@Old_Man wrote:
@SOGGIE wrote:
@takeshi74 wrote:
@Anonymous wrote:I started my rebuild with just one card. I swore I would never use CC's, even though it wasn't personal debt that caused the ch7, I wanted to live on cash alone and used my debit card all the time. But that brought risk as well and I needed to rent a car on vacation, so I opened just one CC and said that would be it.
Credit is used for a lot of things these days. If you want to buy a house or car and need financing then your credit will matter. Credit can also matter for home & auto insurance, employment, renting a home or apartment, etc.
Seems like you went into an app frenzy. Carefully consider your strategy and ensure that each card you apply for serves a clear purpose and is suited to you. Don't just apply for cards to cover all spending based on rewards. Analyze your spend and find cards that maximize your spend where the majority of your spend is going.
Useless post Takeshi. I am quite sure OP is aware of what they want/need to do. Their accomplishments support such. OP was not seeking advice, but rather sharing their accomlishments, which will inspire others. I notice you didn't congratulate the OP.
Super congrats OP! You've done an awesome job.
Uhm.............. I didn't find his post useless. I think a planning a stratagy to maximize your spend/reward is very important also. At the very least its sound advice for those of us that want to have good credit without having to manage 50 credit cards and toy limits.
First off congrats OP! You certainly have accomplished alot in the past 2 years. And while Takeshi can sometimes stand on a soap box he makes a perfectly good point about developing a strategy for building credit. If this was the OP's strategy then fine. But it's not a strategy for everyone and some people coming here for the first time need to have lots of info to make informed decisions not just think the only strategy is to apply for tons of credit cards.
@Anonymous wrote:I started my rebuild with just one card. I swore I would never use CC's, even though it wasn't personal debt that caused the ch7, I wanted to live on cash alone and used my debit card all the time. But that brought risk as well and I needed to rent a car on vacation, so I opened just one CC and said that would be it. The limit was decent and I was happy about that (or so I thought).
I was taking a look at what I have opened to make sure they are all working for me and realized that wow, was I busy in the second half of 2015. I wish I had known about this site right after my bk, I would have done a couple of things differently but in the end, it looks like it's all going to work out just fine!
March 2014
- Capital One Platinum - SL $2.5k, now $7K, PC'd to QS
March 2015
- Pier1 - SL $750, now $5k
June 2015-Oct 2015
- Capital One QS1 - SL $3K, now $8.5k
- Capital One Venture1 - SL $10K, PC'd to QS
- Capital One QS - SL $5K
- Capital One Venture - SL $15K
- Capital One QS - SL $5K
- Pottery Barn - $2K
- Jcrew - SL$500, now $1.4K
- Crate and Barrel - SL $5K
- Barclays Reward MC - $1.3K
- @Anonymous Loan with local CU $35K @ 6.10%
- @Refinanced Car Loan with PenFed $34.8K @ 4.10%
- PenFed Thrify - $500
January 2016
- Mortgage Funded - FHA, $274K, 3.375% for 15 years (mid-score 671 when pulled in November 2015, highest was 691)
- BofA Better Balance Rewards - SL $1.3K
- PenFed Platinum Visa Signature - SL $10K
- PenFed Promise - SL 10K
- Lowes - SL $1.5K, now $5K
- FHA Title 1 Loan for Home Improvements - Approved and Funded, $25K, 5.25% for 5 years (mid-score 705 when pulled in late January, highest was 707)
Current AAoA is 3.2 years (a couple of items still have to report so that will change)
It looks like I'm at max exposure with Capital One. I am hoping one day the consolidation feature works, if not, then two or three of the cards will be closed at the two year mark. The only cards I regret opening are the Barclays, Jcrew and SPG Visa (it was a SCT/SP).
So I'm at $94.2K in CC's and $75.3K are major Visa/MC's, which is MORE open credit than I had before the bankruptcy. I'm really please with how my rebuild is going so far. I'm hopeful that I can make it to the 700 club this year - given I started so late.
I have very little on my radar right now - just waiting out my time to try and get an Amex at the 5 year mark. I'd like a Macys (they were IIB) for the coupons and I'd love to get back in with Chase (that will be an uphill battle as they were IIB). The only thing I really have a need for is something with a restaurant catagory, I'm using my Venture for that but we eat out a lot and I'd love to find something better.
This site really is awesome and so helpful! A big thanks to everyone that contributes!
Awesome job!! Congrats on your success!
@Anonymous wrote:
@SOGGIE wrote:
@takeshi74 wrote:
@Anonymous wrote:I started my rebuild with just one card. I swore I would never use CC's, even though it wasn't personal debt that caused the ch7, I wanted to live on cash alone and used my debit card all the time. But that brought risk as well and I needed to rent a car on vacation, so I opened just one CC and said that would be it.
Credit is used for a lot of things these days. If you want to buy a house or car and need financing then your credit will matter. Credit can also matter for home & auto insurance, employment, renting a home or apartment, etc.
Seems like you went into an app frenzy. Carefully consider your strategy and ensure that each card you apply for serves a clear purpose and is suited to you. Don't just apply for cards to cover all spending based on rewards. Analyze your spend and find cards that maximize your spend where the majority of your spend is going.
