In Regards to Black Cards
"Just a few minutes ago, I posted a status update “…just got his Visa Black Card, advertised as only available to 1% of Americans. Good credit is valuable! Pay your bills on time!” and a received a flurried polarized reaction to it on my Facebook profile. I’m posting this to explain my position on credit and why it’s important:
As a young college student, I was uneducated about fiscal responsibility and I buried myself in debt buying clothes, CDs and stereo/music equipment on an AmEx Gold Card that I received via a student program. My parents, being officers in the Salvation Army, began to receive the collection notices in the mail and were in no financial position to rescue me. Furthermore, they were very adamant about me accepting responsibility for my spending. My bank account was overdrawn and eventually closed. Though I was very nice to the collection agents that called my phone (which eventually was turned off due to late payment), my credit was severely damaged. All of my cards accounts were closed. Over time, I eventually paid off some accounts and settled others.
What I didn’t realize at the time was that bad credit follows you and stays on your record for 7 years. This made it nearly impossible to even get a new bank account, and certainly made me dependent on others to have my own apartment or get approved for a car loan! In 2001, I decided to face my credit score head on and take matters into my own hands. I applied for a secured card through Bank of America and slowly but surely began to rebuild my credit by paying my bill on time.
In 2003, I began working with my business manager to write letters to all of the credit agencies to clean up my record, and about a two years later I was approved for the entry level American Express Gold charge card. I emphasize that it took me nearly nine years to get back into the good graces of American Express after I had irresponsibly abused their trust.
I have my parents to thank for my burning desire to be an overachiever (I went to Harvard out of my junior year of high school). Once I was accepted back into the AmEx family, I vowed that I would be responsible enough as I grew my business to be worthy of their highest level of service – the Centurion card. It was a milestone in my life when that envelope came. It meant that I had earned the respect of that financial institution, and I had done so via determination and careful attention to my finances.
As crazy as this may seem, not everyone accepts American Express – not even the the Centurion card. Just as I’d been shut down one too many times, I ran across an advertisement for the Visa Black Card. It read: “The Black Card is not for everyone. In fact, it is limited to only 1% of U.S. residents to ensure the highest caliber of personal service is provided to every Cardmember.” As a test of the credit record I had spent so much time rebuilding, I applied.
My site update was an announcement of Barclays Bank’s decision to grant me a card. I made this post because I feel very strongly about credit and how much it matters in America. The American Dream of starting one’s own business in many instances is built on loans from banks or yes – maxing out credit cards so that you can get started. In order to be a successful entrepreneur, this was a lesson I had to learn the hard way. This election symbolizes the opportunity that this country affords us to achieve any dream in spite of our racial background or financial history. I hope this post encourages you to teach someone to about the value of financial responsibility, even if it means teaching yourself. For me, good credit provides a gateway to the capital necessary to build my vision for NextSelection into a tangible enterprise.
God bless…and here’s a favorite video illustrating my AmEx Centurion in action:"
courtesy of Ryanleslie.com
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