SalemMA

Well, it's how you act around your showy stuff. If you act like it means little to you and you're open and sharing with your things to others it's not vulgar. It's the guy in the Ferrari who flips out if it gets scratched a bit that is bothersome. It's a piece of metal. A cool one yes, but worth getting upset over? If I ever feel like I have enough money just sitting around that I could buy a Ferrari, I'll donate it to charity. Do you think less of someone who would use the $$ to buy a Ferrari (or some other material item) that they want? Because I'd probably buy the Ferrari and not donate to charity. Just being honest.

I am pretty open about it. The reason for my being so open is that my finances REALLY are the only reason I can’t go out with friends most of the time. Most of my friends live over an hour away, and seeing them always entails gas $$ and then some level of spending $$ when I get there. I limit myself to 1 or 2 times a month. I want them know where I’m coming from. I don’t always go into detail, but a few of my best friends are aware of the details. I want them to know this so they realize it really is a $$ issue and not that I’m blowing them off. Honesty is the best policy. It’s one thing to have a friend who always says “I can’t afford to go outâ€. It’s another to have a friend who says “I can’t afford to go out and here is why and I trust you and care about you enough to tell you whats going onâ€. It also helps me stay on track when I have people who are aware of my finances. One of my best friends tuned me into a money blog she reads & also confessed a past debt problem she had and how she got out of it. I never would have found that blog or know about her past AND her great tips on getting out of debt if we hadn’t been open. She’s been a great inspiration and she totally understands where I am coming from. It also helps me stay focused. When I talk about the actual math and the actual numbers, in my own blog or to close friends, it just makes it more clear in my head. I don’t talk about actual salary much IRL. And NEVER to coworkers. I am very private when it comes to coworkers. I do talk a lot about what I make selling stuff on Ebay. I talk about the Ebay a little because I want to encourage people to try it. I have a lot of friends who are living off credit and who have plenty of saleable items. I made $1088 in 3 weeks selling old books and dvds and a handful of collectibles that were gathering dust in my closet. Online it its different. Online if I’m talking money it’s usually to seek advice from people and the specifics are required. I don’t really care if people have showy stuff. One person’s showy stuff might not be that impressive to someone else. My friend I mentioned above collects designer purses. I’d chop off my own arm before I’d spend more than $30 on a purse. But they make my friend happy so good for her. If I had the $$, I’d buy a classic car…somehow I do not think my friend with the purses would be that impressed. But she’d be happy for me too. Nothing wrong with indulging in a hobby if you can afford it. I fail to see how that is “vulgarâ€. FWIW, I have $0 in my wallet because I do not like to carry cash. It’s icky. And it’s just a beacon to get mugged in the city. I rarely carry more than $20 at a time. And I try to keep it more like $10. My credit score as of last Friday was 753.

I'm not sure how people with lower FICO scores than me are getting approved and I am not but my best guess is because I show too much debt. Unless I get removed from my parents account, I will always show more debt than my yearly income. Always. My parents are NEVER going to pay that debt down and god forbid something happen to them, I will be stuck with that debt since I am listed on the card. I understand that my score will drop, but does it matter? People such as yourself with lower scores are getting better/more offers for BT than me because I have too much debt. I have applied for 2 BT, both thru credit unions and been turned down for having too much debt. One of the credit unions, the same one I have my car thru, actually told me my debt income ratio was too high. So am I just screwed no matter what I do? It seems like I can get my own actual debt down to 0 and still be turned down for too much debt because my report will always show $48K+ in cc debt due to my parents irresponsible behavior.

