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What is the interest rate on the credit card?
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Apr 27, 2016 21:00
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| # ? May 26, 2024 17:07 |
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I believe the interest rate is 12 or 13%. I just checked my online account and most recent statement and I can't tell from anything it says on those.nesbit37 posted:I've got credit card debt, on one card, of about $16,000 and then $62k in student loans. I am not worried about the loans at all, but wondering the best course of action to knock out that debt. Should I just be making monthly payments or should I get a personal loan from my credit union to take it out all at once and then pay the loan off (or something else entirely)? Right now I can pay a little less than $1000 a month off on the debt but that's if I don't contribute anything to savings beyond what I already have going into retirement funds. I work for a public university so I am not worried about the student loans as in another 5-6 years, assuming the IBR still exists, all that debt should go away.
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Apr 27, 2016 21:05
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Open a Chase Slate card and do a balance transfer. It has a 0% introductory rate -- pay the minimums and then tackle it at the end of your debt reduction. Depending on how much credit you qualify this can significantly help. $1000/mo is pretty heavy debt paydown by itself. If you can do nothing but pay $1000/mo then you're already in great shape. ~14 months to gain ~$12000 net worth is fantastic. Consolidation loans would make a lot more sense if you didn't have the ability to quickly (under 2 years) pay off the debt. Since your payments are strong, you'll be carving into the principle deeply. I'm not a loan consolidation expert, but the administrative qualification process and overhead (flat fees?) will likely result in marginal if any savings compared to just blasting the loan with cash.
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Apr 28, 2016 15:06
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If I wanted to deposit around $10,000 - $15,000 into a friend's bank account, what implications (taxes etc) will he be responsible for, if any?
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Apr 29, 2016 17:15
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Sounds questionable. What sort of drug operation are you running? AFAIK, for 2016 you can just give him a money order for as much as $14,000.00 tax free. Whether anyone asks any questions, who knows?!
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Apr 29, 2016 17:24
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Busy Bee posted:If I wanted to deposit around $10,000 - $15,000 into a friend's bank account, what implications (taxes etc) will he be responsible for, if any? Can't answer this without knowing the reason. What are you paying him for? Could be anything from a gift (you owe the tax, but there probably won't be any) to a 1099 payment (he'll owe income and self employment taxes on it which could be 40% of the total). The orthogonal question is whether it's legal activity - if you guys are running drugs, that doesn't affect the tax situation but the bank is keeping transaction records so you might get tracked down.
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Apr 29, 2016 17:35
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Related question, if I need to loan my friend in the UK like $1000 (not because of drugs) do I have to fill out a special form or something? is my paypal going to get flagged? it's not like urgent or anything they're just dirt poor and need some help moving somewhere where there are jobs and they can not be dirt poor
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Apr 29, 2016 17:50
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Tshirt Ninja posted:If I request an auto insurance quote online and forget to disclose an at-fault accident I was in, would that negatively impact my credit score? The company got back to me with a premium that was $250 higher than my initial online quote because I completely forgot to tell them I hit a fence a couple years ago. No, insurance has nothing to do with credit scores. They don't even look at yours because they're not issuing credit.
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Apr 29, 2016 18:06
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slap me silly posted:Can't answer this without knowing the reason. What are you paying him for? Could be anything from a gift (you owe the tax, but there probably won't be any) to a 1099 payment (he'll owe income and self employment taxes on it which could be 40% of the total). The orthogonal question is whether it's legal activity - if you guys are running drugs, that doesn't affect the tax situation but the bank is keeping transaction records so you might get tracked down. 100% legal and not related to income - paying for a down payment and he is currently out of the country so I want to directly deposit it into his bank account.
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Apr 29, 2016 18:16
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Then it's fine and nobody gets taxed. On the other hand I strongly advise you not to go into the house buying business with your friend until you have a good written contract in place.
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Apr 29, 2016 18:18
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FCKGW posted:No, insurance has nothing to do with credit scores. They don't even look at yours because they're not issuing credit.
