and i've spent FAR more than I had anticipated in July. This was mostly due to frivolous spending (some items are pending return).
All I can do from this point on is focus on the future, right?
I'm currently working on my August budget & goals and I hope to have that posted by tomorrow.
G'nite!
Thursday, July 31, 2008
Tuesday, July 29, 2008
didja feel that?
I couldn't believe that I felt the quake more than 100 miles away! I was somewhat worried about my family back home, since the quake was centered about 5 miles away from them, and the phone lines were all clogged up. But all is well, and my Dad even thought to ask me whether or not I paid the Chevron bill for the month....which of course leads me to my NEXT topic.
I may have a tendency to rack up debt, but I am extremely diligent with making payments on time. At times, I may be swimming in debt, but I always make efforts to pay off the most I can for each biling cycle. My father is the complete opposite. He is notorious for making the mere minimum payments, usually right before the statement is due (sometimes even on the day it's due).
Long story short, my father has added me as an authorized user on his Chevron account. We stopped using the card months ago, but with minimum payments on a card that accrues 22 % interest, it's difficult to get yourself out of the hole. Turns out that we are over our limit by $40! I don't take care of payments on this card, as I haven't used the gas card in over a year, but I found this information out when I was calling around to get my APRs lowered. Apparently it's been over limit for at least two months, but thankfully they have not reported it to the credit agencies. Of course, this freaked me out, b/c I don't want this affecting MY credit history. So I made a withdrawal from my EFund to cover a large chunk of the balance.
Should I take myself off as an authorized user? Would it matter whether or not the balance was paid off in full when I do so?
I may have a tendency to rack up debt, but I am extremely diligent with making payments on time. At times, I may be swimming in debt, but I always make efforts to pay off the most I can for each biling cycle. My father is the complete opposite. He is notorious for making the mere minimum payments, usually right before the statement is due (sometimes even on the day it's due).
Long story short, my father has added me as an authorized user on his Chevron account. We stopped using the card months ago, but with minimum payments on a card that accrues 22 % interest, it's difficult to get yourself out of the hole. Turns out that we are over our limit by $40! I don't take care of payments on this card, as I haven't used the gas card in over a year, but I found this information out when I was calling around to get my APRs lowered. Apparently it's been over limit for at least two months, but thankfully they have not reported it to the credit agencies. Of course, this freaked me out, b/c I don't want this affecting MY credit history. So I made a withdrawal from my EFund to cover a large chunk of the balance.
Should I take myself off as an authorized user? Would it matter whether or not the balance was paid off in full when I do so?
Tuesday, July 22, 2008
Wow...that was easier than I thought it would be!
I finally got over my fear and contacted all my credit card companies today...and you know what? The process wasn't as bad as I thought it would be!
Citibank
My previous APR for this account was a whopping 18.9%! It used to be considerably lower than this, but I received a letter in the mail explaining that they were raising the APR. Of course, I used this to my advantage. I was slightly nervous, as this was my first call. As I listened to the hold music, I must have re-read all the information on "how to lower your APR" 3 times! When i finally spoke to them, I explained that I was trying to pay off the balance on my account and noticed that the APR had gone up. I told the representative that I had been offered a desirable APR to transfer my account to another company, but would prefer to stay with Citibank if it was at all possible. She checked my account, informed me that I was in good standing with them and lowered my APR to 15.4%. Not as low as I would have liked it to be, but hey it's a start!
American Express
Spoke to someone there, gave them the same story. Looked at my account, lowered it from 14.99% to 12.99%. Sweet.
Nordstrom
I decided that I was totally brave and contacted Nordies. Being that I had the store credit card, and not the Visa, I felt that it might be a lost cause. Store credit card APRs are notoriously high. But I figured that I would try. The worst they'd say was NO, right? And I wouldn't be worse off. Besides, after my Nordies Anniversary sale binge over the past weekend, I needed to do what I could to lower costs! Turns out that calling Nordies was the best decision ever. They lowered my 21.9% APR to 11.99%! Woohoo!
