I am a prime example of WHAT NOT TO DO

QuestionsI am a prime example of WHAT NOT TO DO
Cheryl Hardiman asked 4 years ago

Hey guys, 


I started off building my credit when I was 18…I got my first credit card through FNBO with a 300 credit limit and over time had a solid credit score and was in outstanding financial shape.  At 20yo I had a networth of about 50k with zero loans. I came to this website in search of the perfect credit score, and I litterally jumped off the deep end.  As you can see by my signature line, I ammased a freaking awesome display of plastic…I had this huge wallet that would hold all of my cards, I would pay with my RITZ card any chance that I had to see the face of the clerk as he felt the weight of the card.  


Fast forward a few years.  I’m 27yo with zero active credit cards, with $ 116,000 in debt (105k credit card debt), a credit score in the 500s (if I’m lucky). I make 96k a year, and I’m dead broke.


Credit is serious business–I thought I understood that a few years ago, but head knowledge is only 20%…habbit is the 80% that matters.  I have nothing against anyone who has or uses credit cards…I have nothing against anyone who uses this site (obviously, because I use it)…I’m just saying “be carefull”.


I’m filing chapter 13 bankruptcy this week.  I will be paying $ 2100 a month for five years in order to pay off my debts (becuase of my income, I do not qualify for a chapter 7 discharge).


Stay classy, and be real.  I was irresponsible–now I’m making up for it on the ramsey plan.  No more loans. No more FICO score.  Hopefully forever.


Feel free to follow me in the bankruptcy section from now on Smiley Wink

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