Personal Finance Weekend Discussion and Victory Thread for the week of April 26, 2019 |
- Weekend Discussion and Victory Thread for the week of April 26, 2019
- Is this a scam? Yes, more than likely it absolutely is.
- The HR manager at my husband's job fell for an email scam and sent all of the employee's W-2s to god-knows-who. Now what?
- Please report scams.
- Parents are taking a $100K home equity loan to pay off $75K credit card debt
- Keeping documents
- My friend believes that paying interest on his student loans for the next 4 years is better for his credit than paying them off right now.
- I want to create a fund to save for college for my new daughter. Is there a way to create that and be able to have family/friends donate to it over time, in lieu of gifts to me/my wife?
- Is it advisable to move in with a married couple and their baby to save money?
- Looking for advice on what I should do for grad school
- Credit Card Company says my mother is dead... and she's not. What do we do?
- Questions about IRA/Taxable account
- I want to close my current checking/savings account and transfer the money into an online one.
- Is paying off a large CC balance bad for my credit?
- How long does it take for PNC to finish a pending dispute?
- Moving closer to work, rent goes up VS staying here, lower rent but longer commute.
- Smart choice for more income?
- Best use for tax return $$$ as college student?
- My average age of credit is poor and has a high impact on my credit score. Why does a factor that is out of my control have such a large impact on my credit score? Are there ways that I can help bolster it?
- 401k Loan for downpayment with huge employer contribution
- What’s a good net worth per age? Also what a good amount to aim to save each money? In other words how much should my net worth be increasing by each month?
- Considering Bankruptcy... Your advice would be much appreciated
- Trying to pay off my credit cards, getting nowhere. Advice, please!
- What lenders allow spousal student loan consolidation?
| Weekend Discussion and Victory Thread for the week of April 26, 2019 Posted: 26 Apr 2019 02:05 PM PDT If you need help, please check the PF Wiki to see if your question might be answered there.This thread is for personal finance questions, discussions, and sharing your success stories:
A big thank you to the many PFers who take time to answer other people's questions! [link] [comments]  |
| Is this a scam? Yes, more than likely it absolutely is. Posted: 26 Apr 2019 07:19 AM PDT I see so many posts in PF every day about is this a scam and if you have to ask the question, it more than likely is. I am currently dealing with this at my job and its just a mess. One day last week our bank noticed a check number well out of sequence had cleared our account and the signature on the check wasn't one of our usual signors. They contacted us and sure enough, some scammer got a hold of our account info and made new checks. That was a week ago. Every single day a new check has cleared our account. My company is not out any money, the next day the check that cleared is reversed and we get our money back. You know who is getting screwed? The people that are foolish enough to believe the story the scammer gave them and cash the check. One guy actually deposited a $4950 check to his account that we saw go through. He then googled our company, because our actual company name and address is on the check, and found our number and called. He spoke to the receptionist to ask if it was a real check. The scammer told him he could have his car wrapped for free and he'd get $500, he just had to take the $4950 check to his bank and deposit it, keep the $500 and send the remainder somewhere. Luckily for him, he thought to call us before he sent anything anywhere and is only going to be out the bounced check fee. Every single day someone has cashed one of these checks, amounts ranging from $900 to $5,000. Another lady called us yesterday and said she got a check int the mail with a letter to call X number after receiving it. Instead she googled us and called to ask if it was a real check. No ma'am, it sure isn't. It seems they are using many different stories and scams with these checks and I think this is probably going to continue until we can finally get that account closed. Our police department can't do anything because the checks are being cashed all over the country and not in their jurisdiction. They said its up to our bank but I'm not sure how much they are going to do either since none of us are out any money, its just the hassle and manpower to deal with it. It amazes me that anyone still falls for this but they absolutely do. Please, if it seems to good to be true, it 10000% is. [link] [comments]  |
