Excellent credit today - but multiple charge offs from many credit cards 12 years ago

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
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mdawg
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Postby mdawg » Wed Mar 11, 2015 9:03 pm

And here are my current wallets with most of my current cards, or at least most of the important ones, that add up to 200K or more of credit lines. The larger wallet stays at home. The smaller one is one I carry around all day. These days I use mostly just the Citi Double Cash, the BofA 1-2-3 rewards card or the Discover due to the varying rewards. I just was approved for another card with up to 5% rewards on it, hasn't arrived in the mail yet.
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Last edited by mdawg on Mon Jun 13, 2016 11:01 pm, edited 1 time in total.


mdawg
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Postby mdawg » Wed Mar 11, 2015 9:07 pm

And as long as I'm on a roll, here are a couple of statements from two of my current BofA cards so that you may see that the credit lines, $40K on one of my business ones and $15K on a personal one on these two cards alone, are not piddling.
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Last edited by mdawg on Mon Jun 13, 2016 11:07 pm, edited 1 time in total.

mdawg
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Postby mdawg » Wed Mar 11, 2015 9:10 pm

And finally (if there ever was a point to this other than, originally, to sound out my argument that AMEX was perhaps violating some credit laws by denying me credit based on something well over seven years old that is now uncollectible), the reason I'd like an AMEX Plat back is to maintain SPG Gold Status automatically for the upgraded hotel suites. I don't stay in enough SPG hotels to always qualify on my own.
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I didn't DELIBERATELY ruin my credit back then - as in, something happened to my financial situation (since more than rectified) that eliminated my ability to pay off my credit card debt. Otherwise, believe me, I'd have paid off the quarter million to AMEX and the other three quarter mill to the others in a heartbeat at that time if I could have. But once my credit was ruined, I saw no point in paying anything and figured that eventually my credit would come back anyway, which it has! And for whatever reason, I ended up, today, with not a penny of collectible debt against me - the few judgments they managed to get have now expired worthless and were not renewed, the last one expiring late last year. Which is why I think it is STUPID that people file bankruptcy over unsecured debt. I never filed and never lost anything.

The Great American Dream! relived.

I have no intention of doing anything to jeopardize my credit and am paying all of my cards / credit lines on time, in full each month. My credit score is over 800 now, and I intend to keep it that way.
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Last edited by mdawg on Mon Jun 13, 2016 11:03 pm, edited 1 time in total.

Battery111
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Location: Lawton, ok

Postby Battery111 » Wed Mar 11, 2015 9:51 pm

mdawg wrote:I didn't DELIBERATELY ruin my credit back then - as in, something happened to my financial situation (since more than rectified) that eliminated my ability to pay off my credit card debt. Otherwise, believe me, I'd have paid off the quarter million to AMEX and the other three quarter mill to the others in a heartbeat at that time if I could have. But once my credit was ruined, I saw no point in paying anything and figured that eventually my credit would come back anyway, which it has!
The Great American Dream! relived

mdawg wrote:
Twelve years ago, I had some financial problems that resulted in my inability to pay my debt , and then I decided rather than just owing a little I'd just max everything out and have a big party so to speak and get all I could. I mean, why go under for just a little - I took it all.


You seem to contradict yourself depending on which angle you're trying to spin to justify your conduct. Bottom line is that you think that if you fall on hard times it's everyone else's job to pick up the slack. After all, they're just evil corporations right? Why should you be held accountable for your actions? The world owes you something for existing and heaven forbid some companies aren't going to fall for the same scam twice.
Citi AAdvantage Executive World Elite MasterCard
AMEX Platinum
AMEX Everyday Preferred
USAA AMEX
Discover IT
Chase Freedom
Chase Sapphire Preferred
NFCU nRewards Visa

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otter
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Location: Grand Forks, ND

Postby otter » Wed Mar 11, 2015 10:26 pm

So what was your point you were trying to make in your last three posts?

