December 31, 2005

Happy New Year!

Happy New Year!

This year I will sleep my way into the new year.


Why you ask?

Because I have to work New Years day from 9am to 2pm so I have to make sure to get enough rest the night before to have the energy to want to go to work in a mall on a day when no one in their right mind should be shopping.

My New Year's Resolution is to get my debt cleared up.
I calculated my total debt on all my credit cards and I feel its a little intense for a 20 yr old woman, but nothing that strict money management can't fix.

These are my debts from greatest to least

Car $4000
Sovereign Bank Master card $1515
New York & Co Card $479
Capital One Visa Credit card $414
Bank of America Visa Credit card $200
The Limited Card $188
Walmart Card $172
Victoria's Secret Card $35


And that doesn't even include student loans!

To some of you this seems like a crazy amount and to others this ain't nuthin serious.
Either way it will get handled

I'm a shop-a-holic and I'm working on my addiction, but it's hard!!!

I've devised a stricter budget that leaves little room for leisure spending. The way I have it set up according to my income, which is a set salary, I should have all of this paid off by August.
I can do that.
I've also taken ALL of my credit cards out of my wallet.
If I don't have them at my avail they can't be used.
I've contemplated sending them home to NY and just leaving them there, but I don't think I'm at that level yet.



chele said...

Girl, I swear you remind me of me. I also don't carry my credit cards with me -- much too tempting. Best to pay off the store credit cards and close out the accounts (because the interest rates are probably sky high). No reason why you can't use your VISA for all credit purchases.

Happy New Year!

Alli said...

I don't use credit cards at all. I have a strict rule of thumb, if you don't have the money now, then you didn't need it after all.
It is so easy to get caught up in debt. I work in an environment that I see professional medical persons get so caught in debt it's incredible they survived. I refuse to cripple myself or be mirred in credit card hell.. Sweetie the best advice. GET RID OF THEM!!

JenellyBean said...

Hey Sister Chele....

Thanks for the comment and advice.
I have a question for you. (I'll email it to you also, just incase you don't check back here)

I will take your advice and pay off the store credit cards first. I've been trying to build up my credit and although I have somewhat high debts I've NEVER BEEN LATE ON ANY PAYMENTS, EVER!!
I must say that I stay on a sharp point with my bills. I may not be able to pay off the entire bill by the end of the month, but I'll make sure that at least the minimum payment has been paid.

Now my question is will closing my accounts all together keep me from building up my credit? Will it harm my credit all together? If in the future when I have a much better income and feel as if I can handle having these cards, will I have problems getting them?

Hey Alli...
That's cool that you don't use credit cards at all, but it's not fair to say that if you don't have the money now then you didn't need it after all b/c there are so many things that people need--like good health care, books for college, car maintenance, etc--that they don't have the money for right now and credit cards do help the situation.

I feel you on how easy it is to get caught up in debt. It has been real easy for me to get into debt, but trust I will get myself out of this. I've gone from high balances to no balances and back to some balances.

So tell me something Alli, because I am very curious to know. How do you build credit with no credit cards?

When coming into college I couldn't get a student loan on my own, because I had no credit history, they said. So I applied for all these cards and VOILA!

So what did you do to build your credit with no cards?

"N" Search of Ecstasy said...

Dang that sucks that you have to work today, but you gotta do what you gotta to make that money!

My resolutions for 2006 in order of importance are to:

1. Complete my dissertation
2. Graduate w/my PhD
3. Lose weight
4. Exercise more
5. Eat better
5. Relax more
6. Stop stressing SO MUCH!!!

Happy New Year!!!

Greg said...

Hey Jenelly Bean Happy New Year! Hope 2006 is really good to ya. A little debt ain't killed nobody as long as you got it in check.


Ruben said...

Happy New Years friend. My resolution is to not make any resolutions. I plan on playing this year by ear.

angeleyes said...

HEy gal!! Happy new year to you too!! :) Here's to working towards clearing our debts, cause ive got some huge ones too! haha!

We definately should get together when I get back. And yes I do remember, your comment about V.S, I actually replied to your comment on my blog.

Hope you're having a good new years.


sonyared said...

hey there passing through...I worked NY eve..went home and collapsed from exhaustion..LOL...but ;-(

I hear u on the finances..uggh..ahh the joys of shopping. happy New year

P. Alonzo Harris Jr. said...

Happy New Year!

Alli said...

