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Small savings here, but if you buy a year in advance and quit subscribing on a monthly basis, you could save some money on the XBL account. http://deals.woot.com/deals/details/90476a1e-40c4-4b35-9f13-b7bb627b6978/xbox-360-live-12-month-subscription-gold-card-free-shipping#10 $34 for a year vs $108 (12*$9). I know its a small amount, but that $74 could definitely be spent in a better place (Its a month an a half worth of payments for one of you student loans).
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May 6, 2010 06:52
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I just applied for my first credit card. I got approved for ~$4,000  . That seems like quite a bit for someone with no less than $35,000 due in student loans. Maybe they assume I won't be paying on time, and they can therefore reap monies from my cold limp body?Its a student rewards card (2% cash back on groceries, gas, etc), and I don't plan on using it except on things I am already required to buy via my debit card now (gas, groceries, etc). I think this is a wise idea, as I definitely don't live outside of my means, but boy oh boy do I feel nervous now that I was actually accepted. (Previous two applications were denied)
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Jun 3, 2010 03:00
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Elendil004 posted:My score is in the low 700s, I have a best buy credit card I got because I got a great deal for enrolling in it. I used it once, paid it off right away now it's just sitting here. Should I just cancel the card or is there more harm doing that than leaving it alone. I don't think there's an issue if it sits. My understanding is that it raises your "available credit", which is valued as part of your score. Getting rid of it could lower your available line, and could end up lowering your score. Correct me if I'm wrong, though. That's just hearsay, and I only just got my first card .
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Jun 9, 2010 02:50
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Dragyn posted:I don't believe checking your own score counts as a hard inquiry. I do so monthly through Citi for a monthly fee of about $12. None of my inquiries have ever shown up on my report. Is it worth the cash? I've thought about doing that, but I dont' like the idea of throwing away $12 every month on that service. :/
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Aug 10, 2010 21:39
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Part of credit score, AFAIK, is open credit history. Keep it unless you're paying an annual fee while not using it, or something. Granted, that just like....my opinion, man.
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Aug 14, 2010 03:57
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MikoLovesYou posted:How do I get accepted for a credit card if I have no credit? Are there any legit cards that are designed for this? I'm renting in my name but avoid all credit otherwise (utilities and cell phone not in my name), and every application is getting denied because I haven't had an active line of credit in the past 6 months. Look into "secured" cards. They're low limit cards that you put the credit limit down for in cash. That might be an option.
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Nov 15, 2010 01:04
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alreadybeen posted:You have $10. You're ignoring the "rate". All of these would be per year, month, week, whatever. This is actually an incorrect way to calculate rate of return, as everything should be equalized to a standard time (present, 5 years from now, etc). This is due to none of these accounting for inflation or anything. Its important to note that $15 next year is actually less than $15 now due to the "time value of money" Dead Pressed fucked around with this message at 00:40 on Nov 24, 2010 |
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Nov 24, 2010 00:37
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Stocks are a popular way to save for retirement, as its usually the company-preferred way to contribute to your retirement by default, among other reasons.
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Nov 24, 2010 00:44
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Mastercard is pretty large, I don't think you'll have too much trouble. Anywhere that accepts Visa will, for the most part, accept Mastercard. I can only think of the smallest of small merchants that don't carry both/all card providers.
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Dec 17, 2010 02:15
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It really depends on how conservative you want to be and which "experts" you want to listen to. I personally subscribe (for the most part) to Dave Ramsey. In short, his steps would be: 1) Set aside an emergency fund of $1,000 (which should be on top of what you know you will spend to survive until you're out of school) 2) Pay off debts 3) Then worry about retirement I'm graduating in May, have a job locked up, and this is what I'm doing, personally. Albeit, I'll be hitting up my employer's 401 at max, then paying off debts with the rest.
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Jan 17, 2011 01:48
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Xguard86 posted:thank you this is exactly what I was looking for. By community bank, are you talking about a branch office of something like Bank of America, or an actual independent entity? What is the best place (website?) to look for a bank or credit union in my area? Whatever you do, do NOT use BOA for the love of all that is good in life! Google "credit union (zip code)". Go to the BBB and look at each of those reviews. Do your own independent research by looking for personal complaint website. etc etc.
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Feb 25, 2011 22:47
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BizarroAzrael posted:I'm not sure I see how it's different to paying with the card and putting more on it than I spend each month. And I could end up dipping into my overdraft if I shop with my debit card. Chin Strap posted:Don't shop with any sort of card. Physical money has a far different psychological effect, and with a budget in place you have actual limits. It works. Look up the envelope system. Studies have shown this to be true. Common increases in spending rate at about 12% on average. You'll spend less if you don't use plastic of ANY KIND.