Best Buy
After the longest time spent holding (over 20 mins), I was politely informed that they were not negotiating APRs for any customers at this time. Oh well!
Wells Fargo
Turns out my APR was lower than I thought it was (11.99%). I was on the fence about calling them (how much lower would they be willing to go?) However, they did lower it to 7.9%! AND they informed me that I was eligible for an credit increase ($3000ish more than my previous limit). Don't worry though, i don't intend on taking advantage of it. It's just to keep my balance to limit ratio somewhat low!
I feel super accomplished today. Tomorrow I'll try tackling my Chevron card (actually it's a joit account with my Dad. To be honest, I'd like to take my name off that account, as I don't ever use the card and don't want the debt to be associated with me. How would that affect my credit score?).
Citibank
My previous APR for this account was a whopping 18.9%! It used to be considerably lower than this, but I received a letter in the mail explaining that they were raising the APR. Of course, I used this to my advantage. I was slightly nervous, as this was my first call. As I listened to the hold music, I must have re-read all the information on "how to lower your APR" 3 times! When i finally spoke to them, I explained that I was trying to pay off the balance on my account and noticed that the APR had gone up. I told the representative that I had been offered a desirable APR to transfer my account to another company, but would prefer to stay with Citibank if it was at all possible. She checked my account, informed me that I was in good standing with them and lowered my APR to 15.4%. Not as low as I would have liked it to be, but hey it's a start!
American Express
Spoke to someone there, gave them the same story. Looked at my account, lowered it from 14.99% to 12.99%. Sweet.
Nordstrom
I decided that I was totally brave and contacted Nordies. Being that I had the store credit card, and not the Visa, I felt that it might be a lost cause. Store credit card APRs are notoriously high. But I figured that I would try. The worst they'd say was NO, right? And I wouldn't be worse off. Besides, after my Nordies Anniversary sale binge over the past weekend, I needed to do what I could to lower costs! Turns out that calling Nordies was the best decision ever. They lowered my 21.9% APR to 11.99%! Woohoo!
Best Buy
After the longest time spent holding (over 20 mins), I was politely informed that they were not negotiating APRs for any customers at this time. Oh well!
Wells Fargo
Turns out my APR was lower than I thought it was (11.99%). I was on the fence about calling them (how much lower would they be willing to go?) However, they did lower it to 7.9%! AND they informed me that I was eligible for an credit increase ($3000ish more than my previous limit). Don't worry though, i don't intend on taking advantage of it. It's just to keep my balance to limit ratio somewhat low!
I feel super accomplished today. Tomorrow I'll try tackling my Chevron card (actually it's a joit account with my Dad. To be honest, I'd like to take my name off that account, as I don't ever use the card and don't want the debt to be associated with me. How would that affect my credit score?).
Monday, July 21, 2008
At some point this week...
I should get around to telling a short little background story as to why I am in the situation I am today.
My primary goals at the moment is to calculate just how much I am in debt (specifically to credit card companies) and then figure out what the debt ratio is, prioritize them in order of interest rate and most importantly, contact these companies and see what I can do about negotiating a lower APR....
I'd be lying if I said I wasn't nervous. I am actually not sure what I should tell them. Alright, I must formulate some plan of attack. The worst they can do is say no...eek.
My primary goals at the moment is to calculate just how much I am in debt (specifically to credit card companies) and then figure out what the debt ratio is, prioritize them in order of interest rate and most importantly, contact these companies and see what I can do about negotiating a lower APR....
I'd be lying if I said I wasn't nervous. I am actually not sure what I should tell them. Alright, I must formulate some plan of attack. The worst they can do is say no...eek.
Sunday, July 20, 2008
The madness must stop
As you may have guessed by the previous post, I was a slave to fashion this weekend. Way too much money was spent towards clothing, shoes and other various accessories, all in the name of Nordstrom's Anniversary Sale.
And for what? All in the name of getting Nordstrom Rewards certificates. Stupid double rewards points weekend! I'm such a sucker. I totally fell into the trap of NEEDING to charge items, simply to qualify for my measly $20 worth of certificates. Nearly $1000 spent, for $20 back? I am clearly out of my mind, and will need to get off my personal finance soap box.
