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Pip pip pip posted:My bank is also instituting a monthly fee for debit card usage (Suntrust). I am eligible to join PenFed because of my employer-- but I couldn't find anything on the website about PenFed being part of a Co-op network. Is that something I need to ask about or are there websites/lists for CU co-op networks? http://www.cuservicecenter.com/ http://www.co-opfs.org/public/locators/atmlocator/index.cfm You can search for participating credit unions in both programs on their websites. I think the ATM network is more important, but having spent a summer working in a town without a branch of my old bank, I like having the flexibility of teller services at the nearest CU if I'm out of town. Really, I'd take not having either over paying for a debit card.
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Oct 1, 2011 01:11
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Thanks everyone! I was being lazy about car insurance, and I'm glad to have that pointed out as it wasn't something I really understood or thought that much about. I just switched over to Progressive for car and renter's insurance. It's not crazy cheaper than the State Farm deal I worked out a couple days ago, but I went with Snapshot and I expect that'll drop it enough to make it worth the trouble of switching. I'm assuming they have some way of knowing the device is plugged into the car I'm not driving and they won't think I just have it sitting on a table somewhere. I'm guessing it would be good for me to drive it a couple times while braking gently and whatnot so they can have some data to go on. I set up my new insurance to start a week from Monday to make sure I am able to coordinate canceling my State Farm. I'm assuming they'll give me some kind of refund for the last month or so I'd already paid for? That would be nice. The loan ("loan"?) situation is definitely not causing any tension between my mom and I. I actually talked with her about it on the phone this morning when I was mentioning about changing my car insurance, and I made a point of reiterating that she'd get her money back. She seemed completely nonplussed about it and just told me that I'd better pick out a nice nursing home for her (my sister and I will, but she is 57 and still works for fun, so this is not an immediate concern). I mostly feel bad about it because I really didn't think about long-term consequences like higher car insurance, and at this point would rather not be relying on my parents for finances. Plus I've been reading Cornholio's story from the beginning and just got to the part where everyone mocks him for taking a loan from his dad, so I wasn't sure about BFC reactions to this kind of thing. Of course, my situation is quite different from his at that point.
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Oct 1, 2011 20:09
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Mighty Amoeba posted:Plus I've been reading Cornholio's story from the beginning and just got to the part where everyone mocks him for taking a loan from his dad, so I wasn't sure about BFC reactions to this kind of thing. Of course, my situation is quite different from his at that point. If your parents are well to do enough, the blunt truth is that a portion of that money will probably be yours someday anyway. There are plenty of parents out there who feel its more, or just as, important for their children to get off on the right foot (whether it be buying a reliable car or paying for college or letting them live rent free for awhile post college while they get settled) than for their children to collect that windfall when they're in their 50s or even 60s. Not everyone's parents are that well off, but if your parents are capable of it and want to help you do that, there's nothing wrong with that and there's nothing to be embarassed about -- it really is one of the greatest gifts a parents can give their children - starting out debt free and on solid footing. Be proud and happy that you have a drama free family where loans don't cause huge blowouts and you have successful and generous parents who love you -- and give them a big hug and remember that later on it life. You don't want to be dependent and you don't want to develop bad habits because you're used to living on more than you actually make, but there is nothing wrong with accepting your parents generosity at the starting point of your adult life or during tough times if it causes them no hardship. Many parents would be more upset if you didn't reach out for help or let them help. As your mom has acknowledged, you may someday be helping to care for her. Hopefully she has enough money for retirement herself or else she really shouldn't be giving you "loans" but quite often relatives aren't... the nicest... when picking out things like retirement homes for their parents and are considering how much it costs per month (can be $5000+) vs. how much they will inherit. Just store it in the back of your mind how generous your parents were and be sure to repay that later on in life with similarly unselfish decisions and visits to see them. Seriously, stop apologizing to us about your situation and go give them a hug and tell them how much you love and appreciate them.
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Oct 1, 2011 22:18
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I need to get renter's insurance and I really have no idea where to start, does anyone have any recommendations?