I'm not sure why you are confused. 1. I am a self proclaimed salamander when it comes to finances, as you can clearly see. I cam here for help with stuff I know NOTHING about. 2. Yes. I am dissapointed that my score is lower than what I expected it to be. Wouldn't you be? You don't have to be wanting a loan or new credit to be sad that your credit score isn't where you thought it was. 3. I do not know what a TL even is. What is a TL? 4. Do you honestly not understand how a person (me) who does not understand how credit stuff works would see having an income of 44K a year and debts listed at 75K and think that that is a very bad thing, the worst thing possible? Esp. when 48K does not even belong to the person? I only know I want a credit score that is great so if I need a new job, new car or BT I will have a better shot. That is the only reason I care what my score is. I came to this forum because people told me it was helpful and non judgemental. But it seems like if you come here knowing NOTHING (including all your abbreviations) to start with, people do judge if you don't magically start understanding it all right away. TL = tradeline on your credit report. 1. If you are looking for help, you came to the right place. This board is a wealth of wonderful information and there are plenty of helpful people willing to share it. 2. If I were in the market for a purchase requiring credit, I would be disappointed and take the steps necessary to educate myself in ways to increase my score. 753 is a very good score and will get you the best rates on the majority of credit lines out there today. 4. FICO does not care about your income. It looks at utilization. If you close your accounts and they have balances on them, that shoots your utilization (credit used vs. credit available) through the roof. Utilization represents 30% of your score. Income represents 0% of it. Thank you. That's good to know. I've been denied things based on debt/income ratio before so I always assumed that debt/income ratio mattered. But isn't it still bad that that 48K will be showing as debt owed, even after I pay off all of my own stuff? Even if I keep the cards open and just don't use them? I can't do anything to make my parents pay their bill in full, or pay it down to something sane. 48K is an insane amount to put on a credit card... at least IMO. You have a point but IMO, what also needs to be considered is this: From the pie chart Jen posted above, 30% comes from payment history. 15% comes from age. = 45% history and age. If your parents are paying their bills on time, all the time, you are gaining 45% of your score from that TL - as a free ride. What is the credit limit of that card (your parents)? What is the credit limit of the BOA and Target? (Forgive me if you've already posted that information - it's Friday and my brain is ready for the weekend!) The utilization in your scenario needs to be taken from your total lines of credit as well, not just that one card. Add up the total of ALL your open credit lines (revolving), including the old store cards that are cut up. Write that number down. Then add up the total that is owed on each. Total that column up, then divide the two. If you are considering closing your accounts (target, BOA), I wouldn't touch that TL (tradeline) of your parents as it is offering the 45% piece of the pie. No idea on my parents card. I don't have it. Don't use it. Don't get statements on it. No idea on the old cards. I have not seen the cards, or gotten a bill from those ones in ages except for capitol one since I can still see that online. Can't access it till I get my password fixed though so going off when I last checked about 8 months ago. Haven't rcvd any notice that it's changed. BOA 23,000 and as of next month balance will be 14,993. Target 3800 and as of next month balance will be 2515 BB 1500 and was PIF today Capitol One 2000 and 0 balance. Care Credit has to have at least 10,000 because my puppy's surgery was around that and 0 balance. My best guess is that unless they have changed it and not told me, all the other accounts have between $1500-$5000 limits and 0% balances.

I'm not sure why you are confused. 1. I am a self proclaimed salamander when it comes to finances, as you can clearly see. I cam here for help with stuff I know NOTHING about. 2. Yes. I am dissapointed that my score is lower than what I expected it to be. Wouldn't you be? You don't have to be wanting a loan or new credit to be sad that your credit score isn't where you thought it was. 3. I do not know what a TL even is. What is a TL? 4. Do you honestly not understand how a person (me) who does not understand how credit stuff works would see having an income of 44K a year and debts listed at 75K and think that that is a very bad thing, the worst thing possible? Esp. when 48K does not even belong to the person? I only know I want a credit score that is great so if I need a new job, new car or BT I will have a better shot. That is the only reason I care what my score is. I came to this forum because people told me it was helpful and non judgemental. But it seems like if you come here knowing NOTHING (including all your abbreviations) to start with, people do judge if you don't magically start understanding it all right away. TL = tradeline on your credit report. 1. If you are looking for help, you came to the right place. This board is a wealth of wonderful information and there are plenty of helpful people willing to share it. 2. If I were in the market for a purchase requiring credit, I would be disappointed and take the steps necessary to educate myself in ways to increase my score. 753 is a very good score and will get you the best rates on the majority of credit lines out there today. 4. FICO does not care about your income. It looks at utilization. If you close your accounts and they have balances on them, that shoots your utilization (credit used vs. credit available) through the roof. Utilization represents 30% of your score. Income represents 0% of it. Thank you. That's good to know. I've been denied things based on debt/income ratio before so I always assumed that debt/income ratio mattered. But isn't it still bad that that 48K will be showing as debt owed, even after I pay off all of my own stuff? Even if I keep the cards open and just don't use them? I can't do anything to make my parents pay their bill in full, or pay it down to something sane. 48K is an insane amount to put on a credit card... at least IMO.

I'm not sure why you are confused. 1. I am a self proclaimed salamander when it comes to finances, as you can clearly see. I cam here for help with stuff I know NOTHING about. 2. Yes. I am dissapointed that my score is lower than what I expected it to be. Wouldn't you be? You don't have to be wanting a loan or new credit to be sad that your credit score isn't where you thought it was. 3. I do not know what a TL even is. What is a TL? 4. Do you honestly not understand how a person (me) who does not understand how credit stuff works would see having an income of 44K a year and debts listed at 75K and think that that is a very bad thing, the worst thing possible? Esp. when 48K does not even belong to the person? I only know I want a credit score that is great so if I need a new job, new car or BT I will have a better shot. That is the only reason I care what my score is. I came to this forum because people told me it was helpful and non judgemental. But it seems like if you come here knowing NOTHING (including all your abbreviations) to start with, people do judge if you don't magically start understanding it all right away.