I spend countless hours every week, balancing out my budget, and just trying to make the money stretch between paychecks.
A lot of time will have to be spent evaluating my spending habits. I can't do anything about this weekend (well realistically, I could return stuff...but we all know that my love for quality items + my recent 30 pound weight loss will prevent me from doing so), so change is going to happen from this point forward!
First things first...give the BF my credit cards to hide...and stick to it! I did this a few months ago, and managed to get quite a bit of my debt down. Obviously I somehow managed to convince him to give them back...hmm. OK scratch that. First things first, give the BF my credit cards and make him promise not to be such a pushover about it!
Financial To Do List for this week :
And for what? All in the name of getting Nordstrom Rewards certificates. Stupid double rewards points weekend! I'm such a sucker. I totally fell into the trap of NEEDING to charge items, simply to qualify for my measly $20 worth of certificates. Nearly $1000 spent, for $20 back? I am clearly out of my mind, and will need to get off my personal finance soap box.
I spend countless hours every week, balancing out my budget, and just trying to make the money stretch between paychecks.
A lot of time will have to be spent evaluating my spending habits. I can't do anything about this weekend (well realistically, I could return stuff...but we all know that my love for quality items + my recent 30 pound weight loss will prevent me from doing so), so change is going to happen from this point forward!
First things first...give the BF my credit cards to hide...and stick to it! I did this a few months ago, and managed to get quite a bit of my debt down. Obviously I somehow managed to convince him to give them back...hmm. OK scratch that. First things first, give the BF my credit cards and make him promise not to be such a pushover about it!
Financial To Do List for this week :
- Hide CC
- Calculate amount of CC Debt =(
- Contact at least 2 CC companies and try to get APR lowered!
- Set monthly debt reduction goals
Saturday, July 19, 2008
in desperate need of an intervention...
Nordstrom is having their Anniversary Sale. Oh dear God. Someone help me. Someone please take away my credit cards...and make sure that all Nordies staff get the memo that I am NOT allowed to look up my account information!
I've been reading PF blogs for quite some time now, and even started this blog awhile ago...but I never posted b/c I never felt like I NEEDED to. I'm been really strict with myself....there's been no shopping or extravagant spending. Why reach out for help when I was perfectly fine?
Then friends started linking me to items on sales at Nordies...they started inviting me to go shop with them. Hello?!?! Linking me to items on sale, items that I've been obsessing over for MONTHS...that's just CRUEL! It's like waving a plateful of FRESH BAKED chocolate cookies in front of someone on a diet....imagining what would my feet would look like in those AMAZING black patent flats with the silver buckle...i could practically smell the chocolate.
I caved. 6 pairs of shoes, five shirts, 4 coats/sweaters, 1 pair of shorts and a Marc Jacobs tote later, and now my shopping hiatus has turned into a fullout shopping binge..And the weekend (not to mention the sales) is far from over. One pair of Gucci sunglasses and a Marc Jacobs wallet are still calling out to me!
/sigh
I'm in desperate need of shopping REHAB.
I've been reading PF blogs for quite some time now, and even started this blog awhile ago...but I never posted b/c I never felt like I NEEDED to. I'm been really strict with myself....there's been no shopping or extravagant spending. Why reach out for help when I was perfectly fine?
Then friends started linking me to items on sales at Nordies...they started inviting me to go shop with them. Hello?!?! Linking me to items on sale, items that I've been obsessing over for MONTHS...that's just CRUEL! It's like waving a plateful of FRESH BAKED chocolate cookies in front of someone on a diet....imagining what would my feet would look like in those AMAZING black patent flats with the silver buckle...i could practically smell the chocolate.
I caved. 6 pairs of shoes, five shirts, 4 coats/sweaters, 1 pair of shorts and a Marc Jacobs tote later, and now my shopping hiatus has turned into a fullout shopping binge..And the weekend (not to mention the sales) is far from over. One pair of Gucci sunglasses and a Marc Jacobs wallet are still calling out to me!
/sigh
I'm in desperate need of shopping REHAB.
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