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Oct 3, 2011 18:50
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Giant Isopod posted:I need to get renter's insurance and I really have no idea where to start, does anyone have any recommendations? I'd recommend calling three agencies that you are familiar with locally and talk to the people to get quotes. Let them walk you through it. Try AAA, Progressive, and State Farm for instance. If you got the time, shop every one you can find in town. Or hunt down an insurance broker who will shop them for you. It's great that you are getting RI as it's very important, it's really a fairly straight forward policy and should be reasonably affordable.
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Oct 3, 2011 18:53
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So I have a little situation... A couple of years ago I was with my dad trying to rent a car and they wouldn't let him do it because his drivers license had expired. I ended up having to use mine, but in order to use his credit card he had to call the company and have me put as a primary user. He used his business card which he uses to purchase his supplies (He is a dentist, so we're talking tens of thousands of dollars annually). We assumed this would benefit me, and when I checked my credit score a year or two ago, it was through the roof. Unfortunately, my parents made the mistake of moving to a new house before they sold their current one. The old house wouldn't sell, so they had to move back and now they cannot sell the new one so they are sitting on two mortgages. They constantly have to sink money into this, and I guess less money is being reserved to pay their credit cards off so their balance has steadily risen. I recently applied to a Chase Marriott Rewards card for work. I need a 2,000$ limit. It will be fully reimbursed each month by my employer. I was denied because my credit balance was too high. The form Chase sent me said my credit score is now 590. I really have no idea what to do. I work for Epic Systems, so I know that Chase must be familiar with the fact that I would not actually be responsible for clearing the balance each month. It will be paid in full and promptly without exceptions. Is this something that I can contact them about and try to work something out? Also, is there anything I can do to fix this poo poo or get that crap off my score? I told my parents to take my name off the card, but other than that I am absolutely clueless. Thanks in advance finance goons.
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Oct 4, 2011 00:05
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ChadBroChill17 posted:So I have a little situation... Are you an authorized user on the other card, or one of the primary borrowers? If you are an authorized user, its easy, your dad calls them up and sends them a letter to follow up. As an authorized user you have full charging privileges on the account but zero responsibility to pay the debt. This is granted and may be revoked at the discretion of the primary applicant. If you are one of the primary users, you might be SOL. As a primary, you have equal responsibility to pay off the debt regardless of how it got on there. They can and might come after you for the whole thing if your dad ever defaults. The credit card company isn't going to let you go if one of the borrowers seems increasingly shaky, especially if one of the borrowers is increasingly shaky. I hope this is the former, but this is why we don't go joint with other people or cosign for them (or buy a house before we sell the old one).
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Oct 4, 2011 00:22
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Zeta Taskforce posted:Are you an authorized user on the other card, or one of the primary borrowers? If you are an authorized user, its easy, your dad calls them up and sends them a letter to follow up. As an authorized user you have full charging privileges on the account but zero responsibility to pay the debt. This is granted and may be revoked at the discretion of the primary applicant. Thanks for the quick response. I'm not worried about him defaulting. The money is really spread out right now with house payments and 4 kids in school but his practice is doing fine. I'm mostly worried in the short-term about me not being able to secure a credit card that I will need for work. Does anyone know if CC companies are remotely flexible regarding credit card applications if they know it will be a company card? EDIT: I'm only an authorized user. If I am removed as a user will this be retroactive and I will lose the hit on my score?
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Oct 4, 2011 00:25
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Renter's insurance: If you already have car insurance, see if you can get renter's insurance through them. You might easily get discounts on all your insurance. Otherwise, find the company with best customer service, since renter's insurance usually comes out to be about 100 bucks a year, give or take a few dollars, and it's not worth pinching pennies if you're going to get the run-around if you ever try to make a claim. ChadBroChill17 posted:They constantly have to sink money into this, and I guess less money is being reserved to pay their credit cards off so their balance has steadily risen. I'm no financial guru but this sentence raised red flags and especially after you said that you're not worried about him defaulting. If he can't pay his bills when they're low, why do you expect him to be able to when they are getting higher? Either his debt is low but he literally cannot scrape together enough money to pay it off so that's why it's getting higher - in which case, how is he going to get out of this hole? Or his debt is high and that's why he cannot pay it off - in which case, it's only going to get higher and faster. I'm just some guy on the internet but you should probably figure out what's going on with your dad. People hide things from their family all the time, thinking it'll work out, until the last second when it all collapses. I wouldn't say this if it didn't happen all the time.
