Can you ask family and friends to lend you some money?

THANK YOU!

My ex didn't pay on our 2nd mortgage and it put me on the bad check registry I couldn't open an account for 3 to 5 years. US Bank had what they called 2nd chance checking. Or I would open a credit Union account where you could do it for only a dollar. Before this happens. I would open an account somewhere else to protect yourself from this problem.

I would speak with a banker at your local branch about the account. Even if they don't have a way to extend the closure date they can give you an idea on the process for repayment and the close out fee. If you had overdraft fees you can ask for courtesy refunds BEFORE it closes so the balance plus your closure fee are not so high.

A charged off account won't report to chexsystem right away and you already have another account so you should be fine. I have seen clients charge off and pay it back within a week and open a new account with the same bank without issue. Of course each bank is different so ymmv.

Oh man! Thank you!

Be careful, sometimes the new account can be notified that an applicant had their profile updated. Not saying they will get it, or even do anything with it, but that can be a thing.

I already opened up another bank account exactly because this issue so I’ll at least have access to my money. Thank you for the advice!!

I tried doing that and they basically said they couldn’t do anything, I’ll call again and see what I can do 👍🏾

That’s a great system. I’ll do that. Thanks for the tips! Yeah modest is honestly what she wants I’m just currently strapped as I noted. I’ll do some saving and be alright. Thanks again!

At the end of the day I would recommend getting this account positive.

Letting it close puts you in the position of not being able to open a bank account anywhere.

That said, I recognize that it may take several weeks or a month or two to get the funds to bring your account back into positive.

I would suggest that you maybe divert this first paycheck into another account if able or get it cashed for you to have some funds to live on.

Allowing this account to be closed is a nonstarter. You need a bank account as an adult.

I would let the bank know that the balence will be paid of on this date.

Don’t feel bad going with a “modest” ring…in my experience the home, engagement period, wedding and first year of marriage completely dwarfed the size/cost of the ring…obviously this could vary depending on the woman, but I’d guess she’ll be just as ecstatic with a ring that doesn’t implode YOUR financial situation.

Also, completely agree with a previous commenter about getting a ring that fits your budget well over the next few months of saving diligently for it, then if you really want to - a nicer ring on say the 5 year wedding anniversary or something.

What I did: went ring shopping with her, got a good idea of what she really wanted. Researched the cost of that type of ring, set a date that I wanted to propose and the date i wanted to buy the ring, then worked backwards from that date to present day of how much I would need to save per paycheck to have that amount ready for the purchase.

Good luck and enjoy it!

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It’s a Debeers marketing thing that has convinced entire generations that a ring must cost a substantial amount.

• https://youtu.be/iqf9EAGp-Mk

That makes sense and I see what you’re saying. This has been how we’ve approached other purchases and I’ll talk more with her about it cooperatively. While we’d talked pricing I guess I had felt that it was taboo, even though she hasn’t said anything that it would be, to talk about it as a joint purchase. Maybe just a societal norm I held? Or my own predilection to want to provide? Food for thought. Thanks!

Thanks for the perspective from down the line. As much as she says it’s ok to not have exactly what she wants I want to try to get her what she’d want which isn’t that extravagant in the first place. Details about what she’s liked aren’t as important here but if I can provide that gift I want to. I guess that’s what I was asking here was how others had went about it.

Congratulations on forty years!

Ah ok that makes sense. Thanks for the feedback

You be you.

An engagement ring isn’t either a requirement or a guarantee for a successful marriage. Over forty years without one and I’ve never, ever wished my husband bought one for me. Most women I know stop wearing them after a few years anyways.

I was simply responding to you having said "if you all found any smarter ways to make a big purchase like this". An engagement ring should not be something you consider a "big purchase". So whatever you think "big purchase" means, don't let your ring be that.

Here's another way of looking at it.

You're getting married, right?

What's mine is yours and yours is mine, right?

For better or for worse, right?

One person's financial decisions impact the other's, right?

There is no more my money. There is no more your money.

It becomes our money.

No, I'm not saying you have to be completely combined with zero assets in each of your own names. (We each maintain a small separate balance more for gifts to eachother.) It's more the general mentality of things.

Large financial decisions (such as a ring purchase) should not be a one sided phenomena. If I use "my" money to pay for it, that's less money going into the "family" pot or towards the "family" goals. This takes away from the SO's money. So it's all the same whether I pay or SO pays.

We (as a team) are still paying for it.

Credit card tip has been my thoughts too. Thanks for the perspective.

When you say big purchase what do you mean? Like a purchase that highly impacts my financial situation?

So you all both saved towards the engagement ring?

I hadn’t considered including her finances in that picture but I feel like I would feel super guilty if I did. Maybe that’s the traditionalist on me? Idk. That’s an interesting angle.

We do both know each other’s finances really well. I have considerably higher overhead than her at similar salaries. She’s done awesome for herself and has saved enough she could buy her own ring twice over tomorrow. Proud of her. I’d need to save up more before I’d feel ok with her chipping in on her own ring.

The house was the big purchase. Go for a cheap ring and at your five year or something go upgrade rings if it really bugs her. I wouldn’t use a credit card unless you can pay it off, otherwise it’s just more expensive.

Weddings are expensive. Homes are expensive. Don’t let this turn into something huge too.

The smartest thing we did was we discussed finances.

We opened up our budgets and disclosed all assets.

Then we made a family budget.

We added "engagement ring" as a line item to save towards.

And then we shopped for the ring together.

We both saw the price. We both knew the price.

The ring was not a surprise.

The engagement event itself was a surprise.