To Dave :)

Discussion in 'Credit Talk' started by Marie, Mar 10, 2001.

  1. Marie

    Marie Well-Known Member

    Noticed your post today "I have more than tripled total available credit in the past year to over $65K"

    Mid this year I'll reach the low 20s in available credit lines. All credit card.

    So, if I follow your path I could effectively triple that? That would be a full 3 years ahead of my schedule. If you would be willing to share...

    A year ago, what cards/ limits did you have?
    This year what cards/limits do you have?
    What did you do to increase your limits that dramatically?

    Are you building or rebuilding credit? If rebuilding... what are your negs on your report?

    Thanks for all the help! That's a great accomplishment you've done! Keep it up!
  2. dave

    dave Well-Known Member


    One year ago:

    Providian 6,700
    Cap.1 5,000
    Cap.1 300
    Orchard Bank 4,000
    Orchard Bank 1,450
    Wal-mart 500


    Providian 10,500
    Citibank World AA 10,500
    MBNA credit line 10,000
    Nextcard Plus 9,000
    Citibank Plat. 7,200
    ATT Universal 5,000
    Orchard 5,000
    Orchard 2,200
    Wal-mart 500

    Plus approx. 5K unreported lines (store/gas) all with -0- balances.

    Rebuilding after charge-offs from early 90s and a few tax liens that I got stuck with after a business I was associated with went defunct, but the bad stuff fell off and the liens got taken care of although they still appear at the CRAs as "released".

    Some credit line increases were requested; others given automatically. Requested: Citibank, MBNA. Providian one time on request but usually given automatically. Orchard always automatic.

    I only once applied for credit without responding to a preapproved offer.

    My pattern is to use cards for different purposes. For example, I have transferred balances with ATT and Citibank plat. at 2.9 rates so I don't charge on them at all and pay them down relativley slowly at the rate of 200-400 a month.

    Nextcard has a 9.4 rate so I have a 5K balance sitting there that was transferred over from MBNA which has a much higher APR. I also charge on this card.

    Orchard and Providian I use every month but never accumulate a balance over a few hundred bucks.

    The Citibank AA, I use alot and pay off each month. Wal-mart gets used maybe 6 times a year.

    All except one of the Orchards and Wal-mart have had high balances at one time or another but not at the same time, so I haven't been overextended. I have drastically reduced debt in the last few months (by about 30%). I'm now sititng at a very favorable debt/limt ratio. On accounts with any substantial balance, the monthly payments always far exceed the minimum. All except two of the accounts get paid on line and frequently before the paper statement gets to my mailbox--no lates ever on any of them.
  3. Marie

    Marie Well-Known Member

    Interesting! Thanks so Much :)
  4. dave

    dave Well-Known Member

    you're welcome and good luck. looks like you're on your way!

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