I want to believe I can do this!

Kitten868

Well done on clearing the card! Are you closing it?

It's a hard month for the debit card. You can't pull Christmas out of thin air. Plus if your daughter's anything like mine she's needed new shoes and coat and boots and everything else.
Keep going!!! Xxx

pidge04

Ha ha! I am ignoring the fact that my daughter’s 2 school dresses are so tight they have the potential to cut off circulation!
With £270 left to pay off my Barclaycard, i have received a letter from them to say they are increasing my credit limit from £2400 to £3600!
It’s best to keep my accounts open, isn’t it? Will that be good for my credit rating?

ftbwannabe

Still doing brilliantly I see!
I recently researched advice on keeping cards open, & it's true that keeping them open but not used can look good re your credit score. Lenders like to see that we aren't using every penny of what credit's available to us.
Both of the mortgage advisors I discussed my debt with said not to close my cards, & to keep the ratio of what I borrowed under 50% of total credit available to me. E.g., if you've borrowed 10k & have a 20k limit, apparently that looks much better to new lenders than if you borrow 10k & have a 12k limit.
But, availability of credit can be too much of a temptation, for me I'm scared that I'll spend on them again, or not be as strict as I could be because I know I can fall back on the cards if I have to. Spending beyond my means must be bad for my credit score too, right?
So, it's a personal thing. No good following the advice to keep them open if that leads to spending again. I'm going to close some of mine once I (hopefully) get this blasted mortgage finalised.
Most of my CCs have the option in online banking to opt out of credit limit increases, btw.

pidge04

Thanks so much for this! All good to know. I think I read somewhere you can demonstrate you are worth lending to if you use a credit card and then pay off the balance every month. Given my appalling history with credit, I’m not sure that would be any good for me. I’m using under 50% of the credit I have so that is really positive for me having been right up to the max a year ago. I really hope you hear about your mortgage application soon. Often think of you and wonder how it is going!

Hopefuljoy

Hello Pidge04 Ive just popped in and subscribed! Your SOA looks very healthy to me. The amount of spare cash you'll have each month once you've cleared debts is impressive and you'll be able.to save for a deposit quickly without husband.

As an aside I think it's always worth having savings in your own name as well. My mum and dad have been married 54 years and she has always built up savings in case they split. It's not cynical as they have proven but she felt she needed the security. Now she feels happy she has something to leave us children in her own own right. And we will be very appreciative too.

Am going to read your diary tonight!

Hopefuljoy

Just saw the credit card bits above. When I paid my credit card off I cut his the card and made sure I destroyed anything with the numbers on so I couldn't use it. I had the benefit of a good eating without any ability to get into debt! Also you can call the company and tell them you are refusing the increased credit limit.

I had to be strict with myself!

Hopefuljoy

Here I am again ad I've read your diary and it was compulsive! You are an amazing role model for anyone out there who is paying off debt and getting their life together. Your DC is lucky to have you as a mum.

I'm sorry to read about your relationship challenges. I didn't know about this when I wrote the post about my mother's savings! My former husband was of a different culture. However, more than that he was abusive in more ways than I'd wish to say and highly controlling about finances. Regarding the finances I didn't realise that he was any different to other husband's as we have such a block on talking about these things with our friends. Maybe it will help put it in perspective for you to know that most couples treat debt as joint and both pay it down rather than leaving one to struggle. It isn't the loving thing to do whatever culture or religion we come from.

Whatever you decide I would second the advice about finding out what you may be entitled to now just in case it liberates you sooner. Also as long as you have his national insurance number and date of birth the CSA can automatically deduct the right amount of money from his wages.

I feel bad now so please forgive me if I've been impertinent or upsetting. I think you are a hero! You come across as a really strong and capable lady and you will be okay.

xx

pidge04

Hopefuljoy wrote: »

Hello Pidge04 Ive just popped in and subscribed! Your SOA looks very healthy to me. The amount of spare cash you'll have each month once you've cleared debts is impressive and you'll be able.to save for a deposit quickly without husband.

As an aside I think it's always worth having savings in your own name as well. My mum and dad have been married 54 years and she has always built up savings in case they split. It's not cynical as they have proven but she felt she needed the security. Now she feels happy she has something to leave us children in her own own right. And we will be very appreciative too.

Am going to read your diary tonight!

Thank you so much for your interest in my diary. I often feel it can't be of much interest to anyone! Yes, I keep doing the maths and when the loan is finished, the credit card is paid off, the O/D monthly fee is no more, the O/D is no more, the student loan is paid off and the car payment ends ... my spare monthly cash will be a good amount! The future does look bright to me.

Thank you - I hope you are doing well too.

pidge04

Hopefuljoy wrote: »

Just saw the credit card bits above. When I paid my credit card off I cut his the card and made sure I destroyed anything with the numbers on so I couldn't use it. I had the benefit of a good eating without any ability to get into debt! Also you can call the company and tell them you are refusing the increased credit limit.

I had to be strict with myself!

Good advice! I need to give some careful thought to this.

pidge04

Hopefuljoy wrote: »

Here I am again ad I've read your diary and it was compulsive! You are an amazing role model for anyone out there who is paying off debt and getting their life together. Your DC is lucky to have you as a mum.

I'm sorry to read about your relationship challenges. I didn't know about this when I wrote the post about my mother's savings! My former husband was of a different culture. However, more than that he was abusive in more ways than I'd wish to say and highly controlling about finances. Regarding the finances I didn't realise that he was any different to other husband's as we have such a block on talking about these things with our friends. Maybe it will help put it in perspective for you to know that most couples treat debt as joint and both pay it down rather than leaving one to struggle. It isn't the loving thing to do whatever culture or religion we come from.

Whatever you decide I would second the advice about finding out what you may be entitled to now just in case it liberates you sooner. Also as long as you have his national insurance number and date of birth the CSA can automatically deduct the right amount of money from his wages.

I feel bad now so please forgive me if I've been impertinent or upsetting. I think you are a hero! You come across as a really strong and capable lady and you will be okay.

xx

That's really interesting about your Mum!

I'm sorry to hear your former husband was controlling over money and abusive. Thank goodness you are out of that.

I showed my husband my bank balance on my phone the other night - £8 off a £1000 overdraft limit. He was stunned I had an overdraft of £1000 and since then he has offered to pay for the Christmas tree, DD's new school shoes and he has bought the groceries. Clearly, he did not know how tight things have been for me because I did not tell him.

So looking forward to paying at least £50 off my overdraft every month in 2019!

Anyway, thank you so very much for your kindness. I really like your diary - you are very positive and upbeat! I wish you well.