Seeking KIND & Helpful Advice

[Anonymous]

Man some people with the good good scores are kinda cutthroat lol. I'am trying to RE-build my credit. I can only afford to pay out 50 a month towards a now 1500.00 balance and only like 20 actually goes to the principle. I have tried to open ONE TRANSFER account (not anything to ruin the mess I am in more). Cant get approved. I maxed my credit card in an emergency situation to repair my car. Lucky me. I was approved for another card that I havent used yet because not sure if a small charge n pay off will help my score. I have 0 balances due on all of my retail cards. Only 2k in debt feels like 20k. Its depressing to say the least... There has got to be a Transfer Balance to repair this isnt there? I cant get approved from my credit union bank for a small loan because of my scores. Mahalos for your time..Yes I'm seeking another job, Yes I know savings is better than using my card even in an emergency situation but now I am in it. My Credit Scores are 639 Experian 616 Transunion 573 Equifax.  Average age of my accounts is only 8 mths, and number of inquiries on each bureau that I know is 6 on transunion and 4 on Equifax.  The APR on this card is 26.99 I believe..

[Anonymous]

Is there anything you can do to increase your income in the short term? Picking up a part time job could be enough to pay off the $1500 debt very quickly.

[Kenny]

You need to increase your income. Tell your parents what you've done. One thing you shouldn't do is start a go fund me, just because you made poor decisions, come on now! Sounds like you weren't ready for the credit card, to be honest. Whatever you do, don't be late and always pay your debt. You can and will get through this temporary utilization crisis. Work hard, try to lower your bills, eat cheaply, it's not going to be easy, but if you work hard enough and want to get out of this, then you will do it.

[Anonymous]

What are your credit scores, where are they from, what is your average age of accounts, and number of inquiries on each bureau?  What is the APR on this card with the repair?  Sounds like you did a cash advance?

My only advice without knowing any further details would be to go to where you bank. Hopefully its a credit union and you could get a much lower rate personal loan.  Don't get depressed , keep moving forward, and be glad you came to the right place.  Whatever you do dont fall behind on payments.  Get on the penny hoarder blog if you need help on making extra income. Especially if you are rebuilding, I would avoid opening any more retail cards.  (however it may help you if you asked for increases on them now while they are all paid off as long as it does not require a hard inquiry).

I would also steer a little towards David Ramsey in this case.  I try to be a mixture of Suze Orman and Dave.  They are pretty different people.

The good news is you can afford to continue making payments.  And your high utilization will heal itself after some time.

[jsucool76]

What is your income like?

2k in credit card debt isn't a lot right now. What is the APR on the card with the balance? Have you considered calling the lender and asking for them to lower your APR for a bit?


Bigger question is, is there anywhere you can cut spending so that you could potentially pay more than $50 a month towards your balance?

[jsucool76]

#DoublePost

I'll also add in, that i disagree with credit cards being used for emergencies. To me, that is what a saving account is for. Or use your credit card to earn points on your emergency, and pay it off with a savings account.



Which brings me to my first rule....have a savings account, or money, somewhere, that you can use when something like this happens.

[nachoslibres]

Be thankful you didn't get approved for another card - as you really need income like others have said.  Have you looked at picking up a second job for a short time period?  Delivering pizzas or a part time server position could net you an extra $1500 in several weeks if you really wanted to get after it.

[Anonymous]

My Credit Scores are 639 Experian 616 Transunion 573 Equifax.  Average age of my accounts is only 8 mths, and number of inquiries on each bureau that I know is 6 on transunion and 4 on Equifax.  The APR on this card is 26.99 I believe  Yea for some reason I was told it was better to pull cash off the card for charges. Learned the hard way....

Heard of Ramsey but not Suze Orman. Atleast you understand my efforts..Mahalos for that

[Anonymous]

Iam currently seeking more income so thats good advice. I appreciate your honesty and not mocky my credit dilema..Talk to my parents lol.. You mean the one that is dead now because of drug addiciton or the other one that we never knew. I wasnt ready for the card?? Because I clearly stated I just partied with it.  ...and ofcourse I was joking regarding the go fund me but I guess that was hard to read through as well but again Mahalos for all the great advice.

[Anonymous]

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@nachoslibres wrote:

Be thankful you didn't get approved for another card - as you really need income like others have said.  Have you looked at picking up a second job for a short time period?  Delivering pizzas or a part time server position could net you an extra $1500 in several weeks if you really wanted to get after it.

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Ho brah, he already sells pizza from da kine, you know, Boston Pizza in Kaimuki.  Da tips is not dat great brah ova deah.