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Mar 28, 2011 22:19
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^drat^throwrocks posted:Would a personal loan be feasible in this situation? I don't know, but its definitely worth checking out. If that doesn't work try finding a card that will do balance transfers at a 0% introductory interest rate.
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Apr 14, 2011 20:35
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FISHMANPET posted:Statistcally speaking, yes, I will spend more money, but here that's not the case, as I'll be buying a $379.99 computer one way or the other. If you're not trying to game the system, why gently caress around and put yourself in a situation where you could potentially get hit with backlogged interest out the rear end in a top hat? Pay for it in cash. It is simply not worth the potential benefit of <$5 interest you could save vs. the interest you would have to pay IF you made a mistake. quote:And before anyone says it, yes, I could put $400 more against my credit card and pay it off a few weeks sooner, but I'm not viewing it as some race to the bottom where I see how fast I can get that number down to zero, then start doing some stuff with other numbers where the numbers are an end of themselves, all the while eating nothing but ramen and watching my black and white TV with rabbit ears and the free converter I got from the government. If you're not worried about interest, why are you worried about getting 0% financing on a computer less than $500? I have no problem with you financing for 0% if you don't think you'll gently caress it up, but jesus...at least put that $400 into the credit card if you're not going to pay cash. quote:I work to live, not work to make numbers. It's not a view I ever see expressed here in BFC. It's usually either live far beyond means via credit and drown, or live frugally with no debt what so ever. I'd like to live somewhere in between, moving forward, but still being able to enjoy my life. Are you new here? We carry debt, we don't carry STUPID debt. Carrying a credit card balance isn't wise however you slice it. Personally, I prefer taking advice from people who don't pay card interest, but have a home they can afford at a rate they can pay and not have to worry about foreclosing on immediately if their income takes a dip for a while. quote:I understand the living frugally life, that's how my parents lived, and now my mom has reached the point where she literally has no idea what to do with all the money she's socked away over the years. When she passes away in 20 or 30 years, I'll be inheriting $500k to $1 million, but at what price? While we didn't live like paupers, it would have been nice to maybe take some more family vacations, things of that nature, rather than sit on a giant pile of money forever. No. You don't understand it, and she may not either. A million dollars isn't a ton. While a sum like that would be great to inherit, nothing is guaranteed. She could find a brain tumor tomorrow that for some unseen reason her insurance doesn't cover. She could need long term living care. An endless number of things could happen through which she could need that much, or more. Just because she can't blow it all now at once doesn't mean it isn't wise to have that money set aside. quote:I guess this is really long way of saying I appreciate the information you're giving me, but I'm going to ignore the advice (except of Zeta) and make my own educated decision. If you're more educated than we are, please, feel free to do what you want and ignore the "hive mind". Its obvious you don't appreciate the information with the forming of your statements and that you're another member of the baby-boomer idealism of "want it now, I deserve it now". While there nothing wrong with instant gratification, you're falling into the same pit that many did during the downturn of "I can afford this debt; my job is secure". Good luck with that. quote:Maybe I should make a thread where you can all watch in horror while my debt steadily goes down while I continue to buy myself "toys" and go out to eat all the time. Please do.
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May 5, 2011 17:27
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Student loans will build credit. I had about 70k in loans coming out of school. With those and 1 year of a credit card I had a 727 credit score. Pretty good, IMO. Personally, I would contribute enough to get full match and put the rest into paying off loans. Yeah, you need to invest early, but paying loans off is a 'guaranteed return', as is 401 match. Sounds like you've got a good plan. Consolidating does something 'like' taking all your loans, averaging the total interest, adds 0.1% and groups them together. Dependent upon your desires, I'd just keep them separate and pay off the high interest ASAP. Once those are down maybe you could think about consolidating then or something. Or not. I wouldn't count yourself out on a card. I got a 5k limit with about 60k in student debt when I applied. You won't be hosed on credit, as you'll have history with you s. loans, but using one or two cards responsibly won't hurt. Just my opinion.
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Aug 7, 2011 06:17
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illamint posted:OK, so I have a question about emergency funds. Is it better to be paying off short-term revolving debt or to be building up an emergency fund? I have practically no savings having just graduated and spent myself into a corner. After fixed expenses such as rent, car payment, car insurance, etc. (but not including groceries or just "spending") I have about $1700 a month left over, and 100% of which is going towards paying down the remaining $4500 or so of credit card debt I have. I'd tell you to go the "Dave Ramsey" path since you can pay it off so soon. Build a 1k emergency fund then pay 100% into the debt you've got. Once that's paid off, build a nice 6+ month emergency fund. The likelihood you'll experience a catastrophe greater than 1k in the next 4 months is pretty drat small, so that's the plan I would take.
