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Silver Nitrate posted:None was the option he chose and it didn't work. The questions on two of the agencies referred to a mortgage opened in '06. The other one didn't ask mortgage questions but didn't work. We couldn't pull his report at all. :-/ Oh boy... Usually they also ask questions about former addresses as well. It's not uncommon for there to be 2 or 3 questions for a request. At that point I'd just go to a bank and pay upfront for a report if the online screening tools are automatically eliminating it, but that's just me. The free thing to do would simply email the appropriate agency and hash out what's true/what's not.
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Feb 26, 2012 19:47
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Silver Nitrate posted:None was the option he chose and it didn't work. The questions on two of the agencies referred to a mortgage opened in '06. The other one didn't ask mortgage questions but didn't work. We couldn't pull his report at all. :-/ You might need to request it by mail.
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Feb 26, 2012 21:07
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Silver Nitrate posted:None was the option he chose and it didn't work. The questions on two of the agencies referred to a mortgage opened in '06. The other one didn't ask mortgage questions but didn't work. We couldn't pull his report at all. :-/ You said he moved around a lot, which might be the reason why the online reports won't pull. I can't get mine online for free at all because I've moved 7 times in the last 5 years, (college+my permanent address moved twice while I was in college) and that...apparently fucks things over with requesting your credit report online. I'd just request it by mail. It's a lot less of a headache.
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Feb 27, 2012 03:40
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Fraternite posted:Get a 20% down payment first and avoid CMHC. Why is that?
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Feb 27, 2012 14:58
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Silver Nitrate posted:
Bring your emergency fund up to at least a thousand, and knock out your smallest credit card. Now you have a small surplus to hammer your next smallest debt. Pay off your debt, though. The interest is eating you alive. It sounds like you are in a lease. Will you landlord release you from it or modify it? He may not since he is probably using your rent to pay his mortgage. But if you can't get out of it, maybe you could move back in and let your other apt go, you can use that extra 300 each month to pay off your other debts. It's not ideal, but I haven't found an ideal world yet. Oh, and I pay my monthly bills by check too, so nyah-nyah-nyah.
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Feb 29, 2012 16:27
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Sorry if this has been asked, but what in the world is a certificate bonus/bonus certificate? I've looked online and it says some stuff about assets and barriers and so on, but could someone put that in layman's terms? I don't have a mortgage or stocks or anything like that, if that matters.
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Mar 1, 2012 04:04
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I just joined a credit union and signed up for a program to earn more interest on my checking account if you do a few things on a monthly basis. While all are easily do-able, the one that I'm having a problem with is ten debit card purchases. I can certainly do ten purchases in a month but I'm a bit gunshy about using this card connected to my real money. Just last month I had to deal with fraud on my Citi credit card and I felt relieved to have that barrier and that ultimate option to tell Citi to gently caress off and walk away if they didn't help (they were actually awesome). First, am I being overly paranoid about using my debit card as cavalierly as I use my Citi credit card (I use it for almost 100% of my purchases)? Secondly, what are truly safe places to use it? Right or wrong, I'm feeling a security hierarchy of Amazon (say Kindle book purchases) -> local grocery store -> new mom & pop store -> hobo.
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Mar 1, 2012 17:10
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Cheesus posted:Secondly, what are truly safe places to use it? Right or wrong, I'm feeling a security hierarchy of Amazon (say Kindle book purchases) -> local grocery store -> new mom & pop store -> hobo. It doesn’t really matter where you use your card. All merchants have to process their credit/debit transactions through intermediary banks, and your credit union likely has a debit processor that does a lot of back office stuff too. Visa or Mastercard is in the center of it. Every time you use your card, in order for the approval to go through, the authorization to go on, the transaction to go through and the merchant to get paid, a lot information is passed back and forth through a lot of hands. Either way, as a consumer, you are protected against any fraudulent use of your account, but it might be a good idea to keep money in a separate account or keep your credit card for a backup in case anything weird happens and it takes time to sort out you won’t be stranded.
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Mar 1, 2012 17:49
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Zeta Taskforce posted:It doesn’t really matter where you use your card. This isn't entirely true, risk is definitely increased depending on the type of transaction. While all transactions are processed through banks, the information is highly encrypted and nearly impossible to break. The majority of credit card fraud comes from either someone who gained access to the merchant's database (more common with smaller, less sophisticated merchants), or by skimming the card at gas station gump/atm/waiter at a restaurant. An advantage of credit cards is that when there is a fraudulent charge the company will reverse the charge while it is being investigated. Where as with a debit, you are out that money during the course of the investigation. Another thing to consider is credit cards often have increased protections for other situations such as if the merchant goes out of business and the $400 table your ordered (in a brick and mortar shop no less) never arrives  .
