Guys.. I need help.. Please STOP me!!

iVillage Member
Registered: 10-10-2003
Guys.. I need help.. Please STOP me!!
10
Wed, 03-08-2006 - 10:34am

Okay .. I haven't have good credit in a long time. I got with a credit counseling service and consolidates all my credit cards about 4 years ago right after I maxed them all on my wedding.

Well here we are 4 years later and 3 more months to pay on the program. Well since I have been paying on these cards all this time, and not incurred any new debt, it seems my credit has gotten better..

2 months ago my water heater blew up and we needed to get a new one in a hurry. On a wim I applied for a home depot credit card.. and I got approved!! 2K !!!I am being a good girl with it. I only charged my water heater (and a few spring plants) and have paid on time--more than the minumum.. my balance is $190 with them now.

SO being so happy that I might have some credit.. I applyed for a rooms to go card. I know it was bad.. but our couches are even worse... and they are offering no interest unilt jan. 2008. So I applied thinking I would put $100 towards per month.. We REALLY REALLY need couches. Ours are absolutely disgusting.. So I got approved $4500!! wow!! we haven't bought the couches yet, we will probably this weekend, but they are only going to be about $1400, so that is okay.

WELL.. my dog , bobby , --he' 10 now, he was chasing a duck across our pond last week and landed wrong on a leg.. and now I am suspecting a fracture.. So I called the vet today and it's going to be about $300 to get him all x-rayed and checked out.

I only have $280 that I have been trying to build in my efund and I really really don't want to touch it. So I did ANOTHER bad thing. I applyed for a visa.. that I also got approved for .. $500 (w/ $60 annual fee!). so If I need it for Bob.. I can use it. I am going to try to wait out my dog for another week or so to see if I can come up with the cash for the vet. He's not in any pain.. he's still jumping on and off our couch..he is just using 3 legs.. : )

I need help. Someone out there tell me that I need to stop with the credit cards. I am scaring myself!! Whatever good my credit was, probably isn't now because I have applyed for so many cards in so little time!!

I am bummed and overwhelmed and I really need a reality check!!! Thanks for listening. Someone tell me I need to stop!!

iVillage Member
Registered: 03-07-2005
Wed, 03-08-2006 - 11:09am
Yes, you need to stop applying for credit. I thought you weren't allowed to apply for more credit while on a DMP? I'd be careful. I know how excited you must be to finally (almost) have the freedom of being debt free BUT you can't revert to living the way that got you there. And I'm hearing ya on the couches. Mine are 10yrs. old and we paid $600 for both of them brand new so cheapo couches, three kids, and 10 yrs. later, they are looking pretty bad. ;)
iVillage Member
Registered: 12-04-2003
Wed, 03-08-2006 - 11:09am

Stop!!!!

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iVillage Member
Registered: 10-10-2003
Wed, 03-08-2006 - 11:32am

I know, I know!! I am really really upset with myself. My only salvation is that I haven't spent any money on any cards except for home depot.. So if I can only stay away from spending on them..

Is it okay to open an account and NOT spend on it? will is effect my credit in a bad way?? Just having an account open and not using it? I know if I close my accounts it effects it badly..

I am SO upset about this. It's like it wasn't me applying for these cards. It was my evil twin , and I couldn't stop her.

It's all over with now.. Whatever damage is done is done. I can't do anything about it. Except not spend any money on them...

: (

Avatar for mymartes
iVillage Member
Registered: 03-26-2003
Wed, 03-08-2006 - 11:41am

i agree w/sweetjump. stop applying for credit cards. you've done great. you're almost debt free.

pets are part of the family. i would take the money from the e.f. and take the dog to vet. isn't that the reason for an emergency fund?

good luck.

MYM

Avatar for 2locachicas
iVillage Member
Registered: 05-14-2003
Wed, 03-08-2006 - 12:07pm

BE VERY VERY CAREFUL!!

our very closest friends did cccs and they got "comfortable" with the ability to pay their debt back and less than a year later they are right back where they started!!! They too got credit cards at the end of their stint(for 24%) and now they are all maxed and can barely pay the interest on them.

I suggest you RUN to the local library and get Total Money Makeover or something of the like.

I commend you for taking the step to get out of debt..it is hard and so many people don't approve of it for some reason. But now you need to change your way of thinking. Remember all the reasons you did this and all the reasons you don't want to be back where you were at the beginning of that road. Those new couches won't look so great as they would if you paid cash for them. We have a set I paid 700 for brand new 2 years ago and I love them because I owned them from the day they were brought in the door. Look at this as a blessing. You have a chance to start over with a clean slate and live the way you want without all those crazy bills hanging over your head.