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Aug 8, 2011 23:48
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I could very well be in the wrong here, but throughout college I did the same thing. I would think its understood that your residence in CT is temporary as a student if you're OOS. At least, I would hope so. I listed my parents address as my 'permanent' address for everything, and my collegiate home was 'current' or 'temporary' address. Who knows? It would definitely be best to just call your agent and find out. imo
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Aug 11, 2011 23:09
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Qaz Kwaz posted:$90k debt, $115k annual family income. Would you guys recommend purchasing a home ($150-$200k, 20% down) or paying off all debt first? I'd substantially bring down the debt before considering a house. Use the difference in debt payments then on making your mortgage 15 years rather than 30.
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Aug 16, 2011 00:03
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Duxwig posted:If at all possible, not looking to pay an arm and a leg(how much is considered too much for a credit report to figure this stuff out?) You're entitled to your report once a year through each of the big 3. You don't get your score, however, you will get a list of everything that's been reported under your name. This is not one of the commercial ripoffs, its mandated by the feds. https://www.annualcreditreport.com/cra/index.jsp
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Sep 7, 2011 00:48
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Sean_Miller posted:I'm good on the no balance on a credit card whenever possible now. But still what should I do when I get back (or now) and have this money burning a hole in my pocket. I'm not in a position in my life right now to buy a house, or land. My car is paid off and I don't have any plans on getting any thing new. Put the max ($5k) in a ROTH IRA. Put the rest in growth fund after you've researched what you think is best for you. It should be along the lines of a "Vangaurd 2055 Index", where the year is your expected date of retirement. There's a simple answer.
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Sep 13, 2011 12:01
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Not enough of a hit to warrant paying $40 annually. Your credit will take care of itself as long as you don't gently caress around and play games. Just take care of your poo poo and you'll be just fine. Any notable difference will resolve itself in a short amount of time.
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Sep 16, 2011 22:36
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baquerd posted:Credit cards are very good things for responsible consumers, they save you money and... Please tell me how they save you money. Using plastic in general helps people spend approximately 12% more on average. 1% cash back really doesn't count, as anywhere where a substantial purchase can be made, cash can get a greater discount. I'm not against getting a credit card. I pretty much use mine exclusively on a day-to-day basis, but claiming they save you money is completely false. The whole point of a credit card from the banks' standpoint is for you to LOSE money through them.
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Oct 16, 2011 16:03
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I would beg to differ, Moana. Yes, the bank gets a few percent from whatever transactions you push through on those cards, but making up to 13-30% interest on revolving credit for the entire balance that people haven't paid off is the easy money gravy boat. Interest on cards is a multibillion dollar cash cow. Debit cards and their transaction fees are for the convenience of not having to carry cash. Rurutia posted:Small purchases still add up. I've gotten ~$300 cash back so far in 2 years on all my cards (reward cards of course) and I don't actually spend that much money because I make so little. Your, my, and others' around here anecdotes are the exception to the rule. Many people DON'T hang around financial forums, pay off the cards and do spend more thanks to increased credit limits. Bluntly stating "credit cards save money" is an irresponsible statement without the proper qualifiers attached to the comment. Just for shits and giggles: Approximately 74.9 percent of the U.S. families surveyed in 2004 had credit cards, and 58 percent of those families carried a balance. In 2001, 76.2 percent of families had credit cards, and 55 percent of those families carried a balance. (Source: Federal Reserve Bulletin, February 2006) Slightly more than half of Americans -- 51 percent -- said that in the past 12 months, they carried over a balance and was charged interest on a credit card. (Source: "Financial Capability in the United States," FINRA Investor Education Foundation, December 2009) Edit: Decided to make new post. Dead Pressed fucked around with this message at 18:39 on Oct 16, 2011 |
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Oct 16, 2011 16:57
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I wouldn't say 'responsible' is a proper qualifier. Responsible could mean many things to many different people. I view responsible as having the balance paid in full every month. Others, who aren't well informed financially may view it as just paying off the minimum amount monthly. That's a HUGE difference depending upon who hears it. Now, to directly answer your question: Typically, bouncing from card to card to take advantage in promotions is not a good idea. However, if you plan to keep this card around, shop at amazon a fair bit (note: there are better reward cards if you don't shop at amazon much), and desire to use it to build some credit history it's a fair idea. It sounds like you're hip-with-it, checking your annual reports and all. I wouldn't worry about it too much, as you've got your priorities straight. Getting it for the promo and immediately cancelling would not benefit your credit score. 
