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I have a confession...


Emtmedic44
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The last post in this topic was posted 2847 days ago. 

 

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We bought our house about 3 weeks ago and I immediately app'd for a Lowe's card and got a CLI on recon for $5000. Since then things have gotten out of hand!! I spent approximately $3800 on the Lowe's card on things for the house, and splurged on a washer and dryer. I sooo got caught up in the excitement of shopping for my new house. My utilization is ridiculous across the board on my 5 cards. I make decent money and I know I can get this under control in the next 30 days. I'm just falling into the pattern of paying bills with my credit cards and then paying the balance with my next check and then starting all over again, and I see it getting out of hand. I just needed to get this off my chest so that I am being accountable to someone out there..I keep having bouts of anxiety when I look at my balances. Although, I guess that's better than not caring at all. I have made great strides and come along way since January of this year. I will not go backwards!! O.K. thanks everyone, I don't want to sound like a whiny child. I will keep moving forward.

 

Step 1- Get the credit cards out of my wallet and out of reach (done)

 

Step 2- Start paying on cards-

 

THE DAMAGE:

 

Wal-mart- $256/ $600 CL (paid $300 today)

SDFCU- 274.89/$500 CL

Lowe's-3900/5000 CL (6 months no interest)

Cap One- $854/1000 CL

Open Sky-$250/$300 CL

 

Step 3- When utilization is at 1% on one card, KEEP IT THERE!! I'm such an salamander!! SMH!!

 

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Congrats on the new house, and I'm glad you're seeing a problem develop early so you can take care of it before it gets out of hand. :)

 

New houses - even when everything's in working order - are a money pit, because when you improve one little thing, 25 things that seemed fine before now suddenly look like crap and need to be improved or upgraded. It's a snowball effect.

 

OP, the following isn't directed at you... but rather generally to everyone who's reading this who's thinking that it's a great idea to take out a mortgage with almost nothing down and almost no cash reserves. Aside from the potential for a home's systems to have major failures, this is one of the other big financial risks.

 

Please proceed cautiously and intelligently, and have a LOT of extra money saved. The time to own a home is not always NOW, and if you barely qualify with marginal credit and wobbly finances you are just setting yourself up for failure.

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Congrats on the new house, and I'm glad you're seeing a problem develop early so you can take care of it before it gets out of hand. :)

 

New houses - even when everything's in working order - are a money pit, because when you improve one little thing, 25 things that seemed fine before now suddenly look like crap and need to be improved or upgraded. It's a snowball effect.

 

OP, the following isn't directed at you... but rather generally to everyone who's reading this who's thinking that it's a great idea to take out a mortgage with almost nothing down and almost no cash reserves. Aside from the potential for a home's systems to have major failures, this is one of the other big financial risks.

 

Please proceed cautiously and intelligently, and have a LOT of extra money saved. The time to own a home is not always NOW, and if you barely qualify with marginal credit and wobbly finances you are just setting yourself up for failure.

 

^ This

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Congrats on the new house, and I'm glad you're seeing a problem develop early so you can take care of it before it gets out of hand. :)

 

New houses - even when everything's in working order - are a money pit, because when you improve one little thing, 25 things that seemed fine before now suddenly look like crap and need to be improved or upgraded. It's a snowball effect.

 

OP, the following isn't directed at you... but rather generally to everyone who's reading this who's thinking that it's a great idea to take out a mortgage with almost nothing down and almost no cash reserves. Aside from the potential for a home's systems to have major failures, this is one of the other big financial risks.

 

Please proceed cautiously and intelligently, and have a LOT of extra money saved. The time to own a home is not always NOW, and if you barely qualify with marginal credit and wobbly finances you are just setting yourself up for failure.

OP - what cv says is spot on. I bought a new custom-built house from a local developer some 11 years ago, and still spent a bunch on new furniture, additional landscaping, etc. I knew this would happen so I had the funds for it. If the house is not new, you'll have additional risks.

 

In regards to "being accountable" for your money management, may I suggest going to www.ynab.com (You Need a Budget) and browse the site and forums. Everyone there has the goal of living within their means and paying off debt, if they have any; not everyone does. You'll find a ton of like-minded people. It is NOT a credit repair site. It does use a specialized software program that costs $60--one time charge, no ongoing costs--but there is a month free trial. I can't go into details, but no, it's not like Mint, Quicken or any other personal financial software I have seen. Yes, there is a learning curve. I referred my sister to this site and she's turned her financial life around.

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Congrats on the new house, and I'm glad you're seeing a problem develop early so you can take care of it before it gets out of hand. :)

 

New houses - even when everything's in working order - are a money pit, because when you improve one little thing, 25 things that seemed fine before now suddenly look like crap and need to be improved or upgraded. It's a snowball effect.

 

OP, the following isn't directed at you... but rather generally to everyone who's reading this who's thinking that it's a great idea to take out a mortgage with almost nothing down and almost no cash reserves. Aside from the potential for a home's systems to have major failures, this is one of the other big financial risks.

 

Please proceed cautiously and intelligently, and have a LOT of extra money saved. The time to own a home is not always NOW, and if you barely qualify with marginal credit and wobbly finances you are just setting yourself up for failure.

 

Thanks CV! I am definately taking caution as to not make stupid mistakes. I knew that moving forward with the purchase of this home was going to be a financial risk. I was not sitting on a nest egg but instead used my savings to make the down payment.The house was too perfect for my family to walk away.

