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I did some dumb things with credit cards a long time ago in my early 20s and I have one outstanding credit card card debt left. Probably less than $1200 and they will likely settle it for less. Assume my credit score is 0 or a laughable negative number. I finally make enough money that I should probably start looking at buying a house in the next year but my credit score is junk. My takehome pay is about $1600 every 2 weeks and my fixed costs (rent, phone, electric, internet) are about $600/paycheck so I don't see why I can't turn this around. A big raise/promotion goes in to effect in about a week so that will add another 250-500/paycheck disposable income. It's time to cut off this financial leg iron. This is the list of things I want to do to turn around my credit, in order 1. Pay off debts 2. Get secured credit card as reccomended in this thread 3. Setup auto bill-pay for secured credit card As I see it, I have four main debts 1. $200 - Hospital bills from last fall 2. $200 - Recurring ticket from state 3. $100 - Bicycle helmet ticket (?!) 4. $1200 - ancient credit card debt I would pay off #1,2,3 next paycheck and get a $200 secured credit card, and then in March pay off the credit card debt. What combination of secured credit card (nerdwallet recommends Capital One Secured MasterCard) and a a compatible auto-bill pay system should I look at? Is that the correct order to do things in? Once I had debt paid off how long would I be able to apply for a $12,000 used car loan (at any rate, presumably would refinance it after 12 months) after six months or so? My car needs replacement soon. Hadlock fucked around with this message at 00:12 on Feb 8, 2015 |
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Feb 8, 2015 00:05
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I have an old $26 library fine on my record I have about $5k in savings currently, I think the number is 10% down which would be $18-25K for the downpayment in my area, unless I am completely off. I'm open to revisions... I would imagine step one is to get my credit rating on a positive vector though. Hadlock fucked around with this message at 01:00 on Feb 8, 2015 |
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Feb 8, 2015 00:57
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Ok, pretend I said nothing about the house and car (which is the end game of fixing your credit score) do the other steps that I plan on doing this month sound fine? Is there an auto-bill pay service for credit cards?
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Feb 8, 2015 01:58
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From a "relatively price-stable and keeps value with inflation" perspective and not an "omg, this is so undervalued I'm going to make a fortune" perspective Is gold at all worth using as a savings platform? The price seems to be very stable over time, and it is about $50/oz over spot price to buy which is about roughly on par with the cost of making a stock trade at about a 3% transaction fee to buy in. It looks like you can sell gold on the open market for about 93-97% of it's value and silver for about 91% of it's value. So that's about a 10% depreciation hit over the lifetime of the investment, vs 1-3% annually in a savings account. Assuming the price is stable over a long period of time. I bought a 1 oz silver coin for  as an experiment*  *in futility
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Feb 17, 2015 01:16
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Hmm yes this is a choice quote, "Gold is 59% above its historical average." which would leave me to believe it's going to drop by double digit percentage points some more in the next 3-5 years.
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Feb 17, 2015 01:44
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My friend's dad signed him (he's ~30 now) up for a Boeing Credit Union account when he was 7 up in Seattle, Washington, they have co-op shared branching agreements all over the place. When he moved on to a sailboat in Houston/Galveston (Texas), about 2,000 miles and two time zones away, he was able to use normal branch services through the local Johnson Space Center credit union about three miles from his marina/boat. He was kind of lucky that Boeing supports a lot of the manned spaceflight stuff for NASA, and NASA's global manned spaceflight mission control/training etc is headquartered at the same inland port that his boat is tied up at. But it proves the point that co-op shared branching is fantastic and you should take advantage of it.
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Feb 22, 2015 04:26
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If you settle your debt with a "trade line delete" does it fall off your report within a couple of months?
