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Mighty Amoeba posted:What is the goal of doing so? Utilization is one of the drivers of FICO (and most credit scoring actually)
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Oct 20, 2011 04:32
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fyo posted:How bad are these car dealers that offer "no credit check" car loans? My credit's ok, but it's becoming a bit hassle to get a (smallish) bank loan for a used car since I'm self-employed and haven't filed taxes for last year yet... There is a booming subprime market, they use their own credit scores and risk based pricing, you will pay much more then prime rates. Some of it is fairly exotic and may appear to be a bastard combination of a lease and a loan. Some repo at 10 dpd. Good luck!
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Oct 31, 2011 21:39
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Xguard86 posted:how much am I losing by putting my retirement savings (over my employer match) all in my 401k as opposed to opening a Roth IRA for the extra? Do I need to correct this right away, or just keep it in mind if I change jobs or whenever I do a big financial review? I already have a vanguard account for my non retirement stuff, I assume its not too complex to setup with them and have an automatic withdrawal from my savings account every month? I've done math on pre vs post and I found that it's pretty close either way.
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Nov 2, 2011 03:25
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Zeta Taskforce posted:I don’t know about pay for delete letters. They are like cow tipping. Everyone claims to know someone who did it, but I’ve yet to see real proof. I’m not even 100% sure if it is legal for a lender to do it. I don’t care what you do, but personally I would just pay them. It's not legal, and it is against the service agreement with the CRAs. You cannot selectivly provide information if you use the CRAs for lending purposes. Doing so indirectly has the potential to violate a bunch of lending laws (HMDA, fair lending, ECOA, etc). Collection agencies don't have the same legal issues as they are not using CRA data to lend, but they can be barred from using the CRA if they are caught doing it as it is still against the user agreement.
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Nov 16, 2011 20:31
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Ganon posted:My plan is just to assume we'll all be dead by then from peak oil/climate change or President Bachmann starts WW3 or something. That's my plan as well!
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Nov 17, 2011 18:22
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Smilin Joe Fission posted:I apologize in advance if this isn't the right thread for this question. No, interest isn't capitalized (added to the balance). It only appears that way...it's actually removed from your payment.
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Nov 20, 2011 00:57
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William Lee posted:Is there a good resource available that compiles various balance transfer promotions offered by credit card companies? As much as I feel dirty about going there, fatwallet is a pretty spergy source for this sort of data.
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Nov 22, 2011 19:36
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I got this a few times, and I always try to offer anything BUT cash. I figure if they were legit desperate and hosed, they would take anything. If you are picky, then you must not really need it. My car broke down and I need some cash! I have AAA, want me to call a tow? No, I uh, need some money for the phone I have a cell phone. I need a place to stay. I have some free points on my Mariot card, do you want me to tell the AAA driver to drop you off there? ....nevermind
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Nov 24, 2011 19:12
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It should only "hurt" based on the inquery hit, which would hurt less if you've already had an inquery (the first inquery, or hard pull, has the largest effect on score).
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Dec 1, 2011 22:08
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totalnewbie posted:What is the "cash tax"? I think he means that cash gives no rewards.
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Dec 2, 2011 20:46
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Another thing you can do when refinancing is to keep the maturity date the same. Most will let you do that.
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Dec 21, 2011 16:32
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That's odd, usually it's the other way around...
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Jan 18, 2012 17:27
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Busy Bee posted:I bought a car from a good friend of mine around the $10k range and have been depositing money into his account every month. Will this raise a red flag with the bank and/or IRS? No.
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Feb 1, 2012 02:27
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I could never get this poo poo to work with either Quicken or Mint, so when I split out accounts, I have Mint and Quicken grab and export the top level data (i.e. Account 1) and then use excel to further break it into the actual sub-accounts (account 1a, Account 1b, etc.)
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Feb 7, 2012 18:32
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Cynode posted:My wife is trying to rebuild her credit, she has a credit inform thing that sends her updates quarterly, in Aug her score was 626, in Nov it was 641, now today it's 560. She applied for (and was denied) a JC Penney Card in Nov. and since then a report has showed up on her credit report which is no less than 10 years old but listed as Opened on 07/11 and reported on 01/12. Hail mary of disputing every negative. Ususally with a score that low, you are bound to have some improvment as not everyone responds. Also, if you are feeling saucy, dispute every inquery as well.
