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spwrozek posted:Not sure the best place to ask this so here it goes. I have a property with my partner (full of legal agreements and such). We had an agreement on how much each party would pay as she was starting her own business at the time. She is at the point where she wants to true up and become actual 50/50 owners. We have two options, she pays $70K to the mortgage, she just gives me $35K. With our rate so low option 2 makes more sense, less money for her, I can invest the money elsewhere, etc. My question is how do we characterize it? I am thinking it is just a "gift", file the paper work and move on with life. I can always ask my lawyer but rather not pay them if I don't have to. It shouldn't be more than an hour to do it the right way. They will draft a paragraph with you selling the partner X% of the house for $Y bringing the totals to 50% each partner. You both sign it, make a copy for each of you and staple the original amendment to the original contract. Just pay the piper and do it right.
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Mar 30, 2021 20:50
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H110Hawk posted:It shouldn't be more than an hour to do it the right way. They will draft a paragraph with you selling the partner X% of the house for $Y bringing the totals to 50% each partner. You both sign it, make a copy for each of you and staple the original amendment to the original contract. Just pay the piper and do it right. good point on keeping it clean. E: Especially since it just says we make an addendum to the agreement and are good to go. spwrozek fucked around with this message at 21:18 on Mar 30, 2021 |
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Mar 30, 2021 21:10
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Characterizing a payment for an asset, or a percentage of an asset, as a gift sounds like tax fraud though this probably depends on the exact status of the partner. It also may cast doubt on whether she gave you the money or bought up to 50/50.
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Mar 31, 2021 06:30
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asur posted:Characterizing a payment for an asset, or a percentage of an asset, as a gift sounds like tax fraud though this probably depends on the exact status of the partner. It also may cast doubt on whether she gave you the money or bought up to 50/50. Yup a very good point. It is one of those things where after writing it I was obviously not thinking. Not going to go back and delete it though. I hit up my lawyer and got it all squared away.
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Mar 31, 2021 15:37
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So I’ve been trying to get out of my covid-extended gym membership for a while, I paid for a trainer for my wedding in October and then basically immediately couldn’t use him because the gym closed down. They reopened briefly in like November and it was a hassle trying to get it cancelled and the fee for the trainer cancellation was like $900 which is dumb. But then they closed down again They recently reopened but between November and March I had my debit card stolen so I cancelled that card number and got a new one, so I got an email earlier that they had trouble charging my card and I need to fix that and change the billing info and stuff. What happens if I just...don’t? Like how long can I leave this until it becomes a real problem for me? We’re planning on moving soon anyway so I can’t really even USE the membership.
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Apr 4, 2021 22:46
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It's a gym, and if it's like most gyms their primary revenue stream is people who don't show up and making it hard to cancel. So you'll be in collections in no time unless you take care of this.
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Apr 4, 2021 22:52
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Thumbtacks posted:So I’ve been trying to get out of my covid-extended gym membership for a while, I paid for a trainer for my wedding in October and then basically immediately couldn’t use him because the gym closed down. They reopened briefly in like November and it was a hassle trying to get it cancelled and the fee for the trainer cancellation was like $900 which is dumb. But then they closed down again They can send it to collections and it will be a hit on your credit score. I would call and tell them you cancelled due to covid and have moved anyways. Read your contract and see, for my gym it's 20 miles qualifies me for a no-fault cancellation on 30 days notice. I would not hesitate to lie to a gym.
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Apr 4, 2021 22:53
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Tell them I cancelled what, the payments?
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Apr 4, 2021 23:20
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Thumbtacks posted:Tell them I cancelled what, the payments? Your contract.
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Apr 4, 2021 23:30
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Cancel your contract, pay the early termination fees. If those cost more than waiting, wait it out and make sure you follow the cancellation requirements to the letter. In either case, keep every piece of documentation showing you canceled it and paid. Get paper receipts and take pictures of them. If you want to try to stick it to them, take your contract to a lawyer. They'll probably laugh you out of their office, because it'll cost way more to get them to do anything than it would cost you to pay the gym. If you insist, they'll happily take your money. Maybe there's a flaw in the contract you can exploit, but by the time you find it and take it to court, you'll have been better off just paying them to the end of the contract. If you just stop paying, they will send you to collections so fast it'll make your head spin. Gyms make money from people who sign up and stop going. They'd go out of business if they just let people cancel once they realized they're wasting their money. Similarly they have all sorts of clauses where if the gym closes or is sold then the contract can be reassigned to the new owner or to a nearby gym. They've been doing this for years, they are better at it than you. Honestly it probably won't be all that bad, but don't take that for granted and don't trust anything they say. Anything they tell you is worthless unless it's in writing.