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Feb 23, 2015 06:25
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A bunch of really nasty stuff from my college years finally fell off my record after years and years. It looks like I have perfect payments now and that my oldest line of credit is from February. I have about $2000 a month in disposable income after generous living costs and I'm looking at $3200 a month in disposable income starting in January. So I feel like I am financially safe to look at a car loan. I have a secured credit card for $452 and it's my only line of credit currently. I have about $300 on the card and could pay it off now but I'm waiting till the end of the month when I get a big bonus and the next statement is on the 12th. I need a car but I'm not in a rush, but by mid-september would be good. I am looking at getting a $10,000 car loan and using some of my bonus money to purchase a car of some sort in the $14,000 range. Right now due to my balance it says I'm at 656 but the Capital One simulator says if I pay that off, it will jump to 714. I'm also going to add another $100 to my secured card to put me over $500 on the limit. My guess is that credit software uses $500, $1000 etc as basic tiers and may help me out. That's my current plan. It looks like, according to the simulator, that if I get a car loan, it will crater my credit, down to 660. Plus I will be adding some credit inquiries due to shopping around for my car loan. A couple of questions: -Can I even get a car loan at 656? 714? -How easy is it to refinance my auto loan six months down the road, 12 months? -Do the inquiries, new credit lines, etc all show up on my credit report instantly, or will only show up on the next month? -Can I shop around for a car loan and as long as I buy the car before the next "report" will it not impact my credit? -If I get a loan and a bunch of inquiries, should I go ahead and apply for a second credit card to build lines of credit for the long term? That would be my last financial move credit wise for at least a year, probably longer.
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Jul 16, 2015 10:33
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ladyweapon posted:With your score you should be able to get a Capital One (unsecured) credit card with their steps program. They issue you a low line of credit (like $500), then after six months of on time payments they bump you up to a higher credit line. The interest isn't great, but if you don't carry a balance it shouldn't matter. I believe capital one has a "pre-authorization" page to see if you probably qualify for a card without having a hard pull show up on your credit report. Also seconding the credit union suggestion, I'd talk to them about their credit card first if you sign up for a checking account. Great, thanks! With a credit union do I need to have an account with them for X months before I can apply for a loan, or can I sign up for a savings account and car loan on the same day? Either way, I'm guessing that I'll go ahead and open an account + apply for a loan in Septemberish. I'll look for that preauthoization page, thanks for the tip.
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Jul 16, 2015 22:34
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El_Elegante posted:I think figuring out how to sum to 100 is a bigger priority than a speculative real estate venture 
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Jul 20, 2015 01:18
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My mom has seven rental houses and she spends about 35 hours a week keeping on top of late rent from tenants, landscaping (Texas suburbs are expected to maintain amazing lawns at all times), and yeah, broken ac units in the summer, heaters in the winter, clogged pipes, leaks, creaks etc etc, taxes, mortgage payments, insurance, foundation issues blah blah blah. She used to work five days a week at an office and pretty much had an unofficial full time handyman to deal with problems during the week and basically ate up all day Saturday and a big chunk of Sunday. Her and my dad each had five rentals before I was born and I'm over 30 now so it's not like she's new at this and just slow at it. It's just time consuming if you don't want to a slum lord. Obviously you can scale that down a bit for your only rental home but yeah unless you hand it off to a property management company (which eats in to almost all your profits) is a big time sink. It depends on the market but I don't think my family has ever expected to pull a profit in the first ten years, it's an investment and if you're breaking even after taxes, fantastic. After ten years the economy inflation (I.e. a lower mortgage payment relative to the rent you get) outstrips the rate of repairs and it starts making money.
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Jul 20, 2015 15:15
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So I went down to the local credit union to setup an account in preparation to get an auto loan in about six weeks. The lady said they would do a "soft pull" on my credit to do identity verification etc, and the more we got talking about it the less sure she was that it was a soft pull or a hard pull so I decided to hold off a day and get more info. I'm planning on calling their main office tomorrow to sort out which - but is that normal? My uncle works on the finance side of a credit union elsewhere and he said they don't do that there. I'm probably just overly sensitive about having credit pulls, but if I get my auto loan through the local credit union, they should realize that two of the four credit pulls in the last year were them setting up my account and the auto loan, right?
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Jul 22, 2015 00:37
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I was working about 80 hours a week at a movie theater making about what you are, it was loving awful I worked too much and never had any money and was slowly sinking further in to debt I would go find an office temp job somewhere and work your rear end off to get a temp-to-hire position (they only give those to the top ~5% hardest working temp workers) to get you out of making minimum wage and pulling a full 40 hours a week As others have said, you're not building wealth right now, you're sustenance living, with a not insignificant debt habit. You need to make more money before you can afford the luxuries to cut them again. Can you roll over all your credit debt to a single card? Often times they will give you 0% APR for six months if you roll over debt which would free up some cash flow at least temporarily, and put you on a lower % when the six months is up.
