Circa 1991. I was young. Just newly married. Finished a 3 year degree at University and taking classes back at home and working casual.
Time for me to get a credit history of my own. Until this point, I had only a bank account and a debit card. No cheques. No loans. No credit cards.
My name was added to my husband's account, creating a joint chequing account which I could use, but contributed nothing to, so I did not.
I opened up my own chequing account as well at the same place I had my regular account.
Next, it was time to get a credit card. I applied for a Mastercard with the bank I had been with since I was 10. I had received the offers while at University to get a credit card then but having zero income...well, I didn't bite. Mastercard turned me down. No history...not worth the risk. I called and after explaining my situation, they said 'ok but you will only get a $100 limit.' pffft, hardly worth the hassle. I declined.
Moving on, I managed to get my name on my husband's VISA but still no rating of my own as it was HIS account. I headed next to the department stores. Zellers, Sears, and Canadian Tire were all too happy to get my business and gave me cards for about $500 each.
A month later, with none of the department store cards having even been used, I applied again to Mastercard. Astonishingly, they were only too have to give me a card with a $500 limit.
The night I got it, I headed to a drugstore and wandered the aisles, excited to just buy whatever I liked on pretty soaps, lotions, make up etc. I think the damage was about $100. I can't begin to explain the rush I got from that outing. Did I have $$ to pay it back??? No. Did that even cross my mind??? Not even for a moment.
In retrospect, it was scary!!! and should have been a warning to me but I really truly had no clue.
Over the years, the credit limit has grown. My husband's VISA was at scary amounts and he could barely pay minimum on it. His financial skills were non existant. At one point, he received a $ gift from his father and paid off his Visa. I got my name off it toute suite and opened my own with zero difficulty.
Now I am certainly cannot claim to be a financial credit card whiz and over the past 10 years my balance has been high. I would dutifully pay the minimum, sometimes more, and more than once, miss a payment altogether. bad jolie!!
It isnt' that I buy huge expensive things on it. I have mostly plain furniture, no fancy jewels, no designer clothes or even high end clothes. It is just little things that got put on it, adding up slowly and slowly.
Over the past 5 years, I have probably 'paid off' my balance and been at zero about a dozen times. Have I learned? no clue. I am only at two months of zero balance so the night is young LOL
I hope I have learned. I hope I am better. I hope I see the light.
Thank god I am not addicted to fancy purses, or art, clothes or jewelery. I'd be so screwed!!
