denied or approved let us know

Discussion in 'Credit Talk' started by paul, Oct 17, 2000.

  1. Kirk

    Kirk Guest

    This is for those sick of the

    Ok... People are sick of seeing Citibank posts, I'm sick of seeing posts from a few individuals who think that those of us who received the AA card are a bunch of minimum wage idiots who don't know anything about credit and have gotten in over our heads, so here's my full disclosure and my opinion. I am an independent software developer. I have made over $130,000 so far this year and have earned a six-figure income for the last 6 years. I had a BK in 1992 because of a lawsuit filed against a partnership that I was involved in. My situation is exacerbated by the fact that I am a "Jr." and my father has, shall we say, much less than perfect credit. For the past 8 years I have used nothing other than my BofA debit card. I finally began rebuilding my credit just about a year ago with the help of Lexington Law Firm, Carreon & Associates, and the wonderful people on this board. I have managed to get 19 incorrect derogatory listings removed from my CR and had gotten an unsecured Aria with a $500 limit and a Capital One "Gold" card with a $1000 limit. In my business I travel quite a bit and both of these limits were far from sufficient for my needs. Hence, I have continued to use my debit card for Airlines, Hotels, Car Rentals, etc... This is not advantageous for several reasons. One, it doesn't provide air miles (which I rack up pretty quickly), and more importantly I keep my checking in a Money Market account. When I pull money out of there to use for travel/business expenses I lose the interest I would otherwise be earning on that money plus I have to keep more money in there than I would otherwise and the interest paid on a money market acct. is generally quite a bit less than the money could be earning in another investment vehicle. Now, with my situation, the heads-up from Roni concerning the AA card situation was a blessing. I don't give a rat's a#! what the APR is because it will be paid off every month anyway. The best part of this newfound (earned?) credit is that I can now use credit to help build my credit scores. When your total credit line is $1500 it makes it very difficult to move those scores up. If I charged $1500 in a month my CR would show that I was using 100% of my available credit, which looks very bad (it doesn't show that you pay that off every month!). Now, with the AA cards if I charge $1500 in a month that will show up as only using 8% of my available credit. That can make a HUGE difference in my credit score. So, to sum this up I would just like to say that the people on this board are generally here because they have made mistakes in the past. They have seen the impact these mistakes can have on your life and IMHO are MUCH LESS likely to make these same mistakes again, I know that I am.... and one last thing... THANK YOU AGAIN RONI!!!!!! Your advice has made a huge difference in my credit life and I am extremely grateful to you.

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