topic Re: The most rewarding part of your credit journey? in Credit Cards

The most rewarding part of your credit journey?

Dw4250 — Tue, 12 Aug 2014 19:57:22 GMT

I had some business to do at my US Bank branch office this morning. As we were finishing, the banker told me I was pre-qualified for a US Bank Premier LOC. No HP required. I was tempted, but passed because frankly I don't need it, so why open another TL.

It got me reflecting on my whole credit journey. Four years ago when I was really in the dumps credit wise, US Bank barely qualified me for a secured card (I had to recon). I basically had to beg them to take my $1000 deposit to open a secured credit line. Now four years later, they are offering me LOCs to go along with my Cash+ and Platinum cards…crazy!

So I'm curious to hear from others who have "made it back" from the brink...what has been the most rewarding part of your credit building/rebuilding experience?

For me the best part is not the credit products themselves (although they are nice ). The best part is not being treated like an alien life form every time I walk into a bank or car dealership or apply for credit. The worst part of having bad credit for me was the inversion of the whole customer-lender relationship. I had to suck up to them instead of banks competing for my business. Now that I'm "back", I no longer feel like the awkward kid in school. I'm now treated with dignity and respect. That is more rewarding to me than any instant approval or nice CLI...

Re: The most rewarding part of your credit journey?

SunriseEarth — Tue, 12 Aug 2014 20:01:58 GMT

To date, I think I feel best about getting 0% financing on my new Mazda. A year ago, my CU didn't even want to give me a CC and now, I can tell them that their 3.75% auto loan wasn't competitive enough.

I've been able to move my scores up by nearly 80 points since last year! It's been a great ride and it's all because of everything I've learned here.

Re: The most rewarding part of your credit journey?

Anonymous — Tue, 12 Aug 2014 20:07:22 GMT

I feel like I'll really be there when I can get multiple competitive offers for a mortgage/refi. I'm proud of where I've built to but having so little debt has its downsides (car paid in cash, no student loans).

Re: The most rewarding part of your credit journey?

Dw4250 — Tue, 12 Aug 2014 20:10:51 GMT

@SunriseEarth wrote:
To date, I think I feel best about getting 0% financing on my new Mazda. A year ago, my CU didn't even want to give me a CC and now, I can tell them that their 3.75% auto loan wasn't competitive enough.

I've been able to move my scores up by nearly 80 points since last year! It's been a great ride and it's all because of everything I've learned here.

Wow great job Sunrise! 80 points in a year is amazing!

I was also able to get a new car this year (NIssan-Tier 1 financing) with a lot of help from the board (thanks creditaddict!).

Re: The most rewarding part of your credit journey?

PlasticOrPlastic — Tue, 12 Aug 2014 20:11:55 GMT

@Dw4250 wrote:
I had some business to do at my US Bank branch office this morning. As we were finishing, the banker told me I was pre-qualified for a US Bank Premier LOC. No HP required. I was tempted, but passed because frankly I don't need it, so why open another TL.

It got me reflecting on my whole credit journey. Four years ago when I was really in the dumps credit wise, US Bank barely qualified me for a secured card (I had to recon). I basically had to beg them to take my $1000 deposit to open a secured credit line. Now four years later, they are offering me LOCs to go along with my Cash+ and Platinum cards…crazy!

So I'm curious to hear from others who have "made it back" from the brink...what has been the most rewarding part of your credit building/rebuilding experience?

For me the best part is not the credit products themselves (although they are nice ). The best part is not being treated like an alien life form every time I walk into a bank or car dealership or apply for credit. The worst part of having bad credit for me was the inversion of the whole customer-lender relationship. I had to suck up to them instead of banks competing for my business. Now that I'm "back", I no longer feel like the awkward kid in school. I'm now treated with dignity and respect. That is more rewarding to me than any instant approval or nice CLI...

First off nice post. I cant agree more with the statement. Even the small wins are satisfying, such as getting a new Verizon account, or signing up for Directv with the "top tier" offer and no deposits! I used to feel so small sitting at a car dealership, waiting for them to come back and let me have it with a 28% interest rate and that smug look like we got this done for you!

I remember being told I'd have to pay a $250 deposit for Sprint service in front of the whole store...how embarassing. I still have a BK slowly fading away but things have gotten a lot better, and apps for credit have for the most part been approved. Looking forward to what the future brings me!

Re: The most rewarding part of your credit journey?

