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Originally Posted by Hatterasguy
Getting credit is a freaken PITA as I am finding out now! I have a 740 credit score and can't get a decent credit card! Because I have only had one low limit card, and some student loans. I can see why people buy cars, you almost need to, to get your credit rating decent.
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You're right, Hatteras. Now that the credit card companies have been demonized for their cardholder's indescretion (I realize that Plantman's post was an extenuating circumstance and not this situation), they are much more leery of extending larger credit limits.
Bear in mind, this is coming from someone who racked up about $43K in credit card debt while attending UConn. We had fundraisers for the dorm where you raised money by filling out and having others fill out credit apps. When those cards were maxed, I'd just apply for another one, then another. And then I'd just transfer the balance to a different card. I put everything on the cards, tuition, books, food, beer, etc. The next thing I knew, I was done with school, finally had a decent paying job but no money whatsoever. It was no one's fault but my own that I racked up those bills. No credit lender ever came and forced me to sign my name on the application. There are bailout programs out there, but the way I saw it, it was my own damn fault that I was in the mess to begin with. Why should they have to take a fraction of what they were owed because I was a financial moron?
It took me 10 years at a good paying job to finally pay them off and close them out. Five years after paying them off, I have 2 cards (with far higher credit limits than I'd prefer to have but I'm pessimistic that something catastrophic is going to happen) that I pay off online everytime I get a bill. I make enough now that the wife is a stay-at-home mom to our 4 kids, we both have relatively new cars (and a couple not-so
), a boat, the kids do whatever sports or hobbies they want and we're fairly comfortable. However, only recently were we finally free of the student loans and able to build up a comfortable rainy day nest-egg in the bank. That said, I was able to get a home loan, 2 car loans and subsequently refinance at a lower rate despite a less than ideal credit rating.
You've got a great starting point and seem to have the right frame of mind for it. Keep making those payments and hopefully pay the balance in full everytime and eventually those limits will rise.
I guess this is an apology from myself in my foolish days and those like me who made it so difficult for those younger people trying to establish their credit.
It doesn't seem like you need the advice, but from someone who's BTDT, treat your credit right from the start. Don't F... it up like I did.