ive never missed payments


I don't blame you. I don't carry balances either.

Life was a lot simpler when what we honored was father and mother, rather than all major credit cards. ~Robert Orben
Message 91 of 108
Anonymous
Not applicable

Re: What is your ablsolute worst mistake with credit cards?

Just finished reading this thread. Looks like a lot of very powerful information here on mistakes to avoid. Something tells me I made the right choice becoming a part of this community Smiley Happy 

Message 92 of 108
Anonymous
Not applicable

Re: What is your absolute worst mistake with credit cards?

Mine is simply being absolutely credit hungry and applying for dozens of cards.. I am about to freeze all of my credit reports, and focus on increasing my current limits. I already have way more credit than I need.. I also app'd for the BP Visa they approved me for the "store" card, closed the card immediately... I didnt realize there was even a store card.

Message 93 of 108
Anonymous
Not applicable

Re: What is your absolute worst mistake with credit cards?

Short answer, I did EVERYTHING wrong. Filed BK 10 years ago and thought that I had to wait until it dropped off to have any chance at credit. Finally started looking at my credit reports and noticed several identity theft issues. Instead of dealing with them immediately I buried my head in the sand. With the help of a wonderful detective at my local PD, I was able to get everything back on track and corrected. He is the one who introduced me to this community. I owe him big! Once I started the rebuilt process I was approved for a 10K SL on a Chase card then immediately did the SCT for a bunch of store cards. Yes, I am an idiot.

 

I am now firmly tied into the garden with nice cards that are benificial. I check my reports weekly.  I do plan on posting when I do come out of the garden to get good advice and end the streak of wrong decisions.

Message 94 of 108
Anonymous
Not applicable

Re: What is your absolute worst mistake with credit cards?

My mistake was having a credit card when i was in high school, did great with it but closed it right before going in the Marines, this was in 2000.  Should had kept the card and my AAOA would be longer right now.

Message 95 of 108
ddemari
Super Contributor

Re: What is your absolute worst mistake with credit cards?

It’s sad to say I can think of two scenarios that I can put in the category of worst mistake. It seems every 10 years I do something extreme.

At 18, I had about 20-30 credit cards and had to file BK at age 19.

 

Then I went several years not using credit, just paying cash/ debit card. In 2011, I decided I was ready to focus on positive credit behavior. Opened up some capitalone cards and maintained them very well. 2012-2013 only opened a few cards like Target, Amazon store card, BOA secured Visa.

2014, bankruptcy hit the 10 year mark and I have been managing credit responsibly since 2011.

 

But, 2014- present has been app spree mania. Besides my BK at 19 which is now off my CR’s, I regret opening up so many cards. I told myself last year, once I got approved for amex, I am set so happy! Then it was chase, then it was Barclays, etc.

 

Live and learn, but at least I am organized and pay my bills I just suffer from app compulsion, love to see an approval. I could only imagine if I loved to charge up my cards as much as I just love to get approved for them what kind of regrets I’d have then lol.

Message 96 of 108
OmarGB9
Community Leader
Super Contributor

Re: What is your absolute worst mistake with credit cards?

I can honestly say I don't think I've had any major credit missteps, which I can partially thank my dad for. Watching him struggle with bills and crappy credit with sky high interest rates made me cautious. The only negative thing on my reports is a small installment house loan for when I was going to start college. Ended up not going to said college and they charged me for a waived fee and didn't notify me. I unfairly got a final notice and tried to appeal, but they denied me and demanded payment, so I paid, but the damage was done. I was hit with a 60 day late which isn't too terrible, however I'm sure this is the only thing keeping my scores from being in the mid to upper 700s (This baddie doesn't report on TU, hence my TU score is my highest at 723). Other than that though, I have a spotless report with 100% on time payments.

Last App: 1/10/2023
Penfed Gold Visa Card

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 97 of 108
cashnocredit
Valued Contributor

Re: What is your absolute worst mistake with credit cards?

Biggest mistake was that I stopped using them for the convenience of a debit card. By the time I realized I needed CCs because of issues like auto rentals all my history had dropped off as I hadn't had a LOC anwhere in 10 years.  Had to start over.  PITA.


I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy18k, Amex Plat (60k H/B), Citi AA EWMC 25k
Message 98 of 108
Anonymous
Not applicable

Re: What is your absolute worst mistake with credit cards?


@ddemari wrote:

It’s sad to say I can think of two scenarios that I can put in the category of worst mistake. It seems every 10 years I do something extreme.

At 18, I had about 20-30 credit cards and had to file BK at age 19.

 

Then I went several years not using credit, just paying cash/ debit card. In 2011, I decided I was ready to focus on positive credit behavior. Opened up some capitalone cards and maintained them very well. 2012-2013 only opened a few cards like Target, Amazon store card, BOA secured Visa.

2014, bankruptcy hit the 10 year mark and I have been managing credit responsibly since 2011.

 

But, 2014- present has been app spree mania. Besides my BK at 19 which is now off my CR’s, I regret opening up so many cards. I told myself last year, once I got approved for amex, I am set so happy! Then it was chase, then it was Barclays, etc.

 

Live and learn, but at least I am organized and pay my bills I just suffer from app compulsion, love to see an approval. I could only imagine if I loved to charge up my cards as much as I just love to get approved for them what kind of regrets I’d have then lol.


I didnt have anyone to tell me about to manage credit.  Now, im learning as much as i can so that i can tell my son how to handle it when he grows up.  Who knows how credit will be manage in the future.

Message 99 of 108
Anonymous
Not applicable

Re: What is your absolute worst mistake with credit cards?


@Anonymous wrote:

@ddemari wrote:

It’s sad to say I can think of two scenarios that I can put in the category of worst mistake. It seems every 10 years I do something extreme.

At 18, I had about 20-30 credit cards and had to file BK at age 19.

 

Then I went several years not using credit, just paying cash/ debit card. In 2011, I decided I was ready to focus on positive credit behavior. Opened up some capitalone cards and maintained them very well. 2012-2013 only opened a few cards like Target, Amazon store card, BOA secured Visa.

2014, bankruptcy hit the 10 year mark and I have been managing credit responsibly since 2011.

 

But, 2014- present has been app spree mania. Besides my BK at 19 which is now off my CR’s, I regret opening up so many cards. I told myself last year, once I got approved for amex, I am set so happy! Then it was chase, then it was Barclays, etc.

 

Live and learn, but at least I am organized and pay my bills I just suffer from app compulsion, love to see an approval. I could only imagine if I loved to charge up my cards as much as I just love to get approved for them what kind of regrets I’d have then lol.


I didnt have anyone to tell me about to manage credit.  Now, im learning as much as i can so that i can tell my son how to handle it when he grows up.  Who knows how credit will be manage in the future.


If the machines have their way, we'll be back to chisel and rock before we know it. Lol.

Message 100 of 108
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