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Oh yeah, it only comes up with operator error or an account screw up (or you buy bitcoins on credit  ). In my case I couldn't do autopay at the time, but it's an important and easily overlooked facet to credit cards.
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Mar 26, 2019 00:34
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Yeah for simplicity my example didn't include that your billing cycle finishes before the due date by something like 15-30 days depending on the card. Yes all you have to do is pay the full statement balance, which is lower than the current balance on your card if you spent money in the interim, and this is standard on all credit cards at least here in the US. But you start to see how easy this is to mess up. The standard advice is good. Credit cards only exist to facilitate purchases, your available credit is not money and should not be treated like money. Don't use your credit card if you don't have, at basically all times, actual money to cover the bill. And put you bill on autopay for the total balance every month so you never pay interest. Playing games with credit cards for interest free periods and big purchases, sign up bonuses, perks, etc is a little advanced and worth messing with really only if you have spare cash, not when you're working with babby's first card and barely making ends meet.
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Mar 26, 2019 00:57
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Can I get some eyes on my budget and hopefully some suggestions to help me meet my goals faster? I'm 30, working in biotech and make ~70k a year. I put 8% of my pre-tax income into a 401k at 90% stocks, and all numbers here reflect post tax post health insurance income. I live in San Diego, CA so unfortunately CoL is rather high in the area. I'm in general a fairly frugal person, cook 95% of my meals and rarely go out to eat/drink. I recently started dating someone great though, and as a result my fun spending has felt rather inflated the last 3 months. I live by myself in a 1 Bdr, and sadly my rent price is fairly average for the area/what I have. The last year or so, I've been trying to see if I could come up with a down payment to possibly purchase a house in the next 3-5 years, but while my savings rate is OK it's not great. If possible, I would like suggestions for what's reasonable to budget for the negotiable portions, IE hobbies/clothing/gifts. Hobbies includes my $50/month gym membership. The numbers below are what I spent on average during the last 3 months, I have 24k in savings and 3k left on my car payment (at 1.25% interest). I have no student loans left.
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Mar 26, 2019 05:40
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Spikes32 posted:Can I get some eyes on my budget and hopefully some suggestions to help me meet my goals faster? I'm 30, working in biotech and make ~70k a year. I put 8% of my pre-tax income into a 401k at 90% stocks, and all numbers here reflect post tax post health insurance income. I live in San Diego, CA so unfortunately CoL is rather high in the area. I'm in general a fairly frugal person, cook 95% of my meals and rarely go out to eat/drink. I recently started dating someone great though, and as a result my fun spending has felt rather inflated the last 3 months. I live by myself in a 1 Bdr, and sadly my rent price is fairly average for the area/what I have. The last year or so, I've been trying to see if I could come up with a down payment to possibly purchase a house in the next 3-5 years, but while my savings rate is OK it's not great. If possible, I would like suggestions for what's reasonable to budget for the negotiable portions, IE hobbies/clothing/gifts. Hobbies includes my $50/month gym membership. The numbers below are what I spent on average during the last 3 months, I have 24k in savings and 3k left on my car payment (at 1.25% interest). I have no student loans left. Is your budget for clothes/home improvement/pet care realistic? I'm frugal as well but I know that I'm going to have to buy a new shirt more often than once every 20 months. Do you use your cable/satellite a lot, or is that something you can cut? Also, I assume the insurance is car insurance? 130 a month seems like a lot to me. Do you use the gym a lot? Is there something special about your gym that justifies the $50/month price, or is it just somewhere to go to use an elliptical, because planet fitness is only 10 bucks a month if you're just using basic gym equipment. You have $24k in savings, how much of that is emergency fund? How much is house down payment? fake edit: just re-read your post and saw that the table is an average over the last 3 months, not a budget. Do you have a budget? Posting that would be more helpful for us to see the whole picture. And I know the struggle with saving for a house down payment and having rent eat up a big chunk of that, it sucks.
