Thomas used the Capital One Guaranteed Secured Mastercard with a $300 limit while still in active bankruptcy. T. Morrison opened a GIC-secured credit card through Meridian immediately after discharge. And Robert Jenkins got the Capital One after discharge.
B lenders accept credit scores as low as 500. But you’ll likely need to make at least a 20% down payment, and your housing costs plus debt payments should not be more than 50% of your income.
Shelby turned $45,000 of debt into a $250 monthly payment she could actually afford. Christopher reduced a $20,100 balance down to about $7,000. Chris finally escaped the cycle of moving money around while interest kept growing.
I paid $30 to borrow $100 for 15 days, which works out to a 30% borrowing cost over just two weeks. If you stretched that same cost over an entire year, the equivalent annual interest rate would be roughly 730%!!
If you chose the 20-year payment option, you would end up paying almost $30,000 in interest, and over $45,000 (for a $16,000 hot tub) by the time the loan was paid off.
Once you know what you want to sell, you go after locations. A good location comes down to two things: foot traffic and hours of operation.
After testing different categories, these proved to be the best: furniture under $100; popular tech products and accessories; and buying bundles and selling items separately.
In the end, Super C was the cheapest. However, I found was that the bigger stores are very lucky that they have house brands and sales, otherwise a small independent store would have been the clear winner.