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Aug 13, 2015 04:10
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So I have no debt, my only payments are cell phone, rent and electric bills which are all month to month and comes out to less than 30% of my income each month. In the last 18 months my life finally stabilized and I'm on a strong upward vector so I indulged in some travel and now I'm building up some savings. There's a good chance I'll move across the country to SF at the end of the year I have about $10,000 in cash savings outside of my IRA/Roth etc Should I just park this money in my bank account until next summer? The company will probably cover a big chunk of my relocation costs but SF is about 40% more expensive than where I live now, and I'll likely have to (want to) buy all new furniture when I move and use this opportunity to jettison all the Ikea-level crap I've been accumulating and start over. I've moved cities in my metro area before and generally it cost me about $1000 each time, but I'm guessing this cross country move will be dramatically more expensive. Is it worth it to park that little money somewhere other than a bank account for less than a year? If not, where should I be parking it?
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Aug 31, 2015 02:43
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Zeta Taskforce posted:First thing, I doubt you will listen to this voice on a comedy forum, is I would not be paying for your girlfriend's school. If you were married, paying for your wife's school would be the thing to do, but not your girlfriend. Of course it will never happen to you, but millions of girlfriends and boyfriends have paid for their girlfriends and boyfriends to go through school only to break up. She should be the one taking out loans and working to pay for her school. There is only one way this works out in the end for you, lots of ways it doesn't. Paying for her school is a pretty bad idea. I didn't want to be the one to say this first but I agree with Zeta 100% and alarm bells were going off in my head before I got to the end of the second sentence. If you were making $6000 a month instead of $2400 a month I would write it off as an amusing distraction but you're spending two months salary a year on her education -- if you buy in to the traditional engagement BS, that's what is typically reserved for an engagement ring. But maybe you're just a super altruistic guy or something 
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Aug 31, 2015 05:40
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PerpetualSelf posted:It reduces my current loan payments which are well over $600 a month. My girlfriend has been in a LDR with me for 3 years; comes from a extremely poor family overseas (they make $300 a month) and is studying English.  Best of luck to you, sir 
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Sep 1, 2015 01:06
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If there's one thing to make an exception for, it would be the wedding venue deposit. Bad wedding venues make for lovely weddings. Any other costs, I would not put on credit however, especially since you have 6-18 months to save up for them, probably.
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Sep 21, 2015 04:47
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Edgar Allan Pwned posted:What is a good number for groceries and eating out for one person? 300? 150? I spend about $25-35 a week on food, that includes beer and wine. But I spent nearly 2 years on unemployment so I've sort of mastered the art of "tastes good, has fresh produce, but is almost free". A lot of pasta, rice, cheddar and Bacon. Going out to bars is always going to be expensive. One option is to live somewhere with a nice patio area that you can entertain, option B is hit up happy hours and leave when happy hour ends. I don't do either so Friday night is typically bar night with friends which includes a $12-14 dinner and four or five drinks at $6 ea + tip = ~$50. So yeah about $300 a month. Add on casual dating, birthdays, etc and it probably goes to $400 a month? When I was 25 we all met up at the local outdoor patio resturant on Tuesdays and they had terrible margaritas but they were $1 each until 7pm and we'd usually split one $3 queso and chips between five people, and on thursdays we'd do frozen margaritas at this restaurant in Dallas that invented them and they had them half price until 7pm so my drinking budget was like $15 a week and I probably drank as much then as I do now (at $50). I have a friend who's a vet tech and is on a much tighter budget than I am so we end up drinking at this place that does $3 margaritas all night and $3 queso on Thursdays. I think with dinner ($10) and tip I got out of there for $22 last week. theHUNGERian posted:How important is it for me to have a credit card? I've been using my debit card for ~10 years now, and I never had an issue. I'm 31, live in the US, have no debts, have a healthy emergency fund, max out my retirement contributions, have no kids, have no intention of buying a house. According to my brother I am an idiot for using my debit card or cash for all my purchases. You can get a secured credit card for as little as $200 through Citi, no reason not to have one, should you decide to pick up a hobby (like sailing) and want to buy a boat some day down the line and need to prove credit. If you have an emergency fund you don't plan on needing, wouldn't you want access to a line of credit down the road if you need it in an emergency? Also with a credit card you can use it to build points for stuff like airline miles and get a free vacation just for using it, if you're responsible with your money. Debit cards don't give you that option. I route all my electric/internet/phone bills and some of the big ticket amazon.com items through my credit card and that seems to be working out ok for me. I have auto bill pay turned on and get a weekly text message with my balance to keep tabs on it. Day to day items under $20 goes on my debit card. Hadlock fucked around with this message at 21:20 on Sep 27, 2015 |