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Mar 1, 2012 18:03
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I had my card number stolen in relation to that Amazon/Zappos thing and it took about a week before I had provisional credits on my account. They took about $350 in two days and probably would have continued if I didn't check my online banking. This was extra crappy because I had checks out and I ended up within $30 of a bounced check/unhappy electric company. I would just recommend using it in-person to buy groceries and things like that. Personally, I'm not doing any online shopping on a debt card ever again. Credit card, maybe, but I'm not using those until they are paid off. I now have a service text me every time my bank account changes.
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Mar 1, 2012 23:20
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Daeus posted:This isn't entirely true, risk is definitely increased depending on the type of transaction. While all transactions are processed through banks, the information is highly encrypted and nearly impossible to break. The majority of credit card fraud comes from either someone who gained access to the merchant's database (more common with smaller, less sophisticated merchants), or by skimming the card at gas station gump/atm/waiter at a restaurant. An advantage of credit cards is that when there is a fraudulent charge the company will reverse the charge while it is being investigated. Where as with a debit, you are out that money during the course of the investigation. You’re probably right, but the take away is that every transaction you do anywhere on anything has a non-zero chance of compromising your account. Silver Nitrate is proof of this.
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Mar 1, 2012 23:28
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I need some quick advice regarding debt. I have recently switched banks in order to help start my new lifestyle/savings plan. My current debts are: $1800 overdraft @ 0% (Till at least the end of the year) $2180 Visa @ 19.95% Income coming next week: $1500 from work $265.60 student allowance My question is should I open a $1000 interest free overdraft with my new accounts and use it to pay off my other credit card. I know that usually using debt to pay debt is dumb but it's going to be interest free for at least a year. I also have some stuff I'm trying to sell which if it goes through will solve all these problems, but there is no guarantee it will sell.
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Mar 2, 2012 01:11
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Red_Fred posted:I need some quick advice regarding debt. I have recently switched banks in order to help start my new lifestyle/savings plan. My current debts are: Yeah if its free credit from the overdraft there's no reason not to save yourself ~200/yr in interest.
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Mar 2, 2012 03:22
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I need some advice for student loan repayments. Situation: - $13,000 in student loans through Sallie Mae. - Loan repayment starts 7/20/2012 - Have a credit card for about a year (got it last January before the new rules kicked in) that I have been using and paying off in full every month. No, I'm not carrying a balance, just using it normally. - Overall money available in bank/savings accounts: $6900 (hopefully another $2500-3000 soon once I sell a motorcycle) code:My grandmother's thoughts: start paying when it's due to help build credit (ie: pay the minimum for ~year to have "history", then pay it all off. That way when I apply for a house/car they'll see I have a history of payments) Any advice/thoughts?
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Mar 2, 2012 17:56
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Red_Fred posted:I need some quick advice regarding debt. I have recently switched banks in order to help start my new lifestyle/savings plan. My current debts are: If You can pay the $2,000 back at 0% instead of 20%, that’s great. There is no reason not to do so. But make sure you avoid the trap where you see it is zero percent, you poke along because you think it is free money, and you have practically the same amount of debt once the year is done. The other thing you should avoid is intentionally paying the minimum and thinking you will make the spread in a savings account. Savings accounts yield 1% if you are lucky. If there is a big difference between 20% and 0%, there is an insignificant difference between 1% and 0%. Assuming you have a small emergency fund, still pay this debt off as soon as you can.
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Mar 2, 2012 18:15
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kloa posted:I need some advice for student loan repayments. Just curious what your grandmother’s qualifications are to give financial advice. It’s going to take you long enough to pay off this student loan. You have had a credit card for several years. You should have plenty of credit history to buy a house or car when you are ready without trying to stretch it out. Other factors that affect a house purchase are your debt to income ratio, which will be better if you don’t have debt, and savings, which I suppose would be smaller in the near term if you are paying off debt instead of saving, but once you don’t have payments it will be easier to save.
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Mar 2, 2012 18:21
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Just wanted to know what would be the better decision. I don't know much about getting loans for homes/cars other than having good credit, which requires a credit history I believe. I did not know if paying the loans off would help build it up or not over time. I'll go ahead and figure out my finances and how much I can afford to put towwards loans and start getting them paid off asap.