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Feb 17, 2012 18:46
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I Love Topanga posted:I had an epiphany last night, but I want to vet it out first. I would do it in a heartbeat if there was no other money source. Instant ~23% return? Sign me the gently caress up. Just make sure that by doing so you are not closing the 401K and losing any match.
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Feb 23, 2012 20:40
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ZeroAX posted:No credit is different from bad credit. It's a little more difficult but you can get a mortgage without a credit score. In credit risk, no credit is better then bad credit.
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Mar 7, 2012 02:00
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ZeroAX posted:I'd rather loan money to someone with no debt and a steady income than someone with a shitload of debt and a 750 FICO score. VOI is expensive, this is why people use credit scores. This is like the entire purpose of standardized risk.
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Mar 7, 2012 18:13
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Zeta Buttforce posted:We are talking about asking for a paystub? I wouldn’t call that being a complicated or expensive process. It is expensive, believe me, I've had to price it out when the new regs came out that required them with home equities.
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Mar 7, 2012 18:45
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Zeta Buttforce posted:Well, I guess I will take you at your word. I work at a credit union and if we are doing a car loan or equity, we are already asking for so much, proof of insurance, appraisal, etc, that asking for a paystub feels like an afterthought. HELOCs usually have such low LTVs that VOI weren't neccessary before.
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Mar 7, 2012 19:17
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I wanted to add a piece of info that I'm sure most people don't know. Paying the minimum is a red flag to some Triad systems that will prompt a credit review. If your credit has changed (a bunch of inquiries, additional utilization, etc.) this may prompt a credit line decrease. This will increase your utilization and could snowball into other issues. I recommend even if you plan to pay the minimum as part of a snowball methodology, to pay at least the minimum plus interest accrued.
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Mar 19, 2012 16:17
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Zeta Buttforce posted:Also, What does making 15% mean? Stocks have done well the last few years as they have rebounded from a very severe bear market/correction, but you should not have the expectation of making a guaranteed 15%. My guess is that he makes an instant 15% because his ESPP sells him his stock at a discount.
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Mar 20, 2012 17:31
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Sophia posted:Don't you have to pay capital gains taxes on that 15%, though? No worse, it's straight income because it's short term, but based of the basis (which would be your price with discount). The best way to avoid it in my experiance is to open an IRA and dump like 20% of what you sold into it. That usually is enough to cancel it out.
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Mar 20, 2012 17:39
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I just want to add that almost any LOC account can shut you down for any reason, hence why it's important to have an independent emergency fund.
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Apr 10, 2012 16:00
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Meat Street posted:I just finished tracking down an old IRA I had with a previous employer. It has been sitting idle with a tiny amount of money in it, but I'm not sure what the best course of action is. Can it be rolled into the 401k I have with my current employer? Should I just cash it out? You probably won't be able to roll it into a 401K, but there is nothing stopping you from rolling it into a personal IRA and avoiding the tax and the 10% penalty.
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Apr 18, 2012 21:05
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dnbrwn posted:Quick question - how did you get this job if you have no idea what these are? Probably the same way I got a job working in credit risk with no statistical background, and then before that I worked on foreclosure analysis with no knowledge of real estate, lending, or anything...it happens.
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Apr 26, 2012 14:11
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totalnewbie posted:I had to buy a couch on the quick for a visiting friend so I signed up for a card from the retailer. It's not a real credit card and goes through GE Capital. It is 0 interest (for that purchase - I've made no other purchases) for about 36 months unless I miss a payment. I see no problem with this, but I would pay it off 6 - 12 months early as GE sometimes likes to play games to get you over the 36 months and hit you with the HUGE amount of accrued interest.
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May 1, 2012 16:09
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Drakkel posted:So I'm pretty much being buried in debt right now. $500 in back rent, another $500 in unpaid cable bills from a previous apartment, $900 credit card that hasn't been paid in months, plus about 15k in student loans. I live in the asscrack of Ohio where there are literally no jobs whatsoever that aren't mininum wage and part time, which I'm working and making about $400 a month from right now. I managed to scrounge up about $2,000 bucks (including my tax return from last year) and am living off that for the time being but its rapidly dwindling. I maybe have enough to live for a couple months at most and that's probably stretching it. That's not a FICO, but it could be something else.
