Worst credit decision you ever made

[zerbherb]

same exact thing as grinwithchelsea. 

Applying for prime cards with absolutely no credit history. I assumed lenders would be easier on me because I was a student. After several wasted HPs, I learned that wasn't the case.

[TrulyyBlessed]

Not checking my husband's credit report before we got married!

For me, it was getting an auto loan with a 16.65% Interest Rate. At the time, I was not as educated regarding credit as I am now. When you know better, you do better. 

[Anonymous]

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@TrulyyBlessed wrote:

Not checking my husband's credit report before we got married!

For me, it was getting an auto loan with a 16.65% Interest Rate. At the time, I was not as educated regarding credit as I am now. When you know better, you do better. 

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Ouch that must have stung... You live an learn though

[Kirmie2010]

Ex and I split, I wanted her to pay what she bought on my CCs.  She wouldnt, so I didnt pay becase I'd be damned if I was going to pay for her stuff anymore.

So, screwed myself for 7 years, then the judgements are still screwing me for another 23 years.  (Itll get paid, its down to under 10,000 dollars, original amount only 3k)

Kind of funny how something Ido almost 10 years ago is whats keeping me from getting a house today

[macuserftw]

When I was 18, I moved a few hours away from home to attend college. I leased an apartment with a roommate who ended up moving out halfway through the term in order to live with her boyfriend instead. Instead of asking my parents for help like I should have, I was too prideful and I used a credit card to pay all of my bills. I quickly maxed out the card and at that point I had to break the lease and move back home. I was still able to finish out a degree, but my credit is still suffering from those mistakes today, six years later. 

In fact, most apartment complexes won't even rent to me anymore due to breaking that lease 6 years ago since that complex decided to come after me for the remainder of the lease. That collection is scheduled to fall off next year though and I can't wait. 

[Anonymous]

Taking on massive student loans to go to graduate school for studio art.

Friends don't let friends go to art school.

[Anonymous]

I used to think it was not relocating when I first had the opportunity. Now, I know it was not the right time. It's a good thing I stayed put because I am now in a better place. Moral of the story: Everything happens for a reason. The goal is NOT to repeat our same mistakes. Good luck!!!

[Anonymous]

I think I have you all beat.  Ten years ago at age 45 I took out a $25,000 home equity line of credit for my stepmother to pay of $15K of her debt  Her condo was collateral.  I wasn't on the deed but was the principal borrower.  A few months later Bank of America asked me how much line I would like.  For the hell of it I said $125K and they gave it to me.  I spent the whole thing on gold coins and sold them at a loss before the market went up in '09.  I spent the proceeds on gambling and cars.  I now owe $114,500 and am 54 years old.  I can't write off the loan and wll have to pay it until I am 72 (if I live that long).  I haven't spoken to my stepmother in 5 years and still have nightmares about what happened in my family.  The LOC was delinquent (60 days late) in September 2013 and I almost died because of it.  I stopped gambling in August 2014, entered treatment and established good relations with my current crop of credit cards, oldest is 2012 but AMEX is backdated to 1991.  Credit score is 650-700.  Total current CL is $20K on six cards, utilization near zero.  CSP and NFCU cards added in January 2015.  The line of credit has been current since 9/2013. Thanks to this forum I wrote a goodwill letter to BofA CEO.  While it didn't change anything, I received a lot of nice responses from the bank and will review the loan when it goes into repayment phase in two years.  So my advice is-be careful, don't gamble on credit and seek help if things begin to get out of hand.  Don't wait til your 54!

[Anonymous]

Letting collections accumulate and thinking I will never need credit again

[Anonymous]

When I was 21 I bought a motorcycle (with cash). My boyfriend was so jealous that his girlfriend had a bike and he didn't. It was nonstop, him begging to ride my bike, not wanting me to go out riding because he couldn't go, etc. He finally convinced me to co-sign on a loan for him to get a bike. I was so stupid to do that. I knew better. He never helped me pay any bills and basically lived in the house that I owned for free. He couldn't even keep insurance on his car without the coverage lapsing because he wouldn't pay the bill. Alas, I co-signed on the stupid loan. We broke up shortly after that. I called the bank one day and found out that he had not been making the payments on the bike (big surprise... not). He ignored my calls about the loan. Finally, the new guy I was dating made a call and got results. The ex-boyfriend paid off the loan the next day.

For some reason, that loan does never reported to my credit reports. I'm not sure why that happened, but basically, I escaped some 30 and 60 day lates. Though it didn't impact my credit, it was definitely the dumbest credit mistake I have ever made. I would never co-sign for anyone again, even my current boyfriend, whom I have been dating for the last 8 years and have one child with. Luckily, he cares nothing about financing anything so it has never been a problem.