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Oct 4, 2011 02:06
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totalnewbie posted:Renter's insurance: If you already have car insurance, see if you can get renter's insurance through them. You might easily get discounts on all your insurance. They're about to have someone rent one of the houses, which will cover most of the mortgage payment. They're also no longer paying for my grad school or living expenses, and my other brother is about to reach independence as well. He's 1/2 owner and 1/3 owner on two medical buildings. He could short-sell one of our houses as well if he really needed cash. I don't understand finances very well, but I know that things are not in dire straits or anything. Either way, I appreciate your comments. I'm really just looking to figure out this credit card situation.
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Oct 4, 2011 02:19
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ChadBroChill17 posted:Thanks for the quick response. If he removes you it should come off your credit the next time they report. In the meantime I will sound like a broken record but look at a community bank or credit union. Some place where you can go in and talk to the loan officer and explain it in person. It's not a guarantee but it's better than having your application fed into the computer and it's scoring model.
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Oct 4, 2011 02:49
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Zeta Taskforce posted:I’m going to disagree with kaishek (I usually do). Awww, Zeta. Harsh. I don't think we actually disagree that much - if the question was "Should I take out an 18k loan from my mom to buy this car, I live in Portland" the answer would be "Obviously not, that would be a terrible idea". However, the question is "My mother has already purchased me this car, should I sell it because I don't need it right now" - the initial investment hit (depreciation of car from new to used) has already been taken, and the car is paid in full and not getting charged extra interest payments, etc. If she sold it, she might get 8k to use towards paying her mom back and still "owe" her ten grand and also be without the car her mom wanted her to have...didn't seem worth it given that this does seem to be a low-friction family scenario. Now, I borrowed 12k from my wife to pay off a student loan and that IS creating an interesting scenario (we were not married at the time, and I had an agreement with her to pay her back...but now we are married and I make the salary and she doesn't work so repayment becomes an interesting issue), so I definitely agree that large loans between family are problematic.
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Oct 4, 2011 15:36
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So I decided to get an apartment but after calculating my expenses I will have about $200 dollars left after paying everything. I bring in $2,654 a month before taxes Expenses 1. Taxes out of my paycheck ( I have to pay them myself) $530 a month 2. Rent $875 a month 3. Utilities + cable/internet figuring $120 a month max for utilities + $120 a month for cable/internet 4. Health insurance $150 a month 5. Car Costs + Insurance about $300 a month 6. Phone $100a month 7. Groceries figuring $250 a month Is roughly $210 left after every mandatory expense enough to live on without feeling like I am just scraping by or relying on credit cards? Edit: After this week I will have no debt whatsoever hello internet fucked around with this message at 16:19 on Oct 4, 2011 |
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Oct 4, 2011 16:15
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kaishek posted:Awww, Zeta. Harsh. I don't think we actually disagree that much - if the question was "Should I take out an 18k loan from my mom to buy this car, I live in Portland" the answer would be "Obviously not, that would be a terrible idea". However, the question is "My mother has already purchased me this car, should I sell it because I don't need it right now" - the initial investment hit (depreciation of car from new to used) has already been taken, and the car is paid in full and not getting charged extra interest payments, etc. If she sold it, she might get 8k to use towards paying her mom back and still "owe" her ten grand and also be without the car her mom wanted her to have...didn't seem worth it given that this does seem to be a low-friction family scenario. I never said I didn’t like you!!!  And when people challenge me it keeps me honest.But I don’t understand your problem, or why this is even a problem. I would say that you don’t owe your wife anything anymore, that paying off this debt is a goal for both of you, and your income belongs just as much to her as it does to you.
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Oct 4, 2011 16:19
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hello internet posted:So I decided to get an apartment but after calculating my expenses I will have about $200 dollars left after paying everything. Can you get a smaller apartment? My apartment is much bigger than I need but my rent is less than yours. Perhaps you live in an expensive area  I think you're underestimating your utility bills, depending on which utilities you need to pay. Do you really need cable? You can save a bunch of money if you only get internet (possibly - depends on your service, etc). I feel like you might also be underestimating your groceries, depending on your eating habits. Also, you have to remember that the 200 you have left has to cover everything else. Gas money? Savings? Need a new tire? Need new shoes? Shampoo? Furniture?