JB I work everyday with professionals who have loans and credit card debts that are outrageous. There is no law either in Canada or the US that states you have to have plastic to build your credit history. That is simply not true. The way to build a history is to make certain your bills are paid on time, that your debts are not extended or extensive. There will no doubt be a time when you need a loan for a vehicle or tuition...That is a loan and this is how to build your credit history and your potential in establishing a blemish free record. However making certain you are paid in full on the due date,not 2 days later or a week, there already it has cost you points if you are slightly in arrears. Why do you think that Credit Card compaines campaign so hard to capture the University students Because most are first timers away from home, never had to be responsible for their debts, obtaining a credit card is a sign of independence ( to them) More times than not after using a MC or Visa many become overwhelmed at the sudden debt load they have accumulated. Parents are unaware the debt that their child has incured over a short spanse of time. It is a vicious cycle, that is difficult to escape..
My advice take it as you wish. Cut up all the other credit cards you own, the ones for clothing stores and misc. expenses. Keep your Visa but make sure you are fully cognizant in what the small print says.. Paying off your minimum balance barely touches the finance charges that are attached . Try to pay off the full balance, this is the only way you will be ahead of the game. Credit card companies want you in debt. This is how they make their biggest profits are from those who are the most vulnerable and most likely to fail in payments.... There are large financial corporations that buy old debts from loaning institutions that have not been able to recoup their losses and go after the debtor with a vengeance.
Your credit history is one of the most important things you will need to maintain in your financial life....
At my age I am not in debt, I have an impeccable credit rating, I am always being approached to take out loans and plastic.. but Cash is best at least for me, I know there are no hidden charges that the consummer is unawre of..

JenellyBean said...

Thanks Everyone for all the Happy New Year Wishes. May your New Year be prosperous and filled with great Virtue.

N Search of Ecstasy...
Good luck on all of your Resolutions. They don't seem too hard, but resolutions are never really hard it's keeping up with them that is the hard part.

Hey Greg...
I'm definately keeping it in check.

Brother Rueben...
That's cool.
By not making resolutions you can't let yourself down.

Heyyyy Laura...
We can do this together girly.
So it's a date!

Hey Sonyared...
Nice of you to join me. Please don't be a stranger. I love new additions to my blog family.

Shopping does bring great joys! I love shopping and I never feel bad or regret what I spent after I shop. My new job, The Limited, is having a large sale on Wed. I will be there with CASH! NO MORE CREDIT CARDS FOR ME! I'm sticking to my resolution.
I plan on spending no more then $50.


Hey Mr. Harris...
Long time no see. Hope the season is being good to ya.

Alli Alli Alli...
Thank you sooo much for clearing that up hun. I really appreciate all the info you have provided.

As always I have comments. *wink*

You said "There will no doubt be a time when you need a loan for a vehicle or tuition...That is a loan and this is how to build your credit history and your potential in establishing a blemish free record."
But I've tried to get student loans in my own name, right, and they denied me on grounds of not having enough credit history. What did they mean by this?

After I was told that in 2003, I went and applied for credit cards. I was approved for a Capital One Card and an EXPRESS Card that year. I maintained thos e balances paying them off completely and using them and then paying them off completely again. I recently put a balance on the Capital One bill to pay for my textbooks and my mom will be giving me half of that money soon. (but this is besides the point).

I tried to get a student loan again for the following school year and same shit!

"We are sorry to inform you Jenell, but you have been denied for the student loan do to a lack of sufficient credit history. You will need to get a co signer."

Why wasn't 2 credit cards enough? B/c I didn't have them long enough?

After that, I opened a Bank of America Student Card and the NY & Co Card.

Months After that I was approved for my car.

Since then I've opened all the other cards.

So had I not opened all these accounts are you saying I should have been able to get my student loans?

You also said, "My advice take it as you wish. Cut up all the other credit cards you own, the ones for clothing stores and misc."

Sister Chele sent me something saying closing your accounts can harm your credit.

This is what the site said, let me know how you feel about this.

Here's what the expert says: Closing the accounts isn't a good idea. Even though you're not using the accounts, they do show up on your credit report, and the length of credit history on open accounts is one consideration in your credit score.

Besides bringing down the average age of your open accounts, closing accounts works against you in credit scoring by reducing the ratio of outstanding balances to credit available.

Now I'm so confused.

To close or not too close?

But I do have great news.
As soon as my checking account is settled from the fraud I will be paying off the Victoria's secret, The Limited, and The Walmart accounts IN FULL!

That's great that you have impecable credit. I want that. So now I'm working to get it.
Should I worry about checking my credit score at my age? Do I need to know that now? I was thinking if I did know what it was then I could work on making it better. Whatcha think?

blackcaesar said...

keep the accounts open.
happy new years!
thanks for the greetings....
i fixed my blog too...

lyre said...

good luck getting control of your spending habits. Life is to short to be a slave to bills. I deal on a cash basis now. Strange to most folks but I do. Even my car-cash. So much better, and I sleep thenight away and pick up the phone everytime it rings. I dont even have a checking account.
My resolution has already been broken I just keep moving forward and hope one day I will learn.

N~Control said...

Excellent resolutions girl! Mine is to be more accepting of what folks offer me in terms of friendship and love.

JenellyBean said...

Hey N~Control thanks for visiting my blog and thanks for the comment.
I love new additions to my blog family and hope that you will become a strong part of it.

Be careful about love... it can be blind and takeover your mind.

JenellyBean said...

What happend to your blog Mama Beryl?
Did you delete it?
Was it what I said?

Oh where oh where has My Beryl gone
Oh where oh where can she be?


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