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supercreditman

From riches to rags in 2012. It's time for a comeback in 2013!

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I guess I'm getting somewhere. My CK score dropped 14 points cuz I charged my Straighttalk card to the Walmart card for $45 and charged the portable propane heater for $130 that I'm using to heat the area of the house I use all the time, instead of turning on the electric heat.

 

The Smart Credit score hasn't changed at 701 and, as of today, my inquiries on TU have bumped to only 7 from an original 23 five weeks ago.

 

Logix called me yesterday and said they approved the $8000 personal loan and they want a routing number to schedule automatic payments. They asked if I wanted the check FedEx'd or funded to the Logix savings. I don't know how easy it will be to transfer the funds from the Logix account so I told her I will take the check. I will probably open a new checking locally and use the check to fund the new account. I'm considering Santander, since I want to apply for the Sphere card. They never did pull my credit because the freeze was back on my EX report when I applied over the phone last week. A rep called me about my app and I didn't call back yet. Maybe it would be beneficial to wait until I get the Logix check and open the account before applying. Do you think that would increase my chances of approval?

 

SCM

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I guess I'm getting somewhere. My CK score dropped 14 points cuz I charged my Straighttalk card to the Walmart card for $45 and charged the portable propane heater for $130 that I'm using to heat the area of the house I use all the time, instead of turning on the electric heat. The Smart Credit score hasn't changed at 701 and, as of today, my inquiries on TU have bumped to only 7 from an original 23 five weeks ago. Logix called me yesterday and said they approved the $8000 personal loan and they want a routing number to schedule automatic payments. They asked if I wanted the check FedEx'd or funded to the Logix savings. I don't know how easy it will be to transfer the funds from the Logix account so I told her I will take the check. I will probably open a new checking locally and use the check to fund the new account. I'm considering Santander, since I want to apply for the Sphere card. They never did pull my credit because the freeze was back on my EX report when I applied over the phone last week. A rep called me about my app and I didn't call back yet. Maybe it would be beneficial to wait until I get the Logix check and open the account before applying. Do you think that would increase my chances of approval? SCM

 

Congrats SCM!

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I will probably deposit the money in a new checking I will open at sovereign / santander. Once it clears, I will pay off my accountant and the property tax bill I already have for $1700

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lpkirby,

 

Some of my bills will get paid off for good. The accountant, for instance gets 200-350 a month, toward his bill. This coming year I have a simple return that will be what everyone else pays. What I was paying him directly will now pay my loan payment. I was paying extra on my electric bill's delinquent balance to get it paid up to date. The budget was 182 and I was paying 238. The delinquent balance went down from 1400 down to 500 over 7 months. I'm going to pay it up to date. And with the small heater I got, the electric bill will be less from now on, and the budget will be adjusted to a lower monthly amount. I intend to pay 400 a month on my loan, not the minimum 280. They don't have a pre-payment penalty.

 

In short, my goal is to be debt free by the end of 2014. not to run up more debt. I don't buy anything except food, gas, 1 newspaper a week, and some beers at the local tavern on the way home from work.

 

To everybody,

 

Somehow, 2 inquiries on my TU report came back. I've got 9 today, according to SC. I can't pull CCT again due to EQ having my file scrambled up again.

 

Logix is fedexing the check for 8000. I should have it pretty quick. Barclays lifted the payment hold on my to accounts. The Sportsman Visa card is reactivated and working fine.

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I would wait until you've cashed the check, if I were inclined to take the aggressive approach and not just wait 6 months or a year tot try again.

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Like some of you said, what the heck. Might as well give the Logix credit card a shot.

 

Declined due to maximum credit extended considering credit history. Excessive new accounts, Age of accounts. Bk is not mentioned.

 

I can't pull CCT due to EQ file being scrambled yet, so I don't know how many Logix pulls on EX I now have. Hopefully only the one from 2 weeks ago. If there's more, I'm going to email the loan officer I dealt with and ask her if she will have any additional one's deleted.