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Oct 4, 2011 16:22
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totalnewbie posted:Can you get a smaller apartment? My apartment is much bigger than I need but my rent is less than yours. Perhaps you live in an expensive area I am basing utilities on a friend that lives with his wife in the same apartments who says he pays 140 a month for two people and always has his apartment lit up like a christmas tree. I will have about $2000 saved up as well before moving in. I have all of the furniture I need. I only need about two small meals a day and do not snack on garbage. I do not need cable but I would like to have it. also it is the best value for apartments on the side of town I want to be on due to proximity to the major highway I travel on for work every day, apartments on the otherside of town are cheaper, pieces of poo poo and would add 30 minutes to my commute just to drive through town. I go through 1 pair of shoes a year and have plenty of clothes and the unit has a washer and dryer. hello internet fucked around with this message at 16:36 on Oct 4, 2011 |
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Oct 4, 2011 16:32
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My point isn't so much that you'll need that 200 dollars to buy new shoes but that it has to cover literally everything outside of what you need to live on and allow you to start creating savings. According to your calculations, if you do not go over budget at all and literally spend no other money, you will save up around $2500 a year. I don't know about other people but that is alarmingly low to me.
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Oct 4, 2011 16:56
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If I were you I would go back through your last few months of statements/Mint and work out what you typically spend on going out/drinking/hobbies/etc. If you go out with your friends a bunch and spend $100+ on hobbies, you going to be scraping by. I also notice that you don't have any planned contributions to savings/investments. If this is a temporary situation then that might be fine, but that's something you want to work into any long-term budget.
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Oct 4, 2011 16:56
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What is a more reasonable amount of money to have uncommitted after all mandatory expenses like $400? My current situation has it where I am not going to need to pay for my car until January due to an arrangement I made with my father, My cell phone costs may be picked up from work and I am on my fathers health insurance until after August of 2012 which will leave me with about $760 uncommitted a month until January and I already have about $2000 in my savings
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Oct 4, 2011 17:08
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Does your work provide 401k? Do you plan to start a Roth IRA? Those both cost money. The Roth IRA for example is 5k a year max. That comes out to just over 400 a month. I mean what you have does not seem sustainable to me on a long term basis. And your savings, all that means is that you won't be hosed if you run over a nail, nothing more. Generally people recommend several months of expenses in liquid savings. totalnewbie fucked around with this message at 17:23 on Oct 4, 2011 |
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Oct 4, 2011 17:20
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If there was a magic number to aim for when it comes to the minimum amount of uncommitted money per month to not have to worry about pinching literally every penny what would be a decent guess? I'm not worried about entertainment costs as I would go out to the bar maybe twice a month at maybe 20 dollars each time and that's about all there is to do around here.
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Oct 4, 2011 17:31
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There is no magic number because it all depends on your circumstances, your goals, etc. But wait, if all there is to do is to go out to the bar then why is your apartment so much? Sounds like it should be closer to 5-600/mo at most.
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Oct 4, 2011 17:35
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Zeta Taskforce posted:I never said I didn’t like you!!! =). I just feel guilty having what I treated as a financial obligation go *poof* even though nothing has really changed (we were already co-habitating, etc.). Not really a problem, per se, just an interesting scenario.
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Oct 4, 2011 17:39
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totalnewbie posted:There is no magic number because it all depends on your circumstances, your goals, etc. But wait, if all there is to do is to go out to the bar then why is your apartment so much? Sounds like it should be closer to 5-600/mo at most. As I stated earlier the apartments are overpriced at $875 a month and there are cheaper options on the other side of town but they are dumps and would probably add 30 more minutes to my morning commute that is already 30 minutes just to go across town with traffic. My goals consist of making enough to live on at my current pay which will be increasing as time goes on and then shifting to saving money when I get a roommate/increase in pay. hello internet fucked around with this message at 17:43 on Oct 4, 2011 |
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Oct 4, 2011 17:40
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What are the main disadvantages of a credit union that's basically online-only? Alliant looks good even though I live in NY, since it has online check depositing and somehow has more local surcharge-free ATMs than my local frontrunner for credit union choice, but I'm (maybe irrationally?) hesitant to give my money to people who are a plane ride away.
