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Not a Children posted:Quick reminder that renting is not throwing money away.* You make plenty of money, I don't see why you're so hung up on waiting til you own a house if you hate your current living situation. Bay Area housing is so expensive renting is much cheaper. people often rush to buy out a house without doing basic rent vs buy calculations. In addition to mortgage payments home ownership has lots of other extra costs such as HOA fees, property tax, maintenance fees and also home emergencies like having to replace a broken water heater. Also due to loan math, the first few years of a 30 year loan are mainly interest not principle payments. etalian fucked around with this message at 05:58 on Feb 23, 2015 |
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Feb 23, 2015 05:09
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The other thing to remember is that while negative reporting stays on for 7 years, once it's been paid for 2 years it barely has an impact on your score.
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Feb 23, 2015 06:04
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If you settle your debt with a "trade line delete" does it fall off your report within a couple of months?
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Feb 23, 2015 06:25
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Not a Children posted:Quick reminder that renting is not throwing money away.* You make plenty of money, I don't see why you're so hung up on waiting til you own a house if you hate your current living situation. Also remember that you can actually rent houses. "Rent" does not always mean apartment living.
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Feb 23, 2015 16:15
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I had my credit limit increased and I noticed that my credit score went down recently. Would that be cashed by the credit company's inquiry check for credit line increase?
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Feb 23, 2015 18:21
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Some credit increases can be done with soft pulls, some with hard, depending on the institution/situation/amount of increase so the answer is basically maybe--though since you saw a downward tick, I guess it's more like "probably." The increased limit should lower your utilization percentage though and eventually be a positive, negative effects for hard pulls don't last very long (a few months).
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Feb 23, 2015 18:35
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Steampunk Hitler posted:The answer to "where is that money going" is mostly: Also, I paid off a charged off credit card and it fell off my CR after 7yrs from when it was charges off, not when it was fully paid. (gently caress USBank, I called, paid the full balance, and had the account closed. And then I guess a very late payment was charged to me, as I hadn't used the card in at least a month, and I was hit with late fees and poo poo... Never sent a loving notification cuz my account was closed! Fucksticks.) YMMV, but pay your debts. Zeta Taskforce posted:The other thing to remember is that while negative reporting stays on for 7 years, once it's been paid for 2 years it barely has an impact on your score.
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Feb 23, 2015 18:44
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SiGmA_X posted:Go rent a house, pay your debts, save up your 20% downpayment, and buy in a year. Don't rush into it... This is important. Lots of people seem to think rushing to get a house is a good idea. It's not. Even when you have finance arranged don't rush to buy a house. There are a lot of lovely houses on the market and you can buy yourself a lot of extra expenses. Make sure you get the house inspected first. Also if you have problems with debts buying a house is actually taking on the largest debt of your life. Even though it's secured debt that's only security for the lender. You need to have enough income to pay the mortgage for the next 30 years, and a house is an asset that is generally non-revenue generating. With a lovely credit rating a 20% deposit is considered low risk and is a lot easier to service given there will be less interest (due to low risk and you are borrowing less).
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Feb 23, 2015 22:01
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DaveSauce posted:So kind of a strange question, but what is the credit impact of opening a checking account and then closing it again real soon? Zero impact. I would reread the terms though because I highly doubt there isn't a restriction on having the account active.
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Feb 24, 2015 05:30
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Similar question, but I am wanting to play some Checking account offers and make some easy money. I am not worried about hard credit pulls since I can check to see if they do one before opening an account, but if I open 5-6 new checking/savings accounts, and close them after the penalty period ends (usually 6 months), will it adversely affect my credit? Also I will be careful about avoiding early closure penalties, minimum balances, required direct deposits, required debit card purchases/BillPay etc. I just wonder if having a bunch of new/mostly empty checking accounts will harm my credit at all.
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Feb 25, 2015 16:59
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How is Nerdwallet for their savings/checking recommendations? They seem to know their stuff pretty well but being new to all this it's hard to tell.
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Feb 25, 2015 17:12
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Meta Ridley posted:Similar question, but I am wanting to play some Checking account offers and make some easy money. Deposit accounts don't show up on your credit report. If you are worried about the minor credit score effects of hard pulls from opening accounts, then don't open a bunch of accounts. Why are you worrying about +/- a few points on your credit score? Going to buy a house soon? Since this is the newbie thread I will also mention that opening multiple bank accounts to get the bonuses is a terrible idea for newbies to be doing. Actually it's a terrible idea in general. The associated rules are complex and onerous and you are going to gently caress up, quite possibly badly enough to completely wipe out the piddling customerbait bonuses the banks are offering you. Life offers many better ways to spend your time and energy.
