Journey from Debit to Citi Prestige

[Anonymous]

I've been a myfico subscripber since 2006. At the time my credit score was 560 (EX). I have always had a well paying job ($100K+) but could never get a handle on my finances (spend too much). By 2008 I got my spending under control but was still unable to get over a 600 credit Score. The issue was that each time I paid down my cards they would reduce my credit limit which completely screwed my score. Chase was not helping me at all. And since I made a decent salary I was able to pay cash for most things but did not have good credit (I spent $35K on my debit card last year).

Late last year I found this forum and decided to take a personal loan for my remaining balace on my Chase card. To my surprise they did not drop by credit limit and it added 50 points to my credit score (All Credit agencies reporting around 655 to 675). I applied for the BJs Master Card and was approved instantly. I was very surprised to finally be approved for something. Since I've been ustilizing my debit card for so many years I just made it a habit to pay my card on a weekly basis. This way my account was always PIF by the end of the month. A few months later I applied for the Venture card and was also instantly approved. I was able to get the bonus within one month and my wife and I enjoyed a vacation (flight paid for by venture). Now my credit scores were 695/700/710. I continued to pay my credit cards on a weekly basis and by Feb. I was approved for a AMEX PRG (This is my go to card for all purchases now). I still wanted the Chase SP but when I applied I was denied because of my prior relationship with them. I was also interested in the AMEX Plat. but could not justify using it over PRG even with the perks.I will be flying two to three time a year and really wanted lounge access. Enter Citi Prestige; all of the reviews I've read have it as a better option than AMEX Plat. I decided that I would apply for this card at the end of the year (did not think I would get approved until my scores are 720 to 750).

I could not wait and fell out of the garden to apply for the card. I had to call to confirm some data but was approved over the phone (Scores 685/706/733). I am now content (not interested in CSP anymore). I am definitly proof that anything is possible with patience and restraint.

[Anonymous]

Welcome to the board and congrats on your good work.  If you don't mind, can you split your post into paragraphs?  It will make for easier reading.

[wachme]

Heck of a journey. Congrats.

Once upon a time I had to convince my gf to stop using debit and start using credit. She finally came around when someone placed fraudulent charges on her debit card and had to get Chase to cover the funds lost.

The protection of a credit card and the rewards/perks you can achieve make it a no brainer if you are able to be financially responsible with your credit line.

[Anonymous]

Congrats OP!

[Anonymous]

I love to read stories likeep yours.Congrats on your success!!

I too was in the same boat. High income, horrible credit.... I finally started rebuilding 3-4 years. I'm in the garden for now but I have my eye on the Prestige once it's time to come out of the garden in 2017. 

[Anonymous]

Congrats!! My goal is to get top tier cards in 2017 when I pick up travelling job again!

[jsucool76]

Congrats!

Citi prestige is a fantastic card. Make sure you take advantage of all the benefits!

Amex plat is nice to have for the Hilton gold status, and the centurion lounge access, and airline credit, but I think the prestige is a stronger product for its hotel benefits.

[Anonymous]

Congratulations! 

[Anonymous]

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@Anonymous wrote:

I have always had a well paying job ($100K+) but could never get a handle on my finances (spend too much).

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Congrats to the OP on getting his spending under control, but I am really jealous that he has always made at least 6 figures.

I was happy to make $5.15 per hour at my first job, at age 15, happier to make $10 per hour at age 19, and $17 per hour at age 21. If not for life circumstances I might finally be reaching where the OP started his working life at now many years after that last big jump, but had to settle for about half since I decided to go back to school to actually finish this time

/rant

[Anonymous]

Congrats on your success!