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.
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.
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