 

From previous experience, if I apply for an EQ puller, approved or not, my EQ report will start working again the next day, and I don't think there'll be any pull from what I applied for on the report. I don't want to burn an inquiry to get the report functioning again, but I also don't want to call them and possibly have choppage, when, who knows, maybe something is getting ready to disappear from the report from all the softs. Wishful thinking?

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For what its worth all of my pulls (3) from Logix were soft on the same day but they were on Ex not Eq

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When I started reading this thread I was thinking like a lot of others that this was not the correct way to go about rebuilding.

 

Now I see that new ground has been broken for people just out of Bankruptcy.

 

Sure he tanked his AAOA, but just out of Bankruptcy most people don't have any anyway.

 

My opinion is too many accounts in good standing is better than none or only bad accounts.

 

Also many members here were going on about "toy cards", "low limits", BUT look at it this way: he is showing proof that even though something drastic

happened in his past he is capable of managing 25-30 credit lines in good standing.

 

Another thing is that he has not had any of these "toy cards" shut down, that may be because they are "low limits".

 

This may be a great new path for those just out of Bankruptcy if they can control themselves and use it as a means to show fiscal responsibility.

Keep up the good work supercreditman!

 

 

Please continue to update and show us the Good, Bad and Ugly of your rebuilding.

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SCM,

 

congrats on your journey. seems you are "balls to the wall!" set on your comeback. as i read over this thread, you sir, up to now, have proven some critics wrong. personally, i wouldn't do it, but it's working for you. and that's what matters man! good luck and looking forward to continue reading some more.

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When I started reading this thread I was thinking like a lot of others that this was not the correct way to go about rebuilding.

 

Now I see that new ground has been broken for people just out of Bankruptcy.

 

Sure he tanked his AAOA, but just out of Bankruptcy most people don't have any anyway.

 

My opinion is too many accounts in good standing is better than none or only bad accounts.

 

Also many members here were going on about "toy cards", "low limits", BUT look at it this way: he is showing proof that even though something drastic

happened in his past he is capable of managing 25-30 credit lines in good standing.

 

Another thing is that he has not had any of these "toy cards" shut down, that may be because they are "low limits".

 

This may be a great new path for those just out of Bankruptcy if they can control themselves and use it as a means to show fiscal responsibility.

Keep up the good work supercreditman!

 

 

Please continue to update and show us the Good, Bad and Ugly of your rebuilding.

You should check out the incredible CC portfolios of CB members post BK that followed the "traditional" rebuilding method. This method is certainly the slower way to do it, and we have yet to see whether or not GE or other creditors will do some sort of AA with all the new accounts. GE jas shut down manu people with good credit that accumulated multiple accounts over years, for no reason at all. It's a risk. I've seen post BK members here post limits of $50K on a single card. Using the path of low limit store cards will slow down progress towards higher limit cards.

 

Don't go recommending this path, it is very risky and has proven to be slower. If it was faster, I'm sure Bob Wang would have posted a thread in favor of opening up a ton of store cards instead of warning against it. There's also a great thread on here about how to avoid toy card hell that anyone wanting to go this route should read first.

 

http://creditboards.com/forums/index.php?showtopic=512579

 

http://creditboards.com/forums/index.php?showtopic=456472

Edited by mendelssohn

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mendelssohn,

I was not recommending that any one follow this path.

 

I have been a member of credit boards since 2005 when I started rebuilding after Bankruptcy in 2003.

 

I have BTDT the old fashion way!

 

I was simply pointing out that there may be more than one way to skin a cat based on SCM's success so far!

 

And before you go checking how long I have been a member here... I was orignally SouthernStar.

 

Feel free to read my posts from way back then!

 

I lost that name when I was on unemployment due to the housing bust for 8 months and did not have internet.

 

Today I am sitting pretty with a new house, new car, new motorcycle and plenty of credit in good standing.

 

I also have good credit scores and plan to keep it that way.

 

Times have changed over the years and the way we do things may have to change also.

 

SCM may have hit on one of changes to rebuild in this new world of credit.

 

Only time will tell, so lets keep an open mind and watch to see what happens.

 

Fixn2 aka SouthernStar

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I lost that name when I was on unemployment due to the housing bust for 8 months and did not have internet.