Dw4250 — Tue, 12 Aug 2014 20:15:30 GMT

@Anonymous wrote:
I feel like I'll really be there when I can get multiple competitive offers for a mortgage/refi. I'm proud of where I've built to but having so little debt has its downsides (car paid in cash, no student loans).

Those scores look pretty good....when are you thinking about doing the mortgage refi? I would not wait too long to lock in on a fixed rate...interest rates are going to go up one of the days (maybe sooner than we think )

Re: The most rewarding part of your credit journey?

Dw4250 — Tue, 12 Aug 2014 20:31:32 GMT

@PlasticOrPlastic wrote:
@Dw4250 wrote:
I had some business to do at my US Bank branch office this morning. As we were finishing, the banker told me I was pre-qualified for a US Bank Premier LOC. No HP required. I was tempted, but passed because frankly I don't need it, so why open another TL.

It got me reflecting on my whole credit journey. Four years ago when I was really in the dumps credit wise, US Bank barely qualified me for a secured card (I had to recon). I basically had to beg them to take my $1000 deposit to open a secured credit line. Now four years later, they are offering me LOCs to go along with my Cash+ and Platinum cards…crazy!

So I'm curious to hear from others who have "made it back" from the brink...what has been the most rewarding part of your credit building/rebuilding experience?

For me the best part is not the credit products themselves (although they are nice ). The best part is not being treated like an alien life form every time I walk into a bank or car dealership or apply for credit. The worst part of having bad credit for me was the inversion of the whole customer-lender relationship. I had to suck up to them instead of banks competing for my business. Now that I'm "back", I no longer feel like the awkward kid in school. I'm now treated with dignity and respect. That is more rewarding to me than any instant approval or nice CLI...

First off nice post. I cant agree more with the statement. Even the small wins are satisfying, such as getting a new Verizon account, or signing up for Directv with the "top tier" offer and no deposits! I used to feel so small sitting at a car dealership, waiting for them to come back and let me have it with a 28% interest rate and that smug look like we got this done for you!

I remember being told I'd have to pay a $250 deposit for Sprint service in front of the whole store...how embarassing. I still have a BK slowly fading away but things have gotten a lot better, and apps for credit have for the most part been approved. Looking forward to what the future brings me!

That's exactly it! That sensation of smallness and having the feeling some people actually reveled in seeing you squirm. It made me angry to go through it, but in a weird way I'm glad it happened to me. I hated that feeling so much, but it made me stronger and wiser. And more importantly it made me determined to never go through that again.

Congrats Plastic on all your hard work!

Re: The most rewarding part of your credit journey?

Anonymous — Wed, 13 Aug 2014 16:50:45 GMT

I need two years of 4+ bills/trade lines for them to be able to qualify me for a mortgage to be resold on the secondary market. I'm also working the math to see how close to paid off I'd be when my arm adjusts. I bought way below my means at the time and my salary has since taken a 33% jump. Its not a scores issue its a thin file issue. Apparently I shouldn't have only had one credit card in college and gone instate where I wouldn't need loans, except catch 22 then I wouldn't have been in a position to by a condo six months out of college.

Re: The most rewarding part of your credit journey?

OHWWCB — Wed, 13 Aug 2014 17:01:15 GMT

I don't think I'm there yet. Having multiple "top tier" cards in my wallet feels good. Chase keeps sending me pre-approval letters for a Mortgage which feels good. I think the next time I buy a car and can actually qualify for dealer financing will be amazing.

Re: The most rewarding part of your credit journey?

Stralem — Wed, 13 Aug 2014 17:25:07 GMT

Best part of having credit?

I can travel now.

Booking air travel and hotel accomodations with debit or even cash?

Re: The most rewarding part of your credit journey?

keithbward — Wed, 13 Aug 2014 17:34:01 GMT

Best part is feeling in control. Grew up in less than accomodating circumstances and no knowledge of financial and credit management. I'll be 30 in a month and it just feels good to have buying power and not feel like the entire room is staring at you when you attempt to make a purchase to better your life situation or reward yourself for your hard work. That was the worst part for me when I went to buy my car in January and even with the thousands I had saved to purchase my first brand new car, I was made to feel like the worst human alive. Can't wait to refinance it...lol. It's also rewarding that family members and friends value my small amount of knowledge I've acquired here and from trial and error on managing credit and finances responsibly. That's an awesome feeling.

Re: The most rewarding part of your credit journey?

OHWWCB — Thu, 14 Aug 2014 01:47:50 GMT

@Stralem wrote:
Best part of having credit?

