Excited about fixing my credit WITH DIAPERS!

[AmTheBaby]

So, my bio donors ruined my credit, and being young with a lot of money issues due to a horrid ex didn’t help.

I wound up signing up for a Care Credit card this year with my bf as a co-signer. Our thoughts are if the pets need care (3 cats and a dog) we can make sure they get taken care of. To keep it open I had a GREAT IDEA! When I go to WalMart next time to get diapers, I’ll buy one pack with it!

I can easily pay this off with my debit card pretty much as soon as I get it on my statement/it shows up on my account, it keeps my account open/active and! On time payments mean I boost my credit! And, I can look at the diapers as a little treat to myself each month.

Thoughts? The idea is if I buy them and pay them off within the week, I can avoid extra charges.

 

[KitsuneFox]

I personally do not like the way this is worded ... a lot of missing information ! IMHO read all the fine print on the contract before signing.


Opinions are like butts - we all have one - sometimes they are stinky !

 

[AmTheBaby]

KitsuneFox - Forgive my ignorance, I’m really green about credit stuff and have had/have nobody to explain stuff to me. What should I be looking for here?

 

[KitsuneFox]

KitsuneFox - Forgive my ignorance, I’m really green about credit stuff and have had/have nobody to explain stuff to me. What should I be looking for here?

After-promotion rates ( the interest rate after the promotion ends ), all the fees + charges , and any 'contractually obligated' cow manure in the signed version of the contract ( IE: "" by signing this, you agree to all future amendments ... "" )

 

[AmTheBaby]

After-promotion rates ( the interest rate after the promotion ends ), all the fees + charges , and any 'contractually obligated' cow manure in the signed version of the contract ( IE: "" by signing this, you agree to all future amendments ... "" )

oh...y i k e s.

 

[Slomo]

Yeah you've got to be really carefull with credit card contracts. Also look for any hidden, member, or yearly fees. These can rack up even if you never use the card. And never agree to an interest rate above 13 or 15%. That's just asking to be ripped off.

You are right about paying it off though. That IS how you get good credit. Never, NEVER put more on a credit card than what you can immediately pay off before the next billing cycle. Also look into your existing credit report. Contact those debt collectors and either dispute what you owe, or ask them for a discount on the payoff amount in return for setting up payoff payment plan.

 

[irnub]

And never agree to an interest rate above 13 or 15%. That's just asking to be ripped off.

Never, NEVER put more on a credit card than what you can immediately pay off before the next billing cycle.

If you're paying it off every month, the interest rate doesn't matter particularly much. If you can get a card with more rewards points and stuff at the cost of higher interest (which you'll never pay, because you pay off your card every month, right?), it would be leaving free money on the table to not do that.

Of course I'm talking from the standpoint of having had credit card(s) for 20 years and never once spent more on one than I could pay off in full at the end of the month, so ymmv.

I personally do not like the way this is worded ... a lot of missing information ! IMHO read all the fine print on the contract before signing.

it's got some sketchy terms, but then op has some sketchy credit, so it may be the best he can get for now until his credit score starts to recover. I don't see anything particularly wrong with the card, though it does look like you could really get yourself in trouble if you actually used the deferred interest in medical bills thing, were unable to pay it by the end of the term, and then got whacked with 24% interest for it all.

 

[AmTheBaby]

It looks like the interest rate is like 27%? Which means a $20 pack of diapers will be $28. Not undoable but kinda crummy.

I’m a girl btw

 

[indiaperdl]

Yearly interest rate....so after a year it'll cost about 25-26$

 

[RetroGamerGuy]

An interest rate of 27%!?!?!?!? Holy......

 

[AmTheBaby]

Here ya go

 

[Janvier]

It is a good idea, just don’t get tempted to spend money you don’t have. I pay my credit card balance down to $0 every paycheck (bi-weekly). That way if by chance I somehow miss a payment, I am covered anyway. My credit score is really good (always above 800).

