Personal Finance Weekday Help and Victory Thread for the week of May 25, 2020 |
- Weekday Help and Victory Thread for the week of May 25, 2020
- To those refinancing their mortgage, pay close attention to the appraisal report
- Applied for CC and they autofilled the form based on last 4 of social. Everything was correct except email.
- Just found a 2 year old debt that has gone to collections. What can I do?
- My credit is being ruined by hospital bills from when I was 16
- Does anyone put 20% down on a house anymore?
- Total income taxes significantly more now that we're married?
- How late can I pay medical bills "due upon receipt"?
- I'm uncomfortable buying an expensive house because I grew up in such a frugal, low-income household.
- I just kinda toss as much income as I can into my personal savings account. Is this reasonable?
- Might sound a bit stupid but..
- What to do with my money in my high yield savings account.
- I need help I got myself into a mess
- Saving for a house versus Roth IRA
- What can I do to stop receiving mails about debt that my deceased father had?
- My mom is not great with money.
- Multiple shopping accounts with different email accounts were hacked to send myself items. Why would someone send myself stuff? Cannot claim fraudulent because they were sent to me
- How much tax do i need to pay if i sell a rental home?
- I need a no-fee debit card from a good processor (Mastercard, AMEX, etc) that I can make a small deposit to weekly
- Father deep into manic episode right after helping me get a house
- Should I open a Roth or a traditional 401(k) account?
- Unemployment job search requirement is waived thru end of May, but suddenly I am being asked to provide work search history.
- Is there any benefit to a Traditional IRA other than tax deductions?
- If you open a business card operating as a sole proprietor and default on it, will it appear on your personal credit report?
- Term insurance and what to expect
| Weekday Help and Victory Thread for the week of May 25, 2020 Posted: 25 May 2020 04:07 AM 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]  |
| To those refinancing their mortgage, pay close attention to the appraisal report Posted: 25 May 2020 04:38 PM PDT I'm refinancing my house that I purchased about 2 years ago. I was slightly disappointed with the appraisal and in looking through the details noticed the appraiser missed both my fireplace and deck. I immediately contacted the mortgage lender who asked for pictures for proof. About an hour later the value of my property was adjusted ~$10K higher, shedding about 1yr off my PMI payments. Attention to detail is key. [link] [comments]  |
| Posted: 25 May 2020 05:18 AM PDT As title says, I applied for a store card today. They asked for last 4 of social and my phone number. They then found my info, which was all correct except for some random email. Should I be concerned? Maybe that email was tied to my number before I had it but it seems weird that they had my current address and everything else right. Anyone have thoughts on this? [link] [comments]  |
| Just found a 2 year old debt that has gone to collections. What can I do? Posted: 25 May 2020 08:15 AM PDT I just checked my credit report because my husband and I are talking about buying a house. When I checked my score it was down around 35 points. I checked further and found that there were 2 medical bills from over 2.5 years ago that had gone to collections. The weird part is I have no memory or record of those medical bills. I had one bill from that hospital and I paid it. I have been called by the collection company before, but I honestly blew it off because I always pay my bills on time and I thought it was a scam. The collection company never sent me any written notice of debt and I don't think I received any bills from this hospital for these amounts. Also the bills are from dates I was not at the hospital and for nice round amounts, which rarely happens with medical bills in my experience. I am not sure what to do. I have looked online and on the wiki, but I am still so confused. Because the debt is so old, I don't know what rights I have or if I can dispute it. I really want to get the mark off my credit reports so that I can get the best mortgage rates. My credit scores are still above 775, but I know an unpaid debt looks bad. The bills are for under $500 total and I can afford to pay them, but I don't want to pay debt that I honestly don't think is mine. Help me please! [link] [comments]  |
| My credit is being ruined by hospital bills from when I was 16 Posted: 25 May 2020 06:15 PM PDT I was in the hospital for a day in highschool and I honestly don't remember what for. My mom apparently didn't pay so it went on my credit for some reason and I didn't know until I went to the bank to enquire about an auto loan and when they pulled up my credit score it was incredibly low due to unpaid hospital bills but I was a minor? [link] [comments]  |
