cancel
Showing results for 
Search instead for 
Did you mean: 

best approach?

tag
09Lexie
Moderator Emerita

Re: best approach?


@StartingOver10 wrote:

@Anonymous wrote:
If your credit is good enough to get all these prime credit cards with bonuses then surely it's good enough to get a 3k personal loan . Pay off the $1000 and pay the monthly loan bill with the remaining 2k . You should be able to find a job before the 2k runs out
^^^Lost my post. Long story short. OP,why are you thinking of adding debt/credit lines when you have no income?
Makes no sense. You need income to repay any new credit lines or future debt you pick up. Don't make any application until you have income.

Also, what would you write down for income/employment?

Message 11 of 22
Anonymous
Not applicable

Re: best approach?


@09Lexie wrote:

@StartingOver10 wrote:

@Anonymous wrote:
If your credit is good enough to get all these prime credit cards with bonuses then surely it's good enough to get a 3k personal loan . Pay off the $1000 and pay the monthly loan bill with the remaining 2k . You should be able to find a job before the 2k runs out
^^^Lost my post. Long story short. OP,why are you thinking of adding debt/credit lines when you have no income?
Makes no sense. You need income to repay any new credit lines or future debt you pick up. Don't make any application until you have income.

Also, what would you write down for income/employment?


I'm guessing the OP lives with their parents right now? Household Income would apply.

Message 12 of 22
CreditCuriosity
Moderator Emeritus

Re: best approach?


@Anonymous wrote:

@09Lexie wrote:

@StartingOver10 wrote:

@Anonymous wrote:
If your credit is good enough to get all these prime credit cards with bonuses then surely it's good enough to get a 3k personal loan . Pay off the $1000 and pay the monthly loan bill with the remaining 2k . You should be able to find a job before the 2k runs out
^^^Lost my post. Long story short. OP,why are you thinking of adding debt/credit lines when you have no income?
Makes no sense. You need income to repay any new credit lines or future debt you pick up. Don't make any application until you have income.

Also, what would you write down for income/employment?


I'm guessing the OP lives with their parents right now? Household Income would apply.


Oh no, not this discussion of household income again Man Sad ... Kids of parents can't count there parents income, although I am sure quite a few do indeed do it.

Message 13 of 22
Chaselover
Frequent Contributor

Re: best approach?


@Anonymous wrote:

@Membersince2013 wrote:

Seems like a good idea to me. I'm interested in how do you plan on getting 1k through sign up bonuses.


I was thinking the same thing. It seems like a good idea on paper, but it might be difficult to execute. What I'm having difficulty grasping is that most sign-up offers require you to spend x amount of money. Wouldn't that money be better spent paying off your debt? I'm personally not sure if using sign-up bonuses would save you much time seeing as how you want to immediately relieve yourself of that $1,000 hole.


+1, i thot the same thing.


In a committed relationship with Chase from 12/2012.
Age: 26, Income: $59,240/-, Current score: TU from CK: 750/A (12/24/14), TU Vantage score from CK: 775/C (12/24/14), Experian from Creditsesame: 717, Equifax from myfico: 724, Overall Util: 1% (12/24/14), Total credit limits: $62,150, In the garden from 12/19/2014, AAoA : 7 months, Oldest account: 8 months, Newest account: 1 week, HP: 18.
Message 14 of 22
Anonymous
Not applicable

Re: best approach?


@Anonymous wrote:

I have a $1000 that I definitely want to pay off right now. I'm currently unemployed, and my parents don't want to help me. They are willing to put spend on my credit cards and pay it back... So any advice?? Should I signup for credit cards to get the bonuses to help me? Is this wise or unwise?


Don't apply for any card until you find a job.  I know you said you plan to find a job in the next months but it is better to be safe than sorry.  The cash back won't be worth the hard pulls, low limits etc.  But it is all up to you to decide.

Message 15 of 22
NRB525
Super Contributor

Re: best approach?


@Anonymous wrote:

I have a $1000 that I definitely want to pay off right now. I'm currently unemployed, and my parents don't want to help me. They are willing to put spend on my credit cards and pay it back... So any advice?? Should I signup for credit cards to get the bonuses to help me? Is this wise or unwise?


This is unwise. It seems like a cash flow opportunity but will warp your perception about what should go on the card, resulting in too many charges, more debt than you probably can handle right now, even if your parents front you the money, because you will find uses for that cash while it waits.

 

I would focus all energies into cutting costs, picking away at the existing $1,000 at minimum payments to stay current, and do your best to get a job.

 

Good luck to you. Getting through this will make you stronger.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765
Message 16 of 22
Dw4250
Valued Contributor

Re: best approach?


@Anonymous wrote:

I have a $1000 that I definitely want to pay off right now. I'm currently unemployed, and my parents don't want to help me. They are willing to put spend on my credit cards and pay it back... So any advice?? Should I signup for credit cards to get the bonuses to help me? Is this wise or unwise?


Best Approach?  Get a job.

 

Signing up for credit cards should be the last thing on your mind until you have stable employment.  Getting a credit card before a job would only compound your problems, not solve them.

 

Good luck!

Message 17 of 22
Anonymous
Not applicable

Re: best approach?

Can you sign up for government programs. Unemployment? This thing with the cards isn't really a solution. 

Message 18 of 22
Anonymous
Not applicable

Re: best approach?


@Dw4250 wrote:

@Anonymous wrote:

I have a $1000 that I definitely want to pay off right now. I'm currently unemployed, and my parents don't want to help me. They are willing to put spend on my credit cards and pay it back... So any advice?? Should I signup for credit cards to get the bonuses to help me? Is this wise or unwise?


Best Approach?  Get a job.

 

Signing up for credit cards should be the last thing on your mind until you have stable employment.  Getting a credit card before a job would only compound your problems, not solve them.

 

Good luck!


Why get a job when credit cards are free? Smiley LOL

Message 19 of 22
09Lexie
Moderator Emerita

Re: best approach?


@Anonymous wrote:

@09Lexie wrote:

@StartingOver10 wrote:

@Anonymous wrote:
If your credit is good enough to get all these prime credit cards with bonuses then surely it's good enough to get a 3k personal loan . Pay off the $1000 and pay the monthly loan bill with the remaining 2k . You should be able to find a job before the 2k runs out
^^^Lost my post. Long story short. OP,why are you thinking of adding debt/credit lines when you have no income?
Makes no sense. You need income to repay any new credit lines or future debt you pick up. Don't make any application until you have income.

Also, what would you write down for income/employment?


I'm guessing the OP lives with their parents right now? Household Income would apply.


These are the same parents that will not help now? IF, OP could use HHI to apply it's obvious from the post they will not be paying OPs bills.

 

 The HHI has been discussed here a lot and if there was ever a case of which it does not apply- it would be this one. 

Message 20 of 22
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.