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Apr 5, 2021 00:37
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Those are good points. How long do you think it’ll take for them to try harder to get in contact with me? So far it’s just been one email. I’ll probably just go again soon since I’m paying for it anyway (in theory) but if I can drag it out until I get the vaccine so I feel more comfortable going to the gym again, that would be ideal
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Apr 5, 2021 03:15
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Thumbtacks posted:Those are good points. How long do you think it’ll take for them to try harder to get in contact with me? So far it’s just been one email. I’ll probably just go again soon since I’m paying for it anyway (in theory) but if I can drag it out until I get the vaccine so I feel more comfortable going to the gym again, that would be ideal Well, if you go once you lose any hope. The answer to all of this is "it depends" so call and ask. Beg forgiveness on old charges if you intend to keep going. Make sure you're month to month if moving. If this is like 24 hour planet LA fitness though expect a fight and a dumb method to cancel.
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Apr 5, 2021 03:50
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yeah it's la fitness, im pretty surei m hosed on this either way and i wont be able to get out of it, and that's fine. might as well use it.
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Apr 5, 2021 03:57
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I'm dealing with a smidge of identity theft (unemployment claim made by not-me, but nothing else suspicious has happened) so after reporting it I froze my credit with all 3 agencies, as well as locked my SSN. I know these freezes protect against opening accounts. But would they prevent me from closing existing accounts? I "churned" new account bonus with Citibank and the bonus hit a little while ago. I'm ready to move the money away and close it out, but now wondering if there will be new hoops to jump.
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Apr 11, 2021 22:09
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They shouldn't. Any credit history based verification systems may be messed up, but you shouldn't need to jump through those hoops to do that.
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Apr 12, 2021 01:58
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I so very briefly had an 800+ credit score, but I committed the unforgivable crime of paying off an auto loan and now it's back in the high 700s  This poo poo makes no goddamn sense 
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Apr 12, 2021 08:07
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Beach Bum posted:I so very briefly had an 800+ credit score, but I committed the unforgivable crime of paying off an auto loan and now it's back in the high 700s How about this for sense: the difference between high 700s and 800+ is exactly zero in all practicality for what a credit score may be used for.
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Apr 12, 2021 15:05
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Yeah, I haven't thought about my credit score in years once I got high 700s. I'll worry about it ahead of getting a mortgage and then promptly forget about it again.
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Apr 12, 2021 19:08
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Beach Bum posted:I so very briefly had an 800+ credit score, but I committed the unforgivable crime of paying off an auto loan and now it's back in the high 700s I'm with you on the "it makes no sense" category. My credit report came back with a 790 when I applied for my mortgage. I now owe a bank over $600,000, and my credit score has gone up since then in the 10 months I've owned the place. Some algorithm somewhere think that me owing a recurring $3900 p/mo in mortgage and taxes basically forever makes me slightly more credit-worthy than having exactly the same income but NOT owing my soul to a bank.
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Apr 12, 2021 21:06
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Sundae posted:I'm with you on the "it makes no sense" category. My credit report came back with a 790 when I applied for my mortgage. I now owe a bank over $600,000, and my credit score has gone up since then in the 10 months I've owned the place. Some algorithm somewhere think that me owing a recurring $3900 p/mo in mortgage and taxes basically forever makes me slightly more credit-worthy than having exactly the same income but NOT owing my soul to a bank. It thinks you're slightly more creditworthy because it's a measure of how well you pay back your debts. That mortgage is another data point to say "yep, this one pays on time in this and other classes of credit lines." Its seems that people constantly confuse their credit score with "the only thing that matters" to get a loan product. It's not. Debt to income is equally as important. You can have perfect credit and a huge DTI and get a "no". You can have a million dollar a year income with no existing debt and low/no credit and get a "no".
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Apr 12, 2021 21:23
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Question on credit. My wife and I both have excellent credit. Mine is high 700’s and hers in the 800’s. The only debt is a car in my name. We each use credit cards in our own names that are paid off in full each month. I work full time and she’s been a stay at home mom for 2 years and will continue for another 2 years. If I were to refinance the car for a lower rate/would it be worth putting it in her name so she has more debt and maybe continues to build her credit? I dunno if credit will decay over time or if just her credit card (she puts $50 a month on it) will be enough to maintain. The goal in 5 years would be to buy a house.
