STYLETHREAD -- LET'S TALK SHOP!

member · Hermes

Can anyone help??

Joina · Kenneth Cole

Yep, they prob added the interest because you were late. I've done that before and when I called that's what they told me.... Sooooo frustrating!

Sorry about your situation. I think you are on the right track tho in terms or recognizing the problem and doing something about it.

ico · Dooney & Bourke

I have read mixed things about the transfer: in some places I read it affects the credit score if you continuously transfer balances between cards. And yes, definitely Chase increased your APR b/c you were late. It says "0% APR as long as your account is in good standing", and they consider it in good standing as long as you are not late.

One thing I have done is to cut my CC. Really, take a pair of scissors and make small pieces of them, you can always call them and say you lost it, they'll send a new one. But you'll see not having the cards heps you discipline your expenses.

Also, make a fun challenge of spending as less money as possible for a while. I know it seems sad, but it can become fun if for example you involve a friend and you challenge each other to find cheap ways to spend time!

lsubatgirl · Gucci

For the mean time come join the shopping ban! Its a good way to hold yourself accountable. Maybe pm Farrah about not shopping and see if she has any good tips. I think someone recently paid off all their cards too so maybe they will post some good tips for you.

member · Hermes

quote:
Originally posted by: lsubatgirl
"For the mean time come join the shopping ban! Its a good way to hold yourself accountable. Maybe pm Farrah about not shopping and see if she has any good tips. I think someone recently paid off all their cards too so maybe they will post some good tips for you."

So how do I join this shopping ban? I defintely think that's what I need to do! Also, thanks ico - those are great suggestions. I was thinking of either cutting my credit cards or giving them to my boyfriend. He will hide them and never give them to me.

If anyone knows anything else to help me, please post!

rocky · Coach

Don't go into the shopping & fashion thread!

It is always too tempting, and with the sales they post I always end up shopping.

ico · Dooney & Bourke

quote:
Originally posted by: rocky
"Don't go into the shopping & fashion thread! It is always too tempting, and with the sales they post I always end up shopping. "

So true! I do the same when I don't have money!

Joina · Kenneth Cole

quote:
Originally posted by: rocky
"Don't go into the shopping & fashion thread! It is always too tempting, and with the sales they post I always end up shopping. "

Haha! That's what I do! I specifically avoid going into the shopping & fashion thread cuz I'm soooo afraid!

member · Hermes

Would it be so bad if I transferred the balance I have on the Chase Card (since now I'm being charged interest) to a new card w/0% interest but kept the Chase account open? That way it would be paid off, but it's not like I'm cancelling after 4 mos. Would that be ok? I would cut up the Chase card and never use it, but I'd rather not have to pay the interest.

blubirde · Chanel

quote:
Originally posted by: Joina
"Haha! That's what I do! I specifically avoid going into the shopping & fashion thread cuz I'm soooo afraid!"

Me, too! That's why I'll post a ton one month and not at all another month - all about the money, baby!

shopchicago33 - my advice is to transfer both balances on to one, low-interest card and pay as much as you can each month. Use any extra cash that comes your way to pay off the balance (tax refund, raises, bonuses, etc.). If you look at it like just another bill, like a student loan payment in my case, it becomes easier to fit into a monthly budget. And for heaven's sake don't use them anymore!!!

I HATE credit cards. They are evil bastards. But yet I love them so...

member · Hermes

quote:
Originally posted by: blubirde
" shopchicago33 - my advice is to transfer both balances on to one, low-interest card and pay as much as you can each month.
Bluebirde - so does that mean it won't be bad for my credit score if I transfer my high balances and just leave the old cards open (so I'm not cancelling) but cut them up so I can't use them? I am just very concerned about doing things right so I don't ruin my good credit.

blubirde · Chanel

quote:
Originally posted by: shopchicago33
""

I'm not sure how it will look on your credit to switch both to one card but look at it this way: is it better to have 2 cards you can barely scrape by on and potentially have red flags like late payments and skyrocketing APRs or is it better to get things under control while you still can, even if it looks like you transferred a bit?

