Just got rejected by C/C company!

iVillage Member
Registered: 04-28-2003
Just got rejected by C/C company!
6
Tue, 05-27-2003 - 9:43pm
I'm really feeling the weight of this debt pressing on me now. I was pre-approved for a credit card, applied and was then told I have too many other cards open. I have about 7 c/c's but only 4 are active. Two are carrying transfer balances and the other two I use to make purchases.

Here's the problem: I'm out of work (don't qualify for unemployment) and I'm living off of my savings which I was putting away to pay off my debt. I had almost $15,000 and now I'm coming close to $8,000. I have to use c/c because I don't have an income and I don't want to pay cash outright. Although I am paying off my credit cards in full when the statements come in because I can't bare to wrack up anymore c/c debt.

I was going to transfer an $8,000 c/c balance to the new c/c, I still have another $9,000 on the second card. I have to pay one by June 3 or get charged a 14.99% APR!! I have one last chance to switch the balance due to an existing c/c for O% APR for six months. I just put in for a credit line increase. If they don't give me that I will have to pay $1500 and transfer the rest.

This is the first time I was ever denied a credit card and it just occurred to me. I've been transferring balances for over 2 years and eventually I'm going to run out of credit card companies! I think I may have to go back to waiting tables (which I did throughout school) if I don't get something soon. Who said having a Master's degree was going to provide me with job security?? AHHHH, I'm getting so incredibly frustrated.

iVillage Member
Registered: 03-27-2003
Tue, 05-27-2003 - 11:05pm
Go wait those tables!

I feel for you--btdt. We racked up most of our current debt while dh was out of work, and we tried and tried to find ways to make ends meet and just couldn't. But if I had bitten the bullet and gone out and gotten a job waiting tables right at the start, we'd owe probably $15,000 less than we do now.

Remember, it's temporary. Just till you get back on your feet. No one ever said a master's would provide job security--quite the opposite sometimes. You're overqualified, and no one wants to pay you what you're worth right now. Go get a job waiting tables at night. During the day, apply for jobs, go to interviews, keep your eyes peeled. Meanwhile, you'll be using less of your savings (maybe you won't have to use them at all), you won't be running up your debt, and you'll thank yourself when you finally do get that awesome job and you can enjoy the income instead of continuing to stress because now you have cc debt that eats up most of your income.

Believe me, you'll be glad. Remember, it's temporary.

Hugs and blessings,

Heather

iVillage Member
Registered: 04-28-2003
Wed, 05-28-2003 - 5:14pm
Hi Heather,

Thanks for your supportive response. It's amazing how fast a savings can get drained when there isn't any income coming in. My family is telling me to keep job hunting and to sign up with a temp agency but in the past they haven't offered me any leads. Your suggestion makes much more sense to me--waiting tables is a quick way to get cash. And on my off days I can still seek gainful employment. Otherwise I am just whittling away my days fretting about money (or lack thereof) and wondering how in the world I'm going to make ends meet if I don't have a job of any kind.

I hope your debt situation is improving everyday. Thanks again!

Kali

iVillage Member
Registered: 03-27-2003
Wed, 05-28-2003 - 6:48pm
Glad my comments were helpful. I just realized I didn't mention that I *did* wait tables for about six months, but not until we were already so deep in debt that there was no other choice. I just wish I had gotten wise sooner and we wouldn't be in this mess!

But yes, my debt situation is improving steadily. We owe close to $28,000, but we pay down more every month, and dh keeps getting promotions, so hopefully we'll be out of this in a couple years.

Good luck to you, and keep coming back. This board is such an inspiration!

Blessings,

Heather

iVillage Member
Registered: 03-31-2003
Thu, 05-29-2003 - 8:50am
Oh, Kali, hang in there! You're doing all the right things, have faith that all is as it should be.

I've been rejected by cards before too, and accepted by others. It's not a reflection on my character or goodness. Credit card companies don't care how many old ladies we help cross the street, but in reality, isn't that more important than being 'accepted' or 'rejected' by a faceless corporation whose sold reason for being is to take our money? Wow, what a rant!

Anyway...

You won't run out of credit card companies, because after some time goes by, you can re-apply at a company where you previously had closed an account. Hopefully your debt will all be paid off by then though.

Keep putting one foot in front of the other, and remember, "You are not your debt".

All the best,

Lee Ann

Lee Ann

www.werenotafraid.com

iVillage Member
Registered: 04-28-2003
Fri, 05-30-2003 - 6:21pm
Hi Heather,

I will absolutely keep coming back to the boards. It is inspiring to hear from others who are in similiar situations and find ways to get out of the red. For the longest time I've been feeling so unmotivated and controlled by what had seemed unsurmountable debt. After talking to people on the boards I see that nothing is so impossible. This weekend I am going to look for a waitressing job, spiff up my resume and make plans to look for perm work (hopefully in my related field) on my off-days.

It's great that your husband is getting promotions in his job! It sounds like you two are definitly going to become debt free before you know it :)

Have a great weekend,

Kali



iVillage Member
Registered: 04-28-2003
Fri, 05-30-2003 - 6:31pm
Thanks Lee Ann,

I was lucky in that I had a 0% rate on an existing card. They will still charge me $50 to transfer the balance but I am trying not to tap into my savings to pay bills right now. The balance in full is due by Dec.2003 so I just bought myself some more time.

I've decided by Nov. 2003 I am going to pay off one of the balances come hell or high water. I just want to get out of the c/c debt for good and start to focus on my student loans. It's hard to remember I'm not my debt since it's been causing me such anxiety but you're right and I'm trying to stay focused on other things and enjoy my life!

You're right about the C/C's too. I did cancel a Discover card and re-applied the next year and was accepted for the 0% APR. Hopefully I will have my finances under control come Nov. or anytime before that ;) so I won't need to transfer any balances again.

Thanks again,

Kali