I can travel now.

Booking air travel and hotel accomodations with debit or even cash?

Oh, this is a good one! I used to stress out about hotels so much when traveling because of how much they'd authorize my debit card. Now, no worries plus POINTS!

Re: The most rewarding part of your credit journey?

jamesdwi — Thu, 14 Aug 2014 02:19:18 GMT

financial freedom, don't have to worry about when a bill is due, or how much groceries are and compare when my paycheck is being deposited, damm I paid my car loan, my house payment and dinner out last night, and the groceries are how much???? Oops... watch the Over draft fee's roll in, or what feels worse sometime the dreaded exceeded daily debit card limit, $500 at my credit union, used to happen on saturdays when I did my shopping and paid bills, then I had the transaction fail and I have no access to the other $2k in my account for at least 12 hours. Don't have to sweat the small stuff.

Traveling is easier, Go ahead put a hold on the account for the full week in the hotel, and then bill me what is due, it doesn't effect my life anymore. The first hold will drop off in a few days it doesn't matter. Same with Rental Cars, Gas Stations. its bad enough with a low limit card, a straight out nightmare with a debit card, at the very least you have to work with the desk to make it all work out, or wonder if it will work out the full trip. Who has time to spend discussing the Hotel's billing process with hotel staff.

Being rewarded to buy what I was allready going to buy.

Re: The most rewarding part of your credit journey?

vpae — Thu, 14 Aug 2014 02:45:29 GMT

For me, it's no longer having to feel ashamed or embarrassed about my credit and the mistakes that I've made when I was younger. No longer have to worry about, "am I going to get approved?" "Will I even get $500?" "What are my APR going to be?" Although I'm back down below, being able to reach the 800 club was a big one for me. Being free of any baddies on all of my reports. Being able to negotiate rates and be offered the best rates. I never thought I would be able to bounce back. If you were to tell me a few years ago when things were rough, that I would be here now, there's no way I would believe it. But I've now turned it into a hobby, a game, something I really enjoy doing.

And finally, being able to help others along the way. I have offered advice and suggestions to many of my close friends and they have all acted on it (showing a huge sense of trust and respect) and have all been able to improve their score, credit portfolio, financial outcome in someway, shape or form. I'm doing what I can to pay it forward.

From all the "Declined"s and "No"s, to "Approval"s and "Yes"s. It's been a heck of a journey.

Thanks to the community here. <3

Re: The most rewarding part of your credit journey?

fot1 — Thu, 14 Aug 2014 03:08:40 GMT

Nothing meant as much to me as buying my house .. To be able to give my kids a room to thier selves, A yard to play in.. To host the holidays so my mother no longer has to stress and work so hard cooking and planning.. Credit wise this was everything..

Re: The most rewarding part of your credit journey?

Anonymous — Thu, 14 Aug 2014 03:10:03 GMT

Most rewarding was having the opportunity to receive help from MyFico members

Re: The most rewarding part of your credit journey?

Stralem — Thu, 14 Aug 2014 03:42:46 GMT

@OHWWCB wrote:

Oh, this is a good one! I used to stress out about hotels so much when traveling because of how much they'd authorize my debit card. Now, no worries plus POINTS!

Lots of places won't even accept debit cards. I remember my mother running into just that issue on a family road trip; the hotel we wanted to spend the night at wouldn't take her debit card, so we had to drive an hour out of our way to find someplace that did. That place turned out to be a really seedy motel by the side of a congested road, complete with coin-operated television tuned to a porn channel by default, a bathroom fit for a serial killer, and an AC unit that blew two parts cold air to one part blue smoke. Oh, and immediately outside of our door was a vending machine that had a handwritten sign attached to it telling patrons to walk across the busy six-lane thoroughfare with no pedestrian crossings to the equally sketchy 7-Eleven for drinks. And food. And toilet paper.

That was not a fun night.

And because of 9/11, you can't even pay with cash at many places. You'll be politely turned away at best, phoned in to the FBI at worst (at least if you have a certain look about you). So there's that bit of pleasantness...

And of course, there's also the actual credit part of the equation. I just booked a weekend getaway on the west coast the other day, using my Sapphire Preferred card to pay for both the flight and the hotel. But the truth is that I won't have the funds to pay for the trip in full until a week after I return. In other words, I'd have been SOL were I dependent on using a debit card.

Credit is a powerful tool indeed. It's amazing -- and a bit scary -- how many avenues it opens up for you.