 

[Janvier]

It looks like the interest rate is like 27%? Which means a $20 pack of diapers will be $28. Not undoable but kinda crummy.

I’m a girl btw

If you pay the balance down to zero each month, they don’t charge the interest. So long as you don’t spend money you can’t pay back immediately, it will be all good, just like cash.

 

[Brett3]

Thoughts? The idea is if I buy them and pay them off within the week, I can avoid extra charges.

Wait...What?!? If your struggling to afford diapers and you don’t medically need them, as much as it may suck, you shouldn’t buy them and instead pay off your bad debt.

Credit Cards should ONLY be used when spending money you already have already earned, NEVER as a cash advancement. Doing anything of this nature is asking for trouble. If you have bad credit, I’d suggest skipping diapers for a week and getting a book on how to repair your score. If your using a debt card at all, your doing it wrong.

 

[Brett3]

It looks like the interest rate is like 27%? Which means a $20 pack of diapers will be $28. Not undoable but kinda crummy.

I’m a girl btw

Please get a book on the basic principals of finances. What your suggesting is a terrible way of using credit cards and how people get screwed every day...I promise you it will not end well.

As a STRICT RULE you should only put purchases on a credit card that you can pay off at that very moment. It only takes a little to snowball into a sizable mess. Don’t risk it.

PAYING INTEREST IS THE SAME AS SETTING FIRE TO YOUR MONEY...

 

[JackandJill]

So, my bio donors ruined my credit, and being young with a lot of money issues due to a horrid ex didn’t help.

I wound up signing up for a Care Credit card this year with my bf as a co-signer. Our thoughts are if the pets need care (3 cats and a dog) we can make sure they get taken care of. To keep it open I had a GREAT IDEA! When I go to WalMart next time to get diapers, I’ll buy one pack with it!

I can easily pay this off with my debit card pretty much as soon as I get it on my statement/it shows up on my account, it keeps my account open/active and! On time payments mean I boost my credit! And, I can look at the diapers as a little treat to myself each month.

Thoughts? The idea is if I buy them and pay them off within the week, I can avoid extra charges.

There's a lot that first time people don't know about credit cards try your local bank first because my local bank gave me a 6% interest while discover gave me outrageous 18%.

Credit cards can be a nasty slide to worse debt why college loans car loans and mortgages will help you out with less chance of destroying your credit in my opinion.

Some things you need to keep in mind credit cards don't care if you pay them off or not they just wanted to keep u paying.

minimum payments will set you up to paying your credit card off in a long time paying thousands of extra dollars. Many times you will say you will pay it off next time and you keep pushing it off that's a dangerous slope so make sure if you set your goals to pay it off each cycle you do so.

your credit will go up and down with the amount on your credit card if you have your credit card close to max out your credit score will be lowered even if you're paying everything on time.

I know I do not know you but you said your pets need taken care of and you're going to do it with your credit card? if you use a credit card to pay for your everyday needs when will you be able to afford to pay it off if you're using a credit card to pay for stuff that you need. I say emergency only four mine if that makes sense.

Bottom line be careful watch account read the fine print 0% interest rate might end up at 24% interest rate in those credit card companies the main ones don't really lower the interest rate that far like I said my Discover card which is emergency only.

I forgot where this quote came from a rich person said why people are rich is because they'll walk in and buy a car with cash instead of getting a loan to pay for a more expensive car.

 

[AmTheBaby]

Wait...What?!? If your struggling to afford diapers and you don’t medically need them, as much as it may suck, you shouldn’t buy them and instead pay off your bad debt.

Credit Cards should ONLY be used when spending money you already have already earned, NEVER as a cash advancement. Doing anything of this nature is asking for trouble. If you have bad credit, I’d suggest skipping diapers for a week and getting a book on how to repair your score. If your using a debt card at all, your doing it wrong.

You misunderstood me.

