×

Part time 27 year old with $7000 in credit card debt. Interest rates on my credit card is keeping from ever getting out of debt right now. What options do I have? by TA08130813 in personalfinance

[–]richb522 2 points3 points  (0 children)

You can pay the full 7k balance in a year? If thats the case I would do the CC because you would pay no interest at all, but you would have to be approved for a limit of 7k. That would depend on your income and score and all that. So would the loan though. If you go the loan route, I'd still shoot for paying it off in a year, you will pay a fee to open the loan and some interest that year, but still significantly less than the CC interest.

As for a personal loan. I would look into a credit union or a bank you are a loyal customer with. Others might know some more options, there are tons of companies that offer this but I'm not sure how reputable they all are.

Getting rid of a car while still making payments. Need options. by IHaveaQuestion99999 in personalfinance

[–]richb522 0 points1 point  (0 children)

It is an option, some smaller places might do it, most will want to roll the loan over into a new car. This will likely yield you a lot less than a private sale though. Depends how much of a hit you are comfortable with vs. The convenience of just letting a dealer do the work. A private sale will be a lot more worj on your part.

Part time 27 year old with $7000 in credit card debt. Interest rates on my credit card is keeping from ever getting out of debt right now. What options do I have? by TA08130813 in personalfinance

[–]richb522 0 points1 point  (0 children)

A personal loan is great to get a lower rate and pay less over time, but loans also have terms. The monthly payback on a personal could end up being more than what you are currently paying per month on your cards.

An option could be a balance transfer card that offers 0% for a year. But you would want to be sure you can pay the the full balnce before that ends, so transferring the full 7k might not be an option. Even if you could transfer some of your debt (like 1k or 2k) to a 0% card, that could help.

Getting rid of a car while still making payments. Need options. by IHaveaQuestion99999 in personalfinance

[–]richb522 0 points1 point  (0 children)

Your only real option if you arent looking to trade in is to sell it. Look up the vehicles blue book value. If it's valued around 6k and you can sell it for 6k you are in the clear. If you sell it for any less than that, you are on the hook for the difference.

Did I screw up by paying impulsivly my car off? by richb522 in personalfinance

[–]richb522[S] 19 points20 points  (0 children)

Thanks. I could see continuing payments with a 1% apr maybe but the 10% just made me sick thinking about it. As for the score I really dont see myself needing it anytime soon so I'm definitely ok with that

Did I screw up by paying impulsivly my car off? by richb522 in personalfinance

[–]richb522[S] 5 points6 points  (0 children)

I currently have a 2 month Efund which I hope to have to 3 months soon. During the time I was making payments of 300 a month I was able to also save about 300 a month give or take, depending on the month. So I believe I can save 600 a month for the forseeable future.

It was an impulse move that scared me after because I have never paid out such a large sum at once. But clearing that loan has left me 100% debt free.

Tips on stopping excessive spending habits? by Ahamplan in personalfinance

[–]richb522 0 points1 point  (0 children)

Make a legitimate budget, all bills, payments and essentials. Go a month spending what you think is appropriate for leisure items. Track every single purchase. Sit down at the end of the month and see what you need to cut. It will painfully obvious when it is in front you.

After you know budget, something that has helped me in the past, is opening another savings or checking account. If you are getting your paycheck direct deposited into checking account, change it for your monthly budget to go to your checking and the rest to a separate account.

The reason being, for me, I online shop quite a bit, and when I had my whole income going into my checking account it was very easy to do one click shopping and not even think about it. But when you have to move funds from one account to the other to make a purchase, sometimes that extra couple minutes gives you enough time to actually think to yourself, Do I really need this?

Sold my other car. Pay off credit cards, or save? by jcole217 in personalfinance

[–]richb522 2 points3 points  (0 children)

Personally, I would pay off the card with interest now. Interest free is not forever though, so I would make a plan of how much you can pay towards the other sum, per month, based on your income. The goal should be to have it paid in full by the time the intro period ends. Which means avoid paying the minimum at all costs. If you do not think you can pay enough from your income to have it paid by then, I would think about throwing a chunk of the remaining 3000 at it until you can get it to where you will have it paid by the end of the intro period.

