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My private financial support group on Facebook has gotten hilarious because a lot of the regulars demand that people first do the math on a new card and prove why they think they should app for it.
We also have a mandate that people don't float anything on credit cards to the point of paying interest or fees, so typically we are a different kind of credit card customer. Not churners, just reward-chasers.
I would say even there, after people have done the math, it's still 7/10 "No, don't app for that" answers from the choir. On the flip side, I wasn't going to app Amex BCP this month because of no pre-quals but it was 9/10 saying "oh yeah, app, you'll get it" from everyone, and they were right. But my math proofs were stronger than Einstein's relativity math, and mine were probably longer proofs, lol.
I really need to open a DCU account, that 5% on $1000 keeps screaming at me but for some reason I am exhausted with bank accounts. Going to close Wells Fargo today or Friday finally, and thinking of closing a local community bank account I've had for 20+ years because they denied me a junky rebuilder card in July, thankfully without a hard inquiry. Once those two are gone, I'll delete them from Mint in a few months and then consider a few new accounts, maybe there will be some good sign-up bonuses for checking/savings.
So I've been reading a whole lot of what you post, ABCD2199, and it has me rethinking some things...
I always thought that as long as I PIF and don't pay any interest I was fine. I'm not rebuilding I'm building. My credit limits are not the best and I'm worried that AZEO will hurt me getting them increased, is that false? Also my scores are tanked right now because I'm carrying a balance on Discover, Chase, and Barclays due to 0% interest promos. I'm rewriting all my rules of what I thought was "okay" from reading all your post
Private support group on Facebook = access to the credit Illuminati? Don't hold out on us now
@Anonymous wrote:So I've been reading a whole lot of what you post, ABCD2199, and it has me rethinking some things...
I always thought that as long as I PIF and don't pay any interest I was fine. I'm not rebuilding I'm building. My credit limits are not the best and I'm worried that AZEO will hurt me getting them increased, is that false? Also my scores are tanked right now because I'm carrying a balance on Discover, Chase, and Barclays due to 0% interest promos. I'm rewriting all my rules of what I thought was "okay" from reading all your post
There's a lot of data points on CLI out there but the most common one is "use a responsible portion of your credit limit and make payments well over the minimum." I personally have NO history of CLI other than Amazon store card which is a useless card for me. But I am going to switch my usage to about 30% of utilization on a card and let about 6-7% post before paying it off and see if that helps.
AZEO won't hurt you, it'll help in the long term, but if you manage a ton of credit cards, that may actually hurt you with CLI requests because chargeoffs are up and lenders are tightening and if they see you have a ton of exposure, it's probably hurting SOME of your chances. The folks I know with the highest credit limits don't have 30 credit cards with a lot of $500 toy limits. So I'd say if you have more than 12 credit cards and you don't use some of the smaller limit cards, close them. If a lender offers the option to reallocate credit limits, take advantage of it over time! I know lots of folks with $30,000 Chase CLs because they reallocated a new limit once a year and in 3-4 years they were at $30,000 or more on one card.
@Anonymous wrote:Private support group on Facebook = access to the credit Illuminati? Don't hold out on us now
Lol something like that!
We actually shut down our financial mentorship group annually and create a new one and then word of mouth invite new folks who need help.
Even with tons of financial mentorship, the failure rate in the first 6 months is REALLY high. It's unbelievable how many people dream of being rich but they only like the dream, they hate the idea of the reality.
@Anonymous wrote:
All my cards are in my signature. I read what you said about 2-6 credit cards and then about 7+
Those are great cards! I'm not familiar with DCU Visa but credit unions tend to be pretty strong in service and limit.
I can't wait to chop 3-4 of my current cards I got in 2017. Already have the closing dates in my forecast!
What are your thoughts on my situations? I have 2 charge-off accounts, 5 open collection accounts and 5 late payments. All negative accounts were opened with in the last 6 months or less. I was in a car accident and shortly after I was laid off. This definitely wasn't my year, but I'm now in a place where I can star tackling this monster. Unfornately, I don't know where to start. According to Credit Karma, my payement history is 95%, my utilization is 73%, my average age of credit is 4 yrs. I have 4 open credit cards and 4 open loans.