 

On a side note, my landlord reminded me yesterday that he owes us a deposit. $1000 :clapping:

 

Will be paying my balances down and making some changes!

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look for a RE store in your city

 

it's a habitat for humanity store - homeowners who remodel gift the tear outs , and construction businesses cleaning out their yard donate overstocks

 

lots of the stuff is perfectly fine and in good condition - doors, windows, kitchen cabinets, plumbing parts, electrical, mirrors, lamps ( lots of glass lampshades ) , ceiling fans, sinks, toilets, counters,

 

go there 1st, home depot 2nd.

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look for a RE store in your city

 

it's a habitat for humanity store - homeowners who remodel gift the tear outs , and construction businesses cleaning out their yard donate overstocks

 

lots of the stuff is perfectly fine and in good condition - doors, windows, kitchen cabinets, plumbing parts, electrical, mirrors, lamps ( lots of glass lampshades ) , ceiling fans, sinks, toilets, counters,

 

go there 1st, home depot 2nd.

+1000 on this. I've had some really nice finds at an RE store

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look for a RE store in your city

 

it's a habitat for humanity store - homeowners who remodel gift the tear outs , and construction businesses cleaning out their yard donate overstocks

 

lots of the stuff is perfectly fine and in good condition - doors, windows, kitchen cabinets, plumbing parts, electrical, mirrors, lamps ( lots of glass lampshades ) , ceiling fans, sinks, toilets, counters,

 

go there 1st, home depot 2nd.

+1 I love the RE store!

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Isn't this like shopping at the Goodwill?

Hmm kind of....they have new stuff and used stuff....everything has a price tag on it....but you can find good valuable stuff....windows, doors, handles, lightbulbs...the only used thing I saw the last time I went was cabinets from like someone's kitchen or bathroom....a lot of stuff people donate is brand new and they just ordered too much of....

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IMHO

 

 

If you have to throw away, cut up or hide your credit cards go ahead and cancel them now and be done with it altogether. I would suggest practicing on controlling yourself in other ways. Doing this is going to get you no where. Fix the cause. Don't mask it.

 

 

Ideally you need to learn how to PIF every month and control impulse. Hiding is not going to do it.

 

 

You are in the right place for help. It's clear you can make the right choices and learn the warning signs of a potential problem early on. Great job.

Edited by stroked89coupe
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Isn't this like shopping at the Goodwill?

 

No, not at all - it's much nicer stuff

 

The furniture and lamps are a bit iffy -, but Far, Far, better than goodwill

 

but if you're looking for to replace an item in your older home , and want the style to blend in , it's the place.

 

they have bathroom and kitchen tile new, never used - just overstocked. same with plumbing and electrical parts, light switches, never used.

 

some of the cabinets are nice - and some are just nice enough to spruce up your garage with .

 

or if your fixing up a rental property - it's good enough - no need to spend 60K on new Cabinets for that.

 

door and window moldings, etc - some of it's brand new, just donated.

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Isn't this like shopping at the Goodwill?

 

No, not at all - it's much nicer stuff

 

The furniture and lamps are a bit iffy -, but Far, Far, better than goodwill

 

but if you're looking for to replace an item in your older home , and want the style to blend in , it's the place.

 

they have bathroom and kitchen tile new, never used - just overstocked. same with plumbing and electrical parts, light switches, never used.

 

some of the cabinets are nice - and some are just nice enough to spruce up your garage with .

 

or if your fixing up a rental property - it's good enough - no need to spend 60K on new Cabinets for that.

 

door and window moldings, etc - some of it's brand new, just donated.

 

 

This was a great idea. Asked my contractor this morning and he directed me to our local store. Took back a $115 door purchased from Lowes when I found one very simialar at the discount store for $30!! Yay Thanks for the advice!!!

Will definitely be heading back in the future. When I can afford it!

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IMHO

 

 

If you have to throw away, cut up or hide your credit cards go ahead and cancel them now and be done with it altogether. I would suggest practicing on controlling yourself in other ways. Doing this is going to get you no where. Fix the cause. Don't mask it.

 

 

Ideally you need to learn how to PIF every month and control impulse. Hiding is not going to do it.

 

 

You are in the right place for help. It's clear you can make the right choices and learn the warning signs of a potential problem early on. Great job.

+1

 

Either be done with credit cards or work on the behavior.

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look for a RE store in your city

 

it's a habitat for humanity store - homeowners who remodel gift the tear outs , and construction businesses cleaning out their yard donate overstocks

 

lots of the stuff is perfectly fine and in good condition - doors, windows, kitchen cabinets, plumbing parts, electrical, mirrors, lamps ( lots of glass lampshades ) , ceiling fans, sinks, toilets, counters,

 

go there 1st, home depot 2nd.

Thank you for this- bought a new home recently and this will be a big help!

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To OP,

 

Lowe's has this offer -

84 Months

Special Financing*

Ask for 84 fixed monthly payments at 5.99% APR until paid in full with minimum purchase of $3,500.*

 

Maybe you could ask for it if your statement hasn't closed yet or request it be applied retroactively in goodwill?

 

 

Thanks for the heads up! I have good income, and will definitely be able to pay the Lowe's balance off prior to the 6 months no interest period. I'm not giving myself that long to pay this off or I will get complacent. I haven't been hit yet with any interest charges on any of these cards. I'm busting my butt to pay these balances off before the next statement cuts. Hopefully, by some miracle I can get it done. I hate the idea of paying interest!! Thanks though. Maybe this will help someone reading this thread.

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