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Apr 29, 2016 19:41
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FCKGW posted:No, insurance has nothing to do with credit scores. They don't even look at yours because they're not issuing credit. Yeah, most auto insurance companies definitely use a modified version of your credit score as part of their algorithm to determine your rates. However, screwing up your auto insurance won't affect your credit score (unless you let it go unpaid and it goes into collections).
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Apr 29, 2016 20:54
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See I've heard a bunch of scare articles about credit scores being tied into insurance rates but I've never seen anything concrete.
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Apr 29, 2016 21:19
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FCKGW posted:See I've heard a bunch of scare articles about credit scores being tied into insurance rates but I've never seen anything concrete. https://www.progressive.com/shop/car-insurance-credit/ "Like other insurers, Progressive uses insurance scores and other underwriting tools and rating variables to place customers in groups, determine potential insurance claims risk for those groups, and calculate accurate rates based on the potential risk that each group represents. Progressive does not use information about credit history solely to refuse to insure a customer or to cancel a policy. In fact, our use of insurance scores has allowed us to offer lower rates to more customers. Credit has been proven to be a very powerful and independent predictor of future accidents or insurance claims. The use of credit history provides an additional predictive factor — one not offered by other factors such as driving record, vehicle type, age, etc. In fact, Progressive data shows that consumers with the worst insurance scores are twice as likely to have an accident or insurance claim as those with the best scores. Progressive, like other insurers, groups customers based on similar characteristics, evaluates their claims experiences within these groups, and determines what to charge individuals with characteristics similar to members of the group. We charge a higher rate for customers more likely to have claims, and a lower rate for customers less likely to have claims. An insurance score is just one of many factors Progressive considers when determining rates. Depending on the state, we also consider your driving record, type of vehicle, where you live, your gender, your age and other factors." That said, we don't know exactly how it factors in, but then again we don't know exactly how one accident or ticket factors in.
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Apr 29, 2016 21:42
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slap me silly posted:Then it's fine and nobody gets taxed. On the other hand I strongly advise you not to go into the house buying business with your friend until you have a good written contract in place. There could be an issue with the loan underwriter refusing to issue the mortgage if they suddenly see money injected into the account without an explanation given (that the money is a gift, or used to cover for other assets the purchaser has but cannot access at the time). The reason why is that you can't apply for a mortgage and give a down payment for money that was loaned to you but not declared as a loan (people often lie and say it was a gift or don't report it at all). This is called a "silent second" mortgage and is fraud at the federal level, because it could affect how worthy the borrower is to actually pay off the agreed to mortgage, and could affect who the creditors on a property are and who could come claiming for reimbursement in the case of default. So the poster needs to be careful that the money isn't viewed as such.
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May 2, 2016 14:52
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SpelledBackwards posted:There could be an issue with the loan underwriter refusing to issue the mortgage if they suddenly see money injected into the account without an explanation given (that the money is a gift, or used to cover for other assets the purchaser has but cannot access at the time). http://davidsimon.com/kwame-brown-another-federal-case-another-head-shot/ Known among prosecutors and HBO crime show writers as "the head shot"
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May 2, 2016 14:58
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canyoneer posted:http://davidsimon.com/kwame-brown-another-federal-case-another-head-shot/ Yup, I first heard about it on The Wire. And now I see why when I bought my house and my parents gave me a small sum to supplement my down payment, they included a note (truthfully) declaring it as a one-time gift and not a loan to be paid back to them.
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May 2, 2016 15:05
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SiGmA_X posted:No scare article needed. That article says they'll look at your credit history but says nothing of credit scores. Not saying I don't believe you, it's just one of this things I've always heard people talk about as fact but never need the source of this info.
