I’m not even sure if this is the right place to post this, but I just needed to get this off my chest. Im so incredibly frustrated with how much credit scores and credit cards have impacted my life.
I was raised to believe that you should only spend within your limits. Don’t rack up debt that will hang over your head for years. So I didn’t. I watched friends open card after card, spending thousands more than they should. I paid my way (with help from my parents) through college and did not take out loans. I lived frugally, not ever going for the biggest or newest.
When I needed a new car, I shopped around and found one that I knew would last for many years. I paid half in cash immediately, and my parents co-signed for a loan since I had no credit history. I paid that loan off a year earlier than due. My credit score was in the mid 700s.
My next move was to start looking for a house. I was preapproved for a set amount of money. Well within my means. I also had 20% cash to put as a down payment. Due to the housing market being so active and the lack of houses actually worth the money being asked, it took almost a year and a half of making offers on houses before I was able to get one accepted. I went back to the bank to start the mortgage paperwork- only to find out 10 days later that my credit score was “inactive” because I had paid off my car loan since I had gotten the preapproval letter and that I had to provide extra documentation. Which I did again and again as they asked for more. Because my score was inactive and I did not have many other reoccurring bills they declined to go forward with my mortgage paperwork.
Since it took them 20 days to decide not to go forward I was not able to find a new bank in time and did not go through with the purchase of the house. I spoke to a person who helps “fix” credit scores, and he said that all I had to have done was to open a credit card and that would have given me a score within a few weeks. If the bank had suggested that right away I would have had the score reactivated within the time frame and would be writing this from my new deck.
So since I missed that house, I set myself the goal of building a credit score again. I opened a cheap credit card, with a staggering $300 limit. Within a month of the card being active I ran my credit score which again showed mid 700s. I spent a small amount (never more than 1/3 of the limit) each month, paying off as I went. Within six months the limit increased to $500.
It’s been over a year since I opened the card, and the limit was still $500 so I inquired about a credit increase so that I could use the card more often, as I was only using it once or twice a month. My income had gone up about $6,000 a year since I applied for the card, and my score was at 779. I thought I was a shoe-in. The denial letter just came in the mail. The stated reason is that I do not spend enough to be worth an increase.
I called the help line to speak to someone. I tried to explain why I did not spend much, and how if the limit was higher I would spend more because it would not be a large percentage. The woman in their help center again repeated that I did not use the card enough and that I should just spend more. Im just so frustrated that I try to be responsible, and it never gets me where I need to be.
So I guess for the next few months I will be using that card several times a week, never on purchases more than $2, as a big F U to Schmapital One. (Not sure if we can name names).
Thanks for letting me vent.
December 28, 2019 at 06:48PM