I CAN afford them. I’m working on repairing my credit by buying a pack and paying them off right after.

the card is more of an insurance IF my pets get sick. Routine stuff that’s 200-300 I can cover. If my dog decides to - I dunno. Eat a rug or something that would require a 3k surgery? I want to be able to get him taken care of instead of worry about where the money is gonna come from.

 

[JackandJill]

You misunderstood me.

I CAN afford them. I’m working on repairing my credit by buying a pack and paying them off right after.

the card is more of an insurance IF my pets get sick. Routine stuff that’s 200-300 I can cover. If my dog decides to - I dunno. Eat a rug or something that would require a 3k surgery? I want to be able to get him taken care of instead of worry about where the money is gonna come from.

If you want to get a credit card get a credit card but if you're worried about expenses like that for your pet you probably could apply to get a loan for that during that time you know yourself. F4 human medical expenses it's not the best idea to put it on a credit card you can always work with most hospitals for payment plans and many times they don't have interest so if you're concerned about that just remember before you put it in on a credit cards to move debt around call and talk to your debtors and see what you can work out I know you said just in case and you're not in this situation. you have to be consciously responsible for a card and if not you will regret it some questions you should ask is what's the minimum payment. If I max out my two credit cards $18k I'll be paying over $750 a month in would take over 20 years to even pay them off with minimum payment. On the other hand my car payment for $35,000 car is only $500 a month will be paid off in 7 years.

There's an app from Google Play Store call Simple loan calculator you can type in loan amounts in different interests and see how long it would take you to pay it off.

 

[AmTheBaby]

If you want to get a credit card get a credit card but if you're worried about expenses like that for your pet you probably could apply to get a loan for that during that time you know yourself. F4 human medical expenses it's not the best idea to put it on a credit card you can always work with most hospitals for payment plans and many times they don't have interest so if you're concerned about that just remember before you put it in on a credit cards to move debt around call and talk to your debtors and see what you can work out I know you said just in case and you're not in this situation. you have to be consciously responsible for a card and if not you will regret it some questions you should ask is what's the minimum payment. If I max out my two credit cards $18k I'll be paying over $750 a month in would take over 20 years to even pay them off with minimum payment. On the other hand my car payment for $35,000 car is only $500 a month will be paid off in 7 years.

There's an app from Google Play Store call Simple loan calculator you can type in loan amounts in different interests and see how long it would take you to pay it off.

Once I get my credit to a point I can get a loan I’ll check that out, for sure!

 

[Brett3]

the card is more of an insurance IF my pets get sick. Routine stuff that’s 200-300 I can cover. If my dog decides to - I dunno. Eat a rug or something that would require a 3k surgery? I want to be able to get him taken care of instead of worry about where the money is gonna come from.

This is not a good idea. Let’s say the unfortunate happens and you need that $3k surgery. It will cost you $7k+ to pay it off. That “few hundred” you do have available, will be eaten every month in fees making it spiral even further out of control. Again, I can’t stress enough, you should never use a credit card for purchases you can’t cover that day. Paying interest on a credit card is the financial equivalent of setting your money on fire. A credit card is not intended to be a short-term loan or used for emergency funds. Emergency funds should be entirely covered by savings. If you don’t have the savings, you need to get there fast.

Please don’t shoot the messenger, but unfortunately, having heard your situation, I’d honestly suggest you reevaluate all of your regular monthly expenses. Not just diapers, but like everything. Move in with parents, take on additional roommates, bike to work, etc. If you seriously couldn’t cover something beyond a few hundred dollars you need to dramatically get your spending under control and down to bare essentials. This includes, sadly, probably looking into finding your furry friends a loving foster parent to take them for the time being. I know it may hurt to hear this, but your absolutely setting yourself up for failure with your current plan. At some point it will break, and when it does, all your hard work to fix your credit will be for nothing... I wouldn’t want this to happen to anyone and it is the reason I’m being so candid.

Fortunately, it is not impossible. It sucks, but with some hard work and (maybe?) crazy fasting, you can make it happen.