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May 2, 2016 15:11
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FCKGW posted:That article says they'll look at your credit history but says nothing of credit scores. What do you think they do when they look at your credit history? The whole point is that they can put it into a credit scoring model, that spits out a number, that can then be used as one of many inputs to a risk model that spits out a risk category and ultimately a price or a denial. That credit scoring model isn't the same as FICO (what's typically used when you apply for a home or car loan), but it is, fundamentally, a credit score. But you don't need to take my word for it. FTC posted:Credit-based insurance scores, like credit scores, are numerical summaries of consumers’ credit histories. Credit-based insurance scores typically are calculated using information about past delinquencies or information on the public record (e.g., bankruptcies); debt ratios (i.e., how close a consumer is to his or her credit limit); evidence of seeking new credit (e.g., inquiries and new accounts); the length and age of credit history; and the use of certain types of credit (e.g., automobile loans). Insurance companies do not use credit-based insurance scores to predict payment behavior, such as whether premiums will be paid. Rather, they use scores as a factor when estimating the number or total cost of insurance claims that prospective customers (or customers renewing their policies) are likely to file.
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May 2, 2016 22:12
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Allllll right. Pedfed credit union has declined a legitimate credit card transaction for the last loving time. Anybody got a good suggestion for a credit card that won't refuse to work at regular intervals?
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May 7, 2016 04:12
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slap me silly posted:Allllll right. Pedfed credit union has declined a legitimate credit card transaction for the last loving time. Anybody got a good suggestion for a credit card that won't refuse to work at regular intervals?
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May 7, 2016 04:18
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Uggghhhh I used to have a Citi card and I dropped it because of poor behavior they were doing back in '09 or so.
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May 7, 2016 04:29
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If you want a card with a bonus then come to the credit card thread, if you just want something simple and no-fuss then I'd second the Citi DoubleCash.
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May 7, 2016 04:31
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Aah crap. Thanks y'all. E: Wow, citicard website is down right now. I AM NOT IMPRESSED slap me silly fucked around with this message at 05:03 on May 7, 2016 |
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May 7, 2016 05:00
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The card is pretty great. works just fine, no fuss no muss. Just go with it.
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May 7, 2016 05:37
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Slut pig pointed out that the barclay is the one with chip and pin for international poo poo so I ordered that one instead despite annoying "points" and "redemption". Wish me luck.
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May 7, 2016 06:59
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If you have a Fidelity account, the Fidelity Visa Signature card is essentially the same 2% cash back on all purchases as well.
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May 7, 2016 14:00
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The price rewind feature on the citi cards is probably the best perk after the cashback.
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May 7, 2016 20:09
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SaltLick posted:The price rewind feature on the citi cards is probably the best perk after the cashback. Is using that pretty straightforward and worthwhile? I haven't actually taken advantage of it yet mostly for lack of having even tried to figure it out.
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May 8, 2016 00:27
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It's super easy. You simply search the item you bought, input the date and price and they do the rest. If citi finds a better price in 60 days you get the difference paid to you. I've netted about $100 so far for all of 5 minutes of work.
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May 8, 2016 07:17
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Yes it's super easy. I have had mixed results with the actual website which often does not detect easily Google-able lower prices, but you can submit a one page fax with a website screenshot and get refunded in like 3 business days. You can even submit screenshots of a website shopping cart with sale discounts etc applied as long the price of the individual item is displayed. The best thing I have found to do with it is use it on shoes and clothing that predictably go on sale in the 60 day window.
BEHOLD: MY CAPE fucked around with this message at 14:49 on May 8, 2016 |
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May 8, 2016 14:46
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What does a credit card dispute / chargeback process look like? I signed up for a 6 month gym membership last november because my company paid for it in full. I woke up this morning to a $400 renewal charge on my card. When I contacted the gym, they claimed they sent me a 30-day notice email, which I absolutely do not have (the company shut down and I'm currently unemployed); I've checked my spam, trash, receipts, everything and there's nothing from them. They didn't respond to my most recent email and I sincerely cannot afford to pay that much at the moment. I'm hoping they act reasonably but if not I need to be prepared.
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May 12, 2016 01:03
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My credit card company's web site literally has a button called "Dispute charge" that goes to a little web form where you can type in what happened and upload a copy of the email exchange. Not a big deal.
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May 12, 2016 02:26
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slap me silly posted:My credit card company's web site literally has a button called "Dispute charge" that goes to a little web form where you can type in what happened and upload a copy of the email exchange. Not a big deal. Except it's a gym, and gym's are notorious for loving your credit hard if they think you owe them money. This could easily get nasty, record everything!