I transferred a few smaller balances to one card and canceled all the smaller cards. Now I just have two. One that has a balance that I pay towards and one that I use when I need it (for emergencies) and pay off each month. Once I've paid off the larger one, I'll get rid of it too and just have the one for use in emergencies.

member · Hermes

Thanks everyone for your suggestions. I'm defintely going to transfer my high balance card to a 0% interest card. I get offers all the time for those. And I'm giving them to my boyfriend so that I can't use them and can only pay them. I got a copy of my credit report and found out my credit is still in good standing, so that was a relief. I just now have to work very hard to get myself on a budget and not charge!

shopgirl82 · Chanel

when i am on a budget, i don't go shopping. if i don't know what's out there, i can't miss it!!!

lsubatgirl · Gucci

Shopchicago- We just usually post a thread in this forum every weekend for Weekend-Nonshoppers to say how we did for the week - like only bought groceries, school supplies, etc. Its nice to see that I'm not the only one not shopping for a month or two. I like your idea of cutting the cards up but keeping them open. It won't affect your score if you leave them open but not use them.

I use to have a website address where you could sign up not to receive those credit card offers & other junk mail. If you are interested in it I'll try to dig it out over the weekend and post it next week.

lynnie · Chanel

I think the best thing to do is get in the habit of saving your money. It actually becomes addictive and feels SO good not to have to live paycheck to paycheck. I didn't save all through high school- even though I've worked pretty hard since the age of 14- I would spend every dime I got. Never in debt, but never had any saved. Now, I try to save at least 50% of my money (I don't have rent to pay) and most of my bday checks, christmas checks, etc. I think that 10% figure is too low if you can afford to save more, IMHO. I understand with bills and rent, it gets harder, but always save some money, and then pay off some of your credit card bill transferred on a low interest card each month. Sell some of your old clothes on eBay. You will appreciate having a smaller closet with more things that you wear on a regular basis. I have saved about $25,000 in the past few years in college, just from gifts, book buy backs, selling clothes on eBay, and saving my paychecks. Open an ING account too! Hope to help!

member · Hermes

Lynnie - What is an ING account? I don't think I've heard of that before..

While I do agree that I do need to save more money and spend less, I also live in the city of Chicago and pay rent and bills - so I literally just can't save 50% of what I make. But I am defintely going to put more money to paying off credit cards and saving instead of shopping. I like the suggestion to sell stuff on Ebay - I will have to look into that!

member · Hermes

quote:
Originally posted by: lsubatgirl
"Shopchicago- We just usually post a thread in this forum every weekend for Weekend-Nonshoppers to say how we did for the week - like only bought groceries, school supplies, etc. Its nice to see that I'm not the only one not shopping for a month or two. I like your idea of cutting the cards up but keeping them open. It won't affect your score if you leave them open but not use them.

I will defintely be participating in this thread. I turned my credit cards over to my boyfriend last night and he's been instructed not to give them to me unless there is some sort of emergency. I am looking for a good, 0% interest credit card to transfer my balance to as well - I qualify for platnium - anyone know a good card or a good website to find offers? Currently, I have a Chase card.

lsubatgirl · Gucci

ING is an online bank that does savings accts, cds, mortgages, and ira's. They offer the best interest rates out of everyone! 3% right now and its constantly going up. You can direct deposit into it or do auto drafts from your checking account into it whenever you want to set it up. It takes about 2 days to transfer between your ING and you checking account. Its fully FDIC insured so you don't have to worry about that. You also get $25 free for signing up and putting like $1 in your account. PM me if you want more info or a referral.

member · Hermes

quote:
Originally posted by: lsubatgirl
"ING is an online bank that does savings accts, cds, mortgages, and ira's. They offer the best interest rates out of everyone! 3% right now and its constantly going up. You can direct deposit into it or do auto drafts from your checking account into it whenever you want to set it up. It takes about 2 days to transfer between your ING and you checking account. Its fully FDIC insured so you don't have to worry about that. You also get $25 free for signing up and putting like $1 in your account. PM me if you want more info or a referral."

Thank you for the info, but I work for Bank One and have a great checking/savings acct. deal since I'm an employee...I think I'll still w/them for now. Besides, I may get canned if I betray them - LOL.