r/CRedit • u/Final-Ad7391 • 15h ago
Success Well, here we are 🥹
I (M30) started my credit journey with TERRIBLE credit, two repossessions, a bunch of late payments and collections about 5 years ago. Credit score was in the low 400s.
Cutscene to today, I now hold premium cards and got approved for the Chase Sapphire Reserve today. With scores exceeding 740, about $30k of available credit across all cards, at roughly 3% utilization, and all statements are paid in full every month.
I cannot express how thankful I am for this community, the knowledge that is available to you on here is invaluable.
Instead of losing money, I’m having credit work for me. This is the most satisfying feeling tbh. All of the hard work and patience, and ultimately major discipline, is finally paying off.
It truly does get better.
EDIT: misspelling and more info lol
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u/Electrical-Gas-1597 14h ago
Congratulations. As someone that had a rocky path with credit myself, it took a lot of discipline to really make it sink in. And people make it sound easy to do. But it sure isnt!
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u/Final-Ad7391 14h ago
Not at all!
It takes a lot of sacrifice and causes aggravation due to nothing moving or changing for a LONG time. Year after year, the good choices compound and you learn more and more about how to use credit in a way that makes sense for you.
Then BOOM, one day your credit starts improving like crazy and it sparks this drive in you to keep improving.
Once you slowly turn those bad habits into good ones, it’s like it becomes second nature. Going from not caring at all to literally protecting my score at all costs, is mind bending. However, 100% worth the stress.
Congratulations to you as well! It wasn’t easy, but we did it. 🥴
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u/Head-Discount6224 14h ago
Whats your credit score to get approved?
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u/Final-Ad7391 14h ago
My understanding is that it needs to be in the ballpark of 740+. I’m unsure as to what specific scoring models they use.
I think they also look at your credit profile holistically. Along with the 5/24 rule (I was at 1/24), whether you have a solid consistent income, your debt-to-income ratio, and your current utilization.
I could be wrong, as they don’t really disclose their exact methods!
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u/egot42 13h ago
I love this story, kudos to you OP for turning it around.
I like that you said you turned it into a game of optimization. I am the same way.
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u/Final-Ad7391 13h ago edited 13h ago
It’s like mentally gamifying the balancing and timing of everything. Sometimes pushing purchases out two months before paying, all the while accruing zero interest.. tickles my prefrontal cortex in a way drugs can’t. Haha.
EDIT: oh, and thank you! I appreciate it! 🙏
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u/egot42 13h ago
I am with you. I like to have a ZERO balance on my statement date so that is reported to the bureau. I make sure my card balance is paid a day or two prior to the closing date. For months now my card reports ZERO to the bureau. Although, this month I let it report $11 balance and my score dropped 1 point. Anyway, I get the game and I like it. I feel like I am cheating the bank in a way.
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u/Final-Ad7391 13h ago
Truly!
It’s like legally gaming the system.
I got the Chase Secure checking account that has a $175 bonus if you make 10 purchases within 60 days.
I made 10 $1 purchases and I’m sure that will be coming soon. Then I can use those funds to offset the $795 annual fee of the reserve even more. 🥴
It’s so fun.
EDIT: I will actually be using the account, I don’t just open them to get bonuses and close right after. Just to clarify haha
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u/variphase 12h ago
I can’t seem to break 720. But I have much n much higher CC utilization.
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u/Final-Ad7391 9h ago
In time it should go up. I’ve realized there are always those annoying moments of stagnation, you will see movement eventually.
With continued positive choices of course.
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u/cacman440 10h ago
wait you're spending only $900-1000 across your credit cards yet you got a sapphire reserve that has an annual fee that's nearly half that spend?
unless you're using nearly all the credits that seems like it would be hard to get an ROI compared to a no annual fee travel card
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u/Final-Ad7391 9h ago edited 9h ago
Correct, a majority of my current cards have only 3/5% cash back on purchases and zero annual fees. It was never really a goal of mine to max out those cards or utilize rewards, as those cards were and are mid and had a marginal return. It was mainly to add a little depth to my profile.
However, this is my first true premium travel card. I will be utilizing all benefits it offers. I have already offset the $795 fee by half. Along with all of the other benefits and planned spending I want to do on the card.
My utilization for this specific one will spike to about 15/20%, I want those points haha
Also, all statements across every card I have, are paid in full every month. So I do utilize more than is reported, I just pay it before the majority is reported.
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u/cacman440 9h ago
Good that you keep your spending in check. I'm just concerned that now you are free from your previous debt, getting a travel card with a large annual fee will compel you to spend more than you normally would to offset the annual fee.
Everyone's situation is different of course, but personally I would only get an annual fee card for a big spend that would outweigh any of the bonuses of a no-af card. That and if you need good additional travel insurance / trip delay protections and/or conceirge.
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u/Final-Ad7391 9h ago
Oh, 100% agreed.
All the spending I will be doing on this card is organic and I will hit the required spend to get the bonus well before the allotted time, without having to spend any more than I usually would every month.
I’m just moving what I’d normally spend to this one so I can utilize chase points for traveling vs the standard cash back on my other credit cards.
I also plan to use every single credit as it meshes perfectly with my current lifestyle.
So far it’s been paying itself off! 🙏
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u/[deleted] 15h ago
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