Thursday, October 18, 2012

Rebuilding credit

I'm still trying to decide if what I did last night is a good thing or a bad thing! I was opening my mail and had received a 5% off your next shopping trip coupon for Target (from their pharmacy rewards program). I have a Target Red Debit card, which also gives me 5% off. I've been getting all our prescriptions there the past several months rather than Walmart, who I had always used in the past.

I was online on Target's website looking at my pharmacy rewards account info and decided to apply for the Target credit card. I really didn't think I'd get approved at all, but figur if I at least try for something every 6 months or so, maybe eventually we'd get approved for credit and be able to start rebuilding our credit score. I was approved instantly for a $300 limit!  Sounds like a reasonable amount, nothing I could get in over my head about, that's for sure.

So, just a little over 2 years past our bankruptcy filing, I was approved for something. Part of it made me feel good, that I'm now considered responsible enough again and part of me said "oh crap, you do not need a credit card". But, I think it might come in handy for these hard to plan for costly prescription changes DH keeps going through, if I am in a pinch until payday.

He went back to the doctor on Monday, after an extended wait to get back in to see him (doc was on vacation). The Lyrica was NOT working, in fact we were pretty sure it was causing him more problems. Over the few weeks he kept feeling worse and his hands got so tight and clenched up he was having a hard time opening them, especially in the morning.  Last Thursday morning it was so bad and painful for him he just wanted to cry. I said let's stop the Lyrica. We decided to just stop the morning dose (rather than quit cold turkey) until we could get back in to see the doctor.  Within a couple of days one of his hands was doing a lot better. Monday the doctor said to stop taking it and put him back on the other medicine he'd been taking for the past year (that did help some). By yesterday his hands were back to normal (well, as normal as they can be for him). We have to go back in a couple of weeks and then it sounds like the doctor wants to try another fibromyalgia medication. I looked this one up for cost and it's as expensive as Lyrica!

If we keep having to try these meds and I never know when I'm going to have a huge prescription bill (makes it hard to budget) at least I'll have the Target credit card as something I can use if I absolutely need to. I'll also be improving my credit score over time, too.  The meds expenses are a given, so I might as well use them to help rebuild our credit to better standing.


  1. I think that with that Target card, since you have a $300 credit limit, you should save $150-$300 in a separate secluded fund, in case you do get in a pinch and need to use it. Sort of like a meds fund. You can use the Target card, but that way, you ensure you wont be using it without being able to pay it back. Glad to hear he's doing better. It really sucks when meds supposed to help you out make you feel a lot worse.

  2. Sorry to read of your medical trials and tribulations. I hope that at some point there will be a resolution for DH. I think the idea of having a cushion for prescription expenses is a good one as it will at least cut down on some stress in that regard. Personally, I would aim to pay the bill of in full at the end of the month every time the card is used. Easier said than done, I know, but I wouldn't want the stress of carrying an ongoing balance. I would use that card solely for convenience and pay it off without carrying a balance. Good job on rebuilding credit :)

  3. I think this is a hard one. I can see where it would come in handy until payday for your husbands meds but I agree with tanner that having a backup account to pay it would be good. My only fear(because I have done it myself) is that you get to payday and the money is already marked for something else.

    sigh...its a rock and a hard place

  4. I will pay off each month, if I do use it. Tanner, I agree - I need a fund for the medical, but right now, for probably the next 6 weeks or so, it's going to be really tight. I've already used up my EF on medical expenses the past several months. Last month was $690 and so far this month has been $457.

    My first plan will be to have a back up money, but I don't think I'll be able to manage that until around the end of December/first of January. At least if/when the prescription expenses come up, I'll have a back up with the credit card.

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