June Credit AMA [Ask Me Anything] live with user @CreditAddict - Part One.

[Creditaddict]

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@UncleB wrote:

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@Creditaddict wrote:

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@Anonymous wrote:

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@Creditaddict wrote:

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@Anonymous wrote:

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@Creditaddict wrote:

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@Anonymous wrote:

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@darwin_wins wrote:
How do you manage to take care of laundromat and still be on MF so much?

Also have you stopped apping? Are you going to be new Ron1?

P.S. : I wonder what happened to RON1

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Hmm.. Good mention as I forgot about him.  He hasn't been on in a while.  I hope all is well with him.

@Anonymous, how many credit cards do you have now?

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Mercedes said EX showed 126 or something but I think my number is closer to 85... I need to do an update... I had hit 100 but then closed out a bunch of small Comenity and Sync cards because I was at exposure with them and didn't like the limits on the cards I actually wanted with them so I had dropped down to nearly 80 I think and then have since added a few.

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Surely, something must have happened for you to want this money cards?  Do you carry them all at once? 

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When I was on Suze Orman in 2009 I had 86 cards and over half if not more were basically maxed... I always told myself when I fixed my finances and got my life in order I wanted more than that and I wanted them to be paid off! So that's what I have done!

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You did keep you word amassing them.  With so many cards, have you ever had a late payment on any of them?

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I have royally messed my credit up 3 times:

filed BK 2

Chapter 7 at age 20

Chapter 13 which I then dismissed because I didn't want it and didn't like it in 2007 and then settled with anyone that came after me once I came out of the BK.

I then went belly up and turned in my lease and stopped paying all my credit cards in 2011-12 and then about 6 months later got back on my feet and went back to all of them including the car lease and settled them all.  I couldn't finance a lollipop until I settled everything and as soon as I hit 6 months from settlement I was off to the races and the funny part was Barclay was a settlement and 7 Sync cards were settlements and Sync was the first to give me credit again and I hit exposure in just over a year!

I'm not super proud of all those moments but many of those experiences are what brought me to the knowledge and understanding I have now of credit. But I didn't really get control of my life and there for my finances until after loosing it all again in 2011 and that crushed me far more than the BK's (surprisingly)

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My friend I had a similar experience... I had a bankruptcy in 2000, then a few years later a job loss caused me to lose everything I had worked hard to gain (and regain) after the bankruptcy, including my home. 

I didn't bother with another BK, I just let things happen however they happened... and I agree, this was much more painful than the bankruptcy.  Not many people understood at the time, though.

I get it completely. 

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I don't know if was timing in my life

Taking creditor calls and wanting to fix it

the hate from the calls

maybe all of it together but it felt so different and more shameful than my BK's did.

Thanks for sharing yours also.

[Creditaddict]

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@Anonymous wrote:

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@Creditaddict wrote:

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@Anonymous wrote:

@Anonymous,

How did you find myFICO and why did you join?

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I had somehow ended up signing up for a newsletter and one day sitting there I actually looked at what the newsletter was and followed it to the forum and started reading and joined and quickly responses started coming and it was just so fun!

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Nice.. What advice do you have for newbies signing up here?.  Did you make any mistakes that you wouldn't want them to make apart from the abvious as stated in the thread?

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I think this plays a bit into ask a question and be prepared for a lot of opinions and maybe then make it a little more specific for you and ask a follow-up and then sit on it for at least a little while... not all credit needs to be instant!

and I think the best answer will be different for each scenario... if you are not buying a house in the next 5 years your rebuild or building is going to be completely different then someone that there only goal is to get a house and as extreme as I am if you need a car or a house to be good my advice is 180 degrees different than someone looking for credit cards or debt payoff or getting a higher credit score.

I think many newbies get excited about how much advice and how fast it can come on here and forget to mention what they really need in the next 6, 12, 24 months and they go with the advice that doesn't cover those 6,12,24 month hurdles, they cover the now and then they just run off and shopping cart this and sync exposure that and then they come back in 6 months and it's like i couldn't get my house... andI'mm like WHAT HOUSE... no one mentioned a house!

Who said it? (My friend always says it) DO YOU BOO... DO YOU.

it's true though, if you take advice and then do you, you will probably be in better shape than blindly doing all advice!

That's why when I work with people 1 on 1 I have to see a full credit report and know what they think their issue was, is, and is going to be in the future and what their goal is for yesterday, tomorrow and next year before i can design a plan out for them.