| Posted: 26 Apr 2019 08:40 AM PDT As the title says, they admitted to giving away this information. They're offering 2 years of credit protection and "email training" to HR employees in an attempt to rectify. This is not a tiny mom and pop business, they are owned by a near-billion dollar corporation. We have been monitoring his credit and nothing has happened yet but we are unsure what other measures to take. Should we contact a lawyer? Is there something else we should do? Help! [link] [comments]  |
| Posted: 26 Apr 2019 05:45 PM PDT Please report it any time you do get scammed. There's a real stigma that you must be an idiot if you fall for a scam. This is simply not true; as technology advances, so do fraudsters. Here's the Better Business Bureau's Scam Tracker link: https://www.bbb.org/scamtracker/us/ While, it's highly unlikely you'll get any money back, it is incredibly helpful for the greater good if you report it. For prevention of further victims, as well as copycat scams. According to this site https://m.slashdot.org/story/346344 millennials tend to fall for more scams than Baby Boomers, which may surprise some (it did me.) Please check if your state also has a place to report. Here is one for Colorado https://www.stopfraudcolorado.gov/ Stay vigilant, friends. Edit: Apologies if this has been addressed before. [link] [comments]  |
| Parents are taking a $100K home equity loan to pay off $75K credit card debt Posted: 26 Apr 2019 10:49 AM PDT My parents have around $75K credit card debt. Combined, their AGI is ~$130,000 in Michigan. We've had the debt for years from the downturn and whatnot. They also owe a relative a couple thousand (but this relative is a Saint more or less and I've confirmed with her privately she never expects it back, though I'll never tell my parents that and I intend for them to pay it back). The loan is 10 year fixed rate at 5.99% interest. Their credit scores are 682 and 672 respectively. In my mind, it's easier to make one payment of $1100-1300 a month. A ton of these credit cards are frozen and my dad refuses to acknowledge or even pay them back. I know the underlying issue here is how bad my parents are with money, but going forward, if they wipe the slate clean and I regularly check-in, is this a valid move? I think of it kind of like student loan consolidating. What are the pitfalls to look out for? What are the drawbacks? I can always make a payment if my parents are behind so they don't lose the home. The home is worth approximately $500K. The house is paid off and they owe nothing on it. My financial situation is pretty good but I don't intend on mixing up my and my parents' finances. I already dumbly cosigned a car for them (that I've never had to make a payment on because they take care of it, but it's one more straw on the camel's back in my eyes). [link] [comments]  |
| Posted: 26 Apr 2019 04:10 PM PDT My husband's parents have passed away- his mother over a decade ago and his dad nearly three years now. His dad had put our names on the deed to his house (we lived in it and cared for him until he died and have paid the mortgage for the past decade) about 8 years ago. We recently paid his mortgage off and his name is still on the house because of the mortgage. Today as I was going through some things I realized what a massive amount of personal documents and paperwork I have kept having been the executrix of the estate. How long do I need to have these things? I have everything from insurance documents that we've already gotten to bills we pay in his name to even the death certificate of his second wife's first husband! Part of this has been that the house also has things from his maternal grandfather who built the house, and things from his paternal grandparents- a suitcase full of letters, pictures of people neither of us know, high school graduation info from the 1930's or so, etc.... Everyone who is lived here has held onto all of this and I just realized today we probably don't need to do this same thing forever (especially to our kids). So how long do we hang on to documents from my husband's parents? Nothing sentimental but what financially makes sense? [link] [comments]  |