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Oct 16, 2011 18:35
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Niwrad posted:The Vanguard guy wants more of your money invested and is going to scare you into it. That doesn't mean he's wrong per say, but just know his intentions aren't pure. I think 14% of your income is a rather strong savings plan. But just know that other things can count as an investment toward your retirement (home for instance). 15%+ should be invested regardless of home ownership, IMO. -Ramseyfan
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Nov 17, 2011 00:56
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Niwrad posted:But isn't that overdoing it though for some? Lets say you make $100,000 a year. Putting $15k in a year from 25 till 65 with a rate of return of 8% would leave you with nearly $4 million at retirement. If being too secure in retirement is an issue for you, then yes...I guess it could be overdoing it. As with everything financial, circumstances change dependent upon with whom you speak. To whomever asked: Personally, my wife and I, ~64k + 40k respectively, each put 5k into our ROTHs. She isn't able to do any 401k, but I contribute 5% ($3.2k) with a 4% match (2.55k). So....that's about 16% of our income. I'm then eligible for a variable percentage 'pension' replacement contribution of 1%-7% (of which I only qualify for 1%). 17% annual contribution, I can honestly say I think we should be putting more away. I would be if it wasn't for $50k in student debt (already paid about $25k off in six months, whoo!) Dead Pressed fucked around with this message at 04:02 on Nov 17, 2011 |
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Nov 17, 2011 03:57
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Rageaholic Monkey posted:I'm a total newbie to pretty much all things finance, and I have a couple questions. I hope they're not totally stupid, but they weren't exactly answered by the OP either. Landlords can/will most likely run your credit. You can still rent with no credit, depending on the landlords and how they feel about it, though it may be easier to apply with a guarantor. Basically, someone will have to share your liability to pay so that if you can't make the payments, they'll be held responsible and the landlord will still receive their money. It's plenty easy to find a credit card without a monthly fee. Typically, if a card comes with a hard fee you have to pay regardless of usage it'll be an annual fee. These can vary, but $150 or so is pretty common. As for 'monthly fees', I actually don't know that I've heard of anything along those lines unless you carry a balance (don't pay the card off IN FULL every pay period). At that point, you're subject to your interest rate. The published interest rate, varying from say...12.99% to 29.99% or so, is where this comes into place. If you leave $100 on the card to pay off every month, you'll be charged whatever your interest rate is. If your interest rate is 20%, then you'll pay $120 the next month to pay off the $100 retained from the month previous. In short, DO NOT CARRY A BALANCE. PAY IT OFF IN FULL EVERY MONTH!!!. This is a money pit that gets a lot of people in a lot of trouble. If you can't afford to pay the balance monthly, don't buy it! Take a few months to save up. Dead Pressed fucked around with this message at 03:57 on Nov 20, 2011 |
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Nov 20, 2011 03:55
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Rageaholic Monkey posted:Ah, okay. So if I bought $1000 worth of stuff on it and was only able to pay, say, $400 a month on it, the remaining $600 would turn into $720 if my card had an interest rate of 20%? And then if I was only able to pay the same amount the next month ($400) on that remaining $720, the remaining $320 would turn into $384 and so on and so forth? Yes. The scenario you've typed up is how it would work (note the above comment about it being an annual percentage rate, or APR. You'd actually take that rate and divide it by 12 to get your monthly charges. I inadvertently oversimplified it). That's still a lot of money you'd be spending to borrow it for such a short time, eh? That's where they get you! Having a credit card is a nice luxury. There's nothing wrong with cards if you can use them wisely. The trick is to use them like a debit card. You physically can not spend more than you have with a debit card. Use a credit card with that same mentality. If there's something you want, save up for the couple of months until you can. If you're successfully using a debit card without overdrafting, there's no reason you can't do the same with a credit card. Dead Pressed fucked around with this message at 04:28 on Nov 20, 2011 |
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Nov 20, 2011 04:25
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Length of time that each line of credit has been extended to you is also a factor in credit score. As long as you're not getting nailed by fees, keep the card open.