How do i take out a loan for a vehicle properly? by ieatbleachtripods in personalfinance

[–]richb522 0 points1 point  (0 children)

The only way to do it is to apply for one. But we need some more info. Do you have any money to put down on a loan? What does your savings look like? If none, I would suggest saving and buying used. There are more factors to look at than just the score itself. Income and your current debt to income. Also money down on the loan. I dont see you getting approved for the greatest rate. You will likely get stuck with a loan you can't afford and most likely be upside down on the loan as soon as you sign it, which is a very tough position to be in.

20 year old with no credit, need help! by ghostboye in personalfinance

[–]richb522 0 points1 point  (0 children)

200 is the minimum you can put down to open a Discover secured card. So if the goal here is to establish your credit then yes, I would suggest that. The 10 dollar thing was just an example to give you to not be under any assumptions that you need to spend more to raise your score. It is quite the opposite. Anything you want to put on your card is fine, if you plan on paying it off in full every month. Like I said the goal should be to avoid paying any interest what so ever.

The only thing to be wary of is if you are going to be stalking your score constantly. i recommend researching credit card utilization. If you spend 100 a month out of your 200 that would be 50% utilization. Anything over 30% is considered negative. So your score technically could drop even if you pay in full because it will report when your statement ends. BUT utilization has no history. So one month at 50% your score drops but the next month you utilize 5% and your score recovers. So like I said, if you are going to be checking your score every month dont be alarmed to see it fluctuate depending on how much you spent that month. As long as you keep paying in full, you will be fine.

I always tell people your score should be looked at as a tool that you can grab when you need it. If you pay in full every month, the only time to really worry about your utilization is if you know you are about to apply for a loan or more credit. That is when you want the best possible score. So when you know you are about to apply for more credit you want to keep your utilization the month before under say 5%. Any other month does not matter much because your score will always bounce back.

Does getting a credit card consolidation loan hurt your credit? by RichHomieJake in personalfinance

[–]richb522 1 point2 points  (0 children)

If you're doing debt consolidation by taking a personal loan, It should not affect you too badly. In fact it might help by lowering your revolving credit utilization. Obviously paying lower interest is better, but look at the terms of the loan. the length and monthly payment. The monthly payment could be more than the minimums on your credit cards. You will want to make sure you can afford that monthly payment.

20 year old with no credit, need help! by ghostboye in personalfinance

[–]richb522 1 point2 points  (0 children)

If your goal here is to establish credit there are many options. Chase is very notorious for being tight with their approvals and limits. BEFORE they pull a hard inquiry on you i would ask them what your approval odds are with having no history. You do not want an unnecessary inquiry on your report if you are going to be denied, My guess would be they probably wont approve you. But others can chime in, I just know that Chase is very specific with who they lend to.

But, you can get a secured card. Discover or CapOne are very easy to be approved for. Now if your goal is simply to establish credit now, you do not need to go crazy on your down payment. Don't take out a loan if you dont need one, don't pay for a score, you do not have to.

Put down 200$ of your own money and open a secured card to your liking, that is now your credit limit. You can spend 10 dollars a month, get your statement, pay it in full and sit back and watch your score rise. After 6 months to a year of good standing with your card, ask them to graduate your secured card to an unsecured card. You will be refunded your initial down payment and they will give you a higher limit of their own credit.

Once you do this and are comfortable, then you can look into the good rewards cards that will match your spending habits, by then you should have a fairly good score and be able to get approved for some very nice rewards cards if that is what you want.

Edit - I wanted to add, by paying your statement in full every month you will never pay interest. Make that a habit. CC interest rates are astronomical.