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Feb 25, 2015 17:20
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Baram posted:How is Nerdwallet for their savings/checking recommendations? They seem to know their stuff pretty well but being new to all this it's hard to tell. Their recommendations are probably fine, though they probably will push someone who is paying them for a referral over a similar choice. What kind of account are you looking for?
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Feb 25, 2015 20:15
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THF13 posted:Their recommendations are probably fine, though they probably will push someone who is paying them for a referral over a similar choice. What kind of account are you looking for? I was looking for a savings/checking account that offer decent APY. I've read a bunch on the Ally accounts and think I'll go with them unless there's a reason not to.
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Feb 25, 2015 20:27
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Baram posted:I was looking for a savings/checking account that offer decent APY. I've read a bunch on the Ally accounts and think I'll go with them unless there's a reason not to. Ally has both great checking and savings accounts, I have been using them for almost a year now and have no complaints. You can't deposit cash though. Capital One 360 and Alliant Credit Union are pretty popular as well and allow you to deposit cash at certain ATMs if that's something you need.
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Feb 25, 2015 20:33
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THF13 posted:Ally has both great checking and savings accounts, I have been using them for almost a year now and have no complaints. You can't deposit cash though. Thanks. I've been with PNC for years and can't remember the last time I had to deposit cash so I should be alright. Worst case I can keep a PNC account open and use that as a middle man to transfer to the Ally account, right?
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Feb 25, 2015 20:49
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Baram posted:Thanks. I've been with PNC for years and can't remember the last time I had to deposit cash so I should be alright. Worst case I can keep a PNC account open and use that as a middle man to transfer to the Ally account, right? Just be aware if you PNC accounts have minimum account balances and/or required direct deposit amounts to remain fee-free. Otherwise, yes.
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Feb 25, 2015 20:51
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THF13 posted:Ally has both great checking and savings accounts, I have been using them for almost a year now and have no complaints. You can't deposit cash though. GE Capital Online Savings is currently at 1.05% APY, and wasn't listed last time I checked nerdwallet. Seems to have the same perks as Ally with a slightly higher rate.
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Feb 25, 2015 23:06
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I'm pretty sure checking accounts are never going to affect your credit score, since they're not offering you credit. As mentioned above the only way it MIGHT is if they do a hard credit pull, which you just should ask about beforehand if you really care about the temporary five point hit to your credit score. Most do a soft pull if any at all; a soft pull is what the credit card companies do constantly to screen you and send you those endless obnoxious PREQUALIFIED OFFERS!!!! in the mail to sign up for their credit card. Seriously, I don't remember how you can do it, but you can look up who's been doing soft pulls on you (these don't affect your credit at all) and I want to say Capital One was pulling from me 2-3 times a month for a few years straight. I don't have any type of Capital One account to speak of. I suppose if you have all kinds of fees you don't pay, a bank could sell your debt to a collections agency and that would eventually affect your credit, but since you're talking about throwing a bunch of money into an account to rack up bonus money, I'm assuming you're not planning on paying so little attention that you rack up fees and penalties beyond your balance...
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Feb 25, 2015 23:27
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It does look like it's comparable to Ally's 0.99% online savings account. Ally doesn't accept foreign checks though and that's been a problem for me -- I emailed GE asking since it doesn't mention that on their website. Edit: they don't either  They look comparable, but I like using Ally's 0.15% APR checking account and being able to get instant transfers back and forth, as well as automatic overdraft transfers from savings into checkings. The additional APR in a checking account (practically nothing) + convenience factor of 2 Ally accounts seems to outweigh the extra 0.06% for GE (also practically nothing.) Blinky2099 fucked around with this message at 23:51 on Feb 25, 2015 |
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Feb 25, 2015 23:34
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Brian Fellows posted:Seriously, I don't remember how you can do it, but you can look up who's been doing soft pulls on you (these don't affect your credit at all) and I want to say Capital One was pulling from me 2-3 times a month for a few years straight. I don't have any type of Capital One account to speak of.
