I Betrayed Us ALL. Wells Fargo Approval

[tobee43]

i feel like i have betrayed us all... but i just had to do it. i'm just worried soon we will need a car and since it wasn't me involved i just wanted to see what would happen. i am so bad, i know. dh HATES cards, period, but i keep telling him if we need to finance part of a car i don't want to pay 18%. since we just paid off this house i am increasing our auto buying savings account, but one never knows what can happen in the mean time.

i wouldn't do it to myself so i did it to my dh..(always better that way right?), a great offer came in from the notorious, hateful, nasty wells fargo. now i knew this was going to be a hard hit inquiry, so i made dh the sacrificial cow and applied.

he got approved for 5k. now that's scary! it must truly mean we are on the way to credit recovery. i hope!

[iswmle]

Congrats!! What is the Apr?

[PANSYFACE]

Hey tobee43 - ya gotta do what ya gotta do! Congrats on getting approved!

[tobee43]

is: the apr is 12.99 but first year is at 0 percent. i'm really in shock since they are one of the worse to get anything from.

PANSYFACE: yeap, i know, but i felt like i was cheating or something LOL!! actually it wasn't ME that got approved it was dh.

so i go to check out my other cards i have 2 which one to close i'm thinking, i don't want more than two cards, when i go to my barcley's and they raised my limit to like 8500?? what????? i best get a copy of my credit report and see what's going on. i mean it's all for the good, and i know we just paid off our mortgage, but that was never reported as it was private.

[LadyInTheRed]

Don`t cancel a card unless there is an annual fee. Better for your credit score to keep your older accounts.

[tobee43]

oh ok! no, they don't have fees, but something most surly is going on i just ordered our free annuals this morning. for once it's a "good" change. thanks lady, this is a relatively "new" experience for us.

[Pjmax]

Doesn't sound surly to me, sounds more like the good luck karma gods are coming back at ya!!

I don't think you betrayed anyone. I now have a couple of small limit cards that I use occasionally (gas and groceries I'd pay cash for anyway) and not only has it helped my credit, but I like the secure feeling that I have them, just in case. Cash emergencies tend to come up when you're out on the road somewhere or, in my case, just BEFORE my monthly direct deposit, when I'm trying to make it a few more days.

Just take care of 'em. I don't envision you going over to the 'dark side'!

[tobee43]

oh Pj from your fingertips to Gods ears!

thank you, that's what we did when we first started with the cards. we used them for gas and groceries and paid them immediately. actually, many times when i got home, my dh was so freaked out i''d pay them the same day we used them lol! it's not that credit cards were ever our problem or miss used. although we charged medical expenses at/or towards and leading up to our bk. illness, job loss wiped us out.

you're right tho about being on the road, which i hope to be soon. i really like the cash theory and use our debit card for everything now, we carry very little cash with us.

also for the first time in our live we are saving more than we are spending. i just can't believe that, but it's finally true. didn't think it possible. of course now we get the credit when we don't need it. although for a bit there we were thinking about buying another home, but changed our minds.

[IBroke]

i feel like i have betrayed us all...

Shame on you!

But seriously - 12.99 and 5k is simply to good to pass..

[tobee43]

it is no annual fees either! now i need something to charge???

[Pjmax]

it is no annual fees either! now i need something to charge???

Watch it there Ms. Tobee, I sense the dark side hovering!!

I'm sure some 'real' reasons to use the card will come up soon enough.

[spidge]

Watch it there Ms. Tobee, I sense the dark side hovering!!

I'm sure some 'real' reasons to use the card will come up soon enough.

I'm with Pj on this. How many years of learning, adjusting, and sacrificing have you done to be in such a great position that the rest of us would love to be in. Keep fighting just as you have done in the past and with no mortgage nor a BK payment you could have this in cash money in no time. It seems like you are reverting back to allowing those uneasy feelings of uncertainty to give you a reason for the easy way out.

Just don't jump at the first tease the devil sets in front of you.

My hand is reaching through the screen right now and will be bonking you on the head as you read this.

[iswmle]

You said this is for a car, right? And since you are approved for 5k I am assuming you that in a worst case scenario you would utilize $4500. Do you think with your finances as they currently are that you would be able to save up enough money to have the card paid off within the year? That is setting aside about $375 a month, or paying that much to the card every month, taking into account that you do not charge anything else on the card.
If you feel you can stay diligent on that then I think you should take advantage of the 0% apr. Yes, it is dancing with the devil... but if you feel confident you can do it... and confident you never want to be in that position you were at in 2008 then I 100% believe you can have that card paid off in record time.

[pamkev]

Hey Tobee,
I'm shocked you of all people

Good for you I do the same as your dh as soon as I charge something home I come to pay it. I sometimes wonder what the cc thinks but who cares it gets paid as soon as it gets charged. You give us all hope

Pam

[tobee43]

Watch it there Ms. Tobee, I sense the dark side hovering!!

I'm sure some 'real' reasons to use the card will come up soon enough.

hahhaha!! actually i found something!! we are going to take the autotrain next month it's a bit over 1500 round trip, i have the money put aside so i will charge it and then pay it!! now that's going to really scare me but i have done that in the past with airline tickets etc., i buy them and just pay them off asap.

no darkside!! never had one really, we only used them before our bk for medial expenses once the insurance cap was reached that year. and we had over 200k worth or medical bills many on the cards as our funds were running out. no dinners, vacays, shopping sprees, etc. actually, and honestly, prior to losing our jobs we never had a money issue in our lives, (except maybe during grad school when i was so broke i couldn't buy a napkin).