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Mar 26, 2019 10:50
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What's in Automotive? I would usually set it up in the following categories: 1) Saving for a new car - some set amount you put aside every month - this one is discretionary as to the amount 2) Maintenance budget - again, set amount you put aside every month based on a reasonable estimates of M&R spending - this is at times tough to predict 3) Expenses budget - insurance, tags, taxes, etc that are known costs - averaged on a monthly basis
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Mar 26, 2019 14:38
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BAE OF PIGS posted:Is your budget for clothes/home improvement/pet care realistic? I'm frugal as well but I know that I'm going to have to buy a new shirt more often than once every 20 months. Do you use your cable/satellite a lot, or is that something you can cut? Also, I assume the insurance is car insurance? 130 a month seems like a lot to me. Do you use the gym a lot? Is there something special about your gym that justifies the $50/month price, or is it just somewhere to go to use an elliptical, because planet fitness is only 10 bucks a month if you're just using basic gym equipment. Thanks for the reply! I don't actually have a budget which is where some of my uncertainty comes from. In the past my strategy has been, be frugal and don't buy things but then buy a nice thing if I actually decide I need it. I'd like to move away from that to something more structured. Of the 24k, 10k is an emergency fund and 14k is currently a house fund. I've shopped around for car insurance, and not found much better, but I'll get some more quotes this month. Gym membership is $50 for a rock climbing gym, which explains the price and is something Is really enjoy. Cable satellite should actually be labeled as internet, I don't have cable TV. Also this might be better in the long term investing thread, but I'm trying to decide if putting 5k into my Roth IRA for 2018 is better than including it in the house down-payment.
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Mar 26, 2019 15:25
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KYOON GRIFFEY JR posted:What's in Automotive? I would usually set it up in the following categories: This is a good question! Automotive is car payment (212 a month), and oil change / other maintenance that occurred the last three months. My car is a 2014 Mazda3 so I hope not to need to budget for a new one for a few years, though more repairs will become necessary in the coming years.
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Mar 26, 2019 15:28
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480/year seems just a bit light for annual maintenance and repair costs especially as your car approaches its 5th birthday. I understand that you probably don't need a car in the next say, 5 years, but if you put like a hundred bucks a month towards a new car, when you want a new one in five years you have $6,000 for a down payment. In my opinion it's better to budget a small amount of money a month over a longer time horizon for things you know you'll need, rather than in two-three years suddenly deciding that "hey I'm gonna need a new car sometime soon, better put $300/mo towards it"
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Mar 26, 2019 15:34
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literally this big posted:Question about taxes on US savings bonds, if anyone knows the answer: Follow up question on this: Where are buying US bonds like this a good idea in the retirement savings world? I searched for EE bonds and it said 0.10% interest. Am I missing something, or is that low? My parents got a lot of savings bonds from the 80-90s that were a guaranteed 4%. I know bond rates crashed in 08, but shouldn’t they be higher than 0.10%?
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Mar 26, 2019 18:50
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The .1% interest is a relatively recent thing I think. 30-year bonds can be redeemed for 2x their purchase price after 20-years, giving them some like a 3.xx% effective interest rate over the 20 years. Still not very enticing tho. But yeah, .1% interest is, on its face, a pretty bad deal. Also, probably not a good deal for a retiree. literally this big fucked around with this message at 23:33 on Mar 26, 2019 |
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Mar 26, 2019 23:30
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Update: I was denied for being a poorson anyway, but I'll keep everything I learned in mind for the future!
