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What Do You Wish You Had Known Earlier

Valued Contributor

What Do You Wish You Had Known Earlier

Simple questions. We've all made mistakes. What's the thing you wish you had known when you started building or rebuilding your credit? What would you have done differently if you could go back?




30 REPLIES
Senior Contributor

Re: What Do You Wish You Had Known Earlier

I would have started rebuilding sooner and not been afraid to be denied. If I had, my rebuild would be much further along.




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Message 2 of 31
Frequent Contributor

Re: What Do You Wish You Had Known Earlier

I wish I’d understood AAoA and AoOA properly — along with their importance. To that end, I wish I had not closed the lame toy-limit cards I started with a decade ago (assuming they didn’t have an AF, which not all of them did) and had just SD’d them instead. AAoA requires a loooong passage of time for both optimal scoring AND to protect one from the deleterious effects new accounts.

But, I was a total dummy. I closed the crap cards and now my AAoA and AoOA are pitiful.
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EX 742 TU 765 EQ 754
Goal Score: 780's



Total Individual CL: $104,000
Message 3 of 31
Valued Contributor

Re: What Do You Wish You Had Known Earlier

Well first off I wish I didn't try to stay afloat for 2 years trying to rob peter to pay paul and just declared BK, but I tried so hard to keep paying.

 

And because of that I didn't apply for ANYTHING for years, so I wish I tried to start rebuilding earlier than I did, but I just felt after what had happened and having to declare BK, that cash was it for us and thats what I did for many years.

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FICO EXP 728 TU 723 EQ 718
Message 4 of 31
New Contributor

Re: What Do You Wish You Had Known Earlier

I wish I had started building credit earlier with a store card or something. At 30 I have no loans(can't drive, went to school free) and I've spent my entire life using cash/debit. Finally getting somewhere though

Message 5 of 31
Established Member

Re: What Do You Wish You Had Known Earlier

I wish knew it wasn’t smart To open so many cards just to open now I’m kinda stuck with them since it’s not smart to close an accounts🤷🏽‍♀️
Gardening -6/18
Goal-Fico-800


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Message 6 of 31
Super Contributor

Re: What Do You Wish You Had Known Earlier

Wish I had known how to play the credit game. Fought my way back from the dark hole and there was no guidance on the way. Did not know or use the internet to find ideas which would have been to my advantage. It would have been so much simpler.
Starting Score: 000 Fico TU08
Current Score: 835 Fico TU08
Goal Score: 850


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Message 7 of 31
Super Contributor

Re: What Do You Wish You Had Known Earlier

I wouldn't have changed anything with respect to my rebuild.

 

What I would have changed prior to my rebuild was educating myself regarding credit basics.  Doing so may have prevented me from getting into a tough spot originally and a rebuild may have never been necessary.  Things like utilization.  Many people like myself don't understand that high utilization is a bad thing for your profile.  They think so long as you're making payments, you're fine.  Not true.  Also most people don't understand that a late payment can damage your credit file for 7 years.  Heck, many don't even realize that late payments impact your credit report at all; many simply think they get a late fee from the creditor and move on with life.  Just basic things like that I wish I had been more in the know about before I hit my low point.

Message 8 of 31
Frequent Contributor

Re: What Do You Wish You Had Known Earlier


@Jnbmom wrote:

Well first off I wish I didn't try to stay afloat for 2 years trying to rob peter to pay paul and just declared BK, but I tried so hard to keep paying.

 

And because of that I didn't apply for ANYTHING for years, so I wish I tried to start rebuilding earlier than I did, but I just felt after what had happened and having to declare BK, that cash was it for us and thats what I did for many years.


I totally get this. I spent so much time trying to recover when I was really already BK. If I had not done everything to hold on for the 3 years then it would have been off my CRAs by now. I also did not apply for anything after the BK discharged when I probably should have gotten at least 1 secured card while in my re-payment plan as I would be in much better shape now.

 

The main thing is I wished it had occurred to me to do some research on credit and found this site before I did. A little knowledge is very useful and I've learned more about credit here in a few weeks than I knew in 30 years of paying bills. Well, they say hindsight is always 20/20 and all we can do is to move on from where we are at the moment.

Started Rebuild 4/2018: EX 616| TU 604| EQ 621

Current 10/04/18:


Goal Score: 750+
Message 9 of 31
Valued Contributor

Re: What Do You Wish You Had Known Earlier


@Brian_Earl_Spilner wrote:

Simple questions. We've all made mistakes. What's the thing you wish you had known when you started building or rebuilding your credit? What would you have done differently if you could go back?


If I could do my 20s again, I would have not married a spender and instead moved into a tiny apartment so I could have maxed out my retirement savings every single year. It's credit-related because that relationship was a money pit that led to a BK and lots of debt that took over a decade to pay off.

Message 10 of 31