dreading this

Discussion in 'Work & Finance' started by Cinnamon88, Sep 27, 2021.

  1. Cinnamon88

    Cinnamon88 Well-Known Member

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    I'm suppose to be happy but I'm dreading having this baby and going back to work. I don't want to. I want to stay home with the baby but my husband cannot take care of the bills all by himself. I told him we honestly need to let the car note go. That car note is literally killing us. 23 % APR. We got it because it was either that and have a job or miss work due to car transmission breaking and losing my job when i NEVER missed a day at work. payments are 468/month for this 2016. I'm trying to convince him to let me let it go since it's only in my name his credit wont take a hit.
     
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  2. Babybump87

    Babybump87 Mummy to my three musketeers

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    Sorry your feeling a bit unsettled at the minute hopefully you and your DH can work the car situation out .
    What are your other options , can you live without a car for now ? Get a new cheaper one? that’s a big hit to anyone’s monthly budget

    I’ve just found out I am pregnant with no4 and I am a SAHM . We rely solely on DHs income . I’m a tad stressed as we will need a new car next year now !

    Looks like we will be due around the same time too !
     
  3. Cinnamon88

    Cinnamon88 Well-Known Member

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    We already have another one. We were paying off both vehicles. His dodge ram and my Hyundai Tucson. We paid off his ram but that Tucson is trouble.
     
  4. Babybump87

    Babybump87 Mummy to my three musketeers

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    Oh gosh I can see why you totally wanna get rid of the Tucson ! Why is your DH so against it ? . Could understand if you didn’t have another car.

    Sometimes men can’t see the logic !
     
  5. Cinnamon88

    Cinnamon88 Well-Known Member

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    He said because when we go to buy a house he needs my credit to be good. I understand but plans have changed. I told him the car is in my name only so it doesn't effect his credit score. He still says no.
     
  6. Rags

    Rags Mother of 1 boy

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    If it's only to keep your credit score up could you take out a credit card in your name, use it to pay the fuel on your husband's car and pay it off each month? That way you can get rid of your car, improve your score and still not be spending any extra money...
    I'd love to be a SAHM but I'm a solo parent so it's not possible. Instead I have done everything I can to minimise my out goings (including not replacing my very tired 13 year old car) so that I can work part time.
    I really hope you manage to work it all out with you dh, I can imagine it would make a huge difference for you, your family and your new baby.
     
  7. NDH

    NDH 5 on earth, 6 in heaven, 1 in utero

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    Having a credit card with no balance (ie paid in full every month) is a much better way to build/maintain credit rating than a car loan. Car loans are terrible imo. We have never had a car loan ever, and our credit scores are just a hair below 900. (Though honestly most of that is due to having been out of the country for 10 years with a 10,000 line of credit open the whole time). We paid off all our debts in full before leaving but didn't realise the line of credit would expire lol). We did get in a bad amount of debt prior to that and vowed never again, had no credit card or car payments at all in the other country we lived in for a decade and would have been in an excellent position with our credit rating to buy a house if we had wanted despite not having any debt.
    Currently we do have a credit card again, which we use to collect points on our every day purchases and pay off in full every month.

    Carrying too much debt, even if you never miss a payment, can hurt your credit rating far more than it helps it.
    So yeah if having a $400+ car payment is in order for you to have a credit rating to some day but a house, and if that same car payment is the primary factor to you needing to go back to work after having a baby, I would definitely be ditching it. A credit card in your name, even if you make one small purchase on it and pay it off right away, is going to help your credit so much better without causing any financial burden.
     
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