I have been reading various posts for a few months now. I just wanted to share my story of graduating from college and having good credit to losing most everything and rebuilding from almost the worst scores imaginable. I acquired my first credit card as a freshman in college. It was a Chase Visa then a Citibank MasterCard. I used those cards to supplement where loans, grants, and a modest scholarship did not. I purchased books and a few meals on them. By the time I was a college senior I had two department store cards and an American Express Green Card. From 1991 to 1995 I managed the cards well. I never missed a payment, but the Visa And MasterCard were pretty close to their limits. I acquired my first salaried position in 1996 and moved into my own apartment. I had a 1996 vehicle, my own place, and a lot of credit card debt to begin my adult life. The invitation to apply for the American Express Gold Cards was extended to me, and you bet I accepted. I was doing a great job of paying minimums, scraping by, and living on the razors edge. Six months later the Student Loans became due. The additional bill added to my already stretched budget was when my credit started to collapse. It was a slow process. First one bill was 30, then 60, then 90 days late. Then the next one and the next one. Making the decision of who to pay was the monthly game. The phone calls at home and work made me an expert on how to answer the phone and avoid the collection caller.
By 1998 I can not rent a decent apartment. The only places that would entertain my credit was "C" and "D" level properties with people with that type credit profile to match. By 1999 my entire original portfolio had fallen into collections except the car. In 1999 the only cards I was able to acquit to rebuild my credit were subprime with horrible rates and fees. When you're at this point there seems to be no other choice. When dealing with subprime your account is sold and resold to the point it seems you're getting a new "gold" or "platinum" card every six months. In 2001 I had to get a new vehicle. My rating was so poor that I was financed through a sub prime lender, and it was the first time I had ever heard of a 72 month finance agreement. The payments would have been too high to otherwise.
In 2001 I lost my job. I interviewed for a job, and all but had it until they pulled a credit report. I received a letter in the mail stating that dude to my credit profile I was not deemed a suitable candidate. By the time I landed a job I had let go of everything except the car and one Capitol One Card with a $1000 credit limit.
Fast forward to 2016 I have a credit score in the mid to high 700's at all three agencies. I have the credit portfolio I am proud of: Amex PRG, Amex Platinum, Amex Delta Platinum, Citi Platinum Select, Citi Prestige, Chase Sapphire, I still have that Capital One that now has a $7k limit and two Quicksilver accounts. My oldest account is a Macy's Card that has $8k limit. I have a total of 25 accounts in good standing with zero derogatory information.
I just wanted to share. I thought I would never get here. Patience, building relationships and networking and most importantly a strong faith in my God placed me here. And here I am in gratitude.
). But like you I have rebuilt my credit and appreciate the fact that the system allows one to have a second chance if they are patient and responsible. All the best