| Posted: 26 Apr 2019 06:54 AM PDT I have a friend who has the money to pay off his student loans but he refuses to because he believes that he needs to be paying back debt every single month in order to have a good credit score. Because he believes that if he paid them off now and then didn't have any additional debts the next few years then he wouldn't have enough credit history for those couple of years to have a good credit score. So instead of paying off his high interest student loans he's been using his extra income to invest in the stock market. I believe he's pissing away his money by continuing to pay interest on his student loans and that he's wasting a lot of money trying to maintain a great credit score that he already has. I think if he paid them off and then 4 years from now went to apply for a mortgage that him simply using a credit card will be enough to establish a credit history for those 4 years. Does continually carrying a debt month to month actually help boost/maintain your credit score to the point that it's worth paying a lot of money in interest? [link] [comments]  |
| Posted: 26 Apr 2019 06:26 PM PDT Title says it all: I want to a way to save money for my daughter so she has college money in the future. Are there good alternatives to just putting money in my savings account while also making it possible for family to contribute over time to the fund? [link] [comments]  |
| Is it advisable to move in with a married couple and their baby to save money? Posted: 26 Apr 2019 06:24 PM PDT I can't afford to live without roomates, but mine aren't renewing our lease and I can't find anyone other than this couple with a one-year-old renting out a room of their house. I haven't met them yet, but will on Tuesday. I'd have my own bathroom and we'd share the common living spaces. I'd actually be getting more space for less money than what I get right now. I can't help but think it's a tricky situation, like I'd feel like a guest in my house. Plus, I'm still a college student so we're at very different life stages, which might cause issues. And they might want more privacy as a couple. Is it worth it to save the money and have my living situation figured out, or should I save it for if I get very desperate? [link] [comments]  |
| Looking for advice on what I should do for grad school Posted: 26 Apr 2019 06:21 PM PDT Currently I'm going crazy between my two main options for grad school. I'm from Puerto Rico (sorry if my english is shitty) and got accepted for a masters in statistics in NY and Puerto Rico. To go to NY I would have to get around 40k in student loans + get a full time job + pay rent and everything else. If I stay in Puerto Rico, I only have to pay 10k that would probably get waived because I work at the university. Now what worries me is that the job market here sucks ass and salaries are stuck under 40k a year while in NY I could be earning 100k after a year. The masters here in PR is 1 year long while the NY one is 2 years. Does anyone have any advice on what I should do? Is the debt worth it for a higher salary in NY? I have around 3000 dollars to relocate to NY if needed, which isn't much but I'm hopeful I can find a job before august. [link] [comments]  |
| Credit Card Company says my mother is dead... and she's not. What do we do? Posted: 26 Apr 2019 01:07 PM PDT My father died a few years ago. For the last few months, my mother has been having problems with American Express. American Express sent a letter to her house saying she was dead, and they were sorry she died. Of course, she was surprised to hear this. She called them and told them she's not dead. They said "sorry, we can't change your status, because we get it from one of the 3 credit agencies. You'll have to call them to fix their reports". They couldn't even tell her which of the 3... so she had to call all 3. So, she called all 3 credit agencies. All 3 said she's alive according to them. She even got them all to mail her her report. All 3 said it's the only type of report there is. Amex extended the 30 day cutoff after death to 60 days to help give my mom time to resolve it. But, she called back and said the 3 credit agencies all say she's alive. Amex just keeps saying it's not their problem, and they can't fix it. Amex said to get a "long report" from the 3 agencies. So, she called the 3 credit agencies again, and asked for a "long report". All 3 agencies said no such thing exists, and the report they already sent is the only kind available. So, now she's getting the reports Re-sent out.... even though all 3 agencies are saying there are no changes, and the reports will be identical to the last ones they gave her. So, she's got a few days until her main credit card gets cut off, which would be devastating, because it's how she pays her bills and stuff. Amex won't fix their mistake. The 3 Credit Bureaus all say they have her alive, and always have. Amex told her to get long report which all 3 Credit Bureaus say doesn't even exist. Is there some kind off trick we can use compel them(whether Amex, or Credit Bureau) to fix their mistake, or some kind of government agency to help us? I feel there's nothing we can do, and Amex is about to let her card be cancelled because they falsely think she's dead. EDIT: Also, she has multiple other credit cards. nobody else has her as dead. Just Amex. Not the credit agencies. No other cards. Just Amex. [link] [comments]  |
