topic Re: Life aftert DMP in General Credit Topics

Life after DMP

marty56 — Sat, 15 Dec 2007 18:17:17 GMT

I was in a DMP for almost 5 years and 2 weeks ago I received my first non-subprime credit card pre-approval from National City Mortgage Visa.

My scores are all over 700 but I want them higher since I want to by a new card in the spring/summer timeframe and I want my score high as possible which is why I wanted a Visa/MC card to go along with my Chevron and Sams card.

I developed a budget during my years in the DMP, which I still use only most of the money that went into the DMP now goes into my retirement program and making me money and keeping me from getting into debt again.

I woiuld like a Kiss Chase card, but I need my score over 725 for that so I will wait.

For those of you who are in a DMP wondering if you can ever get a good credit card again afte you finish the DMP, I jusr wanted to say it can happen.

As a side note, I didnt actually get the card in the mail yet. I got the pin code for it. Go figure.

Message Edited by marty56 on 12-15-2007 10:17 AM

Re: Life aftert DMP

MidnightVoice — Sat, 15 Dec 2007 18:17:43 GMT

marty56 wrote:
I was in a DMP for almost 5 years and 2 weeks ago I received my first non-subprime credit card pre-approval from National City Mortgage Visa.

My scores are all over 700 but I want them higher since I want to by a new card in the spring/summer timeframe and I want my score high as possible which is why I wanted a Visa/MC card to go along with my Chevron and Sams card.

Congrats a bunch, and doesn't it feel good to get it all straightened out?

Re: Life aftert DMP

haulingthescoreup — Sat, 15 Dec 2007 19:46:14 GMT

Congratulations! and smart work switching over the money that used to pay off your debts to funding your retirement. Pay yourself first, and all that!

Re: Life aftert DMP

marty56 — Sat, 15 Dec 2007 20:09:55 GMT

I wish I would have done it sooner. But it does feel great to be out of debt like that. It felt like I had a dirty little secret that I didnt want people to know about.

Re: Life aftert DMP

marty56 — Wed, 19 Dec 2007 00:58:52 GMT

I just got my card and it came with a 10K limit. The max I will charge on in is 100 which is part of my budget to play the FICO game.

I really havent been tempted to use it in fact I used by debit card to renew my antivirus software. I guess poeple can change.

Re: Life aftert DMP

PayYouNever — Thu, 20 Dec 2007 00:04:17 GMT

Well the good news for me about being in a DMP is that my Chase account was reaged recently, which I assume will move the account into the "positive accounts" on my credit reports -- to have those 15 years of history back (all positive except for 5 months in 04, when things went to hell) should be great for my score. I'll check them next month to see what happens when I pay down my UTL to the 60% level (down from 90%).

Re: Life aftert DMP

marty56 — Thu, 20 Dec 2007 01:25:53 GMT

BofA owes me a few bucks since I overpaid them while I was in the DMP. Maybe after I get a statement showing the credit, I will GW them to remove the bad lates from 2 years ago.

It is great that Chase re-aged your account. I dont know how long you have been in the DMP but I was finished after 4 years and 8 months. Seems like a long time ago.

Re: Life after DMP

demi — Thu, 20 Dec 2007 02:48:39 GMT

Congratulations ! I have been in a DMP for 3 years, about 7-8 months left. Meanwhile, I am buying a house ---scores are now all in 680-690 range. I hadn't planned on buying one until the DMP was finished, but its a new house, construction hasn't even started, so I will probably only have one or two months overlap on payments. I am so sick of getting scr&%ed on taxes each year because I have absolutely no deductions. Anyway, nice to hear about someone finishing. I had resolved absolutely no credit cards when I am done, until I found this site and realized how important it is in building credit. My question to you...you said this is the first prime, had you applied to others and been turned down ? I was planning (once I am done !) on applying for Home Depot and some type of Visa, maybe eventually AMEX -- I make a pretty good salary, was hoping I could skip the Hooters/etc route. I am already receiving preapprovals from WAMU and a few others...in the shredder they go. I a want to up my scores as much as possible for future refinancing (Hopefully, my house is a steal) just to be able to get a better interest as my baddies drop off - 3to4 years down the line. As a first time homebuyer, I am planning on going slowly with furniture, etc, have no intention of financing anything like that...but I figure I may need a Home Depot or Lowes type for emergencies or unanticipated things...and also Home Depot does offer some pretty good incentives. I resolve never, never to get in the mess I was in. It is such a wonderful feeling to see things paid off.

Re: Life after DMP

marty56 — Thu, 20 Dec 2007 22:54:52 GMT

I got my mortgage while I was in the DMP and my scores were much lower then yours. I got a 30 year fixed mortgage with 0% down (Texas).

I have not applied for any credit in over 2 years prior to the National City card which came as a pre-approval. The funny thing was that a few weeks before I had started an application but never sent pushed the submit button. I wonder if they knew.

I would caution anyone in a DMP not to apply for credit because BofA removed me from the DMP when I got my Sams card. The reinstated me after a few months but reported my 90 days+ late for 5 months event though I was paying them the agreed amount.

The Sams card was the only credit I applied for besides the mortgage while I was in the DMP. I did get some pre-approval offers from Aspire and even a total credit idiot like me knew it was a bad deal.

I have a Sams card, a gas card and now a Visa card to play the FICO score game which is my goal since I want to get a new card in the late Spring/Summer timeframe which will also be my next credit application.

Message Edited by marty56 on 12-20-2007 02:54 PM

Re: Life after DMP

demi — Fri, 21 Dec 2007 02:32:54 GMT

Thanks. I have not applied for anything, my DMP, when I signed up, made me close everything and had to promise not to open anything. I even paid cash for a car (which was probably stupid, I could be using that money for a down right now), I changed jobs and had a pretty substantial amount in my deferred comp to pull. The rest of that is now going to go to the house, but for upgrades - and furnishing, because I really don't have any living room/dinning room furniture, had a roomate with a fully furnished house. I will apply once I am done, do need to rebuild. But, like you have said, rebuilding purposes only. One thing living without credit cards really makes you think about how much you really need something. This clothes horse is even wearing last years winter clothes (for the most part)....buying a house also teaches you....hummmm....hardwood floors or diamond earrings !