topic Re: September Credit AMA [Ask Me Anything] with MOD @SunriseEarth - Get to know him. in Credit Cards

September Credit AMA [Ask Me Anything] with MOD @SunriseEarth - Get to know him.

Anonymous — Tue, 13 Sep 2016 23:58:29 GMT

Hello Peeps,

We don't often get the chance to interact with our MODs on this site. In this Credit AMA, @SunriseEarth will be taking questions about his credit decisions, why he joined the board, what he has learn so far that can be an inspiration to others, mistakes to avoid among other things. Please feel free to ask any question and at the same time, remember to be polite.

So let's get going and will get us started. @SE, can you tell us a bit about yourself?

Re: September Credit AMA [Ask Me Anything] with MOD @SunriseEarth - Get to know him.

SunriseEarth — Wed, 14 Sep 2016 00:02:15 GMT

Hello everyone!

To tell you a bit about myself, I am in my mid-30s and live in Southern California. I went through a Ch 7 BK in 2004, due to tons of mistakes with CCs. I didn't really learn after that and had two COs post BK. I finally started a rebuild in 2013, which is how I came to this site. I found this site in my quest to learn more about credit, as I had just had success with a JCP CLI at that time...and I wanted to have that experience again!

Re: September Credit AMA [Ask Me Anything] with MOD @SunriseEarth - Get to know him.

pizza1 — Wed, 14 Sep 2016 00:02:51 GMT

Didn't realize this was happening tonight!

Nice of you SRE to volunteer for it this month!

Re: September Credit AMA [Ask Me Anything] with MOD @SunriseEarth - Get to know him.

SunriseEarth — Wed, 14 Sep 2016 00:04:19 GMT

@pizza1 wrote:
Didn't realize this was happening tonight!

Nice of you SRE to volunteer for it this month!

Thanks! There could possibly be a part two, for those who weren't able to join tonight.

Re: September Credit AMA [Ask Me Anything] with MOD @SunriseEarth - Get to know him.

pizza1 — Wed, 14 Sep 2016 00:04:48 GMT

@SunriseEarth wrote:
Hello everyone!

To tell you a bit about myself, I am in my mid-30s and live in Southern California. I went through a Ch 7 BK in 2004, due to tons of mistakes with CCs. I didn't really learn after that and had two COs post BK. I finally started a rebuild in 2013, which is how I came to this site. I found this site in my quest to learn more about credit, as I had just had success with a JCP CLI at that time...and I wanted to have that experience again!

SRE....

One thing Ive always really like about you, is that you are an advocate for the store cards, because they are great rebuilders! With that said..Was the JCP cc your first CC to start rebuilding with?

Re: September Credit AMA [Ask Me Anything] with MOD @SunriseEarth - Get to know him.

Anonymous — Wed, 14 Sep 2016 00:07:02 GMT

@SunriseEarth wrote:
Hello everyone!

To tell you a bit about myself, I am in my mid-30s and live in Southern California. I went through a Ch 7 BK in 2004, due to tons of mistakes with CCs. I didn't really learn after that and had two COs post BK. I finally started a rebuild in 2013, which is how I came to this site. I found this site in my quest to learn more about credit, as I had just had success with a JCP CLI at that time...and I wanted to have that experience again!

What were some of the mistakes that were made that led to the BK? I hope it is not too sensitive of a topic to discuss...

Re: September Credit AMA [Ask Me Anything] with MOD @SunriseEarth - Get to know him.

ddemari — Wed, 14 Sep 2016 00:07:23 GMT

hi there sunrinse! whenenver i think of you I think of JCP card so i laughed a little with you mentioning that haha. your background sounds very similiar to mine! i did a bk in 2004 and didnt start to seriously rebuild until 2012-2013.

Im curious, because I did this myself after your bankruptcy did you make any small mistakes? for example, I let a couple of capitalone plat. Mc's charge off in 2007 and 2008 and again with a Von Maur store card in 2010. I guess circa 2004, no one told me that you could have credit again and show positive payments right away and you arent cursed for 10 years.

Curious what you did after your bk?

Re: September Credit AMA [Ask Me Anything] with MOD @SunriseEarth - Get to know him.

SunriseEarth — Wed, 14 Sep 2016 00:09:12 GMT

@pizza1 wrote:
@SunriseEarth wrote:
Hello everyone!

To tell you a bit about myself, I am in my mid-30s and live in Southern California. I went through a Ch 7 BK in 2004, due to tons of mistakes with CCs. I didn't really learn after that and had two COs post BK. I finally started a rebuild in 2013, which is how I came to this site. I found this site in my quest to learn more about credit, as I had just had success with a JCP CLI at that time...and I wanted to have that experience again!
SRE....

One thing Ive always really like about you, is that you are an advocate for the store cards, because they are great rebuilders! With that said..Was the JCP cc your first CC to start rebuilding with?

