Need advice from FICO gurus...

[Anonymous]

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sleigh17 wrote:

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SpecFile wrote:

I will say "wow" you have done an amazing job.  It looks like you have really established yourself.  Congrats to you and your husband.

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Certainly looks like you have made great strides in a very short time. I would be scared to death with all that CL, but at the same time, look forward to the day. Right now, I am trying to cool my inquiries because I got turned down more than I got approved as well because I had and still have a lot to learn in order to get my scores up and cross over into the 700 club (my present goal).  

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Thanks for saying it out loud Sleigh.  I know exactly how you feel.  I am stil lafraid of my lager limits because before my problems, I didnt have 'credit' problems.  My problems were medical bill.  I went a LONG time prfectly happy FOR YEARS with my 1500.00 limit card. Never even applied for anything until the issuer gave me problems 59.00 annual fee and all...lol!

I think thats one reason I'm always trying to better deal.  That experience definitely taught me to have a backup or ten 

I'll admit that I am a little uncomfortable with my current limits only because being in BK is scary and somewhere I never want to face again.

[Anonymous]

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Brammy wrote:

I'll admit that I am a little uncomfortable with my current limits only because being in BK is scary and somewhere I never want to face again.

I could not agree with you  more, Brammy. BK is a place that I would never want to find myself again. Even though no one contested mine and it went quite smoothly, I still felt like hiding under a rock at the time. It certainly changes a person for life. And in all honesty, mine was bought about by medical problems with no insurance or backup plans. The joys of self employment and cutting corners to make it in the rat race. 

Now, my health is better, or at least stable, but I am still recovering from the shock waves created by that one experience. I wouldn't wish it on my worst enemy.

[SpecFile]

I will agree with both of you.  Although I have never filed for BK, I did watch what it did to my father.  The man was an extrodianry businessman and didn't throw in the towel as soon as he should have.  The BK stuck with him for 10 years and humbled him. 

Back then my father had a very very large line of credit with a lender called BankOne.  Well BankOne was bought out or merged with another lender and called this line of credit to be settled in 30 days.  The end result for my father was bankruptcy because he did not have that kind of cash on hand. 

The funny part about this story is that about a decade later, the mail came one day and had a gold credit card offer from the same bank that called his line of credit and bankrupted him ten years earlier.   

[Anonymous]

Wow!  I didn't expect so much response!  Thank you so much for everyone's comments and input!

Reading my post again to myself, I wanted to make one comment.  I hope that everyone will understand that I wasn't "showing off" my newfound credit.  I would NEVER want it to be misconstrued that way.  I was just trying to say that A) hard work pays off in regard to credit self-repair, B) there CAN be a light at the end of the tunnel, and C) it IS possible to recover, or at least start to recover (I'm not "there" yet... I'm just on my way!).

We, too, had a BK about 11 years ago, mainly due to our mortgage company being bought out twice, and "losing" records in the process, not crediting payments, having no good documentation of what had gone on with the previous mortgage owners (who both were good companies), etc.  We'd never want to experience that again, either, as it was a chapter 13, so for years all our disposable income went to the trustee. 

So... I hope I clarified all that!  Thanks for all your responses, and as for our 18 year old, perhaps her 2 cards ARE enough for now!

[Anonymous]

Hon no one thought that,  That's what this board is here for not only to show the struggles but the results of al lthat hard work.

As far as your 18 yr old daughter is concerned, lol!!  That comment came from experience. Had too much credit at 18 and spent LOTS of time eating in the chow hall paying for it.  Scared me off which is why my current history is so short.  ?Had no idea how credit reports worked and once I paid them off wasn't about to get more....lol!!!

[Anonymous]

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jenna4now2 wrote:

Wow!  I didn't expect so much response!  Thank you so much for everyone's comments and input!

Reading my post again to myself, I wanted to make one comment.  I hope that everyone will understand that I wasn't "showing off" my newfound credit.  I would NEVER want it to be misconstrued that way.  I was just trying to say that A) hard work pays off in regard to credit self-repair, B) there CAN be a light at the end of the tunnel, and C) it IS possible to recover, or at least start to recover (I'm not "there" yet... I'm just on my way!).

We, too, had a BK about 11 years ago, mainly due to our mortgage company being bought out twice, and "losing" records in the process, not crediting payments, having no good documentation of what had gone on with the previous mortgage owners (who both were good companies), etc.  We'd never want to experience that again, either, as it was a chapter 13, so for years all our disposable income went to the trustee. 

So... I hope I clarified all that!  Thanks for all your responses, and as for our 18 year old, perhaps her 2 cards ARE enough for now!

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I certainly did not mean to imply anything negative towards your success. I am happy for you and your accomplishments. I was merely making an observation that I personally am still afraid about having such large lines of credit for myself because of the BK that I went through. It was totally (as most are) unexpected and caused by circumstances beyond my control. But someday, I hope to be able to have better terms and larger CLs without allowing them to intimidate me because of my past. If we plan accordingly and take proper precautions, history does not have to repeat itself. Much good luck to you in your future endeavors. 

[Anonymous]

I am also concerned about my 18 year old getting too much credit... I know at 18 I had 9 CCs, and that was TOO MUCH.  But I would like to help her, as we are helping ourselves, to establish a GOOD credit history now, responsibly.  I only hope that she can do a better job that I've done!

[Anonymous]

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jenna4now2 wrote:

I am also concerned about my 18 year old getting too much credit... I know at 18 I had 9 CCs, and that was TOO MUCH.  But I would like to help her, as we are helping ourselves, to establish a GOOD credit history now, responsibly.  I only hope that she can do a better job that I've done!

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Dont blame you there. My 13 yr is an AU on one of my credit cards. I let him use it for purchases for things like video games that don't fall under special occasion purchases and he pays it off using his allowance.  He has interest and everything and a copy of Money 07 on his computer.

[SpecFile]

You know what Jenna, I wish there were more parents out there like you.  You wouldn't believe how many parents never teach their children how to manage money and credit.  You are a wonderful parent for taking that role on. 

You can't really blame an 18 yr. old who messes up with CCs if they were never taught how to manage their finances.

[SpecFile]

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Brammy wrote:

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jenna4now2 wrote:

I am also concerned about my 18 year old getting too much credit... I know at 18 I had 9 CCs, and that was TOO MUCH.  But I would like to help her, as we are helping ourselves, to establish a GOOD credit history now, responsibly.  I only hope that she can do a better job that I've done!

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Dont blame you there. My 13 yr is an AU on one of my credit cards. I let him use it for purchases for things like video games that don't fall under special occasion purchases and he pays it off using his allowance.  He has interest and everything and a copy of Money 07 on his computer.

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That's a great way to teach your son the value of credit and at an early age too.  I think I'll do that when I have a son someday.