Here is EVERYTHING on my report... I am worried about some of these old accounts. Some of them, I have not even had statements or copies of the cards in a decade almost. I am concerned what if those cards start charging me an annual fee and I never get the statement cause I've moved like 6 times since 1994. The only cards in my possesion are Best Buy, Target. The BOA loan I access online. There is no card. I was locked out of the Capitol One card online due to forgetting my password and email. I have no statements or copies of the card. All of them say paid or paying as agreed & paid late = no. Hsbc Best Buy XXXXXXXXXXXX 7/2003 $323 PIF today. Drive Card / Citibank Sd XXXXXXXXXXXX 8/2008 $0 Paid off last year. Care Credit/Gemb XXXXXXXXXXXX 10/2004 $0 Older CC card. Forgot I had one when I applied for the second. Care Credit/Gemb XXXXXXXXXXXX 6/2007 $0 The card that paid for my puppy's surgery. Hsbc Sony XXXXXXXXXXXX 2/2003 $0 Helped a friend finance a Tivo in 2003, paid it off in one month. The Limited XXXXXXXXXXXXXXXXX 6/2000 $0 No longer have card. Aig Federal Savings Bank XXXXXXXXXXXX 5/2007 $0 No clue. Meineke Disc XXXXX 1/2007 $0 No longer exists from what I understand... Citi Cards/Cbsd Na XXXXXXXXXXXX 3/1991 $48,184 That is my parents card. Target National Bank XXXXXXXXXXXX 5/2003 $3,415 Mine. Will be 50% less than this next month. Capital One Bank Usa Na XXXXXXXXXXXX 5/2000 $0 I do not have this card as I cut it up but there is a $2K line on it. Kohls Department Store XXXXXXX 7/2003 $0 Cut up. Bank Of America XXXX 3/2002 $0 Presumably this was the MBNA card I consolidated into the nw BOA loan. Chase Na XXXXXXXXXX 5/1995 $0 No clue what this is. Card I had in college? Hsbc Bank XXXXXXXXXXXX 10/1973 $0 I wasn't even concieved in 1973... Hsbc Bank XXXXXXXXXXXX 7/2003 $0 No idea. Discover Financial Servi XXXXXXXXXXXX 2/1995 $0 Card I had in college. No longer have card. American Express XXXXXXXXXXXXXXXXXX 7/2000 $0 College, no longer have card. First Premier Bank XXXXXXXXXXXX 7/2000 $0 Unrated This is the only one that says 'unrated' no clue what this even is. Bank Of America XX 1/2008 $20,933 Mine. Will be down to 14,933 next month and I will continue to look for BT offers. Cambridge Savings Bank XXXXX 6/2001 $0 No clue what this is. Bank I had in college? School loans & car loan... my current car loan has a balance of about 10K left (it's a year old loan on a 2007 car through a credit union) I am not sure why it is not on the report. Sallie Mae XXXXXXXX101F 11/1994 $0 Gmac XXXXXXXX0869 6/2000 $0 Citizens Bank XXXXXX6954 3/2004 $0 Thoughts?

? 753 is a very very good score. 7 more points and it's an EXCELLENT score. anything above 760 is just for bragging rights, honest. +1 It's good, sure. But I thought it was higher. It's gone down since I last checked, last year. I'm glad I pulled it because it appears that the biggest thing hurting me is my parents credit card that they refuse to take me off of. This terrifies me because if something happens and they miss a payment, it goes against me. Now I don't think they will miss one on purpose but they are getting older and I don't care how much $$$ they have, people can forget dates to pay, etc. I also love that it says I've been using credit for 36 years. I'm 33... color me confused. All the more reason not to close the target card after it's paid off. If you remove yourself as an AU, you are going to need the age and the tradeline the target card gives you. +1 The 36 year age is probably coming from that authorized user card. When that goes away if you don't have any older lines, your score will suffer. I still would advise to look at Priceline Visa or a CU card to balance transfer to. With that score, you can get a good card with a BT interest rate well below the 27% you are paying now. What is worse? Staying on that card which has a balance of higher than my income? or getting off of it and having just the Target at about 50% utilization, the loan down to around 14999, the BB with a 0 balance and a slew of old old old 0 balance cards from 10-13 years ago just sitting dormant on my report? I do not see how having me on my parents card is a good thing...

