topic Re: 2nd Credit AMA [Ask me anything] live with user @Broke_Triathlete in Credit Cards

2nd Credit AMA [Ask me anything] live with user @Broke_Triathlete

Anonymous — Wed, 02 Mar 2016 00:21:52 GMT

Hello people,

In a series of AMA's we are going to be having, today, we are going to have user @Broke_Triathlet on and he will be taking questions about his credit decisions, why he join myFico, what he has learn, what he likes, what he doesn't like etc. Feel free to ask any questions especially thought provoking one's but be polite about it. The first goal of the AMA is not to be judgemental but rather why we on the board arrive at certain decisions that some people think are insane.

The second goal is to use this as a learning process and also to help new people joining th board so that they don't make certain bad decisions.

DONT'S: Please, no snarky comments. Lets respect the user and let's get started

I will get us started.. @Broke_Triathlet, can you tell us a little bit about yourself?

Re: 2nd Credit AMA [Ask me anything] live with user @Broke_Triathlet

Broke_Triathlete — Wed, 02 Mar 2016 00:17:21 GMT

I'm a 31 year old male that really didn't care much about credit until the last 5-6 years. Before college I never even knew what a credit report was. My dad had me go to a stupid expensive private college and had me take loan after loan out. I didn't even care about going to college. He used to be financially secure so he promised to take care of my loans, he just wanted me to get through college. He used to own 20 rental properties and was doing very well. Boy was I an ignorant SOB. I paid no attention to anything... A few years after graduating college I was being sued from BOA, Progess Energy, Brighthouse, etc. The only problem is I had no clue about these issues. To my amazement I was being sued for just over $100,000 in miscellaneous debts. Long story short it turned out the cause of this was my father. You see, while I was at college he opened up several credit cards, utilities (for his properties), and lines of credit. I wasn't receiving any bills, statements, etc because he was having everything mailed to the house when I was not present.

Once I pulled a credit report for the first time in 2012 I was amazed!! I had collections (didn't even know what the accounts were), late payments on my student loans (still haunting me today) among several other issues. I couldn't believe what was going on...

Due to that, I had to file for a Chapter 7 in 2012, which was discharged March of 2013. There was no way I could recover because as a recent graduate and I had a really hard time getting a job. I double majored and a minor but I couldn't get my foot in the door with large firms because I didn't have experience and I was over qualified in starter positions because of my degrees. So I was damned if I do, damned if I don't. So I took a contractor job (not blackwater) in Afghanistan for a year to try to get me a headstart on my debt, but it was to no avail.

It's been very frustrating because I was forced into something that I'm going to pay for the next 7 years. I didn't get a fair start coming out of college, but all you can do is take it all in and move on. I do believe he planned on keeping everything up to date, but it didn't turn out that way.

With that said, I'm improving nicely and starting to make some headway. Because of my savings rate I'm not worried about money even with my very modest income, have some investments going, and heading in the right direction. The boards have been a great knowledge base for me and I look forward to help out other people here who were in a couple pairs of old shoes that I used to walk around in.

I'm an open book so ask me anything...

Re: 2nd Credit AMA [Ask me anything] live with user @Broke_Triathlet

Anonymous — Wed, 02 Mar 2016 00:18:21 GMT

i have seen you give decent advice here and there. at what point did you "gain confidence" in giving decent answers? did you learn one category at a time or just a little here and there overall?

Re: 2nd Credit AMA [Ask me anything] live with user @Broke_Triathlet

gdale6 — Wed, 02 Mar 2016 00:21:26 GMT

Checking in and welcome Broke_Triathlete!

Re: 2nd Credit AMA [Ask me anything] live with user @Broke_Triathlet

Anonymous — Wed, 02 Mar 2016 00:21:37 GMT

Wow, what an intense introduction. My first question of many is, how was your dad able to get all those credit in your name? Did he add you on his accounts at an early age for you to have a good profile?

Re: 2nd Credit AMA [Ask me anything] live with user @Broke_Triathlet

Broke_Triathlete — Wed, 02 Mar 2016 00:23:05 GMT

@Anonymous wrote:
i have seen you give decent advice here and there. at what point did you "gain confidence" in giving decent answers? did you learn one category at a time or just a little here and there overall?

Thank you. I love knowledge so I really try to spend a lot of time learning about stuff! I started to "gain confidence" once I started having people asking me about what they should do with their situations whether it was a friend, family member, coworker or a friends friend. I actually have some "clients" I work with frequently. By "client" I mean friends that I spend an hour or two a week teaching them about what I've been through, how this affects your credit, how that does. It's amazing how little knowledge people have sometimes that can really affect their lives. But I was once there even way after I became an adult, even into my mid 20's. I have a friend that didn't realize that credit apps are a hardpull, or even what an inquiry is.

