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Divorce and living through the 2008 financial crisis has changed me ultimately for the better. I wish I didn't take out So many student loans. I wish I didn't rush into an interest only mortgage in 06 and then have to short sale it eventually due to divorce. What I did learn though through literally a period of years completely being alone was how to make ends meet and how to stretch a dollar without having to live like a pauper. The only negative ever on my credit reports now is the charge off from the 1st/2nd mortgage from my short sale. They will be ready to attempt EE by a year from now. Every time I look at my credit report it is a reminder of what happens when you don't think things through rationally and when you make financial decisions based on emotions and expectations.
I now now value more than anything the peace and tranquility that comes from living well but simple.
@Anonymous wrote:
Worst Decision-- Maxing out credit cards to the brim when I was 20 years old. Letting all of my accounts get charged off. Those collection calls are so stressful. I was also garnished.
Best Decision-- HANDS DOWN Chapter 7 BK What a relief!!
Joining Myfico has been a NEGATIVE & POSITIVE experience. Negative because I want to apply constantly. Anytime I see someone getting a card I want with similar stats as mine, I apply.
Positive I've learned a ton especially about utilization. Now my credit is much better.
Utilization is something that I had never even considered.Ithought is the first thing I think about now.
@Anonymous wrote:Hello my fico friends.I have learned so much on this site. I was thinking ( yes, again) that it would be nice to hear the best or worst decision that you have made.
There is so much experience on the board and I thought that this might be a good way to pick your brain once again.
My best decision : I applied for credit with a credit union.
I was shell shocked from repeated denials a bunches of inquiries ( a special thanks to cap 1).
This decision to try a credit union was a suggestion by either CREDITGUYINDIXIE or NBR525. They were double teaming me with advice and I can't recall who it was.
However ,, I want to thank them both. And a thanks to CAPTOOL...just for the comic releif..as well as the well timed comments !
Worst decision - Canceling a 1986 Chase platinum Visa card in 2006 because Chase said they were changing privacy terms. Now all the CC companies sell more info than Chase was going to disclose.
Now it's 2016 - Poof! benefit of the credit history is gone
Best credit decision: Definitely joining myFico, the forum has been instrumental in my rebuild, Still a ways to go, but WOW! the progress made over the last year is really amazing. I am sharing everything I have learned with my children so that they don't have to learn the hard way (hopefully)!
Worst credit decision: Letting everything go in 2009...times got so tough, I felt I didn't have a choice then, but if I knew then what I know now, I would have tried to keep at least one or two of my accounts open and I never EVER would have let BOA get that default judgement on me. They have been impossible to deal with. September of this year the charge-off ages off, and January of 2018 the judgement should follow suit. I will be so happy...so amazingly happy.
@Thomas_Thumb wrote:
@Anonymous wrote:Hello my fico friends.I have learned so much on this site. I was thinking ( yes, again) that it would be nice to hear the best or worst decision that you have made.
There is so much experience on the board and I thought that this might be a good way to pick your brain once again.
My best decision : I applied for credit with a credit union.
I was shell shocked from repeated denials a bunches of inquiries ( a special thanks to cap 1).
This decision to try a credit union was a suggestion by either CREDITGUYINDIXIE or NBR525. They were double teaming me with advice and I can't recall who it was.
However ,, I want to thank them both. And a thanks to CAPTOOL...just for the comic releif..as well as the well timed comments !
Worst decision - Canceling a 1986 Chase platinum Visa card in 2006 because Chase said they were changing privacy terms. Now all the CC companies sell more info than Chase was going to disclose.
Now it's 2016 - Poof! benefit of the credit history is gone
TT , it doesn't look like it still affects your score.....850 and all !!!
@I-think-I-can wrote:Best credit decision: Definitely joining myFico, the forum has been instrumental in my rebuild, Still a ways to go, but WOW! the progress made over the last year is really amazing. I am sharing everything I have learned with my children so that they don't have to learn the hard way (hopefully)!
Worst credit decision: Letting everything go in 2009...times got so tough, I felt I didn't have a choice then, but if I knew then what I know now, I would have tried to keep at least one or two of my accounts open and I never EVER would have let BOA get that default judgement on me. They have been impossible to deal with. September of this year the charge-off ages off, and January of 2018 the judgement should follow suit. I will be so happy...so amazingly happy.
B of A is the one bank that I will never app.
2017 should be a great year for you!
My worst decision was ignoring credit entirely until I was 30. Parents paid for school. Never needed any debt. I was always told that banks were predators just looking to scam young people. Well, at 30, I had no credit score at all because I'd never taken on any kind of debt. No history at all.
My best decision then was to ask to be an AU on my Dad's AMEX and start building. I quickly found that I rather enjoyed the responsibility and order of charging, paying, and collecting rewards. On this forum it might be normal, but most people find it rather strange that I enjoy monitoring credit, checking balances and bills, looking for benefits, etc.
It is a hobby that earns me money and benefits for stuff I'd have done anyway.
@Anonymous wrote:My worst decision was ignoring credit entirely until I was 30. Parents paid for school. Never needed any debt. I was always told that banks were predators just looking to scam young people. Well, at 30, I had no credit score at all because I'd never taken on any kind of debt. No history at all.
My best decision then was to ask to be an AU on my Dad's AMEX and start building. I quickly found that I rather enjoyed the responsibility and order of charging, paying, and collecting rewards. On this forum it might be normal, but most people find it rather strange that I enjoy monitoring credit, checking balances and bills, looking for benefits, etc.
It is a hobby that earns me money and benefits for stuff I'd have done anyway.
Well said...
Must have great parents..congratulations !