| Does anyone put 20% down on a house anymore? Posted: 25 May 2020 03:56 PM PDT Hi, My husband and I are currently saving up for our first home. We're in our mid 20's with no kids, both college educated with good careers, no kids (but 2 lovely dogs). We're currently renting and paying off a car loan before looking into buying a home. I have a strong desire to save up 20% for a home, but I'm a little surprised how much discouragement I've gotten from friends and even our financial advisors. Out of all our friends, only 1 has put down 20% or more on their home (much older, ~40) and only 1 other friend with home experience (10+ yrs) has said she wished she would've waited longer to put down more. The rest of our friends are our age and have put down less than 20% and are very defensive of that choice saying that anything more than 10% doesn't really get you any advantages in terms of better credit scores, PMI was like $20/mo for them and would fall off when they hit 20% equity, payments weren't significantly more, and they valued the liquidity in keeping more cash in their bank accounts. Now, I try not to pry into other people's finances as a friend, so these are just the things they've offered up when I've asked for their advice, but it confuses me as a financial professional. I've run some numbers myself, but want to branch out to the community for fresh perspectives. My husband and I asked our financial advisors and they didn't seem to feel very strongly one way or another. I couldn't tell if it was because they thought we valued buying a home sooner rather than later (in which case we did not have 20% at the time we asked) or if they didn't expect us to want to wait or what. With that being said, do first time, or other, home buyers still put down 20%? Does that old rule still make sense? Arguments for and against. [link] [comments]  |
| Total income taxes significantly more now that we're married? Posted: 25 May 2020 06:07 PM PDT Finally getting around to doing my 2019 taxes. Wife and I got married last summer. Filing jointly, we're taxed about $2,000 more total compared to if we could each file as Single still. As Single, my wife would take the $12,200 standard deduction and I would itemize a ~$23,500 deduction (bought a house two years ago so lots of mortgage interest). But filing jointly, we end up with just the $24,400 standard deduction. That difference in deductions results in about $2,000 more in total taxes. Am I missing something? I read about the "marriage penalty" but didn't expect it to be this significant. Fortunately, we don't owe anything because we only updated our withholdings to "married but filing separately" for this reason, but damn. [link] [comments]  |
| How late can I pay medical bills "due upon receipt"? Posted: 25 May 2020 12:50 PM PDT I have not found a straight answer online. For reasons, I would want to pay them as late as possible, but before they go to collections or hit my credit score. All the medical bills that I have ever received are "due upon receipt". Would I get at least a warning before they go to collections? Does anybody know or have any personal experience? EDIT: The reason I don't want to pay immediately is because half of the time I receive medical bills (from different places), I pay and then a couple of weeks later I receive a different bill because my insurance kicked in or disputed something, or the hospital forgot to add something, or I am being charged by a different lab for the same thing. I just want to avoid having to deal with those things and just wait until they solve things themselves and send me the right bill (in the cases the original bill is not right). [link] [comments]  |
| Posted: 25 May 2020 07:29 PM PDT My wife and I are 30 y/o, have 2 toddlers, gross $115,000, and have $127,000 equity in our $175,000 home. We are looking to move but fear of fees and being house poor are getting in the way of me making the move. I grew up in a low-middle-class home and was raised very debt-averse. Through my childhood our house was worth maybe $65,000 and we never really had much. We never needed, but didn't have any surplus. With how frugal I saw my parents being, the thought of me paying $10,000 in realtor fees to sell my home turns my stomach. We are looking to buy around $300,000. I have a mental block telling me something is wrong with this purchase just because the number is so large. I think about $6,000 to $12,000 in closing costs. In realtor fees of my current house and closing costs of my future house combined I stand to lose $22,000 in fees. I guess I came here looking for confirmation that what I'm doing is okay and normal and I'm not putting my family's financial future in jeopardy by making the move. Thank you. [link] [comments]  |