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Oct 5, 2011 15:40
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tzirean posted:What are the main disadvantages of a credit union that's basically online-only? Alliant looks good even though I live in NY, since it has online check depositing and somehow has more local surcharge-free ATMs than my local frontrunner for credit union choice, but I'm (maybe irrationally?) hesitant to give my money to people who are a plane ride away. I don’t think there is a right or wrong answer to your question. Yes, you are being a bit irrational about your concerns about internet banking. Direct deposit can go anywhere, your debit card will work everywhere Mastercard or Visa is accepted, and with paper checks, how many do you really write anyway, and your landlord will be more than happy to accept them. But its not like they are the only credit union out there, and if it is important to you that there be a physical presence nearby, you should be able to find one nearby that meets your needs. So irrational or not, you need to be comfortable with whatever you decide. As far as the surcharge free ATM’s, if your local one has fewer absolute locations, but they are in convenient places, then there is nothing wrong with that either.
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Oct 5, 2011 15:59
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Zeta Taskforce posted:I don’t think there is a right or wrong answer to your question. Yes, you are being a bit irrational about your concerns about internet banking. Direct deposit can go anywhere, your debit card will work everywhere Mastercard or Visa is accepted, and with paper checks, how many do you really write anyway, and your landlord will be more than happy to accept them. But its not like they are the only credit union out there, and if it is important to you that there be a physical presence nearby, you should be able to find one nearby that meets your needs. So irrational or not, you need to be comfortable with whatever you decide. As far as the surcharge free ATM’s, if your local one has fewer absolute locations, but they are in convenient places, then there is nothing wrong with that either. I think part of the issue is that I'm leaving Bank of America, so my "ideal" convenience is probably unreachable by most credit unions. I don't know if it's genuinely important to have a local physical presence, I'm just used to having two BoA locations within five miles of work and another two miles from my apartment. The check thing is more a concern I have about depositing checks. To deposit with the local credit union, I'd have to drive to the deposit-taking branch, which isn't a terrible inconvenience but it's about as far as possible from both work and home while still being in the same city. And, of course, Alliant has a 1.1% APY on their checking while the local has a 0.05%, but I'd have to kick in $10 toward Foster Care to Success to join Alliant (not that I object, it seems to be a good charity). Perversely, the questions I struggle with the longest tend to be the ones where there's no genuinely wrong answer.
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Oct 5, 2011 16:24
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If you have a need to deposit paper checks, I would go with the local option. Getting 1.1% on an online checking account isn’t going to change your life enough to deal with the hassle and delay of mailing them to Alliant (if that’s what you will have to do) If you have extra money, look at ING, or smart piggy, or some other online savings account.
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Oct 5, 2011 17:09
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tzirean posted:What are the main disadvantages of a credit union that's basically online-only? Alliant looks good even though I live in NY, since it has online check depositing and somehow has more local surcharge-free ATMs than my local frontrunner for credit union choice, but I'm (maybe irrationally?) hesitant to give my money to people who are a plane ride away. I use Alliant and like them. When it comes to paper checks there are two options: 1) An advance form of mailing where you tell them the amount online, they give you that amount instantaneously (up to some decent cap), and you must send the check in a special envelope that they give you the same day. This is what I do and has been fine, and means no waiting for the money. 2) The even more convenient way if you have a scanner (I don't) is to use the fully electronic system where they let you scan the check and they deposit the money. I'm not sure if you have to ever mail the check or not because I've never used it. It really isn't that much of a hassle, and Alliant has been good to me for everything else. Fully recommended.
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Oct 5, 2011 17:46
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Yeah, I have a scanner. That may be enough to tip the balance in Alliant's favor. Thanks.
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Oct 5, 2011 17:54
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Stupid question, but is it worth it to take advantage of 0% balance transfer offers? I have: $2100 at 13% APR and $2100 at 20% APR. ( o_0 ) I just took advantage of a 15 month 0% APR and transferred the 20% APR balance over (3% fee). Tell me I made the right choice and that I should do it with the other card. I just got done paying off $2k in 3 months. I'm kicking rear end.
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Oct 5, 2011 23:22
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cheese eats mouse posted:Stupid question, but is it worth it to take advantage of 0% balance transfer offers? I have: Well, you broke even at any rate. 2100 @ 20% for 3 months is ~$70 interest. 3% flat fee is $63. Of course, you can now pay off the 13% in 3 months and then pay off the $2100 on the 0% and come out a bit more ahead, but I wouldn't consider transferring the 13% card. It's not a huge deal either way.