| Questions about IRA/Taxable account Posted: 26 Apr 2019 04:46 PM PDT Hi, I have a TSP account that I contribute 16% to, along with a modest pension I will receive once I retire. I also have a traditional IRA that I've already maxed out this year. I just opened a taxable brokerage account with Vanguard because I want to take money out of my savings account (I have about 1.5 years of an emergency fund built up) and invest it, but I want to be able to use it if necessary (I.e. new car, vacation, etc.). I've read about treating all of my accounts as one portfolio, so this what I currently have: I have about 13k in my IRA invested in a vanguard target date 2060 fund and I started with a 3k deposit for my taxable account. My TSP is 80/20 stocks to bonds. I want to have a three fund portfolio built through Vanguard funds for my other two accounts. I know I should put bonds in the IRA for tax purposes, but does it matter which account total stocks and international stocks go into? Does it make a difference? Any suggestions that I should be doing something different? [link] [comments]  |
| I want to close my current checking/savings account and transfer the money into an online one. Posted: 26 Apr 2019 08:11 PM PDT So I'm 18 years old. I have a Chase college checking account and a Chase savings account which don't really give me any interest. They are joint accounts with my parents since I was 15 when they were made. I get around 1¢ per month in my savings. I learned that with Ally bank I could actually be gaining more money than this, and Ally is an online bank. Should I open a Ally checking/savings accounts before I go to Chase and close my account? Or should I go to Chase, ask for my accounts to be closed, and then open my Ally account and transfer the money? I also don't want my parents snooping around my money... I spent some money a month ago and my dad got all freaky about it even though it wasn't anything bad. The Ally accounts look really easy to open and would take 5-10 minutes. [link] [comments]  |
| Is paying off a large CC balance bad for my credit? Posted: 26 Apr 2019 08:08 PM PDT I've heard that paying off a large credit card balance (>$12k) all at once can have a negative impact on your credit rating. That seems counter-intuitive, but then, so do many things credit-related these days. Is there any truth to that, and if so, what's the better way to approach it? Thanks [link] [comments]  |
| How long does it take for PNC to finish a pending dispute? Posted: 26 Apr 2019 08:05 PM PDT Its been luke 3 weeks now and its still pending. Card number got stolen & 2 purchases were made. [link] [comments]  |
| Moving closer to work, rent goes up VS staying here, lower rent but longer commute. Posted: 26 Apr 2019 05:49 PM PDT Hello, I'm in a bind, I'm trying to figure out if I should move closer to work or stay here. Basically, - Work is 44 miles away, it's a straight highway, takes 45 minutes when everything goes fine and there's no accident.There's almost never any traffic. It's basically 1h30 everyday. 4-5 days a week, I can sometime work from home, lets say,1 day per week. - I've already accepted the job, so I've already said Yes to the commute. Everything's coming out of my own pocket. - I have a really nice appartement here, since it's not in any major area, it's 650$ a month, I love the place. So, If I move : - 10-15 minutes commute. So about 20-30 minutes everyday. - Bigger city, rent would be 900-1000$ for something as nice as I have right now. - I would save around 250$ of gas per month - I would save 1H30 everyday, so 6H - 7H30 depending if I work from home. - I have a fairly reliable car, but there's still tire wear and the car devaluating pretty fast since I put tons of miles on itquickly, also, oil changes. - I would get further away from my family and friends, I would be 1 hour away instead of 10 minutes. I tend to get lonely/anxious so it helps having people around sometimes. If I stay : - 45 minutes commute, about 1H30 everyday, sometimes even more when there's traffic (rare). It goes by fast, doesn'tbother me that much, it is just annoying in the winter or it sucks when I haven't slept properly and I feel sleepy whiledriving. - Rent stays 650$ which is what I am used to pay. It's not low and it's not high rent where I am from, it's a fair price forwhat I have. - closer to family and friends - Not saving on gas and car maintenance, higher risk of accident/ticket since I'm driving much more. There's a 3rd solution, I could always move but not as close to work. I could maybe move halfway, Moving Halfway : - 25-30 Minutes commute - 20 miles instead of 44 - Rent would be closer to 750-850 for something as nice as I have. - still about 30 minutes away from family and friends. They all seems equal, I just don't know. Right now, I am inclined to stay where I am, since I don't have to deal with moving all my stuff. All situation seems to be pretty even to me unless I am not seeing something. Edit : Thx everyone! I think I'm gonna stay put, as this is a new job and as I like the place here and being close to family. Driving without traffic isn't so bad so I'm not gonna move right now. THanks! [link] [comments]  |