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May 12, 2016 05:24
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GobiasIndustries posted:What does a credit card dispute / chargeback process look like? I signed up for a 6 month gym membership last november because my company paid for it in full. I woke up this morning to a $400 renewal charge on my card. When I contacted the gym, they claimed they sent me a 30-day notice email, which I absolutely do not have (the company shut down and I'm currently unemployed); I've checked my spam, trash, receipts, everything and there's nothing from them. They didn't respond to my most recent email and I sincerely cannot afford to pay that much at the moment. I'm hoping they act reasonably but if not I need to be prepared. You have nothing to lose by disputing the charge. But I'm not sure if the credit card will rule in your favor. I used to manage the credit card program for a credit union and among other things I processed disputes. You are better off working with the merchant if you can. You should dispute it with your credit card company as a last case resort. Because it's a gym I presume it's local. Don't just bang out emails. You are better off going there, talking to the manager in person, explain how you lost your job, you are not in a position to pay this. Say that because your company paid for the first 6 months, the notice went to your company email which, because your company doesn't exist anymore, you never got. Bring your job loss notice with you. Try to impress upon his or her basic humanity. If you don't get anywhere with the manager you should then dispute it. As part of the dispute process they will want to know why you are disputing it. Then the merchant will have a chance to respond, and explain their version of what happened. The gym will say that they billed you in accordance with your contract and that you are paying for a membership that they are providing. I give it upwards of 90% that they will win. The types of disputes that I saw go through were cases where people were double billed for something, where they ordered something online and returned the item but never got a refund, or they had proof that they cancelled a subscription but were still being billed.
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May 12, 2016 05:31
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So I've been living with my girlfriend for six years and running now, and everything is going well. Our finances are combined, we share everything, and we can tolerate each other's weird quirks well. However we were unable to get married until recently (she's trans, which is gay marriage here in the glorious capitalist hellhole of Florida!) and we've been living together so long at this point that we're already functionally married anyway, so neither of us assign much actual value to the, for lack of a better word, "ritual" of marriage. However, am I pissing away tax benefits by not getting married? I don't really understand how any of that works. For the record we have no kids, are both 25 this year, rent an apartment, share a car. I make $70k and she makes $50k (lol pay gap)
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May 12, 2016 15:14
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Honestly in your case you'd pay a little less in taxes but it's all pretty close. I think you'd still benefit more filing Married filing Jointly, but it's nothing I'd lose sleep over. That's just for federal though, not sure what benefits Florida might provide for married couples.
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May 12, 2016 16:22
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Parallel Paraplegic posted:So I've been living with my girlfriend for six years and running now, and everything is going well. Our finances are combined, we share everything, and we can tolerate each other's weird quirks well. However we were unable to get married until recently (she's trans, which is gay marriage here in the glorious capitalist hellhole of Florida!) and we've been living together so long at this point that we're already functionally married anyway, so neither of us assign much actual value to the, for lack of a better word, "ritual" of marriage. However, am I pissing away tax benefits by not getting married? I don't really understand how any of that works. If you don't itemize anything or claim any credits (including state income taxes which there are none in FL) it doesn't make any difference at all at your given incomes. If you don't want to get married you should at least ensure that your legal house is in order with regards to wills, power of attorney, policy and account beneficiary designations, etc.
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May 12, 2016 16:25
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Marriage penalty is the worst.
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May 12, 2016 19:49
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| # ? May 26, 2024 17:07 |
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It looks like you have to make at least ~$170k or so as a couple to encounter the bracket part of the marriage penalty, and that income has to be split fairly evenly between the two people. The other typical thing that can cause a penalty is if one of you owns a house and takes advantage of the deductions. As two single people, you would get (itemized deductions of one person) + ($6300 standard deduction of the other person), but if you were married you would lose that extra $6300 standard deduction. If you live in FL (no income tax) and don't make a combined salary quite that high, then I don't think there's any particular federal tax consequence. You have to pay to file twice I guess.
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May 12, 2016 19:56
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