First Pick Discussion by BlackBatman24 in fantasyfootball

[–]richb522 -1 points0 points  (0 children)

If there is such a thing as a safe fantasy pick. It is DJ

If you had me guess who has the ability to have more points at the end of the season? I would say Bell has the better shot. Will it be a margin big enough to pass on the safer pick? That has to be up to you.

With the number 1 pick should I go Bell or Johnson? .5 PPR league by Nickdoggmoneycash in fantasyfootball

[–]richb522 0 points1 point  (0 children)

If I had to pick one that might outscore the other id pick Bell. But not by any crazy amount.

But for me I would still feel better with DJ because I feel he is safer and because I got him and none of my drafts and I wanted him so bad haha.

Draft Position Success by NotFromSaidCountry in fantasyfootball

[–]richb522 8 points9 points  (0 children)

Number 2 pick. Bell, Gronk, Elliot. Could hardly contain myself.

This is even before we knew the draft order it was discussed that anyone that lets Elliot get back to the DJ/Bell owner will have fucked up badly. Guess everyone forgot.

[I ate] a cheesesteak hoagie (hybrid of a cheesesteak with lettuce, tomato and mayo) by mandysohacki in food

[–]richb522 1 point2 points  (0 children)

You are absolutely right. On the tourist traps as well. But if you went somewhere and ordered a cheesesteak you would get steak and cheese. If you order a cheesesteak with lettuce/tomato/onion they would say, oh you mean a cheesesteak hoagie.

Should i just pay off the car loan? by Cx_in_the_chat in personalfinance

[–]richb522 5 points6 points  (0 children)

Any underwriter for, say a mortgage, will see that you have successfully paid off that loan. That would look a lot better to them than having a debt you are still paying. That will outweigh the few points you might lose from paying it off any day.

Should i just pay off the car loan? by Cx_in_the_chat in personalfinance

[–]richb522 6 points7 points  (0 children)

What is the rate? Anything more than 2% i would just pay it off. You could also try the lump sum and get to slowly paying it off. But do you need your score in the near future? Always remember the score itself does nothing for you until you are ready to use it. You might be able to keep building it in the amount of time until you need it.

ELI5 Wells Fargo Scandal by BigTittyDank in personalfinance

[–]richb522 4 points5 points  (0 children)

Not the only reason but the biggest. They defrauded their own customers. Criminals is the word that comes to mind.

ELI5 Wells Fargo Scandal by BigTittyDank in personalfinance

[–]richb522 0 points1 point  (0 children)

This is why this is out in the open now. Not a very well thought out plan.

Any way to build credit cheaply while in college? by Njodr in personalfinance

[–]richb522 1 point2 points  (0 children)

That is up to you. Due date is fine. Your billing cycle will end then you will have a couple weeks usually before your due date. And anything bought in that grace period is applied to the next statement, still interest free because that goes to the next billing cycle. I always pay mine a few days before the due date just because, you never know, weird things happen.

[I ate] a cheesesteak hoagie (hybrid of a cheesesteak with lettuce, tomato and mayo) by mandysohacki in food

[–]richb522 8 points9 points  (0 children)

OP is correct. That is in fact a cheesesteak hoagie. In Philadelphia a cheesesteak is absolutely just meat and cheese, with or without fried onions of course.

Any way to build credit cheaply while in college? by Njodr in personalfinance

[–]richb522 1 point2 points  (0 children)

First, interest will never be applied unless you carry a balance from one statement to the next. So if you pay in full, no interest. Thats a great thing.

Your score will only go up. Age of credit is a factor, so as your first account keeps aging it will go up. How fast and to what number is not an exact science. I suggest reading the wiki on utilization. It is what your balance is in comparison to the credit limit you have. It has no history month to month though so paying in full is always the way to go. But a high utilization one month could drop your score but it will always recover when paid in full and you have a next month of low utilization. I would not worry about that unless you know you are about to apply for more credit. Then you want a month of low utilization. Under 5%.