Empty credit cards aren't bad if you are't using them but what do you really need a 4500 credit limit to a furniture store if you aren't using it??

be strong!!!!!

iVillage Member
Registered: 12-05-2004
Wed, 03-08-2006 - 3:35pm

Rather than getting new couches, can you purchase a large flat sheet (not fitted) in a pretty color or pattern and cover your couch with that as a slipcover? We bought our sleeper sofa about 13 years ago, and the cushions were getting frayed from our dog's nails as he jumped around on it. So we bought two large fitted dark red sheets. Our couch was actually beige, but we figured red would really stand out in the room. Then we draped them over the couch, tucked the ends into the cushions to make it look like a single slipcover, and it turned out fine. Now if someone spills or our dog jumps up with wet or muddy feet, I can just toss the sheets into the washer and put them back on the couch.

I agree with everyone else. Cut up the Home Depot card. Forget about Rooms to Go and find a cheaper alternative that you can pay for with cash up front, and talk to your vet about a payment plan. I can't imagine a vet that would say, "Well, your dog will just have to walk around on a hurt leg until you can come up with the funds". I'm sure your vet will help you out somehow.

Best of luck and congrats on getting your initial debt almost paid off!

Pat :-D

Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Wed, 03-08-2006 - 4:09pm

Hey there - hope I can be of some help.


I have a really hard time understanding the reluctance that

All my best,
Danni

iVillage Member
Registered: 01-05-2005
Thu, 03-09-2006 - 11:24am

Please don't hesitate taking your poor puppy to the vet and getting him fixed up. If you let him go too much longer his leg may not even be repairable and you can guarantee if he is not walking on the leg he has pain!
I just spent $1600 on emergency surgery for my dog (she ate a tennis ball) and the vet worked with me and let me make payments interest free. I truly feel yours would work with you as well and then perhaps you won't have to touch your emergency fund OR open yourself up to more credit card debt.

Since I joined this board, I have been saving for the larger purchases I have had to make and it feels WONDERFUL. I know that it is hard to be patient but to me it has been worth it in the long run. I never want to get back in the debt I was in when I had that "I want it now" attitude.

Good for you in seeking the advice and support of this board. Good luck to you AND Bob.:~)

Avatar for endomagazine
iVillage Member
Registered: 11-09-2004
Sat, 03-11-2006 - 9:27pm

Hello,

Definitely *definitely* need to cut up those cards. Yes, your credit score will go up if you have "available credit" but no balance. Regardless of your credit rating, there are some credit card companies that will issue you a card even when your credit rating is rock bottom, and then make tons of money on those fees they charge when you miss a payment.

Cut them up, all of them. Pay them off, and then close the accounts. If you aren't expecting to buy a car or mortgage, it doesn't matter what your credit score is. Your score will continue to go up as you continue to keep paying off those debts. Once you have finished paying off the debt management plan, think about it this way... your "monthly payment" could be sent to a savings account, where it will earn interest *for you* instead of to a credit card company!

You could get rid of those payments and start paying yourself! Now, wouldn't it be nice to see your savings account balance go *up* every month, instead of your credit card balance?

Sincerely,
Lindsey Schocke

Sincerely,
Lindsey Schocke

Geeks on Tap: Mission Accomplished

iVillage Member
Registered: 03-16-1999
Sun, 03-12-2006 - 6:51am
Ditto... cut them up.. burn them... whatever. On the subject of couches. One person offered the suggestion that you buy a couple of sheets and make slip covers. If you want to get a little fancier and either you or a friend can sew you can go to a fabric store during a sale and buy a pattern for a buck or two to make it a little more like a real slip cover. Before I did anything I would take a long look at the couches and decide what is wrong with them. If they just look dull and dingy I would rent a carpet/upolstry cleaner and see how that does at brightening things up. There are a number of cheap/free natural cleaning solutions you can use instead of expensive cleaner. If the cushions are looking a little droopy you can either buy some sheets of foam (look for it cheap) or use old blankets/comforters wrapped around them to give them a little more shape. If you don't have anything old enough to use, go to a thrift store and find something that will work (for a couple of bucks) wash it and cut it up. If you have animals you might want to consider a slip cover option for any couches you buy. I ended up with a sofa (from a family member) that was high quality and a style I liked but with horrible fabric. I found fabric I liked (at a blowout sale) and had slipcovers made for about $200. I like it so much that I bought loveseat at auction and did the same thing. I have custom covers that I can wash whenever they look dingy. The idea of saving each month toward something you want is a great one. Think how much fun it will be to have the couches delivered knowing there is no bill to follow.