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Oct 5, 2011 23:37
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baquerd posted:Well, you broke even at any rate. 2100 @ 20% for 3 months is ~$70 interest. 3% flat fee is $63. Of course, you can now pay off the 13% in 3 months and then pay off the $2100 on the 0% and come out a bit more ahead, but I wouldn't consider transferring the 13% card. It's not a huge deal either way. It was a strategic move as my student loans kick in around the same time as I will be done paying for the 13% card. Those are going to start eating a chunk of my income as well. Least I have more credit now. *shrug* Not like I'll really use it anymore. gently caress credit cards.
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Oct 6, 2011 01:31
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baquerd posted:Well, you broke even at any rate. 2100 @ 20% for 3 months is ~$70 interest. 3% flat fee is $63. Of course, you can now pay off the 13% in 3 months and then pay off the $2100 on the 0% and come out a bit more ahead, but I wouldn't consider transferring the 13% card. It's not a huge deal either way. This is the way to do it. So many people think, "Oh, 0% is better than 20%!" and then go ahead and pay it off in 2 - 3 months. I just helped someone transfer a $3k@17% and a $6k@16% to a 21 month card. She was paying about $800 - $1000/mo, meaning she had 8-12 months left on it. After 3 months, there was ROI and she has planned to pay it off 1/20th a month and take the difference and put it in liquid savings so at the end there is an emergency fund of $10k. Money isn't coming from nowhere. After all that effort saved 1491.46 in interest that went to savings. She set up online bill pays and has already paid off 2 credit cards this year so there is a confidence factor of knowing how it works and budgeting correctly. I'm not saying that these offers are easy money or will solve all your problems. I would point that the increased return comes largely from increased risk. You could miss a payment and then you'd have the entire thing at 29% plus the $240 you paid in fees, rather than if you missed one payment before, you'd have one card at 29% and no transfer fees.
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Oct 6, 2011 14:58
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They are raising my rate anyway to 30% from 1 missed payment when I was unemployed for a month. They can suck it. (I now have an emergency fund.)
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Oct 6, 2011 22:02
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I was wondering if anyone would be able to tell me how much interest I'll be paying on my CapitalOne credit card balance this month. I feel ignorant for not knowing but it's my first credit card and I've always paid it off in full until now. My monthly statement balance is $380, and my total balance is $712. I've paid $20 already to avoid a late fee, but I don't know if I'll be paying interest on the remaining $360 or $692. My APR is 24.9, I believe. My credit limit is $750, and I want to be sure that whatever interest I'm assessed doesn't push me over my credit limit.
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Oct 7, 2011 21:54
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Worst case rough estimate: 24.9% annual rate = (24.9/12)% monthly = 2.04% monthly interest rate $692 * 2.04% = $14.13 interest this month. So no, you won't go over your limit.
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Oct 8, 2011 00:27
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Contra Duck posted:So no, you won't go over your limit. Thanks!
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Oct 8, 2011 03:51
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I graduated in May and began working late August. My credit card limits have been relatively low, 4.5k between two cards, and I intend to request the limits be increased. After graduation but before I started working I was living off my credit cards for the most part and I ended up at 4k utilization. As of this month I've paid it down completely. I know a large factor for FICO and limit increase is your current debt to available credit ratio, but what I would like to know is when that is calculated. If I went in now and asked for an increase would they see that I am completely clear, or would they see my status as of last statement?
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Oct 8, 2011 16:26
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HiddenReplaced posted:I graduated in May and began working late August. My credit card limits have been relatively low, 4.5k between two cards, and I intend to request the limits be increased. After graduation but before I started working I was living off my credit cards for the most part and I ended up at 4k utilization. As of this month I've paid it down completely. It is unclear when they "grab" these numbers for your latest scores because it depends on when the card reports. I would recommend waiting one full billing cycle from close to close with low utilization to be sure. However I don't actually think that a temporary high utilization will be particularly problematic. You can tell them please be aware I had a high utilization last month, which is partly why I'm requesting this increase in limit.
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Oct 8, 2011 18:44
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