My credit story

[Anonymous]

I am a new poster to these boards. I just wanted to share my story in the hopes that someone can learn from it. I got my first credit card when I was 18. Never applied for one, Citibank just sent it to me in the mail. I didn't know what to do. I had no job, no disposable income and I was starting college in the fall. I thought I had hit the big time. I was charging everything, and paying just the minimum as that was all I could afford. Long story short, I fell behind on my payments and the card was closed, even though I eventually paid it off. My credit score dropped and was in the low 500s throughout my early 20s. I stayed away from credit for about two years, when I got a secured card through Bank of America (with a 300 dollar limit, the same limit I carry on the card today but rarely if ever use). I also obtained a few low limit cards from Capital One and Orchard Bank (bought out by Capital One). After I graduated, I obtained an auto loan (with a ridiculous interest rate - I was paying nearly $350 a month on my car). Slowly but surely by paying on time, every time, I saw my score in the high 500s (when I started regularly tracking my credit). Capital One increased my limit on my oldest card to $3500 without my asking for it, which was a nice surprise. Fast forward to today - that $3500 Capital One Card is now a $6000 Quicksilver, I have a $4000 Barclays Card (US Airways Dividend Miles), and another $2000 Capital One Card. I've kept all of the lower level and lower limit cards as they are some of my oldest and use them for gas and groceries, pay my bill as promised and keep them as badges of honor. At this point I probably have more credit than I need - although reading these forums are tempting me to try for an Amex or a Discover - but right now I'm happy with where I am at and with what I have. I am living proof that it takes time and effort - along with a bit of education about how credit works - to rebuild. My FICO scores are all in the high 600s, the highest I've ever seen them, and I'm hoping all three will be over 700. My journey continues.

[Anonymous]

Ahh, the good old days.

I remember getting those "ready to activate" credit cards in the mail when I was as young as 16. $100 limit, here, $200 limit there.

Too funny to think back on it.

Thanks for your story!

[AzaleaB]

Congrats on your journey so far. BTW, you've got prime cards now and decent scores, maybe it's time to say goodbye to CreditOne? 

[HiLine]

Nice job. Keep it coming!