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Getting your Credit in Order

S

spidey07

No Lifer
I make this post to help others and nothing else.

I was dumb in my 20s. Took out credit cards, lived beyond my means, thought "hey! I'm making good money, I deserve something nice". Got car loan, paid as agrees. Here's where a slip happened...

Moved, found out I had a collection on me from my power company when I went to buy a house (1999). DING! Credit is in the dumper, got mortgage, no debt beyond house and car but still credit sucked.

Decide to build credit by getting a card or two - 2000/6000 dollar limit. Slowly working on building credit, furnishing a new home and using 0% furniture store offerings (if they would even give it to me, the real shock came when Home Depot denied me). Paid them off in full every month. Credit was still hurting a little from the collection.

Just as I'm starting to pull myself out with 7K in credit card bills the Big D happened, I took on a revolving credit amount/balance of 40K/50K in one fail swoop of the pen, plus the loan. Credit drops to 650/660, go to get car and don't get the good rates. These events were a WAKE UP call.

The year is 2007, I haven't had credit card/revolving debt in close to 3 years. Of the 3 cards I own my limit is probably 75K. My score is now 790s. This is not a brag, just what can happen if you pay attention and get to work.

If I did it, so can you. Stuff happens in life, build wealth. DO NOT CARRY A BALANCE ON YOUR CREDIT CARDS, they are tough to pay off.
 
Not trying to be a blog.

Just trying to help.

Let me paraphrase.....don't muck up your credit score. Do not carry a balance on a credit card, do not be late.
 
Originally posted by: spidey07
Not trying to be a blog.

Just trying to help.

Let me paraphrase.....don't muck up your credit score. Do not carry a balance on a credit card, do not be late.
Click to expand...

Never heard that before.
 
Originally posted by: spidey07
Not trying to be a blog.

Just trying to help.

Let me paraphrase.....don't muck up your credit score. Do not carry a balance on a credit card, do not be late.
Click to expand...

yeap. i hate credit. i pay off my card every month. IF i want something and dont have the cash i save for it.
 
Originally posted by: jpeyton
Originally posted by: spidey07
Not trying to be a blog.

Just trying to help.

Let me paraphrase.....don't muck up your credit score. Do not carry a balance on a credit card, do not be late.
Click to expand...

Never heard that before.
Click to expand...

But have you read the stats on the average balance? The average % folks with negative net worth?

It's mind boggling. That was me. No matter what I did with investments/retirement, the interest was like a greedy parasite, the credit score/balance was killing me.

I'm just trying to help others that may be in the throughs. Buckle down and you can do it.
 
Just as I'm starting to pull myself out with 7K in credit card bills the Big D happened, I took on a revolving credit amount/balance of 40K/50K in one fail swoop of the pen, plus the loan. Credit drops to 650/660, go to get car and don't get the good rates. These events were a WAKE UP call.
Click to expand...

I assume the "Big D" is divorce - your wife had $40+K in credit card debt? How did that happen? Did you keep separate finances?
 
Originally posted by: mugs
Just as I'm starting to pull myself out with 7K in credit card bills the Big D happened, I took on a revolving credit amount/balance of 40K/50K in one fail swoop of the pen, plus the loan. Credit drops to 650/660, go to get car and don't get the good rates. These events were a WAKE UP call.
Click to expand...

I assume the "Big D" is divorce - your wife had $40+K in credit card debt? How did that happen? Did you keep separate finances?
Click to expand...

I bought her out of the house and had to refinance. She demanded part of the equity so I had to buy her out and cut a healthy check.
 
I used to have shabby credit back in school. Bunch of ahole roomies and they racked up my phone bill talking to their girlfriend's long distance. Couldn't afford anything since I was going to school during the day and working at nights. Just had enough money to pay my rent.
Finished school. Started working at a company. Now my credit is 791 and I have absolutely no debt. Have a nice car all paid off and things are rolling. Next step is a house though I need 30k more for down payment. Should take me about a year and change for that.
 
Originally posted by: quangdaika
what is the highest credit score?
Click to expand...

Highest FICO score is 850. There are other credit scores that have other limits (like 950 or 1000), but FICO is what most people are referring to when they talk about their credit score.
 
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