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Mar 27, 2019 23:54
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Hi, goons, I need help! I somehow made it to 30 Goddamn years old with no credit at all. My husband and I have lived in two apartments at 5 years apiece since we’ve been living together, and each place has taken a co-signer. Now we’re looking to make an adult-level upgrade (still renting obviously lol I hate capitalism) in our living situation, but living in a major US city, the absolute lack of credit history (and I really mean lack) is loving us hard. I plan on spending the next couple days poring over this thread for tips and tricks, and obviously taking action where appropriate. For now, what do? Prepaid credit card or pay off promptly to something with a sinful interest rate? Any tips for finding housing in the meantime? Relevant info: Neither of us has any debt whatsoever, which we’ve always been proud of (perhaps foolishly). I dropped out of school before I incurred any debt, my husband was lucky enough to have parents who paid for his degree. I’ve never owned a car or had a credit card; my husband had both about ten years ago but sold his car when he moved to my city, and his CC went into collections around then, which we paid off before we got married (so maybe 6 or 7 years ago?). We make around 50k combined and have the savings to pay a full year of rent and withstand a medium-level emergency. I also have an extreme ideological and emotional resistance to the whole concept of credit, so I’m having a hard time with this (I also know it’s largely irrational, so let’s not fight  ) Let me know if there’s anything else I should include here, or if this isn’t the place.TIA, sorry I’m a dumbass!
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Mar 30, 2019 04:17
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Bibliotechno Music posted:Hi, goons, I need help! I somehow made it to 30 Goddamn years old with no credit at all. My husband and I have lived in two apartments at 5 years apiece since we’ve been living together, and each place has taken a co-signer. Now we’re looking to make an adult-level upgrade (still renting obviously lol I hate capitalism) in our living situation, but living in a major US city, the absolute lack of credit history (and I really mean lack) is loving us hard. I plan on spending the next couple days poring over this thread for tips and tricks, and obviously taking action where appropriate. For now, what do? Prepaid credit card or pay off promptly to something with a sinful interest rate? Any tips for finding housing in the meantime? Credit != debt. You can get and maintain a high credit score without paying a cent of interest by using credit cards responsibly. Paying your normal expenditures through a credit card and paying off the statement balance in full every month will build credit, and its something you should probably do since you've already built responsible money habits. Since you mentioned a father-in-law paying off your husband's school, I'm going to presume he has decent credit and you all have a good relationship, so I'm just going to throw this out: Be careful, but one shortcut to building credit history is to become an authorized user on someone else's credit card. Even if you never use the card, you all could inherit a little of you FIL's credit length. https://www.creditkarma.com/credit-cards/i/authorized-user-credit-card/ My mom added me to her card when I went off to college for emergencies. I immediately cut up the card, but as a result of my mother paying her bills on time, my "oldest active account" is like 25 years and my credit score makes car dealers do a double-take.
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Mar 30, 2019 05:00
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Bibliotechno Music posted:Hi, goons, I need help! I somehow made it to 30 Goddamn years old with no credit at all. My husband and I have lived in two apartments at 5 years apiece since we’ve been living together, and each place has taken a co-signer. Now we’re looking to make an adult-level upgrade (still renting obviously lol I hate capitalism) in our living situation, but living in a major US city, the absolute lack of credit history (and I really mean lack) is loving us hard. I plan on spending the next couple days poring over this thread for tips and tricks, and obviously taking action where appropriate. For now, what do? Prepaid credit card or pay off promptly to something with a sinful interest rate? Any tips for finding housing in the meantime? I think it deserves repeating and emphasizing that it is more important to get to 30 with no debt (especially no student debt), vs what your credit report is. People here rightfully downplay credit report scoring, but you are correct in finding that this dumb country definitely makes things a lot more difficult if you have either bad or no credit. It’s like another poor tax penalty. Honestly, if you have an aversion to credit cards, good, I would overall keep that aversion. Find the best no yearly fee card you can find, put one of your small subscriptions (like Netflix) on it, and set it to autopay. Credit scoring does not care how much you use your card (and having a high balance can be bad), it just cares that you pay it off every month. So paying off a $10 monthly fee is the same as using it for all expenditures and paying it off every month. What the poster above said is a good idea, just bear in mind if said family member for whatever reason misses a payment, that’ll also reflect on you, so two sided coin. For place to live, lord knows , that can also vary on what city. I would recommend keeping and showing records of last 12 months of rent payment, maybe 6-12 months of a bill pay like electric or cell phone bill, essentially proof that you are reliable, you just happen to pay cash for everything. Cash still can be king, maybe they’ll just ask for an extra month deposit or something.
