February 6, 2013 by myfabfico
Yesterday was a major day from me. But lets rewind.
Back in 2004 before moving to Miami, I was doing pretty good according to the credit bureaus. I financed my first car, financed a computer through best buy, and opened a $2,500 credit card with Bank of America. I was 20. Needless to say I paid one card off in 2008, my car off in 2010, and in October of 2012 I finally finished paying off that $2,500 credit card which had ballooned to $3,800 largely due to my “sweep under the rug” strategy.
Okay so back to yesterday. It was a major day because I was approved for my first prime credit card with respectable credit limit since age 20. I have subprime cards, but I now have a prime card that does not yell “SHE HAS BAD CREDIT”!! I decided to go with a Rewards Card through my awesome blossom bank, USAA.
I have officially accomplished one of my goals by graduating from sub-prime to prime cards. From what I have read on the various credit forums I frequent, the higher your limits the better signal it sends to creditors. I look to add about two more prime cards to my credit mix over the next year while making sure that I keep balances between 0-25% of the credit limit.
Keeping those balances low will be the real challenge and its going to be a big one considering my first thought when opening today’s Groupons getaways email was… I could charge a whole got damn vacation and still have 75% of my credit card available.
And the battle begins.