Re: 2nd Credit AMA [Ask me anything] live with user @Broke_Triathlet

Broke_Triathlete — Wed, 02 Mar 2016 00:23:27 GMT

@gdale6 wrote:
Checking in and welcome Broke_Triathlete!

Thank you!. I'm glad to be here!

Re: 2nd Credit AMA [Ask me anything] live with user @Broke_Triathlete

Anonymous — Wed, 02 Mar 2016 00:25:43 GMT

i am sorry if this is on the boards already, but what was your "unicorn" card? (your dream card that you thought wasn't reachable)

Re: 2nd Credit AMA [Ask me anything] live with user @Broke_Triathlete

Saleen099 — Wed, 02 Mar 2016 00:25:52 GMT

Checking in

Re: 2nd Credit AMA [Ask me anything] live with user @Broke_Triathlet

Broke_Triathlete — Wed, 02 Mar 2016 00:29:05 GMT

@Anonymous wrote:
Wow, what an intense introduction. My first question of many is, how was your dad able to get all those credit in your name? Did he add you on his accounts at an early age for you to have a good profile?

Yea actually once I turned 18 he really started to build my credit for me. I did have a few cards prior to all of this (with a few nice limits) which were in good standing and closed prior to my BR. I had a few Dell computers financed for the house and college, amongst other things. I was in the mid 700's prior to all of this, according to him. So he did build a credit "castle" that he ending up demolishing in the end. I don't think he did that intentionally though. He's a good man that was in a bad spot and made a horrible investment. I'm confident in saying that he didn't have bad intentions, however I did get rail roaded. Which he still brings up and apologizes to this day.

Re: 2nd Credit AMA [Ask me anything] live with user @Broke_Triathlet

Anonymous — Wed, 02 Mar 2016 00:29:24 GMT

@Broke_Triathlete wrote:
@Anonymous wrote:
i have seen you give decent advice here and there. at what point did you "gain confidence" in giving decent answers? did you learn one category at a time or just a little here and there overall?
Thank you. I love knowledge so I really try to spend a lot of time learning about stuff! I started to "gain confidence" once I started having people asking me about what they should do with their situations whether it was a friend, family member, coworker or a friends friend. I actually have some "clients" I work with frequently. By "client" I mean friends that I spend an hour or two a week teaching them about what I've been through, how this affects your credit, how that does. It's amazing how little knowledge people have sometimes that can really affect their lives. But I was once there even way after I became an adult, even into my mid 20's. I have a friend that didn't realize that credit apps are a hardpull, or even what an inquiry is.

That is a good way to pay forward what you have learned. What did your father say about all this after ruining your credit? Did he accept responsibility?

Re: 2nd Credit AMA [Ask me anything] live with user @Broke_Triathlet

Saleen099 — Wed, 02 Mar 2016 00:33:38 GMT

Where do you see yourself in the upcoming year and what are your goals?

Re: 2nd Credit AMA [Ask me anything] live with user @Broke_Triathlet

Anonymous — Wed, 02 Mar 2016 00:33:48 GMT

My second question to you is how did you find myFICO and what convinced you to join the board?

Re: 2nd Credit AMA [Ask me anything] live with user @Broke_Triathlete

Broke_Triathlete — Wed, 02 Mar 2016 00:33:55 GMT

@Anonymous wrote:
i am sorry if this is on the boards already, but what was your "unicorn" card? (your dream card that you thought wasn't reachable)

Well, I still haven't reached it yet. I've always wanted an Amex (To me it's the "AHHHH, I've arrived" type card), and still not sure which card I'd want from them. But nothing can happen until March of 18'. Hopefully they drop the BR requirement down to 4 years instead of 5 though. I'm not a big spender and don't really want Ron1's profile or Credit Adict's that have a ton of cards to manage. However I think it's awesome they manage all of those accounts.

