First mistake, I trusted what the banker told me. - I applied for a HELOC to pay down my credit card debts. Banker said I would have no problems as my credit was decent and my "numbers were Excellent". I was denied didn't make sense to me why, nor did any other person in banking, finance or otherwise understand why.
Second mistake, I believed the banker again. They said- Just open a couple more credit cards to increase your "credit limits and build your credit." And do several at once so it only shows 1 credit pull. That was a lie and it hurt my credit even more.
3rd mistake, I opened a credit card with them. This was one of those 0% APR deals. They told me to transfer the maximum amount allowable (bad bad bad!) I was naive at this point in time and listened to them. That hurt my credit even more. I always make timely payments on my bills, never late. I thought we set it up for auto pay on this credit card... Wrong! And I received absolutely no notices or paperwork of any kind until one day a notice came by snail mail that I was over 30 days late I AM NEVER LATE! Grrrr... another ding on my credit score.
4th mistake, I didn't pay off and close my credit card account immediately. ( a little hard when money is tight). Once again, no notices, no email invoices even though I signed up for them.
Corrective actions, I moved to a more communicative credit union and one with people who actually know how things work financially. I closed all business and personal accounts. Now I finally payed off the CC totally and will never charge a single penny to it ever again!
BOTTOM LINE: AVOID AT ALL COSTS!!!!… show more