What is the fastest way you have seen someone ruin their credit?

[Anonymous]

In my experience it is my ex-wife who was always bad with money and one of the main reasons for the divorce since she said she had learned her lesson and is "good with money now" and I was too controlling with it.

Since separating in August when she had $0 in credit card debt, she has managed to trade in a car that I had to co-sign on that still was in great condition with 4% APR and 24 months till paid off for a new car that she rolled 3k in negative equity into got a 72 month loan along with 7% APR.

She has also managed to rack up 30k in credit card debt in that time and drop her credit score from low 700s to almost low 600s along with spending about 4k each month on her credit cards and as she said well I pay off $800 each month.

[Anonymous]

Me. When I got my first credit card. My wife (girlfriend at the time) and I used every last dime we had to get a place of our own (manufactured home). To furnish it, I app'd for a Walmart Credit Card. Was approved for $1,500 and maxed it out furnishing the place saying "Eh, we have 24 months to pay it back with no interest". 

Yeah, that didn't happen. Add in a few more credit cards and I'm 24 years old making $10 and change an hour with $15k in CC debt.  

As you can see from my scores in my signature, I am still recovering. Although, I did cancel all of those store cards I had. Walmart, Kays Jewlery, Best Buy, Amazon (non-chase version).

[pinkandgrey]

I have to assume that missing payments, or worse—charge offs— is the best way to wreck your credit.

[Anonymous]

That time my co-signer for my student loans decided they didn't want to sign for more loans and intentionally made their score temporarily dip so that the next year's tuition wasn't covered/approved but told me everything was good while I was away to find out at the end of the semester I couldn't sign up for next semester.

20 years old. 60k in debt. Unable to get transcripts released. That was a fun way to start life. -_-

[Anonymous]

Rebuilt ... sounds ugly! Glad you took charge and are clawing your way back! It is challenging and frustrating.

[Anonymous]

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@Anonymous wrote:

Rebuilt ... sounds ugly! Glad you took charge and are clawing your way back! It is challenging and frustrating.

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Rebuild is pretty complete.

All my scores currently sit around 750 +/- a couple points if AZEO or not since last summer (2018). Had my experian break into the 800s shortly before my car loan closed.

Wish I had  known earlier in life how important aging accounts was/building a file. Was under the impression that paying cash/debit and never needing credit cards & loans was viewed as being financially responsible.  Didn't open my first card until I was nearly 26!  But I'm approaching 29 now with a solid income & credit scores and no kids--just a spoiled dog.

[ScoreSizzle]

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@Anonymous wrote:

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@Anonymous wrote:

Rebuilt ... sounds ugly! Glad you took charge and are clawing your way back! It is challenging and frustrating.

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Rebuild is pretty complete.

All my scores currently sit around 750 +/- a couple points if AZEO or not since last summer (2018). Had my experian break into the 800s shortly before my car loan closed.

Wish I had  known earlier in life how important aging accounts was/building a file. Was under the impression that paying cash/debit and never needing credit cards & loans was viewed as being financially responsible.  Didn't open my first card until I was nearly 26!  But I'm approaching 29 now with a solid income & credit scores and no kids--just a spoiled dog.

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You mean, VERY spoiled dog, lol. 

[Kree]

There is a post somewhere on here where the poster took out 100k in cash advances, and had every single card close down.

My details might be slightly off, but it took him a few years to get his scores back up

[Anonymous]

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@ScoreSizzle wrote:

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@Anonymous wrote:

I'm approaching 29 now with a solid income & credit scores and no kids--just a spoiled dog.

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You mean, VERY spoiled dog, lol. 

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Haha, very much.

...his care is more than most people's car payments. But that rabbit he caught...that's worth 10k, right? And those birds flying by...easily a few grand each! He surely earns his keep.

Came up with at least 10 reasons for my girlfriend why the handsome boy is way better than some "useless children" in a stranded survival situation. lmao