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What Do You Wish You Had Known Earlier

Super Contributor

Re: What Do You Wish You Had Known Earlier


@iced

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.


While I've never been married, I share some of your view on this.  I wish I hadn't purchased a home in my young 20's.  Everyone said it was a great thing to do (own instead of rent) especially at a young age.  Had I stayed in a tiny apartment for another 5 years (say) I could have saved enough to purchase a "nice" home that I would have been happy with.  Fast forward 15 years, I'm in my late 30's and still living in the tiny house (that I hate) that I bought in my young 20's.  Due to the mortgage payments I'm unable to save much, so I've kind of been "stuck" and unable to make a move to a nicer house that I'd be happy with.

Message 11 of 31
Established Contributor

Re: What Do You Wish You Had Known Earlier

My first card was for a jewerly store. I only signed up because they were giving out a 50 dollar gift card. I didn't even know if I would be approved or not.  It closed a few years later from lack of use, and I never even spent the gift card.

 

If that card had been somewhere useful and I had actually used it occassionally my AoOA would be 18 years instead of 12, and my AAoA would be a tad bit higher too.

 

Actually I wish I had opened up 3 card back then.  I might be at 850s right now (or very close to it) if I had.

Message 12 of 31
Regular Contributor

Re: What Do You Wish You Had Known Earlier

I wish I had understood how deferred student loans keep accumulating interest.  The interest on my still open student loans is more than the original loans started out at so very many, many years ago.  Neverending debt.


Message 13 of 31
Super 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?


At the beginning of my rebuild I was misled by Credit Karma into thinking that the more credit cards I had, the higher my credit scores would be. Buying into that, I wound up getting turned down for some of the credit products I would most have enjoyed having, on the grounds of recent inquiries, new accounts, too much recent credit, etc.

 

What I would have done differently is build more slowly and selectively.


FICO8 EQ 776 TU 789 EX 764 Total revolving limits 569900 (484900 reporting)
Message 14 of 31
Established Contributor

Re: What Do You Wish You Had Known Earlier

I would have applied for BBR, Discover Secured, and SSL when I turned 18. 

I would have hit my 800 goal sooner.

 

Instead this happened https://ficoforums.myfico.com/t5/General-Credit-Topics/Secumd-scammed-me-into-making-new-accounts-wh...

 

https://ficoforums.myfico.com/t5/Relationships-and-Money/My-parents-never-made-me-an-Authorized-User...




Starting Score: Ex08-732,Eq08-713,Tu08-717
Current Score:Ex08-778,Eq08-765,Tu08-775
Goal Score: Ex08-800,Eq08-800,Tu08-800


Take the myFICO Fitness Challenge

History of my credit
Message 15 of 31
Established Contributor

Re: What Do You Wish You Had Known Earlier


@SouthJamaica wrote:

@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?


At the beginning of my rebuild I was misled by Credit Karma into thinking that the more credit cards I had, the higher my credit scores would be. Buying into that, I wound up getting turned down for some of the credit products I would most have enjoyed having, on the grounds of recent inquiries, new accounts, too much recent credit, etc.

 

What I would have done differently is build more slowly and selectively.


Did CK pull this dirty trick on you?

https://ficoforums.myfico.com/t5/General-Credit-Topics/Why-Credit-Karma-manipulates-quot-payment-his...




Starting Score: Ex08-732,Eq08-713,Tu08-717
Current Score:Ex08-778,Eq08-765,Tu08-775
Goal Score: Ex08-800,Eq08-800,Tu08-800


Take the myFICO Fitness Challenge

History of my credit
Message 16 of 31
Super Contributor

Re: What Do You Wish You Had Known Earlier


@Subexistence wrote:

@SouthJamaica wrote:

@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?


At the beginning of my rebuild I was misled by Credit Karma into thinking that the more credit cards I had, the higher my credit scores would be. Buying into that, I wound up getting turned down for some of the credit products I would most have enjoyed having, on the grounds of recent inquiries, new accounts, too much recent credit, etc.

 

What I would have done differently is build more slowly and selectively.


Did CK pull this dirty trick on you?

https://ficoforums.myfico.com/t5/General-Credit-Topics/Why-Credit-Karma-manipulates-quot-payment-his...


I never noticed, it wouldn't have been meaningful to me, since I didn't have late payments in my record.


FICO8 EQ 776 TU 789 EX 764 Total revolving limits 569900 (484900 reporting)
Message 17 of 31
Super Contributor

Re: What Do You Wish You Had Known Earlier


@SouthJamaica

I never noticed, it wouldn't have been meaningful to me, since I didn't have late payments in my record.


I believe that SE was referencing the CK manipulation of "the more accounts the better" graphic rather than the payment history fluff chart in this example.

Message 18 of 31
Frequent Contributor

Re: What Do You Wish You Had Known Earlier

There's not much I could ahve done differently my first time, it was a medical issue which lead to being out of work and endless expense.

 

My second go, would be inquiries. For the longest time, I stayed at only 2-4 per year. As was suggest by a someone at the time. Looking back and knowing they don't factor that much into your score, and that they are only relevant for 6 months. I would have apped little more early in my rebuild phase, which would have lead to higher AOAA. That is the biggest pull on my CR.

Second would be the 2-3 card myth, or at least a better info on how to utilize that method. 

Third would have been aquiring the right cards earlier, such as Amex etc. For the longest time I didn't now what I could get with my then current score, so I stayed with those like Merrick, Orchard Bank etc. longer tha I should have. It wasn't until later and CK that I became more informed.

 

In short, I wish I had found this place much sooner. Even just 2 or 3 years ago would have been a boost.

Message 19 of 31
Valued Member

Re: What Do You Wish You Had Known Earlier

Like many here, AAoA, utilization and late payments.  I was late to the credit card game, luckily able to avoid the college pitfall when they gave kids their first credit card while away from home and broke....sounds like a great ideaSmiley Frustrated.  But I managed to screw up any way.  Late, but always paid.  At my worst with late payments I closed accounts.  Although my AAoA is 12+ years it could have been longer. 

 

I too wish I knew about this site at the beginning of my rebuilding.  Wouldn't have taken so long as I see people with collections who drastically raised their scores within a year.  With lates being my only derogs (30 and 60 and one 90).  Ultilization killed me until I started my rebuild and paid all my cards off, except 1.  I was so looking forward to making that last payment to have 0% utilization when I found a thread that said that would hurt my score Smiley Surprised  Now I'm just a credithead, addicted to continued learning (and a little manipulation).

FICO 8 as of 06/08/18 :
EQ-817 | TU-790 | EX-810
FICO 9 as of 06/08/18:
EQ-842 | TU-828 | EX-819
Mortage as of 06/08/18 :
EQ-766 | TU-770 | EX-786
Message 20 of 31