Re: What is your absolute worst mistake with credi... - Page 8 - myFICO® Forums - 4136475

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@NICKI183 wrote:
I have been on a credit repair roller coaster since 08 when I joined the MyFICO community. In doing so, I obtained credit advise on what credit to obtain and how to get back on track. Well, that worked for a short perioud of time (Household Bank, Credit One, Cap One, and FPB). I even had some store cards, then all of a sudden I got back in bad habits again. Long story short, I am back in the saddle of credit repair and finally acquired two prime cards (BOA and Discover) but still some subprime. Two night I ago I thought that I could slip through the radar and began to apply for cards again ( knowing it was a slim chance in heck). What a dumb idea as I was not approved and incurred HP x3. I must show restraint as I continue to go through this repair journey...

Thanks for sharing. It takes discipline and time. Some threads on various forums facilitate the encouragement of bad credit habits. I have discipline, but I feel the need to frequent some gardening forums at times. I wish you much luck and strength in your credit repair journey!

Life was a lot simpler when what we honored was father and mother, rather than all major credit cards. ~Robert Orben

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@Anonymous wrote:
My worst mistake is apping for so many store cards this year. All I did was charge things I didnt need and could have used my rewards cards instead. Out of the 5 cards I have the only ones I apped for in the past year is barclay and logix and I dont regret those but I ended up closing all those toy limit store cards anyway and wasted many hp's for nothing.

You did what you felt was best for your sito. That's good. Thanks for sharing!

Life was a lot simpler when what we honored was father and mother, rather than all major credit cards. ~Robert Orben

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@OroroMunroe wrote:
A few years ago, my credit was a mess (still not perfect, but I'm working on it). So one late fall night, I decided to stop beating myself up about my credit mistakes; I figured it was time to start over again. A few days before I stumbled across the My Fico site, I applied for a First Premier card online. When I apped, I just knew it was going to be a denial, but of course, they approved my application. I had to pay the fee before they would ship the card. I'm so thankful for that step because I ultimately decided to not pay the fee. A few days after applying, I found this site, read on this site that Capital One is quite forgiving and open to people with poor credit, and then I applied and was approved for the platinum card. Applying for the FP card was a mistake. I would also say that another equally bad mistake was treating credit apps like a slot machine. I just put in quarter after quarter and won nothing! Well, I guess you can say I won a bucket full of inquiries.

Yeah I suppose being approved for the Cap One Platinum after getting the FP was a blow. It happens. OMGee!!! I guess that is one way to look at it [bucket full of inquiries]. They'll be gone before you kinow it. Thanks for sharing your regrets Ororo!

Life was a lot simpler when what we honored was father and mother, rather than all major credit cards. ~Robert Orben

Message 73 of 108

@icyhot wrote:
Opening cards just because and then closing them soon after. My credit report looks terrible

Oh my! I hope you don't still do that. At some point we all learn what we have to do to improve our credit profile. Just start doing as others do. If you find yourself at a CC app online, fill it out, then don't click submit. Thanks for sharing Icy!

Life was a lot simpler when what we honored was father and mother, rather than all major credit cards. ~Robert Orben

Message 74 of 108

@jawbrkr wrote:
Mine was not truly understanding the concept of credit and properly managing it. Not understanding how that could negatively impact my life. That mistake led to misuse and eventual closing of my account. This was way back in the mid to late 90s. I was denied credit for years after that so much that I decided to hell with credit and that I didnt need it. I was going to pay for things with money i earned myself. I did this for years just fine. But the worst part was being unable to get nice apartments when renting. I had no credit history so nice options were very limited. It kind of ticked me off because having credit is not "mandatory" and there is no law that states one must carry a credit card. So why was it mandatory for me to have credit history to rent an apartment? Why was my lack of credit being used against me? There were plenty of other ways to verify someone's ability to pay. This led me to pretty much get back into the credit world again.

A good lesson! And I agree with 'credit not mandatory/required to rent'. Your experience is shared by many. I feel sorry for elderly people who experience this. Some have problems trying to move into senior housing developments. Thanks for sharing!

Life was a lot simpler when what we honored was father and mother, rather than all major credit cards. ~Robert Orben

Message 75 of 108

@cem13 wrote:
My biggest credit card mistake? I purchased an engagement ring. Worst mistake of my life.

Now! Now! Now! How do you figure that was a mistake? Was the ring pricey in cost? Did you use a cc with no rewards?

Life was a lot simpler when what we honored was father and mother, rather than all major credit cards. ~Robert Orben

Message 76 of 108

@SOGGIE wrote:
@cem13 wrote:
My biggest credit card mistake? I purchased an engagement ring. Worst mistake of my life.
Now! Now! Now! How do you figure that was a mistake? Was the ring pricey in cost? Did you use a cc with no rewards?

I'm gonna guess the relationship didn't work out?

Message 77 of 108

Not really considered a huge mistake but having three cards with Synchrony at one point, now down to two and will be down to one after the WalMart card hits one year. No more toy limits, no more store cards. I've already cut it up, will cancel after its PIF and hits one year in September.

Message 78 of 108

For me the SCT. I used it and opened a VS account. No hard pull of course, but when it reported last week I dropped 45 whole points. I just got the account on 6/29. My statement cut on the 8th and the bill is already paid, but I'm guessing my thin file was the cause of the fall off the cliff. It hurt my feelings. All good though. This is the lowest it's been since I started rebuilding and the lowest it will ever be again barring unforeseen circumstances. I'm sure my scores will recover soon. Thankfully I enjoy the thrill of watching them go up.

Message 79 of 108

My biggest mistake is not find myFICO earlier. I was an international student and was so happy to finally get my SSN. I went ape$hit about applying credit card and didn't know that each inquiry would affect my credit score. Now I have 11 credit cards (yay) but most of the have low limit ($1000-$3000). I also have 15 inquires on my report. I'm going to stay in the garden until 10 of the inquires fall off!

Message 80 of 108