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Mar 30, 2019 13:12
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Getting added as an authorized user is a neat trick but nowadays it's rare that the age of the original card holder's card will get added to your history, which was the biggest boon to your score. Your biggest advantage will be getting a fairly high limit card which also helps with your credit score. Your credit score will probably hover around 630-700 until you hit the two year mark on your oldest account, so don't expect miracles. Starting now is better than starting later, so get on it. The credit system is a loving nightmare, but in general the answer is "pay your cards on time, don't carry a balance".
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Mar 30, 2019 14:57
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Bibliotechno Music posted:Hi, goons, I need help! I somehow made it to 30 Goddamn years old with no credit at all. My husband and I have lived in two apartments at 5 years apiece since we’ve been living together, and each place has taken a co-signer. Now we’re looking to make an adult-level upgrade (still renting obviously lol I hate capitalism) in our living situation, but living in a major US city, the absolute lack of credit history (and I really mean lack) is loving us hard. I plan on spending the next couple days poring over this thread for tips and tricks, and obviously taking action where appropriate. For now, what do? Prepaid credit card or pay off promptly to something with a sinful interest rate? Any tips for finding housing in the meantime? You already got good advice, so just following this up with "you're not dumb, you just haven't been playing the same game the rest of our dumb society has been playing." You are in a phenomenal position and your credit history will probably take off once you, y'know, have a history. With the habits you've developed you'll have no problem getting a good score. Banks and landlords refuse to lend to you because they can't figure out what the risk is, not because you're risky. Once you have proof that you pay on time and in full you'll have no problems.
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Mar 30, 2019 16:17
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Oh my God y’all are amazing, thanks! I have a couple questions, since I’m obviously new to this. 1. How long will it take for any of this to show up on our credit? 1a. Can we ask our new landlord to start reporting our rent to the credit boards? We’ve paid rent in full and on time and online for years and years now, and from what I’ve heard vendors like landlords and cable/internet providers only report to credit boards if you gently caress up. 1b. We each have 1 parent with good credit, would it make a difference for us each to get added to a card or is there no difference since we’re married? (Adding caveat that we have different last names, so the bureaucracy hasn’t necessarily noticed we are a single financial entity). 2. Would it help if we sublet first? We’re thinking about taking over our friend’s (too expensive) apartment through July, both to give us some time to find a place AND improve our credit. 2a. Would my friend get in trouble if we sublet through her (instead of the management company) while we get credit scores? We live in Cook County, IL if that helps.
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Mar 31, 2019 00:36
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Bibliotechno Music posted:Oh my God y’all are amazing, thanks! I have a couple questions, since I’m obviously new to this. 1. How long will it take for any of this to show up on our credit? 1a. Can we ask our new landlord to start reporting our rent to the credit boards? We’ve paid rent in full and on time and online for years and years now, and from what I’ve heard vendors like landlords and cable/internet providers only report to credit boards if you gently caress up. 1b. We each have 1 parent with good credit, would it make a difference for us each to get added to a card or is there no difference since we’re married? (Adding caveat that we have different last names, so the bureaucracy hasn’t necessarily noticed we are a single financial entity). I doubt you can get renters to report your rent to your credit report, I both don’t know if that’s actually a thing, and they definitely have no incentive to do so. Credit is by social security number. So, you either want to be one and one on your respective parents cards, or both on both spending on how you were asking that question. No idea on rent stuff.
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Mar 31, 2019 06:51
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Are there any recommendations for savings accounts if I have a chunk of money i have put aside for a down payment on a house, but would like to build up a bit more with interest, etc.?
