My husband and I recently moved into our new place.I know it is important for us to claer our credit and by doing that we can improve our credit score to qualify for a furniture store credit line however do we go without a sofa? Please I need some real good financial advice
You must pay your bills. If you don't what good is a sofa that the furniture store repossesses because you cannot make the payments! If you do not have a chair to sit on or bed to sleep on, use cash at WalMart or the like to buy an airbed (under $75), or a futon bed, which can double as a sofa, for under $150. If that's more than your cash on hand AFTER paying all your bills, then go to a garage sale or thrift store and buy something used instead of new.
Pay off all your debts. Save up and pay cash for the furniture. Don't worship the almighty fico. It will bring you nothing but debt. It was designed (like the credit card) to get you into debt and keep you in debt. If you pay in cash. Live on less than you make. You will have money and not have to worship at the alter of the almighty fico score so that you can get a loan and go into debt.
You should work on paying off your creditors. You do not need a sofa at this time. You should focus on paying down your debt and not incurring any new expenses. Try to buy only things that you need to survive such as food, gas, etc. Cut back on internet, cable, and any other frivolous expenses. You do not need to spend money and live beyond your means. The economy is very bad right now, and your problem with your creditors is likely to only get worse. They will be raising your APR and increasing the minimum payment due. The way to become debt free is to pay more than the minimum payment due. You should pay at least double the minimum payment. You will be spending less on finance charges the more you pay off the balance.
You should work on paying your creditors. You do not need a sofa and if you are afraid friends will be judgmental they aren't such good friends. I would advise to not apply for the credit line with the furniture store at all. Do not apply for any new line of credit til you have the current ones all in order and paid down. You will improve your credit score this way. Buying used is a good idea as someone else suggested, just as is being wary of bedbugs as someone else remarked. Bed bugs are a serious concern in some places. Consider finding the best used furniture stores in your area and paying cash if you are truly pining for a sofa.
Pay your debts and sit on the floor. DONT buy a used one! I tried that last year under similiar circumstances. Bedbugs are a b*tch. Pay down your debt until you are comfortable buying a sofa (in cash, in full!)
