Need Some Financial Advice

[necine]

I'm pretty much broke because of a job lapse. I just transitioned into a new job that has a salary of 43K though. I'm also moving next Saturday, and have no furniture at all. The job is contract to hire at 3 months. So, right now I'm making like 13hr full time. The only credit card I have i maxed out, and I can't use it. My cars tires are pretty much bald, needs a new fuel filter, and a tune-up (95 Jetta). If I don't get these things I don't know how long it will last, and I need to maintain a good impression so that I can get hired. The systems are too intensive to learn to not hire someone after training them, and every one I've talked to has a good impression of me, and is pretty certain they'll keep me around. My question: Should I get a new credit card in order to do the car repairs and buy a bed, while making payments on the cards of course, in order to retain good standing at my contract to hire job? I'm 22, if that matters... full time student and job.

Cliffs
----
1) Broke... Making 13hr in contract to hire job.
2) Car needs maintence, need a bed for new place.
3) Should I get a credit card to float me until i get hired, or just sleep on the floor and hope my car doesnt die?

 

[chipy]

can you take the bus or train to work instead to save on those expenses?

 

[pcslookout]

How far is your job from your house?

 

[kranky]

I'm not one to recommend credit card debt, but in your case it seems like the appropriate thing to do if you are pretty sure you'll get hired. You'd only need to charge a few hundred dollars to take care of the car and a bed. Figure your minimum payment would be around $25 or $30 at most.

If you apply for a major CC it will probably take about 2 weeks for the card to get to you assuming you'll be approved. An option would be to get the car fixed at a place like Firestone where they offer their own credit cards and I think they'd approve you on the spot. It will be a high interest rate, but for a few months, it might be worth it. Not the "hot deals" solution, but if time is scarce, it would be a timesaver.

Can you find a bed at a garage sale, then get a cheap mattress to tide you over? Or one of those inflatable jobs, or a futon? It would only need to function for a couple months.

 

[AmigaMan]

what are your expenses? 43K/yr is a lot of money, there shouldn't be any reason to be going into CC debt if you're making that much. I started out at $35K/year and had lots of cool new crap and didn't go into CC debt.

 

[MotionMan]

IF you are going to get a new credit card, get one that has a 0% interest intro offer and free balance transfer (You're a student - you can get credit cards by falling out of your yet-to-be-bought bed). Assuming you can do that and still pay for your car and a bed on that card (i.e. it has a high enough limit), then you should be OK for a few months, credit card-wise.

Make sure you keep tabs on when the 0% expires (it does not last forever, you know!) and move on to the next 0% interest card before the interest kicks in.

Then, get your credit card paid off as soon as possible - credit cards are always the biggest elephant on ones financial back.

MotionMan

 

[JEDI]

Originally posted by: necine
I'm pretty much broke because of a job lapse. I just transitioned into a new job that has a salary of 43K though. I'm also moving next Saturday, and have no furniture at all. The job is contract to hire at 3 months. So, right now I'm making like 13hr full time. The only credit card I have i maxed out, and I can't use it. My cars tires are pretty much bald, needs a new fuel filter, and a tune-up (95 Jetta). If I don't get these things I don't know how long it will last, and I need to maintain a good impression so that I can get hired. The systems are too intensive to learn to not hire someone after training them, and every one I've talked to has a good impression of me, and is pretty certain they'll keep me around. My question: Should I get a new credit card in order to do the car repairs and buy a bed, while making payments on the cards of course, in order to retain good standing at my contract to hire job? I'm 22, if that matters... full time student and job.

Cliffs
----
1) Broke... Making 13hr in contract to hire job.
2) Car needs maintence, need a bed for new place.
3) Should I get a credit card to float me until i get hired, or just sleep on the floor and hope my car doesnt die?

no need for cliffs since your story is short enuf.

but props for going the extra effort. :thumbsup:

can u borrow $ from your parents till u get the $45k/yr job?

as for bed, goto walmart/target and get an inflatable bed for $40.

