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Posted: Fri Feb 16, 2007 7:32 pm Subject: Will this help?

My fiance wants to buy a big screen tv with monthly payments to build his credit. At this moment, he has really bad credit... basically, he didn't pay his bills for a year or two. I am trying to help him pay off his old debt so it doesn't ruin my life... but will such a small monthly payment help his credit score since he is so in debt already? Also, he is only paying about $200 a month on his $20,000 debt.

Any suggestions on getting him more excited about fixing his credit? lol

-Lisa

Posted: Fri Feb 16, 2007 7:44 pm Subject:

Get him to pull all three of his reports.Sit down with him and do a line by line to show him how bad it is now.Set financial goals as a couple so he understads this is something both of you need to work on.Make him understand that these mistakes are long lasting and to recover from it takes hard work but it can be done.

Posted: Fri Feb 16, 2007 7:49 pm Subject:

I have done this. I have showed him how much he owes. I offer to take care of all the work... as long as he gives me the money to pay them off... but he thinks it is a better route to get a debt consolidation loan. I am not positive, but I don't think his collections have interest on them. They are the same amounts as when I started on this huge project of getting him out of debt three months ago. Also, I don't think it is worth it because I am the one calling the companies and making his payments. I love action, but he is more of a "next paycheck" person... and nothing has been done after 6 months of "I'll do it next paycheck". SO frustrating!

Posted: Fri Feb 16, 2007 8:20 pm Subject:

Until he commits to a plan, it will not happen.Sounds like he needs some growing up to do. He needs to understand that this is important to you. I feel your pain.My wife had excellant credit when we met.Mine was in the shi####. I listened to her and about 11 years later I turn down more credit than most people would ever see. The problem with couples is your finances are shared so both have to be willing to commit 100% to a shared goal. Good Luck!

Posted: Fri Feb 16, 2007 8:21 pm Subject:

Oops sticky mouse! Embarassed

Posted: Fri Feb 16, 2007 8:27 pm Subject:

Thanks. It is frustrating to him I think, because I love dealing with the issue; figuring out a good plan, talking about it, taking action, watching the results. I believe in being ahead of the bills by 6 months or so... he believes in using grace periods so that he has more money to splurge. I spend every possible cent on eliminating debt, and he wants to spend as little as possible, only paying what is required before he gets a late fee. I just wish I could figure out some way to get him excited about paying off his debt, instead of trying to avoid it.

Posted: Fri Feb 16, 2007 9:48 pm Subject:

One other thought..Is it a rent-to-own place where he would be getting the tv? Generally they don't even report to credit bureaus unless you default, so I don't think it would do much towards helping rebuild credit.

Posted: Fri Feb 16, 2007 10:13 pm Subject:

I'm not sure... I think he wanted to get one from a place such as RC Willey.

Thanks for your help!

Posted: Fri Feb 16, 2007 10:16 pm Subject:

pinkhandbells, he needs to concentrate on paying off his old debts, that action will help his credit. It sounds like he is using the "I will fix my credit" addage with buying a big screen TV when in fact all he wants is that TV and if things get rough he will blow that debt off also. Please support him in getting his old debt paid off before he accrues anymore

Posted: Fri Feb 16, 2007 10:20 pm Subject:

That is how I feel... I don't really see the need for a big screen tv... especially since we are moving pretty far away in about 6 monhts. I don't want to move something like that! I don't really watch tv though... so... I guess I'm one-sided on that arguement with him.

Thank you all for your advice!

Posted: Sat Feb 17, 2007 4:24 am Subject:

Fins you are right. RTO places do not report but if you don't pay they will. Funny how that works.

Pink, my husband was the same way. Had prior debt before we got married. My credit wasn't great but it was okay. He had a boat that we refinanced 1. because the payment got almost cut in half and we were able to walk away with about $10k. This paid off all of his old debt and about a year later he realized how great it was when he walked into the Ford dealership and got a great deal on a truck to pull the boat. He may not realize it now but eventually it will hit him like an F250.

Posted: Sat Feb 17, 2007 6:51 am Subject:

Pink - set your husband down and have him look at the cost of the big screen tv through one of those rent-to-own places vs. the cost of just buying one outright at a department or electronics store. You'll find you're paying a LOT more for it through the rental place, and you'll be paying on it for more than a year - possibly more than 2 years.

The big screen tv that you could get for say, $800 at an electronics store will cost you over $1000 or $2000 at the rent-to-own place.

See if you can get him to understand this, then see if you can both commit to saving $20 a week towards this purchase. He won't have his tv right away, but when you buy it, it will be YOURS, no payments, no debt.

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