have to come out of garden mode, need urgent help

[Anonymous]

I would rather save up and pay cash (if the renovation can wait for few more months).

[Anonymous]

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@Anonymous wrote:

I would rather save up and pay cash (if the renovation can wait for few more months).

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+1.  My favorite option as well.  

[p-]

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@Anonymous wrote:

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@Anonymous wrote:

I would rather save up and pay cash (if the renovation can wait for few more months).

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+1.  My favorite option as well.  

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make that 3

[Anonymous]

Let me add that I'm a fan of saving - I'm also a fan of using a card to make the purchase.  Then PIF.  

[castlefox]

+4  

Last time a contractor came out and did work for me, they found other issues wrong with the house and it ended up costing 50% more than the initial estimate. 

[p-]

On top of that - if you think you can come up with the money in the next few months, put off the work.  If you're right you'll be able to pay for it, but if you're wrong and some major event eats up the money, you're not left with a CC balance.  Who knows what could happen?

[Anonymous]

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@p- wrote:

On top of that - if you think you can come up with the money in the next few months, put off the work.  If you're right you'll be able to pay for it, but if you're wrong and some major event eats up the money, you're not left with a CC balance.  Who knows what could happen?

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+1,000,000.

Poopy stuff happens.  

[quest208]

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@p- wrote:

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@quest208 wrote:

a recent urgent situation has occured and i am considering opening up a new credit card for the purpose of doing an important home renovation.

make a long story short i have $3,000 in the bank and it would cost about $6,000 to 7,000 to have a contractor remedy the situation.

i (my wife and i) will be able to save about $2,000 a month starting the end of january.

now im no expert, but i was hoping to apply for a credit card which has something similar to a 0% interest for 6 months, which will allow me (us) to pay off the entire balance in 6 months.

or does anyone think we should just wait, save, and pay for contractor in cash (check)....which we dont want to do we'd like to get this done sometime in jan/feb.

yes, i currently have a credit card with an $11,000 credit limit, but the interest on that usaa card is like 22%.  which we're contemplating doing if its the best option.

i ask because i appplied  for and was approved for that usaa card about 3 weeks ago, so its a fresh inquiry and a fresh account although my usaa reports show it as opened and one month payment history as paid.  my average age of accounts is also a bit thin, because of my new card my average age might now be less than a year (2 cards orchard and bestbuy opened in march 2010, everything else new)

i know this borders a bit on financial advice, but any direction would be great.

is there a card i can apply for now and be approved for about 6,000 given that i just applied last month?

is it better to just wait, save up, and pay the contractor in cash, and not risk applying now since  i just applied last month?

thanks

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How important is the home renovation?  Is it critical, or a nice to have"?  The smart thing to do is not spend tomorrow's money today, instead save up and pay cash.

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basement floods when we have heavy rain. the water is seeping through the cement, walls, etc.  it would cost about 5-8,000 to have the walls drilled and a pump that catches water then water is pumped outside.  i think it would cost over 10,000 to have them dig up around the house and waterproof it that way.

it is critical, i can probably try to wait until spring and do some sort of cash thing.  when it snows its no big deal, but when the rain is heavy the water comes in.  im not taking about a foot of water, but the floors are wet and have to mop it....the heavier the rain, the more mopping is involved.

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@clocktick wrote:

Are you looking to open up the credit card to pay the contractor?  If so, a lot of contractors do not take credit cards or...charge you less if you pay cash.  If you're looking to charge the supplies only, then I would go with the advice above.  Lastly, if you can wait and save the cash to pay for the renovation, how "urgent" is it?  I mean, it seems you're carefully considering your options for other reasons...your relationship with USAA?  Your FICO?  Any more information would be helpful.  Does this project have a deadline?  What would you charge on the card?  Etc., etc.

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i just need to get this done as soon as as i can financially.   i can probably hold off until last frost, but then i gotta get it done because thats when it starts raining around here. (jersey) 

i have a limited relationship with USAA, but its pretty good.  no lates, im trying to "keep it in the family" with usaa (checking, credit card, credit monitering)

i'd probably charge over 6,000, and my intent is to pay it off in large monthly payments if the interest is not that great.

but, you guys always seem to know what you're talking about.  you have not steered me wrong yet since i joined, so im going to put off things until i can PIF in cash/check.

excuse me, can someone please direct me to the myfico garden club meeting for december?  i seem to have wondered off and got lost.  i need to get my butt back there before i get a hard inquiry LOLOLOLOL

thanks ya'll.  as always, much obliged.

i'll just spend the next few weeks trying to strenthen my fico scores, keep util low, pay on time, etc, and so forth JUST IN CASE

[thebanjoman]

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@quest208 wrote:

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@p- wrote:

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@quest208 wrote:

a recent urgent situation has occured and i am considering opening up a new credit card for the purpose of doing an important home renovation.

make a long story short i have $3,000 in the bank and it would cost about $6,000 to 7,000 to have a contractor remedy the situation.

i (my wife and i) will be able to save about $2,000 a month starting the end of january.

now im no expert, but i was hoping to apply for a credit card which has something similar to a 0% interest for 6 months, which will allow me (us) to pay off the entire balance in 6 months.

or does anyone think we should just wait, save, and pay for contractor in cash (check)....which we dont want to do we'd like to get this done sometime in jan/feb.

yes, i currently have a credit card with an $11,000 credit limit, but the interest on that usaa card is like 22%.  which we're contemplating doing if its the best option.

i ask because i appplied  for and was approved for that usaa card about 3 weeks ago, so its a fresh inquiry and a fresh account although my usaa reports show it as opened and one month payment history as paid.  my average age of accounts is also a bit thin, because of my new card my average age might now be less than a year (2 cards orchard and bestbuy opened in march 2010, everything else new)

i know this borders a bit on financial advice, but any direction would be great.

is there a card i can apply for now and be approved for about 6,000 given that i just applied last month?

is it better to just wait, save up, and pay the contractor in cash, and not risk applying now since  i just applied last month?

thanks

---

How important is the home renovation?  Is it critical, or a nice to have"?  The smart thing to do is not spend tomorrow's money today, instead save up and pay cash.

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basement floods when we have heavy rain. the water is seeping through the cement, walls, etc.  it would cost about 5-8,000 to have the walls drilled and a pump that catches water then water is pumped outside.  i think it would cost over 10,000 to have them dig up around the house and waterproof it that way.

it is critical, i can probably try to wait until spring and do some sort of cash thing.  when it snows its no big deal, but when the rain is heavy the water comes in.  im not taking about a foot of water, but the floors are wet and have to mop it....the heavier the rain, the more mopping is involved.

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First, wouldn't first big thaw potentially cause the same kind of leaking?  Er. wait. Jersey... that may be my former midwest winter memories.

Second, wouldn't a basement leak repair be far less common a task for most contracters during the winter months?  It may be far enough of an out-of-season repair that you can try to negotiate for a better price that may not be possible or available during the spring.  If you can secure a decent credit card from a credit union, or good account opening interest rate, or secure a nice unsecured loan for the amount you think you'll need... it may be worth at least doing the math.

I will admit though, initial quotes for work that intensive may be more prone to change orders (and thereby cost increases) as cracking open every wall is often more than a bit prohibitive for an estimate.

[quest208]

yeah its a hot mess.

i do want to try and get it done as soon as possible, because i know once last frost arrives, they will be swamped with work by people preparing for the "rain season" that spring brings.

you have a good point.  im just trying my darndest to get my money in order, while still knockin off some of the monthly bills