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Feb 26, 2015 01:23
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The Mandingo posted:GE Capital Online Savings is currently at 1.05% APY, and wasn't listed last time I checked nerdwallet. Seems to have the same perks as Ally with a slightly higher rate.
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Feb 26, 2015 01:42
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Blinky2099 posted:It does look like it's comparable to Ally's 0.99% online savings account. Ally doesn't accept foreign checks though and that's been a problem for me -- I emailed GE asking since it doesn't mention that on their website. Ally has been good to me overall. Once you have them for a month or two checks deposit in about two days as well.
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Feb 26, 2015 14:47
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For the first time in my life I'm finally starting to take care of my finances and keep them under control and start investing and all that other grown up stuff. One thing I want to do is get a credit report and a better credit card. I'm pretty sure I have decent credit, but I want to know exactly how it looks. I also want to get a credit card that has more to offer than the one I've been using the past 4 or 5 years. The other day I tried to submit my information to https://www.annualcreditreport.com but it didn't like my information so I have to mail it in. The next day I tried to apply for a new Sallie Mae credit card, but the same thing happened. Just now I set up an account with Mint.com and the same poo poo is happening again. I don't have outstanding debt (student loans are paid off, I have two credit cards but only use one, the other was paid off 3 years ago and I haven't touched it since). The only thing I can think of is that I've been very mobile the past few years. I was in AZ for 4 years, eastern Washington for 6 months, Seattle 2 years (moved twice while there), and now I've been in NYC for almost a year. Anybody else have any experiences like this?
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Feb 27, 2015 05:17
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yoohoo posted:For the first time in my life I'm finally starting to take care of my finances and keep them under control and start investing and all that other grown up stuff. One of the credit bureau's identity verification tests didn't like my information for similar reasons, but I got my mailed paper report just fine after whatever they said the processing time would be. Don't be concerned until you see the report(s).
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Feb 27, 2015 07:59
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I think I am ready to graduate from newbie to intermediate level finances and I'm a bit confused about how to proceed. I regularly have a substantial amount (25k+) in my main checking and savings account after paying my monthly bills now and it is starting to seem ridiculous to have that much in cash (on top of a separate emergency fund in a high-interest savings account as well as a healthy Roth IRA and 401k). The amount of cash in those accounts is growing slowly, but steadily. My question is how to handle using stocks and bonds for some of that money in intermediate-term savings for things like a laptop replacement, a new car downpayment, major car repairs, a big vacation, etc. I really mean this in a logistical sense -- do I go out and buy a stock index and an intermediate-term bond index and then sell some as needed? How do I make sure to avoid short-term capital gains? If I buy, say, 100 shares of index fund X every month for 2 years and then sell 1,000 shares for a downpayment on a new car, will it all count as long-term capital gains or will I run into a problem since I bought *some* of that stock within last few months (though I would have owned 1,000 shares more than a year ago). Also, I am interested to hear any tips for budgeting when making the transition to keeping some savings in index funds. Right now every dollar is accounted for. That's obviously much less possible when dealing with the market.
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Mar 1, 2015 18:00
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striking-wolf posted:I think I am ready to graduate from newbie to intermediate level finances and I'm a bit confused about how to proceed.
