Pisses me off. 1 year of credit a week ago. Today she got her MBNA (3.9 APR for 6 months, 13.9% afterward) $5500 limit. Started with cap 1 $500 secured card. Same month get a $200 macy's 7 month-later got a $1000 citibank platinum select 9th month- New car loan $30K 10th month- rooms2go $2500 line (0% interest) 11th month- nuther citibank $2000 platinum 12th month- mbna $5500 Makes me mad i've been working for over 14 months and only have one decent card (citibank platinum $4k) because ive been rebuilding. arghhh
This kind of illustrates the point that credit rebuilding is alot more difficult than credit building. It took me 6 years to dig out of my credit mess. When I took out a car loan in 1992, the APR was 25%! In 1994, I had two secured cards with total limits of $1100 and APRs near 20. Now my limits are 75K and the APR range on most of the cards is between 9-13% with lots of teasers thrown in. I also just took out a car loan at 8.9. I'll never let my credit get trashed again. It's too much work and too expensive to clean it up.
trust me i've tried. citi wont give me squat. not even an increase. DENIED. Makes you wonder, if i had done the "bad" thing and started a segragate file i would have had awesome credit by now. But alas, thats illegal, and im not doing that. Anyways. I think i'll be okay in several years. You do the crime (bad credit!) you do the time. For folks that are starting out fresh, with no credit, i hope thats some inspiration. 1 year to go from nothing to prime , wow. back in the days when i first got credit it took a lot of time!!
