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No longer PIF on my CCs

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No longer PIF on my CCs

My wife is starting a business in our house.  She's a long time pet groomer and had her own business before moving to Northern Virginia.  She looked into getting a business loan to make some modifications to our home for $10k, but her bank turned her down on the unsecured loan.  She has better credit scores than me, but does not have the income that I do.  So her DTI looks high on paper.  I took advantage of a recent CLI and "flex loan" offer from Citibank to loan her the money myself.  It's 7.99% at 60 months with a payment of $203 a month.  Unfortunately, it will show as credit card utilization and show at 86% on that card and 7% overall.  I'm sure my scores will drop below 800 due to it, but it was worth it to jump start her business.

 

I'll still work toward 800s, but I know it will be harder.  The good news is that she'll pay it off in a couple of years, and I'll be back.  I'm ready to garden again anyway, so the timing is good.  




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Established Contributor

Re: No longer PIF on my CCs

That was awesome of you to do that I wish her Super Success in her buisness and smooth sailing for you as well I know it may have been a decision at some point but I'm glad you still helped her to better both of your future and hopefully the favors will return for you too!  Smiley Very Happy
















Message 2 of 11
Frequent Contributor

Re: No longer PIF on my CCs


@Girlzilla88 wrote:

That was awesome of you to do that I wish her Super Success in her buisness and smooth sailing for you as well I know it may have been a decision at some point but I'm glad you still helped her to better both of your future and hopefully the favors will return for you too!  Smiley Very Happy


Thank you.  She's honestly the one that got me started in my credit awareness and recovery.  She's great with money, and in the five years we've been married has never asked for anything.  She didn't even ask for this, but I approached her with the idea after finding out she had been denied.  I know I'm on the hook for it should she fail me, but I don't see it happening.  




Message 3 of 11
Frequent Contributor

Re: No longer PIF on my CCs

You’re a good man. I wish the DW awesome success. 

 

PIF is awesome and advisable under normal circumstances, but credit is there to use when you need it too. I commend you for looking at the big picture. 

 

Personal Credit -
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Business Credit-
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Message 4 of 11
Valued Contributor

Re: No longer PIF on my CCs

Awww, she has a sweet hubbyHeart  That's what it's alllllllll about.  Congrats to you both!

"MY TAKE HOME PAY DON'T TAKE ME HOME"
Rebuild Began: Oct 2018 Exp. 579 (current: EXP 708, TU 738, EQ 746)
Personal: BB&T Cash Rewards-$10.5k, Bright Card-$10.5k/CapOne Savor-$5.5k/Comenity GoodSam VS-$5.5k/Discover Chrome-$3k/Synchrony CareCredit-$5.2k/Synovus LOC-$75k
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Oldest 1998, Youngest Nov 2019, Closed Accts. reporting: 2 personal loans, 7 revolving, 1 auto

"Sometimes Impatience forces you to think out of the Box"
Message 5 of 11
Super Contributor

Re: No longer PIF on my CCs

This is literally the point of credit. You get loaned money for something you need, but don't have the money for upfront. It's the whole reason to have an 800 credit score in the first place.







Message 6 of 11
Frequent Contributor

Re: No longer PIF on my CCs


@CreditSweeper wrote:

You’re a good man. I wish the DW awesome success. 

 

PIF is awesome and advisable under normal circumstances, but credit is there to use when you need it too. I commend you for looking at the big picture. 

 


Thank you for the kind words.  I agree, and what's the point to have good credit if you don't intend to use it.  




Message 7 of 11
Frequent Contributor

Re: No longer PIF on my CCs


@GApeachy wrote:

Awww, she has a sweet hubbyHeart  That's what it's alllllllll about.  Congrats to you both!


You're too kind.  Smiley Happy  Thank you, she's really excited to start on this venture.  




Message 8 of 11
Frequent Contributor

Re: No longer PIF on my CCs


@Brian_Earl_Spilner wrote:

This is literally the point of credit. You get loaned money for something you need, but don't have the money for upfront. It's the whole reason to have an 800 credit score in the first place.


You're absolutely right.  Thanks for the reinforcement.  




Message 9 of 11
Community Leader
Mega Contributor

Re: No longer PIF on my CCs

Congrats to your wife on achieving her goals and to you for supporting her 

EX 759 EQ 774 TU 753


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