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Mar 1, 2015 18:23
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striking-wolf posted:Also, I am interested to hear any tips for budgeting when making the transition to keeping some savings in index funds. Right now every dollar is accounted for. That's obviously much less possible when dealing with the market. Budgeting is for managing inflows and outflows, so investing should not really affect your budgeting. You budget X amount that goes into investments the same way you probably already do with 401k/IRA contributions. The way I think of it is like this, and is generally how cash flows into my accounts:  Each box is a "bucket", and once that bucket is full money gets moved to the right. For instance, I keep no more than ~$3000-4000 in my checking account as that covers all my expenses and bills with a bit of a cushion. So once that bucket is full, it moves to my "emergency fund", which I keep at a minimum of ~$13-15k. Liquid cash for the big expenses of life - car repairs, medical/dental bills, replacing broken/worn-out stuff, etc. Once that bucket is full, money moves into either the IRA (retirement), short-term savings (cash), long-term savings (brokerage account) in proportions based on my personal goals. It's a little hard to represent the IRA contribution as I max it out with a single contribution at the beginning of the year, typically drawing from my online cash savings. My concept of an "emergency fund" is a little blurry since I'm fortunately well-past the beginner concept of an emergency fund. I really have a single online savings account that is my liquid cash buffer and combines both my e-fund and my short-term savings, I just never let it go below ~$13-15k as that is the "emergency" portion. You could split it out into two separate accounts if that helps you not dip into it. striking-wolf posted:My question is how to handle using stocks and bonds for some of that money in intermediate-term savings for things like a laptop replacement, a new car downpayment, major car repairs, a big vacation, etc. I really mean this in a logistical sense -- do I go out and buy a stock index and an intermediate-term bond index and then sell some as needed? Basically, yes. But short-term savings goals (less than a few years) should probably be kept in cash in an online savings account so they are not at the whims of the market. quote:How do I make sure to avoid short-term capital gains? If I buy, say, 100 shares of index fund X every month for 2 years and then sell 1,000 shares for a downpayment on a new car, will it all count as long-term capital gains or will I run into a problem since I bought *some* of that stock within last few months (though I would have owned 1,000 shares more than a year ago). You avoid short-term capital gains by holding for over a year. You can usually elect which method to use when selling partial stakes of a position with your broker (FIFO vs. LIFO). If you sell a position with a mix of short-term and long-term capital gains, you will pay a proportional mix of short-term and long-term gains.
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Mar 1, 2015 20:37
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Guinness posted:You avoid short-term capital gains by holding for over a year. You can usually elect which method to use when selling partial stakes of a position with your broker (FIFO vs. LIFO). If you sell a position with a mix of short-term and long-term capital gains, you will pay a proportional mix of short-term and long-term gains. A good broker should have more options than just FIFO and LIFO including specifying tax lots.
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Mar 1, 2015 20:49
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asur posted:A good broker should have more options than just FIFO and LIFO including specifying tax lots. Case in point, everybody's favorite mutual fund company: https://personal.vanguard.com/jumppage/costbasis/CostBasisMethod.html
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Mar 1, 2015 20:55
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Sorry, not sure if there's a dedicated tax thread or if I could post in here but here goes. I need to file an amendment to change the file status for my wife. I filed as Single, but I should of filed as Married, Filing separately. I am a non resident alien of the US and I have no income so it shouldn't affect the refund amount at all. I have a couple questions: 1. What happens when once I submit the amendment, will I get a summary of the changes overall in a couple weeks? What's triggering the amendment is I need to submit the documents to another agency, it might be problematic that she filed single. 2. What happens if the amendment changes have been past 3 years? (ie. got married 4 years ago.) From what I read so far, you can only amend up to 3 years? 3. Since none of the financial deductions or payments are changing, I assume I keep this all blank correct? lol internet. fucked around with this message at 22:05 on Mar 1, 2015 |
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Mar 1, 2015 21:48
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Guinness posted:helpful stuff Thanks! Your single emergency fund / short-to-intermediate-term savings bucket is a bit more undefined than I'm comfortable with, but this is a good starting point.
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Mar 2, 2015 03:21
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SiGmA_X posted:Anything less that a 5yr time frame should be in cash. You can use a CD to get a higher interest rate over that timeframe if you wish. I can't think of why you would use a CD. You lose the liquidity and don't really gain much in interest.
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Mar 2, 2015 03:44
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Zeta Taskforce posted:I can't think of why you would use a CD. You lose the liquidity and don't really gain much in interest. CDs are liquid, by withdrawing it you just pay a interest penalty. http://www.bankrate.com/finance/cd/early-withdrawal-los-angeles-1.aspx
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Mar 2, 2015 04:40
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Every regional/local bank in our market at some point in the year offers a no penalty CD with decent rates, allowing you to break it once for any amount. You generally can just break it for the whole amount and open a new CD with the difference but different banks have rules on that, but it's an option especially when they offer 10 year CDs with this policy that can crush one year no risk savings accounts.
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Mar 2, 2015 16:46
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lol internet. posted:Sorry, not sure if there's a dedicated tax thread or if I could post in here but here goes.
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Mar 2, 2015 18:46
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moana posted:There is a dedicated tax thread, it's stickied.
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Mar 3, 2015 04:41
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Star War Sex Parrot posted:what a backseat mod
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Mar 3, 2015 05:28
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banned for emptyquoting
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Mar 4, 2015 02:44
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Probated for trying to min/max credit score.
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Mar 4, 2015 04:27
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