@Red1Blue wrote:Hi @FireMedic1 and @LaHossBoss I know you meant well. I am fedup with FICO and Scores and credit approvals. It was a shock for me in 2016-2017 how they started chopping off my limits especially I am in school and family medical emergencies. It was a hell. One thing I learned is Cash is king and I do not want to be at the mercy of Lenders giving me credit or reducing the limits or canceling tradelines. Fortunately, I have invested time and money on unique education and raised my income potential. I am blessed in many ways. My motto now is Save. Save and Build up cash Reserves. Make as much money as I can make and put it away for retirement.
In 2018 my scores were trashed. In 2019 I could not even get a secured card. I took Rambo approach. I dont care about the scores and dings any more and hopefull approvals from a lender. I want to have security and confidence that I have available credit that I can use for daily use and professional purposes. I am done with credit playing game.
1. My util was 98%. I am taking care of COs ( I cleared 17 COs and 7 CAs) 5 more left that should be clearned in the next few weeks. That is drastically reducing my Utilization. All my COs will come down to $0 by end in the next few weeks and I'll be debt free. I know it will take some time for scores to improve. Who cares for the scores.
2. I am putting obsene amount of money ( I really mean obsene amount) into my Secured Cards and Maxing out all the accounts deposits to max they will allow. This is drastically increasing my available credit and reducing my Util. 3 Cards might gradaute and 4 others do not graduate. As these accounts age I'll collapse them into 2 cards with $25k each in limits. I am using Credit Cards as debit cards. $0 new debt and paying it off in full every month. I am not going to depend on any lender to give me any thing. With 2 secured cards with $25k limit each and paying it off in full every month, I have so much control on my finances. Even though you now say you dont care about scores. FICO doesnt care what your limit is. Its whats reported each. You say you pay it all off to $0. As you know have at least 1 card report something. Someone with a total of $1000 in credit benefits by on time payments and low util reporting just as much as someone who has $100,000 in available credit. Number of cards just make a thicker file. Noting more nothing less.
3. There is a wave of Fintechs who are approving credit based on the income and not on credit reports. I got Grain, Oxygen now. They will grow in the limits as they see my income and bank account balances. They do not depend on the credit scores.
3. Yes I did apply for lot of new cards. Beleive it or not I have 14 cards+ cards reporting ontime payments for last 19 months. That is washing away some of the old derogs. Not completely but at least it is showing positive credit. Once they reach 24 months of good payments they will start washing my old bad credits. More credit doesnt make negs any less damaging. Time does that for you. Thats why we say 3 cards is enough to get it going. 17+ accounts doesnt do much no matter what the credit line is.
4, Yes some cards are low in limit so what. They will organically grow. I also applied and obtained cards for my needs. Blaze, FSCC, Khols, Venus and other cards will grow over the period of time. They are serving their purpose. Store cards dont replace bank credit cards. Unless they are a MC/Visa.
5. I got Amex Optima turn 30 days. In 11 months I should be able to get regular Amex Card. The I can have a good Amex Charge card and Amex Blue Cash credit Card. US Bank and SDFCU secured cards might graduate and provide me good credit.
6. The only new cards I want to get is Apple Credit Card if and when I can get approved. Even otherwise what do I have to loose.
I was so humilated with my credit situation. I did not listen to any advice and followed my heart and took Rambo approach. Trust me. Cash is King. All these credit cards and lenders are flyby players. Look how many people lost their limits and got accounts cancelled due to Pandamic. I am done with the Credit Game. I want to have a debt free and comfortable life. Make Money. Save. Save and Save.
Yes savings is top of the list. Pay yourself in savings 10% ancd place it into the savings account. I did this since BK. Thats how I was able to pay cash for a home. No mortgagem no interest. But IMO no more cards for 2 yrs at least. Pay the past and enjoy the future. You have more than enough cards for a long time.