I actually had three rebuilder cards prior to JCP. I had two Cap One rebuilders, but I ran up the bills on those and they closed (they have since fallen off my CRs; one was unsettled, one settled in full). I then got Credit One, but I didn't like their lack of grace period and their pay-for-CLI. However, my credit was bad and they seemed to be the only ones that wanted to extend credit. I was able to get a Household Bank rebuilder (eventually turned into my Cap One QS WMC). So JCP was after those, but they were my first card post BK that didn't have an AF. And they were one of my first to give a CLI (without my paying for it).

Re: September Credit AMA [Ask Me Anything] with MOD @SunriseEarth - Get to know him.

joltdude — Wed, 14 Sep 2016 00:09:25 GMT

Iv watched a bit of your rebuild Sunrise, youve come a long way from those earlier times.. But my question to anyone going through a rebuild.. what would you have done differently or recommend to others that you may have done knowing what you do now?

Re: September Credit AMA [Ask Me Anything] with MOD @SunriseEarth - Get to know him.

SunriseEarth — Wed, 14 Sep 2016 00:11:01 GMT

@Anonymous wrote:
@SunriseEarth wrote:
Hello everyone!

To tell you a bit about myself, I am in my mid-30s and live in Southern California. I went through a Ch 7 BK in 2004, due to tons of mistakes with CCs. I didn't really learn after that and had two COs post BK. I finally started a rebuild in 2013, which is how I came to this site. I found this site in my quest to learn more about credit, as I had just had success with a JCP CLI at that time...and I wanted to have that experience again!
What were some of the mistakes that were made that led to the BK? I hope it is not too sensitive of a topic to discuss...

Not at all. I ran up about $30K in CC debt, mainly on media items for myself and my SO. We generally lived beyond our means. Eventually, the bills got too high and I tried debt management, but that also became unmanagable. Once Discover decided to sue me to collect their balance, I knew it was time to seek BK relief.

Re: September Credit AMA [Ask Me Anything] with MOD @SunriseEarth - Get to know him.

SunriseEarth — Wed, 14 Sep 2016 00:18:06 GMT

@ddemari wrote:
hi there sunrinse! whenenver i think of you I think of JCP card so i laughed a little with you mentioning that haha. your background sounds very similiar to mine! i did a bk in 2004 and didnt start to seriously rebuild until 2012-2013.

Im curious, because I did this myself after your bankruptcy did you make any small mistakes? for example, I let a couple of capitalone plat. Mc's charge off in 2007 and 2008 and again with a Von Maur store card in 2010. I guess circa 2004, no one told me that you could have credit again and show positive payments right away and you arent cursed for 10 years.

Curious what you did after your bk?

The two Cap One COs were a huge mistake. I let my old habits of living beyond my means come back. I really should have tried more on those accounts, as I would have had a longer AAoA now. By the time I got to Credit One, I learned my mistakes and managed to at least keep a good payment history. I didn't learn the importance of UTIL until 2013's serious attempt at rebuild.

Re: September Credit AMA [Ask Me Anything] with MOD @SunriseEarth - Get to know him.

Anonymous — Wed, 14 Sep 2016 00:14:54 GMT

@SunriseEarth wrote:
@Anonymous wrote:
@SunriseEarth wrote:
Hello everyone!

To tell you a bit about myself, I am in my mid-30s and live in Southern California. I went through a Ch 7 BK in 2004, due to tons of mistakes with CCs. I didn't really learn after that and had two COs post BK. I finally started a rebuild in 2013, which is how I came to this site. I found this site in my quest to learn more about credit, as I had just had success with a JCP CLI at that time...and I wanted to have that experience again!
What were some of the mistakes that were made that led to the BK? I hope it is not too sensitive of a topic to discuss...
Not at all. I ran up about $30K in CC debt, mainly on media items for myself and my SO. We generally lived beyond our means. Eventually, the bills got too high and I tried debt management, but that also became unmanagable. Once Discover decided to sue me to collect their balance, I knew it was time to seek BK relief.

Oh Ok. Thanks for being open about it. Was it hard the first few years after BK to get the cards you wanted?

Re: September Credit AMA [Ask Me Anything] with MOD @SunriseEarth - Get to know him.

SunriseEarth — Wed, 14 Sep 2016 00:15:07 GMT

@joltdude wrote:
Iv watched a bit of your rebuild Sunrise, youve come a long way from those earlier times.. But my question to anyone going through a rebuild.. what would you have done differently or recommend to others that you may have done knowing what you do now?

Knowing what I know now, I would have probably gone for a secured CC instead of the "shark cards" like Credit One and the old HSBC rebuilders. At least you'd get those funds back at some point. I also would also done a better job at treating credit more like cash, instead of using it to extend my means.

Re: September Credit AMA [Ask Me Anything] with MOD @SunriseEarth - Get to know him.