[Anonymous]

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@UncleB wrote:

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@Creditaddict wrote:

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@Anonymous wrote:

---

@Creditaddict wrote:

---

@Anonymous wrote:

---

@Creditaddict wrote:

---

@Anonymous wrote:

---

@darwin_wins wrote:
How do you manage to take care of laundromat and still be on MF so much?

Also have you stopped apping? Are you going to be new Ron1?

P.S. : I wonder what happened to RON1

---

Hmm.. Good mention as I forgot about him.  He hasn't been on in a while.  I hope all is well with him.

@Anonymous, how many credit cards do you have now?

---

Mercedes said EX showed 126 or something but I think my number is closer to 85... I need to do an update... I had hit 100 but then closed out a bunch of small Comenity and Sync cards because I was at exposure with them and didn't like the limits on the cards I actually wanted with them so I had dropped down to nearly 80 I think and then have since added a few.

---

Surely, something must have happened for you to want this money cards?  Do you carry them all at once? 

---

When I was on Suze Orman in 2009 I had 86 cards and over half if not more were basically maxed... I always told myself when I fixed my finances and got my life in order I wanted more than that and I wanted them to be paid off! So that's what I have done!

---

You did keep you word amassing them.  With so many cards, have you ever had a late payment on any of them?

---

I have royally messed my credit up 3 times:

filed BK 2

Chapter 7 at age 20

Chapter 13 which I then dismissed because I didn't want it and didn't like it in 2007 and then settled with anyone that came after me once I came out of the BK.

I then went belly up and turned in my lease and stopped paying all my credit cards in 2011-12 and then about 6 months later got back on my feet and went back to all of them including the car lease and settled them all.  I couldn't finance a lollipop until I settled everything and as soon as I hit 6 months from settlement I was off to the races and the funny part was Barclay was a settlement and 7 Sync cards were settlements and Sync was the first to give me credit again and I hit exposure in just over a year!

I'm not super proud of all those moments but many of those experiences are what brought me to the knowledge and understanding I have now of credit. But I didn't really get control of my life and there for my finances until after loosing it all again in 2011 and that crushed me far more than the BK's (surprisingly)

---

My friend I had a similar experience... I had a bankruptcy in 2000, then a few years later a job loss caused me to lose everything I had worked hard to gain (and regain) after the bankruptcy, including my home. 

I didn't bother with another BK, I just let things happen however they happened... and I agree, this was much more painful than the bankruptcy.  Not many people understood at the time, though.

I get it completely. 

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@Anonymous to hear @UncleB.  That must have been touch.  Glad everything worked out.

[Imperfectfuture]

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@Creditaddict wrote:

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@Anonymous wrote:

@Creditaddict,

Do you still have a clip of when you were on Suze Orman in 2009? If you mind, can you share as I'd like to listen to it..  Why did you go on there?

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I recently found it and it's still as bad as I remember!

I have always loved Suze Orman and always wanted to meet her... I wish I had met her from the other side of the camera

I really wasn't doing well then and no one really knew... it all looked good on the outside I suppose but even the show didn't show what was really going on it just magnified in one spot and that spot wasn't on me which wasn't fair.

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Can can you share?  I still have the last six episodes of Suze dvr'd.  Would love to see.

[Anonymous]

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@Creditaddict wrote:

---

@Anonymous wrote:

---

@Creditaddict wrote:

---

@Anonymous wrote:

@Anonymous,

How did you find myFICO and why did you join?

---

I had somehow ended up signing up for a newsletter and one day sitting there I actually looked at what the newsletter was and followed it to the forum and started reading and joined and quickly responses started coming and it was just so fun!

---

Nice.. What advice do you have for newbies signing up here?.  Did you make any mistakes that you wouldn't want them to make apart from the abvious as stated in the thread?

---

I think this plays a bit into ask a question and be prepared for a lot of opinions and maybe then make it a little more specific for you and ask a follow-up and then sit on it for at least a little while... not all credit needs to be instant!

and I think the best answer will be different for each scenario... if you are not buying a house in the next 5 years your rebuild or building is going to be completely different then someone that there only goal is to get a house and as extreme as I am if you need a car or a house to be good my advice is 180 degrees different than someone looking for credit cards or debt payoff or getting a higher credit score.