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Apr 12, 2021 21:41
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nwin posted:Question on credit. Sounds like she has zero income and therefore no ability to repay. While she can list household income on the application as I understand it lenders are not required to use that figure. So.....you can try. Then you can try joint/cosigned and then just you to see how it changes the loan costs or approval.
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Apr 12, 2021 22:04
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Motronic posted:Sounds like she has zero income and therefore no ability to repay. While she can list household income on the application as I understand it lenders are not required to use that figure. Ah good point-correct she currently has no income. Maybe it’s best to just keep her credit card for now until she can work again.
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Apr 12, 2021 22:17
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nwin posted:Ah good point-correct she currently has no income. Maybe it’s best to just keep her credit card for now until she can work again. I am not sure why you would need to build her credit if she has a 800+ score. Just pay the credit card each month and you will be just fine.
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Apr 12, 2021 23:02
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spwrozek posted:I am not sure why you would need to build her credit if she has a 800+ score. Just pay the credit card each month and you will be just fine. Hence the reason I asked-I wasn’t sure if just a small cc payment for a few years would maintain it.
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Apr 12, 2021 23:07
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spwrozek posted:I am not sure why you would need to build her credit if she has a 800+ score. Just pay the credit card each month and you will be just fine. Because: nwin posted:The only debt is a car in my name. People can, and do, get turned down for credit on the basis of never having installment loans, regardless of score. We got turned down for a car loan about 7 years ago because my wife got through college without student loans. She had a CC that she used strictly as a credit building means, putting a bit on it and paying it off at the end of the month, but that's it. I, on the other hand, had student loans. She had a higher income, and had a higher credit score than me, and financially there was almost zero reason for us to be rejected, but the bank specifically cited her lack of installment loans under her name the reason. edit: Should clarify that we got approved at $5k less after talking to them, so it's not like we were a hard no. DaveSauce fucked around with this message at 01:48 on Apr 13, 2021 |
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Apr 13, 2021 01:42
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Genuinely curious: doesn’t it essentially not matter what they do with his wife’s credit as long as they don’t do something super stupid like default on a loan in her name? If she’s staying at home with zero income, won’t the underwriters not care if she has a 700 or an 800, since they’ll see her husband’s income is being used to qualify for the actual loan?
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Apr 13, 2021 01:53
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It does seem like needless ant loving to try to optimize for a problem that either fully doesn't exist or is really marginal.
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Apr 13, 2021 10:29
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KYOON GRIFFEY JR posted:It does seem like needless ant loving to try to optimize for a problem that either fully doesn't exist or is really marginal. credit_score.txt
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Apr 13, 2021 12:56
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DaveSauce posted:credit_score.txt credit scores are dumb and bad but like... even if nwin achieves their stated goal, it's unlikely to actually matter when it comes time to get a mortgage
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Apr 13, 2021 13:06
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KYOON GRIFFEY JR posted:credit scores are dumb and bad but like... even if nwin achieves their stated goal, it's unlikely to actually matter when it comes time to get a mortgage yeah I mean I'm not necessarily advocating that course of action, just saying that it is actually a thing that lenders look at and care about. In our case we got lucky because the car loan revealed the problem before we needed a mortgage. I have literally no idea if anything would have changed or not, and I get that the underlying point here is that the household debt situation remains unchanged.
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Apr 13, 2021 13:46
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KYOON GRIFFEY JR posted:It does seem like needless ant loving to try to optimize for a problem that either fully doesn't exist or is really marginal. I'd put it under the life insurance category. They probably won't need her credit but if he ever died in a car crash, having credit of her own would be one less nightmare to navigate.
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Apr 13, 2021 14:02
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Leviathan Song posted:I'd put it under the life insurance category. They probably won't need her credit but if he ever died in a car crash, having credit of her own would be one less nightmare to navigate. Her file is good enough to have 800+ credit. It's still useless without income.
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Apr 13, 2021 14:06
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Leviathan Song posted:I'd put it under the life insurance category. They probably won't need her credit but if he ever died in a car crash, having credit of her own would be one less nightmare to navigate. in that case she has an income credit not a credit problem. she already has a credit score that is perfectly good.