| Posted: 26 Apr 2019 07:55 PM PDT I want to get into an investment property and honestly, I want to do it sooner than later, I'm young and just want to grow my income by a lot and quickly. I currently live with my mom and make 2k post tax, is it smart to get a mortgage for a du, tri, or quadplex? And rent them all out? Also even just a small house or townhouse. I don't have to worry about rent since I have the luxury of living with mom so my paycheck can go to what little bills I have a Car payment, insurance, Internet, school payments, then vacancy in my rental property? I'm more than happy picking up a 2nd job as well to help be more secure also! Some arguments I've seen that I've tried to counter on my own. Save for repairs Save for down payment [link] [comments]  |
| Best use for tax return $$$ as college student? Posted: 26 Apr 2019 12:23 PM PDT So I have a $1.4k tax return sitting in my savings account at the moment and I wanted to see if anyone had thoughts on where it might be best put to use for me personally. I I see four options: 1. Keep it there to extend my emergency fund to cover over two months (is this necessary?) 2. My laptop is about to kick the bucket. I'm looking to invest ~$1k into a good new laptop to last for the next 4-5 years within the next 6 months. (used laptops seem like a bad idea for value and longevity given personal experience) 3. Throw all or some portion of this amount on my student loans. I am not in repayment as I'm still a current student. Have about $30k public, have already paid down interest while still in school. 4. Invest some or all into stock market, I've had decent returns in the past 4 months with about $150 growing into $180 in a few companies. I'd love to hear thoughts, and I realize there are probably more options here I haven't considered. Thanks! [link] [comments]  |
| Posted: 26 Apr 2019 09:00 AM PDT I check my credit score quite often through the three agencies and through third-party services, like lendingtree and mint. Most months, I can actually see the impact on my credit score from paying down debt, opening a new card/loan, making on-time payments, etc. Payment history, credit utilization, and age of credit seem to hold the most weight in terms of impacting my credit score. While I have (mostly) direct control of my payment history and credit utilization, I don't have nearly as much influence over my age of credit, and I can only sit around and wait years for that factor to improve. In fact, LendingTree implies that it would take 18-20 years of substantial credit age/history to improve that factor from "poor" to "very good" or "excellent". Would this be related to insurance in terms of allowing financial companies and services to discriminate lending based on age/age-related statistics? I'm sure the answer is right in front of me, but I can't wrap my head around it. [link] [comments]  |
| 401k Loan for downpayment with huge employer contribution Posted: 26 Apr 2019 07:33 PM PDT I know the conventional wisdom is not to take out a loan against your 401k for a mortgage. However, I feel as though my situation is a little bit different than others posted recently, so I thought I'd see what you folks thought. Basically, I live in an area with relatively high rents, and I'm getting pretty exhausted by it. I could pay about the same amount in a monthly mortgage payment and have a pretty nice house instead of a decent and expensive apartment. However, my cash savings are extremely modest (see expensive housing, car loan, student loans, regular bills) and pulling a 20% down payment is a pipe dream. One place where I have done well is taking advantage of employee retirement programs. I'm 32 and currently have about 200% of what I'd need to retire EXTREMELY comfortably at 60 saved. My current job invests in a profit share every year, that puts 10-12% of my annual salary into my 401k, on top of my normal 6% contribution with employee match. The company is doing obscenely well, and I'm doing well at it, don't anticipate that changing in the next 2-3 years. Would it still be an absolute idiotic move to borrow from it, knowing the amount I borrow will be quickly replenished? In my mind the profit share more than makes up for the potential growth I'll miss out on by pulling from it, but maybe I'm kidding myself. Would love to hear what you smart folks think! [link] [comments]  |