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Sep 27, 2015 21:16
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theHUNGERian posted:I don't have THOSE kinds of finances. Bay area rent is ~$2500 a month for 12 months is $30k. I have an emergency fund of only $20k. Even if it were bigger, I would argue that paying rent a year in advance is not an emergency - in fact it's high risk. It would be better to find a place that is more relaxed in that regard. Speaking of rent, I'm looking at taking a position out there, everything on Zillow shows these tiny 500sq ft apartments with tiny lovely apartment windows for $2700/mo Are there any neighborhoods within 10 miles of mountainview with like, old crappy duplexes or something with some more space? I really want to move out there but it's hard to give up 1400 sq ft and 25 LARGE windows with a backyard for less than half the price to move in to a 500 sq ft efficency that's worse than most dorm rooms. Maybe there are some nice 1000 sq ft flats in downtown San Jose I don't know about? If you can build a 35 story condo building in downtown Dallas in 2013 there ought to be a massive construction boom happening in the peninsula but I can't find anything for rent for less than $3000/mo that isn't some dank looking 1960's shithole and it's really turning me off to the idea of moving out there.
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Sep 27, 2015 23:43
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The part about "I'm a grown-rear end adult and cohabitating with a couple who are also my landlords" is the part that scares the ever-living bejeezus out of me. No disrespect but I've been living by myself in a 2 bedroom for 5 years now, I'm thinking that kind of living situation I dealt with when I was 24 may be difficult to go back to. Where do the baristas at starbucks, the gas station attendants, the guy trying to sell you on the replacement plan at Best Buy live?
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Sep 28, 2015 00:31
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Are they trying to keep the bay area from looking like Hong Kong? loving lol are you serious they commute 2 hours for a minimum wage job? I was a little stunned to find out that their ferry system is basically on life support. Google tried running a ferry from SF to Mountainview (Redwood City, close enough) and pretty much politely got told to go gently caress themselves. I would maybe look at living in Freemont on the other side of the bay, or heck, even Oakland, if I could take the ferry in. The Bay Area's caltrain is still 1960s era rolling stock and takes 45 minutes to get from SF to Mountain View despite property values being through the roof - how do they not have high speed rail throughout the region? If people are turning down 150K/yr due to housing costs and lack of mass transit, your economy is seriously hosed up.
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Sep 28, 2015 06:26
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If you really want to let it hit your credit, then when it hits your credit report you can dispute it there and they have to provide documentation that you really were out of their network when XYZ happened/went in to effect. At that point if they can't prove it, it ought to fall off within 30 days-ish.Duckman2008 posted:So we don't need her to have crystal credit, but it's def nice to have good credit. How bad will this hurt? How reliable are your vehicles? That $950 will sink your credit
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Sep 29, 2015 02:34
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Debt 1: 12,494 @ 20% Debt 2: 2837 @ 7.5 Debt 3: 3212 @ 2% (?) I would either put it all in Debt 1 (your biggest money sink by far), or Pay off Debt 2 and put the rest towards Debt 1 Over 36 payments you're still going to pay yet another $4,221 in interest on Debt 1 If you put it all towards Debt 1 you're only going to pay $2,532 in interest over three years. That's almost two grand in savings, on top of the $5000 in free money you're getting. Paying off Debt 2 only yields $339 in savings over three years edit: Bonus option: roll over the balance of the card on Debt 1 to a new card with 0% APR for one year, pay off Debt 2, then put the rest towards the 0% APR balance roll over Hadlock fucked around with this message at 04:14 on Oct 5, 2015 |
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Oct 5, 2015 04:10
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Ur Getting Fatter posted:3) link my bank account to Robinhood since I'd like to maybe start buying/selling stock, when I get some extra cash. What is Robinhood?