Useless post Takeshi. I am quite sure OP is aware of what they want/need to do. Their accomplishments support such. OP was not seeking advice, but rather sharing their accomlishments, which will inspire others. I notice you didn't congratulate the OP.
Thank you. I just want people to know that it is possible to rebuild. We all choose to do it differently. I intentionally went on the frenzy so that my AAoA would be strong when the 15+ year old IIB accounts fell off my reports. Some 10 year closed/positive accounts are due to fall off this year, that's gonna hurt a bit too.
I never, ever thought I could get a mortgage two years out of my bk but it can be accomplished. I am blessed beyond measure! I don't really talk about my bk outside of this board, it's still embarassing, even though it wasn't a spending problem. It's embarassing because I couldn't make my small business succeed like I had dreamed it would. But through that failure, I've been given the opportunity to start fresh and take a different path. My career is awsome, my health is good and my son is amazing! Again, all I can say is that I'm totally blessed.
You are quite welcome! There are many folks who would love to read posts—sharing experiences like yours, regarding how you overcame a serious problem that many others face. Your original post has valuable information. Upon reading it, it was crystal clear to me that at some point, obtaining the 2016 mortgage was more important to you than earning points or cash back. A sense of home ownership is of paramount importance when weighed among other possible benefits (points, cash back). You succeeded. Your strategy worked quite well for you. And many of us know that if and when you decide to focus on the lesser achievements, you are now in a better position to exercise the option. We all choose our own desires and the paths (strategies). MyFICO Forums (an awesome tool) is intended for support purposes. A forum user’s response to the OP should relate to the original post—yours being achievement and method of achievement. I agree that you are indeed a blessed one… health/family/career/consumer credit being amazing. Good luck with your future endeavors!
@Anonymous wrote:
@SOGGIE wrote:
@takeshi74 wrote:
@Anonymous wrote:I started my rebuild with just one card. I swore I would never use CC's, even though it wasn't personal debt that caused the ch7, I wanted to live on cash alone and used my debit card all the time. But that brought risk as well and I needed to rent a car on vacation, so I opened just one CC and said that would be it.
Credit is used for a lot of things these days. If you want to buy a house or car and need financing then your credit will matter. Credit can also matter for home & auto insurance, employment, renting a home or apartment, etc.
Seems like you went into an app frenzy. Carefully consider your strategy and ensure that each card you apply for serves a clear purpose and is suited to you. Don't just apply for cards to cover all spending based on rewards. Analyze your spend and find cards that maximize your spend where the majority of your spend is going.
Useless post Takeshi. I am quite sure OP is aware of what they want/need to do. Their accomplishments support such. OP was not seeking advice, but rather sharing their accomlishments, which will inspire others. I notice you didn't congratulate the OP.
Thank you. I just want people to know that it is possible to rebuild. We all choose to do it differently. I intentionally went on the frenzy so that my AAoA would be strong when the 15+ year old IIB accounts fell off my reports. Some 10 year closed/positive accounts are due to fall off this year, that's gonna hurt a bit too.
I never, ever thought I could get a mortgage two years out of my bk but it can be accomplished. I am blessed beyond measure! I don't really talk about my bk outside of this board, it's still embarassing, even though it wasn't a spending problem. It's embarassing because I couldn't make my small business succeed like I had dreamed it would. But through that failure, I've been given the opportunity to start fresh and take a different path. My career is awsome, my health is good and my son is amazing! Again, all I can say is that I'm totally blessed.
TOTALLY made my day to read this.....Thank you for sharing your story !
@SOGGIE wrote:
@takeshi74 wrote:
@Anonymous wrote:I started my rebuild with just one card. I swore I would never use CC's, even though it wasn't personal debt that caused the ch7, I wanted to live on cash alone and used my debit card all the time. But that brought risk as well and I needed to rent a car on vacation, so I opened just one CC and said that would be it.
Credit is used for a lot of things these days. If you want to buy a house or car and need financing then your credit will matter. Credit can also matter for home & auto insurance, employment, renting a home or apartment, etc.
Seems like you went into an app frenzy. Carefully consider your strategy and ensure that each card you apply for serves a clear purpose and is suited to you. Don't just apply for cards to cover all spending based on rewards. Analyze your spend and find cards that maximize your spend where the majority of your spend is going.
Useless post Takeshi. I am quite sure OP is aware of what they want/need to do. Their accomplishments support such. OP was not seeking advice, but rather sharing their accomlishments, which will inspire others. I notice you didn't congratulate the OP.
I'll add this was over 2 years! The first spree was after an entire year. The next six months after. Far from frenzy. Looks to me it was thought out.
3 or 4 cards are enough for me, but, ya know, that's what makes me, me and OP, OP. I've said it before and I'll say it again, everything don't need to be judged, dissected and opinionized! If that's not a word, it's one tuhday!
Congrats on your journey OP and whatever it took to get there!
@Anonymous wrote:
etc etc
June 2015-Oct 2015
- Capital One QS1 - SL $3K, now $8.5k
- Capital One Venture1 - SL $10K, PC'd to QS
- Capital One QS - SL $5K
- Capital One Venture - SL $15K
Well done. What were your scores when you were Venture approved, if I may?
