- Green Member
- Posts: 7
- Joined: Mon Aug 19, 2013 12:40 pm
- Location: Columbus, Oh
Good afternoon everyone,
I have been a lurker for awhile, but created an account yesterday so I could participate.
I lost my job 8 years ago, and that took a ding on my credit. Mainly because I couldn't pay my bills. I didn't lose my house. I just stopped paying unsecured debt. It was more important to feed my family and keep the lights on and a roof over our head.
So it has been a struggle to restore my credit.
Now I have two houses in my name. I just closed on the second house this summer. I know that it wasn't ideal to carry two mortgages, but the new job relocated me and I couldn't sell the old one. I have a renter. I am hoping to sell it next summer when their lease is up. I would love if they buy it from me.
Up until a couple of weeks ago, I have had the crappy restoring my credit cards.
I looked at our annual fees, and my wife and I were paying almost $500 per year in fees for these cards:
2 capital ones (one in each name)
2 HSBC cards (one in each name..recently bought by capital one)
2 credit one bank cards (one in each name)
When we bought this house, we went on an app spree and opened some lines of credit.
Here is what we added:
Best Buy - her
Amazon - both
Lowes - both
Home Depot - both
GE capital - both....used to buy furniture at 0% interest
USAA credit card - both (they are also who we bank with and have home/car insurance)
USAA car loan - I refinanced a loan I had with capital one.
Last week I applied for a TrueEarnings card. SInce I have a Costco membership already. I thought it would be a good way to start with AMEX. I received the card in the mail on Monday. This morning (Wednesday, so two days later) I applied for the BCE card and was approved.
The True Earnings card had a limit of $2500 and the BCE was started at $10K. I plan on doing the 3X CLI after 61 days for each card.
It feels good to be back on track and restoring my credit name.
It is much easier and cheaper when you have good credit.
We travel a couple of times a year for full week, and the occasional weekend trip. It will be nice to earn points and get something back.
After looking, I probably should have applied for the Hilton card since it has no annual fee and we can use the points for hotel nights. Would we have been better off with this, or the BCE? Should I wait 13 months before applying for the Hilton one?
Is there any way to pay mortgages with Amex and get rewards for that?
Any other pointers appreciated!