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Oct 11, 2015 20:41
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I read somewhere that using a service like Mint can invalidate any user protections you have with accessing your data/funds because if Mint gets hacked then effectively so is all your information. I'm assuming that's old data because 1) Mint is still around and 2) I would imagine banks would update their API/ToS for services like this I'm with one of a top 20 national chain Bank right now so I can't imagine they don't have that straightened out by now. I'm thinking since they're owned by Intuit, if your bank has a Quicken API then Mint just uses that.
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Oct 16, 2015 03:35
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I'm relocating from Dallas to San Francisco in December. My new company has given me a $5000 "relocation bonus" as I guess the accounting is easier to just give me a cash bonus and let me use it however, rather than having to make me keep track of reciepts etc. That's how they sold it anyways. And the papers are signed so whatever it's a done deal. I'm gussing post-tax I will only see about $2950 of the bonus. So California has a state income tax. Texas does not. I've taken this in to account when doing salary negotiatons, but never really made enough money to need to look at tax exemptions, etc. From what I understand, at the federal level, I can write off all of my moving expenses, can I write this off for my state taxes as well? The california website is murky at best and the one useful link is a dead link. Second, I am going to literally double my dollar amount income with this move. Roughly $50k to $100k Which means I am paying about $31,000 in combined income taxes, between Federal, State, SS, Medicare in California, compared to about $5500 in Texas (combined). If my total moving costs are in the $6-7000 range, can I write those off for January, to take advantage of the tax situation in 2016? How much is the $6000 tax write off worth? Would it be worth sleeping on a cot in my new place until Dec 31st, and then drive the stuff out Jan 1, or is the difference pretty small and I should just apply it to my 2015 taxes. Can I move now and claim the relocation for January if the last of my stuff comes through in the first week of January? Moving the cats cross country probably would be the last step.
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Nov 17, 2015 07:54
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MAKE NO BABBYS posted:Stop moving to San Francisco, we're full. I remember reading in the 1990's the same phrase, and I'd agree with it both then and now. The housing market out there is white hot. That said, I was able to find a ~700 sq ft place within my price range. I did some price comparison (besides housing) and it looks like I'll be able to make a lateral move. My plan is to just eat poo poo on rent for the first year (moving with two cats is problematic when moving to a new city unless you go 1 bedroom) and then somewhere around the 9 month mark find a roommate(s) and increase my savings rate dramatically. Dallas already has $7-9 pints of beer and $20 mexican dinner plates at normal restaurants, so I'm pretty aware of what I'm getting in to. If not, I can pretend I'm 24 again and eat ramen. I went in to this knowing it was going to be an expensive move, and so far I haven't exceeded my relocation bonus  I have no idea what the SF rental market is going to look like in a year, but right now I saw rental prices drop by 10% in three days on all of the units I was looking at. With all the tech layoffs, hopefully prices will come down somewhat.
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Nov 21, 2015 21:17
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At my old company, they restructured the health plan(s) for 2016 so that it's way, way more advantageous to have your spouse on a separate plan (at their seperate company).
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Nov 22, 2015 01:31
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Are you in America and it's over in Israel or Egypt, or are you in London and it's over in Germany? Distance makes a big difference. If your uncle is cashing out it sounds like your grandfather was the one who initially invested and talked the family in to investing, in which case yes you want to cash out. Although if it's a truly $0 upkeep, even on bad years, it may be easier to just keep letting them wire $1500 in to your account every year. It sounds like it's a stable investment and it may be harder to sell for a fair price than just continue collecting on it. $15,000 for his share sounds high, I would decline, unless you can politely offer him ~$3,000 for it.
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Nov 24, 2015 23:56
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What the gently caress bank doesn't allow international wire transfers. Putting cash under your dad's mattress doesn't count as a bank. If you're going to be doing anything international at all, you should get either a major bank like BoA, Wells Fargo, Chase, etc, or a really solid Credit Union. You should probably upgrade your cell plan to something like T-Mobile so you can make phone calls abroad.
