topic Re: Lost Control in Credit Cards

Lost Control

Anonymous — Thu, 22 Aug 2013 20:45:21 GMT

I just started reading this forum this week and this is my first post! I destroyed my credit by maxing out every card I received in my early teens, followed by never making a payment and allowed them to go into collections (if I only knew then what I know now, LOL) Fast forward and my credit scores remained low for years I just went over 600. Currently they are FAKO EX 629, EQ 626, TU 637. I have three cards: Military Star Card 1.8K limit, a Take it Home Today Card 1.8k limit and a CapOne 750 limit with a 57 percent utilization ratio across all cards.

So this past weekend I applied for the USAA AMEX and was approved for a 2K limit. I have never had this happen and then went on an app spree. I applied for ten lines of credit and refinanced both of my cars on the same day.

What I got:

USAA AMEX 2k

USAA Visa Platinum 2K

Jared's 3k

Walmart 400

Exxon Card 400

CapOne Quicksilver 1K

I also reduced my interest rates on both my vehicles by eight percent each in a double refinance (this by far was the most difficult as it took three and a half hours on the phone)

Looking back now that the dust is settling this probably wasn't the best idea. I kind of had this get it while it was good thought going through my mind. Do you think that with the new lines of credit that my score might actually go up with my utilization ratio now being lower? Also, I have pending apps still with other banks (Chase and Citi... should have researched the sub-prime/prime issuers before hand, but too late now) should I recon them or just walk away thankful for what I have?

Re: Lost Control

pizzadude — Fri, 23 Aug 2013 01:53:53 GMT

Moving to Credit Cards forum

Re: Lost Control

Anonymous — Fri, 23 Aug 2013 01:55:59 GMT

@Anonymous wrote:
I just started reading this forum this week and this is my first post! I destroyed my credit by maxing out every card I received in my early teens, followed by never making a payment and allowed them to go into collections (if I only knew then what I know now, LOL) Fast forward and my credit scores remained low for years I just went over 600. Currently they are FAKO EX 629, EQ 626, TU 637. I have three cards: Military Star Card 1.8K limit, a Take it Home Today Card 1.8k limit and a CapOne 750 limit with a 57 percent utilization ratio across all cards.

So this past weekend I applied for the USAA AMEX and was approved for a 2K limit. I have never had this happen and then went on an app spree. I applied for ten lines of credit and refinanced both of my cars on the same day.

What I got:

USAA AMEX 2k
USAA Visa Platinum 2K
Jared's 3k
Walmart 400
Exxon Card 400
CapOne Quicksilver 1K

I also reduced my interest rates on both my vehicles by eight percent each in a double refinance (this by far was the most difficult as it took three and a half hours on the phone)

Looking back now that the dust is settling this probably wasn't the best idea. I kind of had this get it while it was good thought going through my mind. Do you think that with the new lines of credit that my score might actually go up with my utilization ratio now being lower? Also, I have pending apps still with other banks (Chase and Citi... should have researched the sub-prime/prime issuers before hand, but too late now) should I recon them or just walk away thankful for what I have?

If the apps status are still pending, you can call recon now.

Even if you are denied, call recon. However, there's a chance they will pull new inquiries for appeals, so if you want to avoid new inquiries for now, then it's best to just walk away. It's really up to you.

What creditors did you burn? Certain lenders such as Citi, Amex and Chase do maintain blacklists for people whom had burn them previously.

Re: Lost Control

myjourney — Fri, 23 Aug 2013 01:58:42 GMT

@Anonymous wrote:
I just started reading this forum this week and this is my first post! I destroyed my credit by maxing out every card I received in my early teens, followed by never making a payment and allowed them to go into collections (if I only knew then what I know now, LOL) Fast forward and my credit scores remained low for years I just went over 600. Currently they are FAKO EX 629, EQ 626, TU 637. I have three cards: Military Star Card 1.8K limit, a Take it Home Today Card 1.8k limit and a CapOne 750 limit with a 57 percent utilization ratio across all cards.

So this past weekend I applied for the USAA AMEX and was approved for a 2K limit. I have never had this happen and then went on an app spree. I applied for ten lines of credit and refinanced both of my cars on the same day.

What I got:

USAA AMEX 2k
USAA Visa Platinum 2K
Jared's 3k
Walmart 400
Exxon Card 400
CapOne Quicksilver 1K

I also reduced my interest rates on both my vehicles by eight percent each in a double refinance (this by far was the most difficult as it took three and a half hours on the phone)

Looking back now that the dust is settling this probably wasn't the best idea. I kind of had this get it while it was good thought going through my mind. Do you think that with the new lines of credit that my score might actually go up with my utilization ratio now being lower? Also, I have pending apps still with other banks (Chase and Citi... should have researched the sub-prime/prime issuers before hand, but too late now) should I recon them or just walk away thankful for what I have?

Welcome to the forum

First congarts and don't sweat what you have done because all INQ's and cards will age together

All you need now is time to heal from the apps so head on over to the garden join and make some new friends

Re: Lost Control

Anonymous — Fri, 23 Aug 2013 03:37:45 GMT

The garden looks pretty awesome to be honest, I look forward to joining in a week or two. Hopefully I'll see you there =)