Road to Credit Recovery & AMEX

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:
I agree that in certain situations like business things could be a little different but for out on the town for beers with friends the card doesn't make a difference.

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I can be a pretty self-concious person. 

Growing up (I'm 25), I've always learned that Capital One is for those with bad credit, and who deal with poor customer service all the time; whereas AMEX is for those who have great financial success. I guess my opinion(s) are mostly due to the roots of what I've grown up with, and other people's opinions of course. 

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I think it's important that you spend some time researching the cards that are best for your spend. As others have stated Cap1 is no longer just a subprime lender.

Best of luck!

[Anonymous]

Experian says 618 according to Discover. Thanks UncleB. 

[Anonymous]

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@Anonymous wrote:

Experian says 618 according to Discover. Thanks UncleB. 

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Since Citi provides EQ, you're now covered for all three. Sort of. Citi's is the Fico 8 Bankcard Enhanced version, so it's a little different than classic Fico 8.

[Anonymous]

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@Anonymous wrote:

I will ask again. Is the current debt you're carrying from your previous financial issue(s) or more recent?

Most of it is from a couple of years ago. 

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What is your plan for staying out of debt going forward? Are you using this time to build an emergency fund so you won't have to rely on your credit card if an issue(s) arises again?

[Anonymous]

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@beautifulblaquepearl wrote:

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@Anonymous wrote:

I will ask again. Is the current debt you're carrying from your previous financial issue(s) or more recent?

Most of it is from a couple of years ago. 

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What is your plan for staying out of debt going forward? Are you using this time to build an emergency fund so you won't have to rely on your credit card if an issue(s) arises again?

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I've recently opened a Barclays Dream account (yeah laugh all you want because of my Barclay CC problems). 

Right now it's earning a whooping 1.05% rate with a 2.5% bonus every six months if I meet certain criteria that are easy, such as depositing money at least once a month, and not withdrawing it. Right now I have $53.00 in it, and I'm planning on adding about another $100 or a little more by the end of the month. 

[Anonymous]

Also after the savings really grows, the credit union I'm going to start building a relationship with offers a 5 year CD with a 2.00% rate compunded daily and paid monthly. Not sure if that's a good idea for emergency funds though. 

[IgnatiusReilly]

My unsolicited two cents...

Cards are for rewards and bonuses. Not status. Status isn't something you app for. It's earned through hard work, sacrifice, and being a good person.

Don't carry a balance unless a need, not a want, can't be met any other way. Knowing the difference between those two improves life greatly. I learned this in my 20's.

98% of "people" are too self-absorbed to care about someone else, like their form of payment, or anything else for that matter. The other 2% are your friends and family. Spend 100% of your time concerned about that 2%. I learned this in my 30's.

Save at least 3x what you spend. I learned this in my 40's.

And don't date a woman who is going to judge you on your credit card. In fact, impress a woman by paying cash and having cash on you. I learned this from Frank Sinatra.

Hope this helps.

[Anonymous]

You can also look into getting a signature loan from your credit union. It's not revolving, so it would drive down your utilization and most likely carry a lower apr than what you're paying now. you'd probably have to wait until after September to do this. I can almost guarantee you can go anytime and sit down with the cu and they can give you some great free advice. 

[Anonymous]

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@Anonymous wrote:

You can also look into getting a signature loan from your credit union. It's not revolving, so it would drive down your utilization and most likely carry a lower apr than what you're paying now. you'd probably have to wait until after September to do this. I can almost guarantee you can go anytime and sit down with the cu and they can give you some great free advice. 

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I've never heard of a signature loan before. Tell me more about this. 

I actually made a mistake about the Barclays bonus. it's 2.5% every six months without a withdrawal, and an extra 2.5% on top of it if you put money into it every month. 

[Anonymous]

It's just a fixed rate personal loan. You'd be taking out a loan for say 24 months and paying off your credit cards with the loan. Since it's not revolving, it may help your score and it most likely will have a lower apr. the issue is that you may not quite qualify for one yet.