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Your best or worst decision credit decision.

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Marcos8
Established Contributor

Re: Your best or worst decision credit decision.

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. 

Message 21 of 60
Anonymous
Not applicable

Re: Your best or worst decision credit decision.

Definitely I think it has a lot to do with family... I was raised by my grandparents and I knew my grandma had credit cards but the funny thing my grandpa taught me at 9 to write out checks and by 12 I was the full time bill payer in the house. You would think I would have kept the same respect for money but not understanding credit is what got me. They used to teach household management at the junior high and high school I attended, my children tell me their schools don't offer anything but childcare and home economic classes
Message 22 of 60
Anonymous
Not applicable

Re: Your best or worst decision credit decision.

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.
Message 23 of 60
Anonymous
Not applicable

Re: Your best or worst decision credit decision.


@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.

Message 24 of 60
Thomas_Thumb
Senior Contributor

Re: Your best or worst decision credit decision.


@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

Fico 9: .......EQ 850 TU 850 EX 850
Fico 8: .......EQ 850 TU 850 EX 850
Fico 4 .....:. EQ 809 TU 823 EX 830 EX Fico 98: 842
Fico 8 BC:. EQ 892 TU 900 EX 900
Fico 8 AU:. EQ 887 TU 897 EX 899
Fico 4 BC:. EQ 826 TU 858, EX Fico 98 BC: 870
Fico 4 AU:. EQ 831 TU 872, EX Fico 98 AU: 861
VS 3.0:...... EQ 835 TU 835 EX 835
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950
Message 25 of 60
I-think-I-can
Valued Contributor

Re: Your best or worst decision credit decision.

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.

Starting Scores 2/13/15: EQ 635 EX 674 TU 684 ////7/16/15 Scores: EQ 661 EX 669 TU 703 //// 2/15/16 Scores EQ 652 EX 647 TU 756 //// 3/24/16 Scores: EQ 661 EX 649 TU 773 //// EQ 670 EX 653 TU 768 (EQ And EX still tainted)
Goal Scores: 760 across the board
Message 26 of 60
Anonymous
Not applicable

Re: Your best or worst decision credit decision.


@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  !!!

 

Message 27 of 60
Anonymous
Not applicable

Re: Your best or worst decision credit decision.


@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!

 

Message 28 of 60
Anonymous
Not applicable

Re: Your best or worst decision credit decision.

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.

Message 29 of 60
Anonymous
Not applicable

Re: Your best or worst decision credit decision.


@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  !

Message 30 of 60
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