Were you trying to impress us all with your stash of cards with huge CL's? I don't think many of us are impressed. Many of us have some of those same cards. Conspicuously missing from your wallets is an Amex card... where are your Amex cards? Oh yeah... nm.

Was this a "I was a sinner until JE-SUS saved me! " type post? Well, then I suppose some congratulations are in order. You've obviously changed your ways, 809 FICO score and all... although your lack of remorse seems to indicate to me that the same underlying character flaws are still there, so I personally would never extend you credit.

mdawg wrote:And finally (if there ever was a point to this other than, originally, to sound out my argument that AMEX was perhaps violating some credit laws by denying me credit based on something well over seven years old that is now uncollectible), the reason I'd like an AMEX Plat back is to maintain SPG Gold Status automatically for the upgraded hotel suites. I don't stay in enough SPG hotels to always qualify on my own.


I don't know why you keep on bringing this up- Amex is breaking no laws. See here:

http://www.federalreserve.gov/boarddocs/supmanual/cch/fairdebt.pdf

The important section here is "debt collectors not covered by the act." A debt collector collecting debts under its own name can hold your indebtedness against you for longer than seven years. Amex can hold it against you until you take your dying breath.

Oh, here's a video clip of what Amex really wants to tell you when they send you rejection letters when you apply:

[video]https://www.youtube.com/watch?v=kgDORvds824[/video]
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

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otter
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Postby otter » Wed Mar 11, 2015 10:43 pm

mdawg wrote:yfan just to call you out and because I had a little time, here are pics of some of my cards from my first credit life. Most of the cards were thrown away over the years, but I found a handful representing about 1/3 or so of my old cards. I actually found another handful after taking this pic but whatever, you get the idea. That's my old AMEX Plat on top of my old AMEX green. I had AMEX blue and a business AMEX Open too. I also had a different AMEX business card with NO personal guarantor for my corporation, but I'm not even counting that in all this.
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ImageCongrats! Thanx for sharing! That shiny new Radio Shack card is sure to grow if you treat it right!Image

Join us in the garden so you can earn a platinum spade. Wait! Never mind- you can't ever get the platinum spade!
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

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Vattené
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Postby Vattené » Wed Mar 11, 2015 11:10 pm

otter wrote:That shiny new Radio Shack card is sure to grow if you treat it right!


Now there's a company that's hurtin'... and that knows a thing or two about bankruptcy.
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

mdawg
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Postby mdawg » Wed Mar 11, 2015 11:52 pm

I think for a lot of us on this forum we get credit just for the sake of getting or building credit. I'll get back to a million unsecured within five years I am certain, with or without AMEX! Getting close to one quarter of the way there already.

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CarefulBuilder14
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Postby CarefulBuilder14 » Fri Mar 13, 2015 11:17 pm

mdawg wrote:I think for a lot of us on this forum we get credit just for the sake of getting or building credit. I'll get back to a million unsecured within five years I am certain, with or without AMEX! Getting close to one quarter of the way there already.


Getting very high unsecured credit limits, just for the sake of having them, seems kind of pointless. It can all vanish on short notice with a little adverse action, not necessarily even through any fault of your own. Also, if a merchant is willing to accept a credit card and to pay the fees on a large transaction (that only high CLs would allow), then you may have just missed the opportunity to negotiate a discount by paying with check.

It's not like having access to several million dollars for a few 20-year mortgages at low rates. That kind of ability to borrow has real value, but that's earned by having a clean history and a big down payment.

I'm here for perks and rewards. The fact that you have two Barclaycard Rewards cards in your current wallet seems funny to me. We clearly have very different priorities.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

JohnChin
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Postby JohnChin » Sun Mar 22, 2015 11:05 am

WOW - mdawg, you're my hero. This is best story I ever read!!

Please you tell me how you got such much credit again after having bad credit. I'm in the same boat - need your help - please tell me how to do that!



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