AMEX/Costco Approval - Nice surprise and lessons learned - Worth the read IMO

[Anonymous]

Kind of a long winded post but well worth the time composing.  I have said that when this day came that I would give back to the community from this point forward, so here it goes........

Looooong time lurker and avid implementer of the advice given on the FICO forums...this being my first post is pretty rewarding.

I was just instantly approved at the store for a Costco AMEX with a 2k CL.  I'm very happy considering this of all cards will be only my second currently active CC...many people report that with excellent scores they have been denied for this card.

I'm pretty sure that I waited maybe too long to apply for a second CC, but considering my irresponsible past and since diligence with past accounts on my credit reports this is very exciting since I really didn't know if I would get approved, let alone on the spot.  Trust me, I have worked hard at getting things in order and it was not easy.  In the long run, I am extremely satisfied how things worked out and that I did not rush the process (especially over the last 4 four years).  I have had no hard inquiries over the past two years while repairing things in that duration which I believe is a nice way to show your patience when shopping for credit and in turn building your score.  Less inquires in the mean time meant less chances for denial and more importantly sticking hard inquiries.  I am amazed how many hard inquiries some people will acquire in a short period of time just in the interest of getting a new LOC.

I am by no means an expert in the field and still learning every day, though the invaluable information I have acquired here is a testament to what you can be accomplish.  Some of the things that in my opinion worked for me, need to be stressed if anyone is going to rebuild their credit FUTURE...have a plan:

• GW letters!!! (Its too easy to use them to get you in the right direction.  Don't be afraid to send them and send them often, at least every month even if you get denied or ignored.  They are awesome motivation especially when you get a positive response.)
• Budgeting (Impossible to turn things around otherwise)
• Timely payments (Ahh the vicious cycle of missed payments, even one will hurt you bad especially if you have a recent good past history of payment)
• Research (Don't waste the brilliant minds on websites like here that you can ask for advice...for FREE)
• Most importantly...PATIENCE (It takes years to turn things around, and I can attest to this)

All responses are welcome and I look forward to conversing with you all in the future.

[Anonymous]

ClutchFICO,

I have deligently worked on my credit for over 2 years now.  What a battle.  I started with 42 collections, including a repo.  I now have 5 baddies; 2 HSBC charge offs that I have written tons of GW letters for.  2 Credit Management collections WOW (2004) Comcast (2008) and United Colection Bureau (2004).  So basically I have been able to remove 37 bad accounts.  It hasn't been easy.  My lowest credit score was 346, my highest was 436.  I now stand @ 686 Experian ( lender pull).  I could not get a credit card so I went subprime with Premier, Tribute and Continental Finance.  I know thae are the scum of the earth but when you look at my scores I was pond scum to them.  I have never been late, I pay my balances in full and I never fall for there pitches to get a sceond card.

This has been grueling. You must have the patience of Job when it comes to credit repair.  Somethings won't change until time permits.  I am more confident, wiser and can budget with the best of them.  I am a better person with my finances and credit in order. 

Now if I can get someone from HSBC to respond to my GW letters the New Year will look awfully bright.

[beaglesrule]

Thank you both for your posts....it helps someone new (to these forums) who's wondering how the heck to get dig out of debt problems to hear that it is possible to rebuild.

I think the keys to your posts are patience and perseverance.