Credit Card? HELP!

[Mickey'snewestfan]

Hi,

I'm single mom and other than car payments, I've never had any debt during my life time.

Unfortunately, I've run into a string of situations recently that have overextended my budget, and the next couple of months I'm going to have some expenditures I can't pay for. This is a temporary thing, and I've got things coming during the summer that will cover these expenses, but that money won't arrive until after these bills come due.

Anyway, I thought I would get a credit card or two with no interest for the first year, use that, pay it off, and then put it in a drawer and let it help my credit rating.

I already applied for one card, and was approved, but with only a $500 limit, and I need more than that. Can I call them and ask for more? Can I apply for a couple others? If so, which ones would be good for someone with a very limited credit history?

Other ideas for getting quick cash -- I need a couple of thousand dollars. I owe less than my car is worth, could I get a loan based on that?

Thanks!

 

[cglaura]

Is there anything around the house collecting dust? Throw them up on craigslist or ebay. Books, movies, old clothes, etc... Or even a yard sale?

How about old gold? I made about $400 from old highschool (think '80s lol) stuff that had been just sitting in a box for years.

Is there anything around for quick temp jobs...spring is here, alot of folks need help getting their yard ready...raking, digging flower beds, gutters, window cleaning/screen/storm window change outs, etc. Even just a few hours a week or on the weekend.

I'd advise against a car equity loan, the rates are usually borderline criminal.

I'm not sure the $500 card would give you an increase so soon. I think they wait maybe 6 months?

 

[Mickey'snewestfan]

Is there anything around the house collecting dust? Throw them up on craigslist or ebay. Books, movies, old clothes, etc... Or even a yard sale?

How about old gold? I made about $400 from old highschool (think '80s lol) stuff that had been just sitting in a box for years.

Is there anything around for quick temp jobs...spring is here, alot of folks need help getting their yard ready...raking, digging flower beds, gutters, window cleaning/screen/storm window change outs, etc. Even just a few hours a week or on the weekend.

I'd advise against a car equity loan, the rates are usually borderline criminal.

I'm not sure the $500 card would give you an increase so soon. I think they wait maybe 6 months?

Thanks!

I already work 2 jobs, am a single parent, and am in grad school. I'm really not sure I can fit anything else in.

I do have some stuff I want to sell, but I'm not sure it will completely close the gap.

Other ideas?

 

[aceys_h0ney]

Can you cancel everything except absolute essentials for a few months? Cable, newspaper, Netflix or other type of entertainement, maybe look at upping your deductibles on your car insurance which will make the policy cheaper. You can pawn things, but if you want to get them back interest will be high. Edited to add I am sure you can get more cards just be careful will all the fees. If you pay them off on time and not go over your limits with a decent interest rate you will be ok but read very carefully. My ex once had a $200 card spiral into thousands of dollars he owed. It was all fees.

 

[SandrA9810]

Unfortantly, you probably won't be able to get an increase for 3-6months, and less likely if your income hasn't changed. But use it monthly and pay it off monthly till you have to make the big purchase.

I'm at loss for what you should do for the rest of the money... but good luck.

 

[disneylove69]

How about increasing your W4 exemptions temporarily. This would add a little extra money to the pay check.

 

[Mickey'snewestfan]

Thanks,

A little more info on the situation.

The bills come due on May 1st, so I don't have months to save or get my credit rating up. They're for summer camp (day camp, not sleep away) for my son. I chose an expensive summer program for him, because at that point I had the money. I've paid almost 1/2 already, so it doesn't make sense to pull him out and put him in a cheaper program. However, then I made a decision to move into a new apartment -- I did this for 2 reasons, one is that it's in the very best school district in the area, and the other is that it will save me about $700 a month in expenses. There are only a handful apartments available in that area, and so I jumped when this one came available, but then I had to pay a security deposit and first month's rent, and so I used the summer camp money.

Come June, when we move, I'll get the security deposit on my current place back, and I won't have to pay rent for a month, both of which will cover summer camp (so I can pay it back). I also won an award for several thousand dollars which I'll get in June, which will let me build a safety cushion, plus I'll have those $700 a month to put in savings (well, we've been going over my salary by about $100 a month recently -- hence the move, so I'll have $600 to put in savings).

So, I figure if I can get zero percent interest credit cards, I can make it work for a couple of months, and then I'll be in good position to pay them off and never use them again.

 

[Carl Fredricksen]

IMO, you would be better off to pay a few bills late rather than get a credit card. If you contact your local utility company and tell them you cannot pay, they will setup a stretch pay plan to move your current bill over the next 6 months or so. Also I agree with the cancelling cable TV, etc if possible.

Due to your limited credit history, it is unlikely that you will get more than 2 of them with low limits until you develop some history. But if you go this route, cut them up as soon as this crisis is over.

Good luck and I hope it works out!

 

[SandrA9810]

Have you talked with the summer camp??

Usually there's programs available to help send kids to camp, if you're having some difficulties. And maybe they'll be willing to work with you. If he gets to go for half price or free, just pay it forward to the camp and let them know that it's to help send another kid next summer.

I know there were a couple summers that my church paid for me to go to sleep away camp, and later on my aunt paid it forward to help the next kid go.