Re: 2nd Credit AMA [Ask me anything] live with user @Broke_Triathlet

Broke_Triathlete — Wed, 02 Mar 2016 00:36:44 GMT

@Anonymous wrote:
@Broke_Triathlete wrote:
@Anonymous wrote:
i have seen you give decent advice here and there. at what point did you "gain confidence" in giving decent answers? did you learn one category at a time or just a little here and there overall?
Thank you. I love knowledge so I really try to spend a lot of time learning about stuff! I started to "gain confidence" once I started having people asking me about what they should do with their situations whether it was a friend, family member, coworker or a friends friend. I actually have some "clients" I work with frequently. By "client" I mean friends that I spend an hour or two a week teaching them about what I've been through, how this affects your credit, how that does. It's amazing how little knowledge people have sometimes that can really affect their lives. But I was once there even way after I became an adult, even into my mid 20's. I have a friend that didn't realize that credit apps are a hardpull, or even what an inquiry is.
That is a good way to pay forward what you have learned. What did your father say about all this after ruining your credit? Did he accept responsibility?

He's impressed how I've rebounded from the dark place he put me in. He's in a worse place than I was so I feel for him, but at the end of the day he put not only himself there but me as well. He has accepted responsibility to me man to man, but not in a legal manner.

Re: 2nd Credit AMA [Ask me anything] live with user @Broke_Triathlete

Anonymous — Wed, 02 Mar 2016 00:38:02 GMT

@Broke_Triathlete wrote:
@Anonymous wrote:
i am sorry if this is on the boards already, but what was your "unicorn" card? (your dream card that you thought wasn't reachable)
Well, I still haven't reached it yet. I've always wanted an Amex (To me it's the "AHHHH, I've arrived" type card), and still not sure which card I'd want from them. But nothing can happen until March of 18'. Hopefully they drop the BR requirement down to 4 years instead of 5 though. I'm not a big spender and don't really want Ron1's profile or Credit Adict's that have a ton of cards to manage. However I think it's awesome they manage all of those accounts.

Was Amex included in your bk?

Re: 2nd Credit AMA [Ask me anything] live with user @Broke_Triathlete

ddemari — Wed, 02 Mar 2016 00:40:24 GMT

Hi there, wow that is an incredible journey. All the stories I read about people stealing someone idenity and taking over their credit life span, each story sounds like a nightmare. I am curious like yes its me said, has your dad owned up to this? and did you forgive him? Man, it would take a bigger person than me to forgive right away but mabye down the road. Its crazy how these things happen and most of the time its not a random occruance.

How did you strategize your clean up effort?

EDIT- i just saw your anwser the question about your dad

Re: 2nd Credit AMA [Ask me anything] live with user @Broke_Triathlet

Broke_Triathlete — Wed, 02 Mar 2016 00:43:47 GMT

@Saleen099 wrote:
Where do you see yourself in the upcoming year and what are your goals?

Well, right now I'm in the process of moving into a gorgeous condo with my fiance which hopefully we can buy in the next few years. I'd really like to make more income even though I currently save 51% of my income (not including investments). I'm not a big spender but I would like to build more of a nestegg for the future. I currently have 9 months of expenses in an E-Fund and currently snowballing my $18K in student loans (only debt I have other than my normal $200 a month in CC balance).

I'm really hoping to have a larger savings and investment accounts while knocking out my loans (or at least 8%-90% of it). My fiance and I decide to pay for our own wedding and not depend on our family (which I'd have to cover my family's half anyways...haha) so we can start planning that for our Nov. 17' date.

Other than that, I'm hoping to learn more on here and just let the last of my baddies to fall off in 17'.

Re: 2nd Credit AMA [Ask me anything] live with user @Broke_Triathlet

Broke_Triathlete — Wed, 02 Mar 2016 00:46:36 GMT

@Anonymous wrote:
My second question to you is how did you find myFICO and what convinced you to join the board?

I remember this distinctly. I remember googling, "How to remove collections off of your credit report?" and found a thread on here. I never realized there were forums dedicated to credit topics. I'm on 1 other credit board that I rarely frequent because I enjoy this board the most. People here, for the most part, are very helpful and not so condenscending like the other board I'm on. The positive atmosphere here is quite refreshing...

Re: 2nd Credit AMA [Ask me anything] live with user @Broke_Triathlet

Anonymous — Wed, 02 Mar 2016 00:48:36 GMT

@Broke_Triathlete wrote:
@Anonymous wrote:
My second question to you is how did you find myFICO and what convinced you to join the board?
I remember this distinctly. I remember googling, "How to remove collections off of your credit report?" and found a thread on here. I never realized there were forums dedicated to credit topics. I'm on 1 other credit board that I rarely frequent because I enjoy this board the most. People here, for the most part, are very helpful and not so condenscending like the other board I'm on. The positive atmosphere here is quite refreshing...

Oh good. Glad you stuck around.. But when you say for the "most part", what does that mean? Please be candid with your answer. There is no right or wrong answer to it...