I think many newbies get excited about how much advice and how fast it can come on here and forget to mention what they really need in the next 6, 12, 24 months and they go with the advice that doesn't cover those 6,12,24 month hurdles, they cover the now and then they just run off and shopping cart this and sync exposure that and then they come back in 6 months and it's like i couldn't get my house... andI'mm like WHAT HOUSE... no one mentioned a house!

Who said it? (My friend always says it) DO YOU BOO... DO YOU.

it's true though, if you take advice and then do you, you will probably be in better shape than blindly doing all advice!

That's why when I work with people 1 on 1 I have to see a full credit report and know what they think their issue was, is, and is going to be in the future and what their goal is for yesterday, tomorrow and next year before i can design a plan out for them.

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Solid advice with highlighted in blue golden.  Often, most people just want to take all the advice here and run with it forgetting everyone's needs and situation vary.

Smart business approach - see green.  I hope you are making some benjamins as you do these credit mentoring thing on the side. Good job really...

[Imperfectfuture]

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@UncleB wrote:

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@Creditaddict wrote:

---

@Anonymous wrote:

---

@Creditaddict wrote:

---

@Anonymous wrote:

---

@Creditaddict wrote:

---

@Anonymous wrote:

---

@darwin_wins wrote:
How do you manage to take care of laundromat and still be on MF so much?

Also have you stopped apping? Are you going to be new Ron1?

P.S. : I wonder what happened to RON1

---

Hmm.. Good mention as I forgot about him.  He hasn't been on in a while.  I hope all is well with him.

@Anonymous, how many credit cards do you have now?

---

Mercedes said EX showed 126 or something but I think my number is closer to 85... I need to do an update... I had hit 100 but then closed out a bunch of small Comenity and Sync cards because I was at exposure with them and didn't like the limits on the cards I actually wanted with them so I had dropped down to nearly 80 I think and then have since added a few.

---

Surely, something must have happened for you to want this money cards?  Do you carry them all at once? 

---

When I was on Suze Orman in 2009 I had 86 cards and over half if not more were basically maxed... I always told myself when I fixed my finances and got my life in order I wanted more than that and I wanted them to be paid off! So that's what I have done!

---

You did keep you word amassing them.  With so many cards, have you ever had a late payment on any of them?

---

I have royally messed my credit up 3 times:

filed BK 2

Chapter 7 at age 20

Chapter 13 which I then dismissed because I didn't want it and didn't like it in 2007 and then settled with anyone that came after me once I came out of the BK.

I then went belly up and turned in my lease and stopped paying all my credit cards in 2011-12 and then about 6 months later got back on my feet and went back to all of them including the car lease and settled them all.  I couldn't finance a lollipop until I settled everything and as soon as I hit 6 months from settlement I was off to the races and the funny part was Barclay was a settlement and 7 Sync cards were settlements and Sync was the first to give me credit again and I hit exposure in just over a year!

I'm not super proud of all those moments but many of those experiences are what brought me to the knowledge and understanding I have now of credit. But I didn't really get control of my life and there for my finances until after loosing it all again in 2011 and that crushed me far more than the BK's (surprisingly)

---

My friend I had a similar experience... I had a bankruptcy in 2000, then a few years later a job loss caused me to lose everything I had worked hard to gain (and regain) after the bankruptcy, including my home. 

I didn't bother with another BK, I just let things happen however they happened... and I agree, this was much more painful than the bankruptcy.  Not many people understood at the time, though.

I get it completely. 

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Sorta my story as well.  Did BK 7 in 2001, hardly any credit cards.  When came out of BK, they threw it at me like thieves (and I took those cards without rewards).  January through June 2008, my part time job declines, 2400 month income drops to 1k.  Called to consider BK, decided to wait it out.  Found these forums, decided to fix (started 2013, finished fix 2014).  We have the best stories to tell, those that have actually went through it.  

[Anonymous]

Ok people, we started this very late.  8pm PST/11pm EST/10pm CST.  I know number of people that were excited to ask @CA questions but couldn't make it.  There are still many questions to be asked and I [eastern time zone] am very sleepy.

So we are going to have a part two to this session which will be earlier and the wonderful @CA has decided to continue answering questions then.  I am sure others will also after seeing his answers in this thread.

I thank you all for participating and for those who didn't get an answer in this thread, will get it in the next session /part two. Thank you and have a goodnight.

[gdale6]

Thank you Yes-its-Me, CreditAddict and all others who participated in this thread. If you would like to be a guest you can contact YIM or any moderator to express your interest.