Tuesday, November 29, 2011

Tuesday, tying up loose ends

     I feel like yesterday ran by in a rush.  I was only in the shop for about 2 hours and had over $200.00 worth of work come in.  Now when am I going to do that I wonder?  I was able to order the rest of the costumes that I needed mostly parts , hopefully they will  come in on time.  I also handed out three pages of info to each parent outlining costumes, rehearsals, thanking them for swift payment last month and asking for the money to come in again as swiftly:)  I real want to pay off that last charge card and I have used it a lot for this show.
     A few months ago when I went down and borrowed money from the credit union to pay off the studio CC and the studio credit line, I did not close either one.  Our credit score took such a hit that I was afraid to close anything.  When you refinance a house and buy a car and co-sign for two others and a college apartment in 6 weeks it kills you credit score.  We have no new debt are paying larger payments than ever have never been late but we took a hit and a big one.  So I will not close anything.  The problem is I need a studio card for costumes and electronics etc.  I have been using our personal card and I can't get it paid off,  I will but I ordered a new $5000.00 limit card for the studio and I was turned down stating too much credit open.
 I still have a $21,000.00 cc open with US BANK that is paid off.  I have a $10,000.00 credit line open at US Bank paid off.  I really now only have the house, the car, and the truck(aka collateral to pay off US BANK) and the one card left.  Only the one credit card is not tied to collateral.  But I cannot seem to get any new credit.  So I ask?  Do I close out the two US BANK  accounts and take yet another hit on my score?  I really should not be using a personal charge card for a business when we run an LLC.  But I cannot get a card, I have tried.    What are your suggestions?  If I go in a close out of all those account that now stand at zero how long will it take me to recover enough to get a studio card?  Financial advisers all say not to close accounts as it hurts your score.  The funny thing is I have never had less debt in the last ten years than I do now.  We are making more money and making larger payments yet my score stinks, like I did not pay my bills on time.  So frustrating.  Anyway suggestions wold help me make a decision.
I need to run to the bank this morning and get some sewing done.  I can't beleive it is almost December but I am excited!   Yeah in three more weeks I will be free, counting the days.

Have a great and productive day!



  1. Kim, this sounds like a discussion to have with an actual person at a bank. In my previous "life" (aka the debt wanting me) I had a sit down talk with a banker to get a line of credit. I agreed to close out one of my credit cards and they agree to give me the line of credit. Maybe something similar could happen for you. I'll agree to close X and Y if you will give me a business credit card. Or perhaps you could also look into the possibility of lowering the limit on the open card and LOC dramatically (maybe to $1000.00 or less) and inquire if that will affect your credit poorly or help you get a business credit card. I find a face to face talk with the bank/credit union with things like this helps.

  2. Different system here in Canada so I am of no help to you, sorry, I feel so useless!
    I am counting the days too - freedom comes in 24 days then I'm off for two whole weeks!