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Dec 2, 2015 08:13
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I had to sign up for myfico.com for an apartment rental (long story) and it's showing my scores as 750/738/734 from the three credit bureaus, which looks good on paper, but I've only had a secured card since March 2015 and an unsecured card since Nov 2015. The secured card just shows up as a line of credit on my report, right? There's no penalty assigned? I applied for some higher end cards in November knowing I would be moving cross-country and also buying a lot of airline tickets (just finished moving) between TX and CA to try and get some miles racked up, but despite paying off the card in full every month, I only qualified for a dumpy unsecured card with just $500 limit and an annual fee. Will my ability to qualify for 'real' credit cards with actual rewards begin to improve after I hit that magic one year credit history number? Or do I need to wait 18-24 months before I begin qualifying for real credit cards? Despite six figure income and a high credit score nobody wants to touch me even though all the credit calculators say I smell like roses. Hadlock fucked around with this message at 19:59 on Dec 19, 2015 |
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Dec 19, 2015 19:35
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Unless my credit card has a flat rate on cash out, I shouldn't use cash out to pay my rent, right? I recently moved to San Francisco and now pay more than what most families would pay for two mortgages. I'd love to launder that through my credit card for airline miles (or whatever) and then immediately pay off my bill, or advantage that cashflow somehow. Right now it's just going out my bank and in to the rental office.
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Dec 30, 2015 09:37
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FISHMANPET posted:Where I rent from now, there's a flat fee to pay with a credit card, $35 I think. Not worth it for my rent, but if yours is high enough it might even out, even if you have to pay a fee. $35 is less than 1.05% of my rent, so if I could get back 2%, or better, airline miles, I think I'd be coming out ahead, right?
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Dec 31, 2015 03:39
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I try not to think about it too hard. The rental market in San Francisco is insane. Everyone here might as well live on a different planet.
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Dec 31, 2015 04:29
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Yeah my salary was negotiated against the cost of living in SF, despite the office being almost an hour south of the city. I'm banking pretty hard that by this time next year, either the venture capital market dries up and craters the rental market, or I meet some girl wiling to split the rent with me. Twitter, Microsoft and Yahoo are all bleeding off employees fast right now and so hopefully things will stabilize in the next 6-8 months. I did the whole room with 3 other people and renting rooms from other people in my 20s, living solo like a goddamn adult is expensive 
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Dec 31, 2015 04:45
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The comcast thing may be programmed to accept anything over a credit score of ~525 or null credit. They're likely just trying to calculate how likely you are to walk on your comcast bill. If your chances of walking are too high, they would have charged you a deposit ($100 or something like that). When I had crappy credit, I had to pay a $500 deposit to get electric setup at my apartment. If you want a credit history to generate a credit score, one of the easiest routes would be getting a secured credit card, when I got mine the minimum amount was something incredibly low, like $46 USD. The credit card thread has a default recommended secured card, I think form Capital One, I went with that one. Hadlock fucked around with this message at 22:40 on Jan 2, 2016 |
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Jan 2, 2016 22:38
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Yeah it's "pay to play" You put $100 on a secured credit card, and then you have a credit card with a $100 limit. If you only put $75 on the card, then you only get a credit limit of $75. I think I ended up putting $500 on mine, so I could put all my monthly bills on it, plus a little head room.
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Jan 2, 2016 23:11
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Income Taxes! W-2! < snip!> Moving my post to the correct thread, thanks! Hadlock fucked around with this message at 07:36 on Jan 13, 2016 |
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Jan 13, 2016 06:59
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You're gonna tear up your credit over $5 grand? Just write them a letter, tell them you're going to send them a check for $50/mo for the next 100 months @ no interest due to you leaving the country forever. These kinds of things have a way of circling back around to you some day. If you're gonna be a dick about it, buy $100k in gold on credit and then leave the country or something mischevious (pro tip: don't actually do that). But not for a measly $5K. Especially if you can get a job in the US, and then that debt is only $2500.
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Feb 15, 2016 05:56
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I'm spending an obscene amount of money on rent right now and not putting any money in to savings but staying afloat and paying all my bills on time. I have about a month's worth of wages in savings and no debt. I relocated cross country to start a job about six months ago. It's been very stressful with no time out of the city. I just got back about $1200 in tax returns, with another $4k in federal tax returns on the way. Do I sock away this $1200 in to savings, or blow it all on a vacation out of town to blow off some steam and improve my mental health. Starting in December I'll be moving in to a place that costs about $1000/mo less than what I'm paying now and can start socking away a good amount of savings. Right now I just don't see the point in saving a bunch of money if there's none left over to keep me happy and relaxed and productive at work. I'd rather still have a job in December than a slightly larger cushion of savings.
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May 20, 2016 11:42
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