Hey guys,
I started off building my credit when I was 18...I got my first credit card through FNBO with a 300 credit limit and over time had a solid credit score and was in outstanding financial shape. At 20yo I had a networth of about 50k with zero loans. I came to this website in search of the perfect credit score, and I litterally jumped off the deep end. As you can see by my signature line, I ammased a freaking awesome display of plastic...I had this huge wallet that would hold all of my cards, I would pay with my RITZ card any chance that I had to see the face of the clerk as he felt the weight of the card.
Fast forward a few years. I'm 27yo with zero active credit cards, with $116,000 in debt (105k credit card debt), a credit score in the 500s (if I'm lucky). I make 96k a year, and I'm dead broke.
Credit is serious business--I thought I understood that a few years ago, but head knowledge is only 20%...habbit is the 80% that matters. I have nothing against anyone who has or uses credit cards...I have nothing against anyone who uses this site (obviously, because I use it)...I'm just saying "be carefull".
I'm filing chapter 13 bankruptcy this week. I will be paying $2100 a month for five years in order to pay off my debts (becuase of my income, I do not qualify for a chapter 7 discharge).
Stay classy, and be real. I was irresponsible--now I'm making up for it on the ramsey plan. No more loans. No more FICO score. Hopefully forever.
Feel free to follow me in the bankruptcy section from now on 
Due to the view of my state's bankruptcy court, if you can repay 100%...then you must. Otherwise your repayment plan will not be approved. It's a pain in the butt for sure, but I'm not too worried about it. Paying the 2100 a month will effectively reduce my "usable income" to 75k per year. I already live well below my means so this will not be an issue. I'm GAZELLE INTENSE!!!!
Also, not too worried about being blacklisted...I seriously have no intention of ever being in any kind of debt again. I most defenitly won't ever have another credit card. The only future loan that I see as a possibility would be a mortgage; however, even that is possible without a credit score as long as you can find a good company that knows how to manual underwrite.
I've come to the conclusion that a FICO score is quite pointless. When I was 80k in debt and making 50k a year, I had an excellent credit rating. Post BK I will have extreme cash flow and a substantial savings account...however a poor FICO score. FICO scores are not a good measure of financial fitness...just a good measure of how well you have paid credit companies. *w/ the caveat of paying credit card bills every month--however, it's still a bad habit and a dumb premise in my personal opinion.
I've come to the conclusion that a FICO score is quite pointless. When I was 80k in debt and making 50k a year, I had an excellent credit rating. Post BK I will have extreme cash flow and a substantial savings account...however a poor FICO score. FICO scores are not a good measure of financial fitness...just a good measure of how well you have paid credit companies. *w/ the caveat of paying credit card bills every month--however, it's still a bad habit and a dumb premise in my personal opinion.
WasCB14,
I think it was like "man, I have arrived"..I have a solid job, a great credit score, they've opened up these credit lines to me--that must mean that I'm worthy to live this life style. I liked the rewards points, and I generally liked the feel of having the buying power involved with my cards. However, the debt was all brought about by overspending and being financially irresponsible in general sense.
I think it was like "man, I have arrived"..I have a solid job, a great credit score, they've opened up these credit lines to me--that must mean that I'm worthy to live this life style. I liked the rewards points, and I generally liked the feel of having the buying power involved with my cards. However, the debt was all brought about by overspending and being financially irresponsible in general sense.