SunriseEarth — Wed, 14 Sep 2016 00:17:16 GMT

@Anonymous wrote:
@SunriseEarth wrote:
@Anonymous wrote:
@SunriseEarth wrote:
Hello everyone!

To tell you a bit about myself, I am in my mid-30s and live in Southern California. I went through a Ch 7 BK in 2004, due to tons of mistakes with CCs. I didn't really learn after that and had two COs post BK. I finally started a rebuild in 2013, which is how I came to this site. I found this site in my quest to learn more about credit, as I had just had success with a JCP CLI at that time...and I wanted to have that experience again!
What were some of the mistakes that were made that led to the BK? I hope it is not too sensitive of a topic to discuss...
Not at all. I ran up about $30K in CC debt, mainly on media items for myself and my SO. We generally lived beyond our means. Eventually, the bills got too high and I tried debt management, but that also became unmanagable. Once Discover decided to sue me to collect their balance, I knew it was time to seek BK relief.
Oh Ok. Thanks for being open about it. Was it hard the first few years after BK to get the cards you wanted?

Definitely. I remember once needing to get auto work done and applying for a auto retail card (can't recall which place) and getting denied. I honestly had no idea what factored into those decisions or what I could do about it. I really didn't have a clue about any of that until I seriously started my rebuild in 2013.

Re: September Credit AMA [Ask Me Anything] with MOD @SunriseEarth - Get to know him.

Broke_Triathlete — Wed, 14 Sep 2016 00:17:57 GMT

SRE - What is a calming piece of advice for someone that is wanting instant results in the credit world?

Re: September Credit AMA [Ask Me Anything] with MOD @SunriseEarth - Get to know him.

Anonymous — Wed, 14 Sep 2016 00:19:24 GMT

1. 154 pointsin 2 years is a pretty great increase! How much time do you spend managing utilization, or other tweaks to optimize your score?

2. At what point in your rebuild did things start to smooth over and become less reactive to new accounts, inquiries, and mild util changes?

3. I had no idea you rebuilt after a BK. That is such great progress. I know that you are gardening as of 8/29/16, but what is next on your horizon? Are you shooting for 800+? Or are you waiting for anything in particular?

4. Is there anything missing from your profile now as far as cc's go, if you could have it with no repercussions, what would it be?

Re: September Credit AMA [Ask Me Anything] with MOD @SunriseEarth - Get to know him.

Anonymous — Wed, 14 Sep 2016 00:19:47 GMT

@Broke_Triathlete wrote:
SRE - What is a calming piece of advice for someone that is wanting instant results in the credit world?

@Anonymous is a very good question @Anonymous. Hope all is well with your fam..

Re: September Credit AMA [Ask Me Anything] with MOD @SunriseEarth - Get to know him.

SunriseEarth — Wed, 14 Sep 2016 00:20:25 GMT

@Broke_Triathlete wrote:
SRE - What is a calming piece of advice for someone that is wanting instant results in the credit world?

The one mantra I heard a lot when I first joined myFICO was "credit is not a race; it's a journey". And I think the adage "time heals all wounds" certainly applies to credit situations, too. Just because you can't get exactly what you want know doesn't mean that you can't get it in the future.

Re: September Credit AMA [Ask Me Anything] with MOD @SunriseEarth - Get to know him.

elim — Wed, 14 Sep 2016 00:21:47 GMT

Now that you have been there and back, what is the best advice you can give me to avoid debt? I'm in the middle of a life changing move (ending a relationship and moving) and it will be expensive.

Re: September Credit AMA [Ask Me Anything] with MOD @SunriseEarth - Get to know him.

Anonymous — Wed, 14 Sep 2016 00:24:39 GMT

@SunriseEarth wrote:
@Anonymous wrote:
@SunriseEarth wrote:
@Anonymous wrote:
@SunriseEarth wrote:
Hello everyone!

To tell you a bit about myself, I am in my mid-30s and live in Southern California. I went through a Ch 7 BK in 2004, due to tons of mistakes with CCs. I didn't really learn after that and had two COs post BK. I finally started a rebuild in 2013, which is how I came to this site. I found this site in my quest to learn more about credit, as I had just had success with a JCP CLI at that time...and I wanted to have that experience again!
What were some of the mistakes that were made that led to the BK? I hope it is not too sensitive of a topic to discuss...
Not at all. I ran up about $30K in CC debt, mainly on media items for myself and my SO. We generally lived beyond our means. Eventually, the bills got too high and I tried debt management, but that also became unmanagable. Once Discover decided to sue me to collect their balance, I knew it was time to seek BK relief.
Oh Ok. Thanks for being open about it. Was it hard the first few years after BK to get the cards you wanted?
Definitely. I remember once needing to get auto work done and applying for a auto retail card (can't recall which place) and getting denied. I honestly had no idea what factored into those decisions or what I could do about it. I really didn't have a clue about any of that until I seriously started my rebuild in 2013.

You have done a very good job rebuilding and hopefully, peopple in the BK section can get to read this..