? 753 is a very very good score. 7 more points and it's an EXCELLENT score. anything above 760 is just for bragging rights, honest. It's good, sure. But I thought it was higher. It's gone down since I last checked, last year. I'm glad I pulled it because it appears that the biggest thing hurting me is my parents credit card that they refuse to take me off of. This terrifies me because if something happens and they miss a payment, it goes against me. Now I don't think they will miss one on purpose but they are getting older and I don't care how much $$$ they have, people can forget dates to pay, etc. I also love that it says I've been using credit for 36 years. I'm 33... color me confused.

I pulled my TransUnion FICO score (could only afford to do one today) and my score is currently at 753. Everything on it was great except for the balances. I sent another letter to both Citi asking to have me removed from my parents card and to TransUnion advising that this Citi card with a 48K balance is not my card and that I want it removed from my credit report. 753 is worse than I thought my score would be.

NM. Good luck. What does NM stand for?

Thanks all. I have to catch up on the thread to answer any specific questions, but I have decided that I am going to do what is going to lower my stress levels now. It might actually not (according to some of you) be the smartest thing but it will ease my mind the most. I’m going to pay $6500 + my minimum of $504 (so really, $7004) on the BOA and lower the balance there. If they balance chase, so be it. I have called them, even spoke to a VP of customer relations once, and they all say (no matter what angle I hit from) that there is nothing they can do, and tell me to "do what I want/must". They are completely unwilling to work with me. They did tell me that the min going up last month was some sort of fluke and that it should go up until there is a change in the prime rate again. Then I will be putting at least $700 on the Target ($500 from the rest of what my friend gave me and $100 I would have paid anyway). If I don’t opt out, that will mean an APR going up 4 points on my existing balance. I don’t want or need the card. I think I will close it and be rid of it. BB will be PIF by the end of the month with my Ebay sales. The rest I am going to put in my E-fund which already had $800 in it. I like to make sure I have at least 1K in it. The minimums on Target is not really a problem for me and getting rid of it is just less of a priority than getting the BOA balance down because that is what scares me the most. I need to get the BOA down for my own piece of mind. Any further Ebay $$ I get will go getting it paid faster. I don’t want to destroy my credit with BK. But at the same time, I don’t plan to get any new credit cards ever again (unless it’s for BT purposes, which I’ve been turned down for 2 so far because of debt to income ratio) so I’m not going to stress about my score & utilization much right now. My job is fairly secure and since my car is fairly new and running well (and a generally reliable Ford Focus) I’m hoping I won’t need a car loan anytime soon. I know for a fact I won’t ever be buying a house. I may need good credit in the future for 1. a new car loan and 2. if I ever lose my job and need to get a new one in the same field. I hope that by that time, the utilization issues are improved. If something catastrophic happens between now and then, I guess I will have to cross that bridge when it comes. But it's a risk I'm willing to take right now. Seems easier to bounce back from having bad utilization ratios than from BK. Thanks all for your help.

Also, just another thing I thought of... I also have: $400 (bday money from parents + $300 from them for something else) $330 (pre tax parking reimbursement from work) $280 so far (Ebay over the last 2 weeks...and I have not even listed the good stuff. I'm actually shocked that people bought the random stuff I listed so far) ---------------- $1010 I can use this money on the Target card as well. Or put it in my EF for extra padding there.

The APR on the loan is 21.99 % right now. Of course, it will go up next year, for sure. I'm thinking for my personal situation, the best bet would be to pay $6500 on this + the $504 normal payment so $7000.00 and get the balance from 20933 to 13933 (such a less scary #) I could pay it off in 2.5 years IF I pay $600 a month instead of $500. Also, a 13933 balance will be a lower utilization on this line of credit, right? $1000 is not possible so if they raise it to that because of the prime rate thing, I will be screwed because I don't have $1000 a month. But shouldn't the minimum not raise as much if the balance is lower because the higher APR on 13933 will equal less per month than a higher APR on 20933? I will also be able to put an extra $600 on my Target card which will bring that balance down from $3350 to $2750. Then suddenly there will be $1000 available credit and a slightly lower utilization. Opt Out: I am going to opt out of the higher rate on the Target card (they are raising it from 22 % to 26%) and close it. I can not opt out of the change on the BOA. I think Best Buy has an opt out but the balance on that card is like $305 with a limit of $2000 so my utilization is already low and it is a good card to have for Geek Squad related emergencies (in fact, that is the only thing I ever used it for and it saved me hundreds in a new computer, not to mention they recovered my entire music and photo collection). Honestly, I want to never use credit again except for when need be another car loan or an emergency. I will never be able to afford to own a home unless I pack up, leave my family and move to a different area, so I don't care about getting a mortgage that much.

My friend suggested I do this as well. How much would something like that cost?