 

No you didn't. If you had contacted admin we could have helped you with a password reset, or even merged the two accounts.

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Hey guys and gals,

 

There are a couple of things you should keep in mind when you judge my methods so harshly. i have charged off and / or IIB'd most of the the big lenders in the credit industry. BOA, Chase, Cit, M&T, Wells Fargo, GE, Compass, US Bank / Elan, Commerce, Discover, PNC, Cap 1, and also dozens of smaller ones like BMW, Nordstrom, Merrick, Liberty, and lots of the big credit unions like Penfed, DCU, Patelco, Western, Psecu, and lots lots more.

 

Considering I have to work around them and find other options, I ain't doin' that awful bad, IMHO.

 

The other thing is, I am the same guy who had 3 mil in credit across over 165 accounts and dozens of different lenders for 6 years while my businesses were experiencing 6 digit losses annually. I'm no rookie at this. I treated my accounts openings and servicing like it was another business that I constantly nurtured and worked at. I hear all of you. I'm now focusing exclusively on visa and mc's. i don't need any more.

 

SCM

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Hey guys and gals,

 

There are a couple of things you should keep in mind when you judge my methods so harshly. i have charged off and / or IIB'd most of the the big lenders in the credit industry. BOA, Chase, Cit, M&T, Wells Fargo, GE, Compass, US Bank / Elan, Commerce, Discover, PNC, Cap 1, and also dozens of smaller ones like BMW, Nordstrom, Merrick, Liberty, and lots of the big credit unions like Penfed, DCU, Patelco, Western, Psecu, and lots lots more.

 

Considering I have to work around them and find other options, I ain't doin' that awful bad, IMHO.

 

The other thing is, I am the same guy who had 3 mil in credit across over 165 accounts and dozens of different lenders for 6 years while my businesses were experiencing 6 digit losses annually. I'm no rookie at this. I treated my accounts openings and servicing like it was another business that I constantly nurtured and worked at. I hear all of you. I'm now focusing exclusively on visa and mc's. i don't need any more.

 

SCM

 

Supercreditman, I love you and Marv is a great Admin. Please don't judge HIM so harshly!

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RsLifkin,

 

Hey I'm not judging anybody. They are judging me. But, that's OK with me. The main objective here to is share our credit related actions and their results for the benefit of those who are interested, and to gain advice and knowledge from others who have had successes and failures. As She8itall said, "lets keep an open mind".

 

I have an itchy trigger finger tonight.

 

SCM

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Hey guys and gals,

 

There are a couple of things you should keep in mind when you judge my methods so harshly. i have charged off and / or IIB'd most of the the big lenders in the credit industry. BOA, Chase, Cit, M&T, Wells Fargo, GE, Compass, US Bank / Elan, Commerce, Discover, PNC, Cap 1, and also dozens of smaller ones like BMW, Nordstrom, Merrick, Liberty, and lots of the big credit unions like Penfed, DCU, Patelco, Western, Psecu, and lots lots more.

 

Considering I have to work around them and find other options, I ain't doin' that awful bad, IMHO.

 

The other thing is, I am the same guy who had 3 mil in credit across over 165 accounts and dozens of different lenders for 6 years while my businesses were experiencing 6 digit losses annually. I'm no rookie at this. I treated my accounts openings and servicing like it was another business that I constantly nurtured and worked at. I hear all of you. I'm now focusing exclusively on visa and mc's. i don't need any more.

 

SCM

 

Supercreditman, I love you and Marv is a great Admin. Please don't judge HIM so harshly!

 

Joseph, I don't see where anything SCM said had anything to do with Marv's post. What are you talking about?

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RsLifkin,

 

Hey I'm not judging anybody. They are judging me. But, that's OK with me. The main objective here to is share our credit related actions and their results for the benefit of those who are interested, and to gain advice and knowledge from others who have had successes and failures. As She8itall said, "lets keep an open mind".

 

I have an itchy trigger finger tonight.

 

SCM

SCM: If I judge you or have an opinion to offer, I'll have no problem letting you know. I believe the only post I have made in this thread is to address the other poster's comments about multiple accounts. It was not concerning you.

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