Credit building/rebuilding success stories

For just about anything you want to get off your chest about credit cards.
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Ratfacedudeguy
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Credit building/rebuilding success stories

Postby Ratfacedudeguy » Sat Jul 07, 2012 8:51 am

At the beginning of my credit history (2008) I pretty much got off to the worst start possible. I was financially irresponsible and pretty much every credit card I got ahold of was maxed out before I knew it. I've wasted exuberant amounts of money on interest in the past 4 years. It's just something that makes you cringe. As someone who lacked guidance in perhaps the most important time period in building credit, I was in over my head, stuck making minimum payments on 6 or 7 different credit cards while the balances went nowhere. I've never missed a payment in my life on anything, but still at the age of 18-20 making about $20k a year, seeing about $10k of credit card debt go down pennies at a time with every monthly payment with no option of a parental bailout and 0 in savings can be a pretty overwhelming feeling.

Fast forward to March of this year. Yes, it has been that long of a struggle. I've been promoted within my company so I'm making a little more money. I decided on one of my random app itches to apply again at my credit union for a debt consolidation signature loan. I had been denied 3 times. I probably have an unfair advantage because I work there, but next thing you know I'm consolidating almost all my credit card debt and my credit score immediately starts to climb.

A few months worth of work and strategic moving around of the remaining debt later and here I am. No balances on my credit cards, pay in full every month, reaping rewards, and feeling overall much better and less stressed in my daily life. The debt isn't all gone by any means, but it is now comfortably within my reasonable means to repay it, and quickly too. Within 4 months my Equifax FICO score has gone from 637 to 723. That's an 86 point increase. And it's probably going to keep rising because of some recent big CLIs. That's huge for me, as my score has never broken the 700 barrier, and I finally feel like I'm getting back to where I was supposed to have been a long time ago.

So that's my credit building success story. Let's hear some of your all's.
Amex Green - NPSL - 05/12
Amex Zync - NPSL - 06/12
Discover it - $7750 - 11/12
Chase Sapphire Preferred Visa Signature - $5000 - 11/12
SECU Platinum Visa - $5000 - 08/08
Bank of America Cash Rewards Platinum Plus Visa - $3000 - 06/08
Citi Diamond Preferred Mastercard - $3000 - 05/12
GECRB Old Navy Visa - $2500 - 11/12
Chase Amazon Visa - $2000 - 11/12
Chase Freedom Visa - $2000 - 07/12
Citi Thank You Visa - $1000 - 06/12
Amex Blue Cash Everyday - $1000 - 01/13


MemberSince99
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Postby MemberSince99 » Sat Jul 07, 2012 12:32 pm

Good work and congratulations.

I don't consider mine a success judging by how I seem to be considered by most lenders, but it is a story and thus I will share.

I defaulted on a number of cards in late 2002. Not interesting in making excuses for why and no one on earth cares anyway, so I'll just say I defaulted and they were charged off. Included were a couple of cards from Chase, a couple of Amex, and a couple of others. I honestly have no idea what my score was then, I didn't even care at the time but I would guess it had to be 400 or so at best. So I can't tell you what it was, but after that happens it's easy to get a rough idea.

The first time I actually checked my credit was after the baddies had fallen off. I'd been paying on my student loans. At that time it was 727 on one and 742 on the other - I believe EQ was the lower of the two. So I'd had a long history of paying installment loans with the student loans and a car I paid off during that time that was recent.

To be totally honest I really should have just left it alone, I would truly have been better off. I have since gotten a car loan that I've paid every payment on time and in full for almost 2 years now. That's fine but as far as credit cards, I truly regret getting any and I wish I had left it alone. I can't seem to and that is to my detriment. I don't charge what I can't pay in full and I pay in full, but that's beside the point. I wish I had left well enough alone and never gotten a card.

Anyway, if you want to talk about "success" I guess one measure would be getting somewhat back in the good graces of Amex as I had 3 of their cards before they accused me of being delinquent on a card I never had and cancelled them. I also got back in with Discover who I'd charged off one card to as well, and Chase gave me a card recently too (haven't received it yet) though it is my lowest limit, but I understand why. I guess those would be "successes" to some degree. In terms of stress, pain in the ***, even credit score I cannot say having these cards has been a success. I've found that I just happen to prefer the simplicity of a debit card. Yet I apply for another card, because of the rewards. Makes zero sense I know.

Anyway don't mind me hope someone gets something out of this they find useful, if anything it's that you can get back in with companies you thought would blacklist you for life, with enough time. Whether that's good, I think the jury is still out on in my mind.

krizzyM
 
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Location: Los Angeles CA

Postby krizzyM » Tue Aug 14, 2012 2:38 am

You got a good post. Thanks for sharing!

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t528491
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Postby t528491 » Wed Aug 15, 2012 10:17 am

That's awesome that you've been able to get a handle on your debt.

I'm far from being done building my credit, but I have to say that I'm surprised that I've been able to go from no score/cards to two unsecured cards in less than 6 months.
Never underestimate the power of being an authorized user!
[size=80]
02/12 Authorized user on Chase Freedom ($5000)
08/12 Discover It ($1500)
08/12 American Express Zync (NPSL)
12/12 NFL Visa ($500)[/size]

[size=60]Future cards:
Citi Forward for Students 6/13
American Express Blue Cash Everyday 1/14
Sallie Mae World Mastercard 2014
Chase Freedom 2014
Penfed Platinum Rewards Card 2015[/size]

Ratfacedudeguy
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Location: Baltimore

Postby Ratfacedudeguy » Wed Aug 15, 2012 2:36 pm

t528491 wrote:That's awesome that you've been able to get a handle on your debt.

I'm far from being done building my credit, but I have to say that I'm surprised that I've been able to go from no score/cards to two unsecured cards in less than 6 months.
Never underestimate the power of being an authorized user!


True that man. I had one situation where I was processing a loan for a college student, and his mom had added him as an authorized user to a high limit ($30k+) account from Bank of America. His score was through the roof (800+!) because it reported payment history from before he was even born! Thanks for sharing your success story as well. Keep 'em coming guys!
Amex Green - NPSL - 05/12
Amex Zync - NPSL - 06/12
Discover it - $7750 - 11/12
Chase Sapphire Preferred Visa Signature - $5000 - 11/12
SECU Platinum Visa - $5000 - 08/08
Bank of America Cash Rewards Platinum Plus Visa - $3000 - 06/08
Citi Diamond Preferred Mastercard - $3000 - 05/12
GECRB Old Navy Visa - $2500 - 11/12
Chase Amazon Visa - $2000 - 11/12
Chase Freedom Visa - $2000 - 07/12
Citi Thank You Visa - $1000 - 06/12
Amex Blue Cash Everyday - $1000 - 01/13



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