Hi ! Im Nate. Today was the worst day ever as credit is applied. My American Express Card was cancelled as I had over 4 late payments (shame); whereas the only reason I postponed those payments was because representative said I had to a date to pay it all off; which is two weeks later than the due date...
Well,
Im mostly concerned with IS MY LIFE OVER =(As of now, I have Capitol One with a balance of $444; that's because they only require $10.00/ month.Car Loan currently with a balance with a balance of $4,800Car Insurance which isn't reported22 Inquiries.....uhhhand an overall score of 552 from Fico before the card was decline....I kno I can change everything as Im 19 but will the cancellation ruin me...etcMy credit score drop below 400 =lSomeone Help Me*By the way I was on a date when the card got declined, then found out it was cancelled*
The Answer : Nate , I definitely feel you on that, homie. But let me be the first to tell you that it's NOT the end of the world. Hey, I'm sorry that you were on a date when the AmEx got cancelled on you. That can definitely be mortifying at the prospect of having to "wash dishes" at a restaurant. But let me reiterate that your life is far from over.
The beauty about life in and of itself is that it's a NEVERENDING learning experience. I found this out 15 years ago when I was your age. And trust me, I was far worse off than you are right now. That's the beauty of perspective. Keep in mind that there's always somebody somewhere else that has it as bad if not WORSE than you. But you do have some things in your corner working for you.
The fact that you're still young and you WANT to do something about it. Some people are oblivious to their situation and do nothing about it, until they're faced with it one day, and then that's when it hits them like a ton of bricks. With you, at least you still want to do something about it.
First thing STOP APPLYING FOR CREDIT!!!!! (sorry to type in all caps, but I had to get your attention) 22 inquiries? C'mon Nate, that's part of the problem right there. With as many inquiries that you have, it gives the appearance that you're desperate for credit. So we gotta put a stop to that. As long as you have that car loan, and the Capital One card, you're ok for now.
If you do need another credit card, your best bet would be a secured credit card, which would be your best bet to replace the Amex you lost. If you do have to apply for anymore credit, get one and treat that card like a savings account, since that's how it works.
A deposit is placed upfront usually tied to a savings account which is uses as collateral to secure a credit line. What I'd suggest you do in this case, is open one up, and periodically add to the deposit here and there to increase your credit line, but also at the same time, make a SMALL purchase with it like $10-20/month, no more than that.
It's important to "stop the bleeding", and what I mean by that is by taking care of the accounts that you still have paying on time, like the Cap 1, the car loan, and the secured card if you get one. As for the amex, I would contact customer service to appeal that decision. If you have the name of the rep that gave you a different date, make that known with the credit card company.
While they may not be able to reinstate your card, they may can report is as closed by consumer instead of guarantor, which is worse. But it's worth a shot to contest that with American Express. If it doesn't work, then you'll just have to make arrangements to pay it off. Another thing that will help is when your Capital One credit card starts reporting your limit instead of your current balance as your credit limit, that will help you out a bit too.
I'd strongly suggest getting that balance down to at least 30% or below your available credit for this to make a difference on your score. so continue to pay your bills on time, and keep your head up. You have a lot of time on your hands to turn it around...
Use it wisely!
Good luck!
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