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Nov 20, 2011 18:47
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Oxford Comma posted:What say you, BFC? Personally, set aside $1-5k for an immediate emergency fund. Then fund ROTH IRAs to the max ($5k/individual) then go after debts 100%. Omne posted:I've had open lines of credit since 2005, so it's not like the length of time would affect much, right? Length of time each line has been extended does play a factor in your credit score. However, the amount it matters shouldn't be a consideration if you have another line of credit and don't want to have a card open you don't use. It wouldn't be worth the hassle if the information got into the wrong hands, IMO. Dead Pressed fucked around with this message at 01:40 on Nov 28, 2011 |
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Nov 28, 2011 01:37
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I guess you missed all of the annual fees he's paying?
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Nov 28, 2011 04:19
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What % are the loans at? If they're >4.5% I'd pay the loans off. Just me, though.
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Jan 15, 2012 18:54
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mfaley posted:Okay, gentleman. As I previously mentioned I have procured my first credit card and I'm looking to continue building my credit score in the best way possible. I have asked around my pals for some answers, but I doubt they know as much as you guys so... 1. Interest doesn't accrue until after the first month for which the statement is issued. Pay by the due date and you won't owe anything other than the principal. "Time value of money" would say that you should just wait until its due to pay, but do what you want. Personally, I just pay the balance off on the first day its issued on the statement. I wouldn't pay early on everything personally, and I know that one card I have only allows like two payments a month so you literally couldn't pay early. 2. Rule of thumb, six months.
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Feb 13, 2012 02:10
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Fraternite posted:Uh, it's a line of credit. Once you pay it off you can just borrow again from it whenever you want to. There's no "safety" in carrying a balance unnecessarily. He probably meant the reason the line of credit is still there is so that he doesn't empty his savings funds....not that he wants to retain a line of credit.
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Feb 25, 2012 15:24
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Deadreak posted:This elevated so much stress and guilt! I hope you mean alleviate! Sounds like you're on a roll, keep up the dedication! Personally , I wouldn't wait for the market to drop before investing...you never know what's going to happen. I feel like the law of averages and getting in earlier rather than later is *almost* always better in the long run.
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Mar 18, 2012 14:54
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Qaz Kwaz posted:Dave Ramsey's The Total Money Makeover. Until you become truly "wealthy" it is the only personal finance book you'll need. I endorse Dave Ramsey, but prefer Financial Peace. 6 one way and 1/2 dozen the other, though as its pretty much the exact same message.
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Apr 4, 2012 15:26
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kaishek posted:Turn right back around and immediately put all the money that she doesn't need back into the loan to reduce the principal. No matter how good her IRA is, it almost certainly won't beat 5 years (or 10-20) years of 8% interest (which incidentally also compounds, in that if payments are not made greater than the interest amount, unpaid interest will get rolled into the principal, and then interest will be charged on that). Put it this way: would you take an 8% loan to use for investments? (no). Do the closest thing you can do to not taking the loan and put it right back where it came from. EDIT: I was going to disagree with this and talk about the importance of setting aside your annual roth limits, as you can NEVER go back and set aside those years you missed. However, I then re-read the original questions and saw how all of this was borrowed money----PUT THE SURPLUS BACK INTO THE LOAN. DON'T GAMBLE WITH BORROWED MONEY. Dead Pressed fucked around with this message at 02:57 on Apr 17, 2012 |
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Apr 17, 2012 02:50
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Sleepy Robot posted:Recently I've been able to get myself into a really simple living situation that I feel is giving me a good opportunity to invest. Here's an overview of me: Personally, I would immediately max out a '12 roth and then work towards building 6-8 months of expenses worth of an emergency fund.
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Apr 25, 2012 00:56
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Red_Fred posted:There was a bit of talk a few pages back about good 'advice'/budgeting type books. What are everyone's favourites? Big fan of Financial Peace by Dave Ramsey. I don't care for Total Money Makeover for the reason of "testimonials".
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May 2, 2012 22:40
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DO NOT EVER TOUCH THIS MONEY (except to roll it over). IT IS NOT FOR YOU. IT IS FOR 80 YEAR OLD YOU. You need to ignore the fact that you have any money in retirement accounts and your retirement savings needs to be part of what your money goes to just like everything else. You need to think of it as a debt you are paying to your own future. Do not sacrifice one debtor for another, and PAY YOURSELF FIRST. Leave the money alone and write up a budget (where you contribute to fully max employer match and hit roth limits if you can---and you should be able). You've got enough to go around in low-cost-of-living Indiana to pay those debts off and put enough way for your own future. Doing anything else is a disservice to yourself. Dead Pressed fucked around with this message at 16:19 on May 13, 2012 |
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May 13, 2012 16:12
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