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Mar 2, 2012 18:57
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kloa posted:Just wanted to know what would be the better decision. I don't know much about getting loans for homes/cars other than having good credit, which requires a credit history I believe. I did not know if paying the loans off would help build it up or not over time. It does, sort of. 2/3 of your credit is being on time and keeping your credit card balances down. 15% is how long you have had credit for. How many months an account reports for is a very small part of the picture. The larger point is that you need to manage your money, not worry about managing your credit score. I’m a loan officer and I can tell the difference between who is trying to tweak everything because they think they can squeeze out a few points to paper over some shortcoming, and the people who are genuinely solid. If you pay down and off your debts, save money, borrow responsibly for the big stuff, your credit will take care of itself.
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Mar 2, 2012 21:29
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For an individual with no credit history, does paying off deferred student loans while in school help build credit?
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Mar 3, 2012 00:53
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I updated my CreditKarma score today and noticed that there was a hard inquiry on my credit report in the past 30 days. I haven't applied for any additional credit. Is this something to be concerned about or is it routine for say my insurance company or a bank I have a credit card with to pull my report?
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Mar 3, 2012 18:26
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whatupdet posted:Why is that? Because it costs a lot and you usually don't have to pay it if you have 20% equity. CMHC is mortgage insurance that protects the lender, not you -- but you still pay the premium if you're borrowing beyond your means (i.e. you don't have 20% equity in your house). That's why the banks give out gross mortgages with so little down all the time; if you can't make your payments, they still get their money from CMHC because you're paying the premiums for them. http://www.cmhc-schl.gc.ca/en/co/moloin/moloin_010.cfm Fraternite fucked around with this message at 22:16 on Mar 3, 2012 |
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Mar 3, 2012 22:08
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I didn't see anything in the OP, so what's the simplest (free) way to get a credit report?
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Mar 5, 2012 18:47
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Orgophlax posted:I didn't see anything in the OP, so what's the simplest (free) way to get a credit report? https://www.annualcreditreport.com
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Mar 5, 2012 19:11
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Is the CreditSecure service from American Express worth it?
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Mar 5, 2012 19:47
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Are we headed in the right direction? To make a short story really long, for the last 5 or so years my wife and I have been taking care of her dying grandmother, last July she passed away, now my wife wants to move back home (we moved about 50 miles away from home to take care of her). She was working part time (10-15 hrs a week) most of that time so we never really had much extra money, January this year she got back to work full time so we've started saving money again. My wife started looking into buying a house last July and realized we don't have the credit or savings (for down payment/closing/moving costs/etc). We did credit reports and both had zero credit scores, I think it was Fannie May that told me wife they wouldn't even talk to her with less than a 620 score. So we both went out and got secured credit cards, and I've since got a JC Penney card, and this month we got an auto loan for a used car. Our cards are both $200 limits, we'd read somewhere to keep a balance on them and make payments then use them again to keep the balance on them. I've since read different in this thread so we now keep zero balance on them and have scheduled monthly bills go on them that we pay off monthly (she has her netflix go on every month at $8.00 I have my web hosting at $42 does it make any difference?) My JCP card still has a small balance on it that I'm paying off ($125 of $1000 limit) I ordered some of the credit score/report things from each of the 3 big guys and none of my cards being paid down or the car loan show up yet. When we got the car loan they said our scores were OK (she was 650 I was 692) but length of credit history was hurting us (only since July 2011) but we did get a loan for a $12,000 used car. We chose a 4 year loan with higher payment to pay it off quicker. Also is there any other credit check/score service that can show more than one of the big three at a time instead of keeping an account with each one, or cheaper then the $30 a month they want for all 3? tl;dr No credit in july 2011, 3 low limit credit cards now, 2 paid off with monthly usage, one with small balance, $12,000 auto loan, savings increasing, are we headed in the right direction to buy a house in the next year or two?
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Mar 6, 2012 17:00
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You'd be headed in the right direction if you saved up for a down payment. Get an FHA loan and quit worrying about not having a credit history.
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Mar 6, 2012 18:55
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Finally got everything set up in Mint, except my PenFed account which appears is having issues for Mint today (according to forums). That site's amazing, but holy crap is it an eye-opener too. $121,000 in debt for my wife and I - this includes home, cars, credit card and student loans, but still, that's terrifies me. Also, holy crap do we spend a lot on poo poo we don't need. Even though we can technically afford it, we could be saving so much money going towards paying debt down or saving for retirement. I'm thinking about trying the envelope method or something for grocery shopping at least. We're very bad with "Oh well, look at that... we could use that, let's get it!" I feel your pain. VVV Solaron fucked around with this message at 22:33 on Mar 6, 2012 |
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Mar 6, 2012 22:16
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Capital One has started some "Year Review" report for credit cards, and this was pretty much my reaction when I saw the breakdown for dining: 
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Mar 6, 2012 22:22
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Cynode posted:No credit in july 2011, 3 low limit credit cards now, 2 paid off with monthly usage, one with small balance, $12,000 auto loan, savings increasing, are we headed in the right direction to buy a house in the next year or two? No credit is different from bad credit. It's a little more difficult but you can get a mortgage without a credit score. Since you already secured some debt just keep paying off what you've got and your score will slowly go up over time. After your secured cards convert to normal credit cards (and additional time passes) try to increase their credit limits which can help increase your score. Just make sure you don't start charging more crap and going further into debt. By the time you've saved up for a down payment you should have a good credit score assuming you don't have any late payments or anything.
