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Mom Confessions Mom Confessions

Our credit will be AWESOME!

Anonymous
Posted by Anonymous
  • 31 Replies
2 moms liked this

Me and my dh are about to have awesome credit. Here is our story. 

We had a really hard time about eight years ago. We moved and then shortly after we both got laid off. Dh had a medical emergency right as he started a new job. The 90 waiting period for insurance was not over yet, so we got stuck with paying the full amount of the hospital bill. It was a lot of money. We got behind. We had a car voluntarily repoed. Dh then had to drive a POS that was held together with duct tape. I'm serious. Our lives were a mess. We scrapped by like this for like four years.

Very, very slowly, we were able to pay off our debts. Every time we got a work bonus, we threw it at our debt. Every time we got a tax return, we paid down our debt. We stopped taking vacations. We stopped going to the movies. We stopped eating out so much. We basically did noting but put our heads down and worked like Hell. We did this for another four years. dh was finally able to buy a new car. Mine was eventually paid off and I am still driving it. 

In that time we had a child. We did so knowing that we could finally afford to have one. I was well into my 30s when I had her. The wait to have a child was worth it. We just couldn't bring ourselves to have kids until we felt like we could do it financially. We were never on any sort of PA, although I'm sure we might have qualified for it at one point in time. We thought about filing for bankruptcy, but we decided to plow through without doing that.

It has all paid off now. We are looking into buy our first home. We have been working with a credit counselor. With our next tax return we are going to pay off our three remaining credit cards, and we are closing out one of them. Our creidt is about to jump to high numbers and we are so excited we can hardly contain ourselves. The only debts we have now are student loans and dh's car. That's it! Woo hoo! 

My point here ladies, is that the work is worth it. Everyone seems to want the good life right away. It just doesn't happen that way. It took about eight years to get over our hurdles, but we did it. Yes, we are doing some things late in life. I think this is good thing. We are smarter from all of the hard knocks and think it has made us better people. 




Posted by Anonymous on Feb. 17, 2013 at 11:01 AM
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Replies (1-10):
Anonymous
by Anonymous 2 on Feb. 17, 2013 at 11:08 AM
1 mom liked this
Yay!!

Don't close the card because it can hurt your score.
Anonymous
by Anonymous 1 - Original Poster on Feb. 17, 2013 at 11:10 AM

It is a store card. It is not like a Master Card or Visa. We are keeping those two open. We are just paying them down. 

Quoting Anonymous:

Yay!!

Don't close the card because it can hurt your score.


kzuehlk
by on Feb. 17, 2013 at 11:10 AM
Congrats!

We just did the same thing. SO broke his back and is unable to work now. We struggled the past 3 years and were in debt up to our ears. I worked 60-80 hour weeks and we've been dumping everything we could into our debts. We just paid off our house and vehicle in January and things are finally looking up! I feel like I missed out on a ton of time with my kids (he was injured 3 months before our youngest was born) but being financially stable now is definitely worth it
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Kmary
by Silver Member on Feb. 17, 2013 at 11:10 AM

Love this post.  Good for you!

mojogirl
by Alice Liddell on Feb. 17, 2013 at 11:11 AM

That's so awesome!!!  So proud you!!

And, yes, don't close the card if you don't have to, it will bump your score down by as much as 10 points! 

Anonymous
by Anonymous 3 on Feb. 17, 2013 at 11:12 AM



Quoting Anonymous:

Yay!!

Don't close the card because it can hurt your score.


That's a myth. When dh and I got married we worked very hard to pay off his debt. We closed every single account and he essentially went "ghost"- not even a car payment. We were able to get a home loan a few years later with a 3.35 interest rate. You do NOT need open credit to have a good score- one of the biggest myths out there!


Congrats op!

Anonymous
by Anonymous 1 - Original Poster on Feb. 17, 2013 at 11:12 AM

It is! It is like a giant weight has been lifted to see that we are finally at this point. We feel like we can relax and finally breathe. We are going to start our house hunting soon. 

Quoting kzuehlk:

Congrats!

We just did the same thing. SO broke his back and is unable to work now. We struggled the past 3 years and were in debt up to our ears. I worked 60-80 hour weeks and we've been dumping everything we could into our debts. We just paid off our house and vehicle in January and things are finally looking up! I feel like I missed out on a ton of time with my kids (he was injured 3 months before our youngest was born) but being financially stable now is definitely worth it


Anonymous
by Anonymous 1 - Original Poster on Feb. 17, 2013 at 11:13 AM

Thank you. I just want to offer some hope that it can be done. 

Quoting Kmary:

Love this post.  Good for you!


shygrl3cccm
by Bronze Member on Feb. 17, 2013 at 11:13 AM
Agree love this post!! Good for you and thanks for sharing =D
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Anonymous
by Anonymous 1 - Original Poster on Feb. 17, 2013 at 11:14 AM

Thank you. :) 

Quoting Anonymous:



Quoting Anonymous:

Yay!!

Don't close the card because it can hurt your score.


That's a myth. When dh and I got married we worked very hard to pay off his debt. We closed every single account and he essentially went "ghost"- not even a car payment. We were able to get a home loan a few years later with a 3.35 interest rate. You do NOT need open credit to have a good score- one of the biggest myths out there!


Congrats op!


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