| Posted: 26 Apr 2019 07:24 PM PDT |
| Considering Bankruptcy... Your advice would be much appreciated Posted: 26 Apr 2019 07:05 PM PDT I'm 24 years old and have approximately 29,900 in credit card debt. I have accrued most of this debt while in graduate school where I was supporting myself after my parents divorced. I had to make many trips by plane/train to take care of my mother who was very sick and lived across the country. I am currently working as an engineer making $63,000 before taxes which makes out to be about $3200 per month or $38,400 per year after taxes, healthcare, and minimal 401k contributions. My monthly expenses are as follows: Rent + Utilities: $1450 per month, Student loans: 200 per month (100k total balance), Food: 400 per month, Gym: 60 per month, Cable: 80 per month, Cell phone: 90 per month, Credit cards: $715 per month. For the past year I felt as if I was living paycheck to paycheck every month which is a horrible way to live. I recently made a budget and started tracking my expenses and now I end up with about 200 per month in my checking account every month. I presently have just $400 in savings and feel like I am drowning with this credit card debt. I used an amortization calculator and with my high interest credit card debt it will take me over 4 years to pay off this debt. I'm looking for advice as to whether or not I should file bankruptcy. It would really help me if I could liquidate my debt and start saving money and paying off my student loan debt. At the same time, I am concerned with the long term implications of bankruptcy, mostly in terms of potential future employers declining my application based upon my bankruptcy. Any advice would be greatly appreciated! As requested - here are my credit card balances and respective interest rates: Amex Platinum: 3600 - 0% Capital One Journey: 4123.36 - 22.05% Capital One Venture: 9911.03 - 19.24% Chase: 5522.75 - 21.24% Amex Blue Cash: 1779.92 - 20.03% Macys - 2687.30 - 19.5% Best Buy (Citi Bank) 1769.78 - 0% until 2020 [link] [comments]  |
| Trying to pay off my credit cards, getting nowhere. Advice, please! Posted: 26 Apr 2019 12:10 PM PDT Hi, everyone. My credit score fluctuates from 625-635. I've never missed a payment on my credit cards, but I have A LOT of hard inquiries (I know, I know) and student loans. I'm trying to get my credit cards paid off. I have a bit of a spending problem, but I'm working on it, and I want to get my finances together before it affects me for the rest of my life. Right now I have about 5 different credit cards with shit APRs, and the total balance is around $3000. I work a crappy part time job since I'm a college student. I make like $900-1000/month and have a house and car payment and stuff, so trying to pay even the minimum on 5 different cards every month is killing me because I'm mostly paying interest. I rarely have any money left over from payday to pay extra towards my cards. I've tried getting loans online, I don't get approved. I can't get a cosigner. I have "Fair Approval Odds" on Credit Karma for One Main Financial but it's a secured loan where they want my car info and the APR is like 25%. Does anybody have suggestions on what I could do? I'm at a loss and sick of paying interest without making a dent in my balances. Edited to add: This is generally what I spend monthly: 5 separate credit cards with minimum payments of $25-28 each About $130 on groceries for two of us About $100 on pet food (bearded Dragon, dog, three cats) ~$100-150 per month for electric $50 per month for internet $120 per month for car payment (my dad gave me cash so I'm just paying him back as I can, he knows I struggle financially) $75/month for cell phone $50/month for gas So in total, roughly $800 of my $900 income is spent on bills and other life expenses. The other $100 is thrown into savings because I have virtually nothing saved, a little over $400. Edited to reformat to make it easier to read [link] [comments]  |
| What lenders allow spousal student loan consolidation? Posted: 26 Apr 2019 06:26 PM PDT My wife and I are trying to consolidate our student loans. Google search reveals nothing but repeated articles on how "some lenders offer spousal consolidation". The articles give no mention to which lenders offer this. What lenders allow this? [link] [comments]  |
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