Why is your 1st credit card maxxed out in the 1st place? u neeed to charge stuff to survive (ie: the basics)? or you need pizza and beer for the party u throw every weekend?

if the former, then yeah, get a 2nd card to tide you over.

edit:
yeah, whats MotionMan said about 2nd credit card. get one that 0% balance transfer and xfer from 1st credit card. then stop using this 2nd credit card, and use your 1st credit card again.

0% is only for balance xfer. if u charge stuff on the new card, whatever payments you give them will be applies to the 0% 1st. so if u xfer $10k, and charge $1k, then pay $1k, you now have 9K at 0% and 1k at 15% (or whatever the rate is.)

 

[chusteczka]

For the bed, my recommendation is to obtain an eggshell foam mattress, cheap comforter, and a set of sheets on clearance. Throw this contraption on the floor and you will sleep very well. A sleeping bag can be added to the mix if you like. I have done this for years now. Beds are overpriced anyways and one is not needed for a guy until he finds a woman to pick one out for them both.

For the car, is it possible to utilize public transportation? There is nothing wrong with taking the bus and it will save a large amount of money. An additional benefit is the peace gained during the walks to the bus stop.

Your focus now needs to be on work anyways so walking to the bus and sleeping on the floor will put a person in a focused mindset that is needed for you to obtain that new full-time position.

 

[everman]

Considering you already have one "maxed credit card" (what's the balance?), transfer that to a card with a 0% balance transfer rate to save you money. I can't however recommend more credit card debt, I suggest learning how to use the bus if necessary.

 

[thomsbrain]

buy tires. a blow-out will make you late for work. the car will run ok with a dirty fuel filter, so it can wait. sleep on the floor (i did for 4 months once, and it wasn't great but it didn't kill me either). try to get a 0% transfer card, then live like you have NO money until you get ALL that CC debt paid off in full. Pack a lunch rather than eating out. Then worry about getting a bed and stuff. I bet in 2-3 months you can be back on your feet. If co-workers want to go, out just smile and explain briefly that you're getting on your feet financially after the job shift, and you'll buy them lunch later if they can take a rain check on your company today.

 

[necine]

Originally posted by: everman
Considering you already have one "maxed credit card" (what's the balance?), transfer that to a card with a 0% balance transfer rate to save you money. I can't however recommend more credit card debt, I suggest learning how to use the bus if necessary.

The balance is only 800, and I have about 750 of that used up. I used it during the job lapse, and consequent pay lapse. The commute to work is 25 miles, and my 95 jetta is getting like 15 mpg right now cuz it's messed up. I'm just gonna get the credit card and buy the stuff I need. All is well right now, and all i need to do right now is focus on work. All I'm going to do with this CC is get my car fixed and buy a bed. I should be able to pay off, or nearly pay off both CCs before I even get hired. After I get hired, I'll take my time and accumulate furniture and stuff when I can afford it. I'm used to making 200/wk so living frugal is part of how i live.

 

[MotionMan]

Originally posted by: necine

Originally posted by: everman
Considering you already have one "maxed credit card" (what's the balance?), transfer that to a card with a 0% balance transfer rate to save you money. I can't however recommend more credit card debt, I suggest learning how to use the bus if necessary.

The balance is only 800, and I have about 750 of that used up. I used it during the job lapse, and consequent pay lapse. The commute to work is 25 miles, and my 95 jetta is getting like 15 mpg right now cuz it's messed up. I'm just gonna get the credit card and buy the stuff I need. All is well right now, and all i need to do right now is focus on work. All I'm going to do with this CC is get my car fixed and buy a bed. I should be able to pay off, or nearly pay off both CCs before I even get hired. After I get hired, I'll take my time and accumulate furniture and stuff when I can afford it. I'm used to making 200/wk so living frugal is part of how i live.

You mean you have a "maxed out" $800 credit card!?!?

Why are you waisting our time?



MotionMan