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Apr 13, 2021 15:10
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Motronic posted:Her file is good enough to have 800+ credit. It's still useless without income. Would the life insurance payout count as income? Or at least, as a new set of assets which abate the need for provable, steady income?
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Apr 14, 2021 00:10
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SpelledBackwards posted:Would the life insurance payout count as income? Or at least, as a new set of assets which abate the need for provable, steady income? Doubt it. Investment income is treated like a new career: you better have some history. And unless we're talking $1m+ life insurance payout any reasonably sustainable investment income would be something below the poverty line annually. Not everyone underwrites the same way, so I'll go back to what I said before......you can try. But if this insurance payout is larger than the amount being borrowed you're looking at the wrong loan product. If you should even be looking at a loan product at all.
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Apr 14, 2021 00:47
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I've just finished slaying a debt monster and very shortly I'm going to have $10k floating around for an e-fund doing nothing. At my current rate of expenditure my base monthly expenses run about $2k, so I've got a decent safety, but like, what do I do with the money? Regular savings accounts are a joke, HYSAs have absolutely tanked in the last couple years, and I'm extremely wary of opening any sort of investment account for funding that should be readily liquid and available, but that seems like the only mechanism for growing money while keeping it in a somewhat liquid vehicle. Some of the articles I've read suggest just that (investment accounts) because of credit cards. I do have a 14k limit on my primary card and another 15k or so between the BT and Amazon cards, so I suppose I could feasibly throw any sort of unexpected expense on card and then withdraw the same from the investment account? I gather I would choose a fairly low-risk fund for investment so some "market adjustment" doesn't poof't my E-fund. I'm planning to throw everything else at retirement, I've only got like 60k at age 32 so I'm definitely behind. Edit: I forgot about Money Market accounts, I'm going to go look through what I have available right quick and see if it's worth it. Beach Bum fucked around with this message at 18:25 on May 13, 2021 |
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May 13, 2021 18:03
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The purpose of an emergency fund is preservation of capital and to be available immediately. The best your are going to be able to do is a HYSA, or jumping through hoops for something like HM Bradley. I've seen some goons discuss I-Bonds lately, but I'm not as familiar with them. AFAIK, they are less liquid but relatively risk free, so if you're willing to chance it that you'll have a few days buffet before needing cash, those might be a good option.
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May 13, 2021 18:17
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Beach Bum posted:I've just finished slaying a debt monster and very shortly I'm going to have $10k floating around for an e-fund doing nothing. At my current rate of expenditure my base monthly expenses run about $2k, so I've got a decent safety, but like, what do I do with the money? Regular savings accounts are a joke, HYSAs have absolutely tanked in the last couple years, and I'm extremely wary of opening any sort of investment account for funding that should be readily liquid and available, but that seems like the only mechanism for growing money while keeping it in a somewhat liquid vehicle. You should keep your emergency fund liquid. I have moved mine into an HM Bradley account which is (currently) earning 3% APY. There are some quirky requirements to get that amount but the tl;dr is you have to direct deposit some amount of cash into the account every month, and you can't withdraw more than 80% of what you deposit. If you are interested I could send you a referral code which would get you started right at their tier 1 savings rate which is 3%, otherwise you'll have to wait to get into that tier in the next quarter. The referral doesn't net me anything btw. More details: https://www.doctorofcredit.com/new-bank-account-promises-3-apy-savings-rate-when-you-save-your-paycheck-hmbradley/ Edit: Doctor of Credit has a list of all bank accounts with bonuses and high interest rates, there may be one there with an offer that works better for your situation. Sirotan fucked around with this message at 18:23 on May 13, 2021 |
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May 13, 2021 18:17
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Sirotan posted:You should keep your emergency fund liquid. I have moved mine into an HM Bradley account which is (currently) earning 3% APY. There are some quirky requirements to get that amount but the tl;dr is you have to direct deposit some amount of cash into the account every month, and you can't withdraw more than 80% of what you deposit. If you are interested I could send you a referral code which would get you started right at their tier 1 savings rate which is 3%, otherwise you'll have to wait to get into that tier in the next quarter. The referral doesn't net me anything btw. edit: nevermind, I'm an idiot. https://www.hmbradley.com/apys posted:You must have at least one qualifying direct deposit per calendar month to be eligible for a Savings Tier. I Love Topanga fucked around with this message at 18:29 on May 13, 2021 |
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May 13, 2021 18:24
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