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May 22, 2012 16:27
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Mr.Trifecta posted:Looking for some recommendations on some debt consolidation loans. My wife and I are looking to get a loan that takes what we owe and brings down the interest rate as well as making one payment. Any recommendations on where to look? Looking for roughly $15k. There really is no such thing as a debt consolidation loan, that's just a loan purpose which adjusts DTI requirments with proof of payment (they usually pay of the loans for you). Basically you would need to be approved for an unsecured loan from a credit standpoint, and then the DTI is calculated based on the debt that is being paid. Don't be confused with debt consolidation plans which are mostly scams.
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May 22, 2012 16:56
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Mr.Trifecta posted:Gotcha. Yeah I am looking into personal loans. I have a very good credit rating (nearly 800), so looking into prosper.com to get a peer to peer loan. Anyone try one of those before? Why would you do that? Wouldn't going to a bank/credit union have better rates? Depending on credit scores, you should be able to get 7-12% apr.
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May 22, 2012 17:14
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Mr.Trifecta posted:It seems like banks/credit unions are more. We went to a credit union and their interest was more, beyond that they kept trying to get us to redo our car loans and the such. Getting offers of 7.5% from prosper on a 3 year. APR is 8.83%. We were toying with the idea of the Discover personal loans and those rates start at 8% I believe. You may be better off getting a 0% credit card transfer offer, if you have the decipline to not gently caress around. My local credit union offers personal loans starting at 6.99 for a 24 month term.
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May 22, 2012 17:24
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canyoneer posted:There could be two things going on here, and both are scummy: There are some auto loans that capitalize the entire interest amount over the life and divide up the payments from the very beginning. I forgot the name of the loan, but it's semi-common in scummy auto loans. There is effectively no interest you can pay off early, it's already been added to the principle and divided up.
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May 30, 2012 04:34
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Fraternite posted:Buy a vehicle from a dealership that was surrendered after a 1 year lease. I attempted this at first when I was looking and it seemed everyone was pricing closer to 90-95% for that type of deal. It was insane.
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Jun 4, 2012 17:19
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SlightlyMadman posted:I had a medical procedure two years ago, that due to some confusion about my health insurance, $40 of it didn't get paid for. I stupidly stupidly stupidly ignored the letters the clinic sent me and it went to collections. The collection agency called me on the phone and I paid it right then and there. Recently this year, I ran my credit reports and 2/3 have a nasty red mark on them over it. I've entered disputes because it is now paid (they all still say unpaid), but I really did screw up so I doubt I can get around it completely. I've been able to get people out of this by saying it was an insurance dispute and that it's a HIPAA violation for them to report it.
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Jun 6, 2012 21:01
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In most cases a new mortgage will drop your score dramatically, but it will recover very fast.
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Jun 8, 2012 14:31
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Zeta Taskforce posted:Too many inquiries isn’t a common reason why things get denied. Most banks have a hard limit where it will deny based on fraud concerns. It's technically still an adverse action using credit information so they have to send the standard "We denied you based on these criterias blah blah"
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Jun 27, 2012 20:24
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Without knowing your specific credit history, credit scores do wacky things when it has little data to work with. My guess is your utilization, history, and credit blend was making up most of your score and when that improved, so did your score.
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Jun 30, 2012 16:52
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singe posted:I don't know why my credit score (according to credit karma) dropped about 90 points in two month. I have 100% on time payments and did not have any major changes in credit. My monthly payments increased just a little bit my debt to income ratio increased to about 5%. I didn't cancel any credit cards or anything. The only thing I can think of that would negatively affect my credit, is I did one hard inquiry to see if I would qualify for an autoloan, except it has not been reflected yet. I also switched about 8k from my checking account to my fidelity investment account but I doubt that matters. DTI has no effect on credit score. I would pull a free report and see if something changed, otherwise it may just be this fake score being wonky.
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Jul 9, 2012 20:04
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Daeus posted:It could also have been a valid check where by signing it to endorse you are also agreeing to sign up for some recurring service. Oh wow, flash from the past. I remember getting those and lining out that part and depositing them. I must have cleared $1-2K before I stopped getting them.
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Jul 12, 2012 15:38
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Sophia posted:What the heck are you invested in that you've only made a 2% return on your 401(k)? I know lots of people who's 401K are in the red or just barely green. Usually it's people who started 5-10 years ago and then went through the crash.
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Jul 17, 2012 14:23
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