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Apr 3, 2019 21:14
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tek_munk posted:Are there any recommendations for savings accounts if I have a chunk of money i have put aside for a down payment on a house, but would like to build up a bit more with interest, etc.? Any of the big online savings accounts: Ally, Marcus, CapitalOne 360, American Express
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Apr 3, 2019 22:03
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KYOON GRIFFEY JR posted:Any of the big online savings accounts: Ally, Marcus, CapitalOne 360, American Express There’s review sites for these, but the extra perks mostly don’t matter for medium-term savings. Don’t fret too much over chasing a fraction of a percent of interest because they all jockey for position.
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Apr 3, 2019 22:15
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I use Discover and it's easy, rates climb often, and they never send me any junk mail.
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Apr 3, 2019 22:16
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eddiewalker posted:There’s review sites for these, but the extra perks mostly don’t matter for medium-term savings. I've used both Marcus and Ally - Marcus UI is a bit better but there's very little practical difference, yeah.
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Apr 4, 2019 14:30
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There's not much of a difference in the ones already listed, but look around for sign up bonuses. I get poo poo in the mail all the time for things like "deposit 25,000 for six months and get $500" or whatever. There's probably a caveat that you need to do so many deposits as well. From personal experience, I've never had an issue with Ally and they seem to up their rates often, but it's probably just as often as the others that have been named.
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Apr 4, 2019 14:45
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Discover and Capital One both have promotions going on for their savings accounts at the moment. Check out https://www.doctorofcredit.com/best-bank-account-bonuses/ and look at the savings account bonuses with the best APR.
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Apr 4, 2019 16:38
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I just got the Citi High-Yield savings account for what that’s worth. It’s at 2.36 right now and I have their DoubleCash card so I figured it would be convenient to have those accounts in one place.
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Apr 4, 2019 21:09
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What’s the most a bank (bofa specifically) will let you overdraft? I have an idiot friend who is buying something he swears will payoff once his career takes off but he may not have the funds for days It’s not quite a horse but think high end equipment in the 4-5 figure range
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Apr 6, 2019 00:13
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Is it a counterfeit bill printer?
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Apr 6, 2019 00:20
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Alan Smithee posted:What’s the most a bank (bofa specifically) will let you overdraft? I have an idiot friend who is buying something he swears will payoff once his career takes off but he may not have the funds for days Depends on the bank. If they're using JMFA's Overdraft Privilege, it's either $0 or $1000.
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Apr 6, 2019 00:48
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Alan Smithee posted:What’s the most a bank (bofa specifically) will let you overdraft? I have an idiot friend who is buying something he swears will payoff once his career takes off but he may not have the funds for days Please also post this in the BWM thread, thank you.
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Apr 6, 2019 01:52
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Alan Smithee posted:What’s the most a bank (bofa specifically) will let you overdraft? I have an idiot friend who is buying something he swears will payoff once his career takes off but he may not have the funds for days Bofa?
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Apr 6, 2019 02:59
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bank of america i think. I'm pretty sure no bank is going to let you overdraw five figures, assuming your typical balance is more like 3-4 figures. e: a long-term business customer at a small bank maybe taqueso fucked around with this message at 03:03 on Apr 6, 2019 |
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Apr 6, 2019 03:01
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Does BofA offer CDs?
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Apr 6, 2019 03:02
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GoGoGadgetChris posted:Does BofA offer CDs? That got a laugh out of me, bub.
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Apr 6, 2019 03:22
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The "let's share our budgets" thread in the OP is archived, so I'm asking here: what all software do y'all use to track your budgets? 'Cause the spreadsheet I set up is getting kind of unwieldy and I don't know that it's making reasonable assumptions.
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Apr 6, 2019 05:38
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Pretty much everyone is going to say Excel, YNAB, or Mint.
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Apr 6, 2019 06:36
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Paul ReiserFS posted:Bofa? Bofa deez nuts
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Apr 6, 2019 14:34
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Sundae posted:Pretty much everyone is going to say Excel, YNAB, or Mint. i like nYNAB but people also like financier and budgetwise
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Apr 6, 2019 14:41
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DarkHorse posted:Bofa deez nuts 
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Apr 6, 2019 14:54
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DarkHorse posted:Bofa deez nuts Gottem
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