[I find it a bit amusing on this site with people trying to play the angles, apply for cards they don't need, paying at particular times of the month, or other tricks, just to drive up their FICO score.]
Of course it is amusing until you lose everything and find yourself facing a 500 credit score. Then suddenly you would not be amused at how difficult it is to rebuild, how informative this board is, and how you can leverage a few simple credit cards to rebuild your credit. In 2001 I lost it all when my tech company failed, had a 498 FICO, 50k in charge offs, nearly lost my house to foreclosure after running 90 days past due for a year before finally selling it. At that point, I did not have one single open trade line on my credit report, they were all either closed or charged off.
My rebuilding started with a First Premier Card with a $300 limit in 2004. Today, after 3 rebuilders and continual limit increases (and paying as agreed) I have a $400k mortgage (with high equity) two high-limit cards with AMEX (one of them Gold) and a new 40k car loan with BofA. Oh, and my FICOs are all above 675 and climbing. All of this came from reading these boards and "playing the angles" using a couple of rebuilder cards.
Message Edited by texican on
06-13-2008 07:29 AMMessage Edited by texican on
06-13-2008 07:30 AM