topic Re: The Short Story of a Grateful Man in Credit Cards

The Short Story of a Grateful Man

Anonymous — Wed, 06 Feb 2008 04:08:32 GMT

I’m just flipped out with the way all this works. At 49 years old I am still able to become utterly amazed.

I didn’t know until coming here a few weeks ago that I had a chance at ANYTHING in the credit world. I just assumed that 5 years into a Bankruptcy ( I was stuck working in totally impoverished rural south Georgia as a home owner at $8.86 per hour when I finally had to file) that I was pretty much credit doomed for 10 years. I had no real idea. I kept a $138 a month car payment but had to let everything else go in the BK. 3 years later that junk vehicle was done-for. Out of desperation I talked to CarMax and was dumb-founded that I was approved to purchase a used $10,000 Toyota 4 cylinder straight truck….at %15. I gave up my world and gambled my life on a move to the city. I was making 50K a year now. I started reading MSN Money after that and read about “Bankruptcy Friendly Credit Cards” and Orchard was at the top of the list. My intensions were good….to rebuild credit but I was positive I wouldn’t get it. Though I knew about credit reports for many years, I only just found out about FICO scores when I started reading MSN Money and I decided to give the credit card thingy a shot. I got instant approval for $300. On that day, at the moment, I became an equal member of the human race again; one who could go out to dinner with co-workers and sometimes pick up the tab and pay the same way responsible “normal people” do.

This is the good part. After 3.5 years of living cash to cash, I bought a used truck on an essential lark. A year and a half later an article on the Internet gave me the courage to try for a credit card and I was approved. I knew I was being robbed with that truck at 15% but I did buy the most reasonable vehicle I could get and I took 15% as a blessing at only half way through a BK when I was desperate for a vehicle and I simply figured that this was the price for rebuilding credit. I also knew I was taken for a ride with the $300 card also at %15 but I made enough money now to NOT have to live on credit cards.

Then I read about myFICO. It took me many weeks to get up the courage to order my first FICO scores. That was 3 weeks ago. I didn’t even know what good numbers from bad numbers until I got the report and it explained to me how scoring works. My used truck was wrecked by a drunk driver at Christmas and I was in need of a new vehicle. I ordered the FICO scores to see if I had a shot in hell at a new car. Those numbers were as posted in my current sig below. I just couldn’t believe it.

The FICO report turned me on to these forums where you folks told me my scores could get a new car and that I needed to shop for rates and how to do it. Today I have my first new car in over 20 years and I feel like a lone rooster. Fully realizing what may temporarily become of my FICO scores, I immediately used what I learned here to pursue a second credit card. I got it. Now I sit for 3 months until old truck inquiries fall off and then I get one more card. I don’t need a thing today. I can just sit back and watch my new perfectly balanced trade lines mature. At 5 more years the scars will be gone.

Ya know what’s really funny about all this? I’ve been getting dozens, if not hundreds of pre-approved credit card offers in the mail for almost two years now and thought they were all just a bunch of bunk. I didn't have a clue.

Will I be a homeowner again?

Re: The Short Story of a Grateful Man

haulingthescoreup — Wed, 06 Feb 2008 04:24:15 GMT

What a great story! Hope you weren't hurt when the drunk hit your truck.

You sound like homeowner material already!

Re: The Short Story of a Grateful Man

Anonymous — Wed, 06 Feb 2008 04:26:17 GMT

Now that's what I call a success story! Thank you for sharing.

Many people have benefited by coming here. And I'm one of those people!

Congrats beenthere. Keep up the good work!

Re: The Short Story of a Grateful Man

islandchild82 — Wed, 06 Feb 2008 05:19:30 GMT

GREAT story! I think that is something that really everyone can relate to, regardless of their current situtation in life.

Re: The Short Story of a Grateful Man

Anonymous — Tue, 19 Feb 2008 12:07:17 GMT

Thanks everybody. I'm having so much fun.

Re: The Short Story of a Grateful Man

Anonymous — Tue, 19 Feb 2008 12:50:00 GMT

Beenthere you have a very inspiring story and I so appreciate you for sharing it...I ,too,thank God for this website and all the nuggets that comes with it..

Re: The Short Story of a Grateful Man

fishbjc — Tue, 19 Feb 2008 14:44:27 GMT

beenthere: Yes, you will absolutely be a homeowner again. Just two years past bk, no problem. Your scores are good.

I loved your story, very inspirational. We have the expert mtg guy over on the mortgage forum, you can post your mtg. questions over there. There are also many mtg. stories which can help light your way.

Congratulations!!!!!!!!!

If you haven't looked into it, try to get into The Navy Federal Credit Union.

Re: The Short Story of a Grateful Man

MidnightVoice — Tue, 19 Feb 2008 14:55:32 GMT

beenthere wrote:
Thanks everybody. I'm having so much fun.

The beauty of this place is that it makes credit education enjoyable.

That and a support group who have mainly been the same places as you have!