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Mar 6, 2012 23:34
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I'm thinking about taking out a 4,000 dollar personal loan. I'm 22 years old. When I last checked my credit score, it was negligible/non-existent, despite my worries that a 10,000 dollar debt to a college had ruined it. (The loan is to pay this debt off.) Since then, I've been using and paying off a credit card faithfully in an attempt to build my score. I have a little over a grand in savings, and a car worth about $2500 to use as collateral. My mother and I will be working together to pay this loan off, and could pay it in under a year. She can't co-sign for me, though. I'd have to go independently. How much of a chance do I have of being approved? Is there anything I should know about the application process? Could I possibly have it made out as a student loan, given that it is academic debt, albeit incurred in 2009?
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Mar 7, 2012 01:12
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ZeroAX posted:No credit is different from bad credit. It's a little more difficult but you can get a mortgage without a credit score. In credit risk, no credit is better then bad credit.
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Mar 7, 2012 02:00
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LorneReams posted:In credit risk, no credit is better then bad credit. "Hmm, this guy could be a deadbeat or he could be perfect. Hmmmm...." vs "Hmm, this guy is a deadbeat."
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Mar 7, 2012 02:26
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totalnewbie posted:"Hmm, this guy could be a deadbeat or he could be perfect. Hmmmm...." Devil you know opposed to devil you don't.
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Mar 7, 2012 02:32
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I'd rather loan money to someone with no debt and a steady income than someone with a shitload of debt and a 750 FICO score.
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Mar 7, 2012 05:34
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ZeroAX posted:someone with a shitload of debt and a 750 FICO score. http://www.youtube.com/watch?v=r0HX4a5P8eE Yeah, well, those people usually don't last long...
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Mar 7, 2012 06:01
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Anonymous Robot posted:I'm thinking about taking out a 4,000 dollar personal loan. I'm 22 years old. When I last checked my credit score, it was negligible/non-existent, despite my worries that a 10,000 dollar debt to a college had ruined it. (The loan is to pay this debt off.) Since then, I've been using and paying off a credit card faithfully in an attempt to build my score. What does it mean your $10,000 student loan ruined it? Were you late or had it gone to collections? How long ago was it? Is the $4000 because they offered you a settlement? To your other points, I don’t think it makes sense to use your car as collateral. It isn’t worth as much as the amount you need to borrow, so they probably wouldn’t find it acceptable. Many lenders also require a car to be within a certain age. If it is too old, they won’t use it. Also, by having a loan, you will be forced to have full coverage with potentially small deductibles, meaning your insurance payment could go up. You cannot get a school loan to pay for old tuition. They can only be used to pay for current tuition and education expenses. You might have a shot though, depending on your other debts in relation to your income and payment history on things. Probably not at super favorable rates, but not necessarily at loan shark rates either.
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Mar 7, 2012 16:38
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ZeroAX posted:I'd rather loan money to someone with no debt and a steady income than someone with a shitload of debt and a 750 FICO score. VOI is expensive, this is why people use credit scores. This is like the entire purpose of standardized risk.
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Mar 7, 2012 18:13
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LorneReams posted:VOI is expensive, this is why people use credit scores. This is like the entire purpose of standardized risk. We are talking about asking for a paystub? I wouldn’t call that being a complicated or expensive process. It’s sort of crazy, but you would not believe the number of people who don’t have a clue what they make. When I am taking a loan application over the phone, at least a third of the time it becomes a guessing game where they have no idea of the annual amount and they sort of know their hourly rate, and they know what their paychecks say after tax, but are fuzzy on what is being deducted.
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Mar 7, 2012 18:25
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Zeta Buttforce posted:We are talking about asking for a paystub? I wouldn’t call that being a complicated or expensive process. It is expensive, believe me, I've had to price it out when the new regs came out that required them with home equities.
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Mar 7, 2012 18:45
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LorneReams posted:It is expensive, believe me, I've had to price it out when the new regs came out that required them with home equities. Well, I guess I will take you at your word. I work at a credit union and if we are doing a car loan or equity, we are already asking for so much, proof of insurance, appraisal, etc, that asking for a paystub feels like an afterthought.
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Mar 7, 2012 18:53
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