| I just kinda toss as much income as I can into my personal savings account. Is this reasonable? Posted: 25 May 2020 02:17 PM PDT To be honest, I just like seeing that number go up. I know that I should look into investing (it's too overwhelming for me and I legitimately think I might be too dumb to comprehend it) but I get a sense of satisfaction out of seeing my savings account go up month by month. Is this practical for the long term though? [link] [comments]  |
| Might sound a bit stupid but.. Posted: 25 May 2020 04:54 AM PDT Right now, 10 dollars is 10 dollars in this crappy situation we're in. I went to a laundromat for a wash, and my total should have been $5. $3.75 for the wash, $.25 each 8 minutes of dry time, totalling 40 minutes. Well I finish my cycle, head to Wal-Mart to get some cheap essentials, and my card gets declined. I take off a few items, declined. I take off a few more and it gets approved. While in in my car about to head home with half of my goods, I check my account. $15 for the wash?? Here's my issue. I can't find a number to call, there's no management to talk to, but I really would like my $10 back so I can get the food i need for the week before payday on Thursday. All I could do was leave a foul review. Is there any way I can dispute this? Would my bank possibly do something about it? I've already had to call them to remove overdraft fees previously and I don't want to hound my bank with constant phone calls regarding very miniscule money issues. Tldr; went to crappy laundromat, charged 3x as much with no way to contact the owner to dispute the charge Edit: well I don't even know how to say this but a kind soul has donated me enough to fill the small gap in my bank account. I have pleaded that I repay him, in a few weeks time but he says he will just decline the online payment..... I wanted to thank him by adding his username and what he did on here, but he said to just write "just pay it forward when you can" instead. I will indeed, pay it forward Mr error.. you have literally fed me and have made a grown man shed a tear. I opted to Snapchat for video evidence of my bank, my pantry, he declined. I did not make this post for anyone to donate, or to scam anyone, or to beg, so I ask for anyone else to please refrain from offering anything. I still will try to pay this man back, whole heartedly, and I hope that he accepts it when I do try. [link] [comments]  |
| What to do with my money in my high yield savings account. Posted: 25 May 2020 06:58 PM PDT I have 100k setting in a high yield savings account. I also have 12 month emergency fund separate from this money. I had initially delighted a portion of my weekly paychecks to this account for the purpose of putting 20% down on a house, I live in Los Angeles so housing is pretty expensive. I also invest but at this time my investments are lagging behind my savings so I want to invest around 50k. With my Roth IRA I can only invest 6000 a year. What other options do I have to invest this money? Where else can I hold long term savings? Should I invest it in a lump sum or dollar cost average it into the market? I will most likely put this money into a target date retirement fund once I invest it. [link] [comments]  |
| I need help I got myself into a mess Posted: 25 May 2020 07:56 PM PDT First starting off I got bad credit by making really bad decisions when I was 19 nobody in my family ever taught me how to be financially educated. I'm now trying to rebuild my credit and seen this credit card called "CREDIT ONE". It has tons of bad reviews but I didn't have a choice this is my first month and the fees are outrageous but I don't mind as long as I build my credit. I have the app and my, Current Balance is $0 but my Statement Balance is $127.77 I'm trying to pay it off before the due date but it's not letting me since I dont have any current balances. I've seen some reviews that says the company will want you to pay late on purpose in order to charge you a late fee. I'm just scared of my credit dropping back down. I don't know what to do, please if you guys could be kind enough and share of some your advice and knowledge. Thank you , have a goodnight and stay safe. God bless . [link] [comments]  |
| Saving for a house versus Roth IRA Posted: 25 May 2020 07:19 AM PDT I have a simple question. Is there anything wrong with maxing out Roth IRA contributions with the plan to eventually take money out of my Roth IRA for a down payment on a house? I know I will be taxed on my earnings, but is there any other penalty? Long story short my wife and I will eventually buy a house... But maybe not. I'd like to put the money in our IRA So it can be in the market and earn. [link] [comments]  |
| What can I do to stop receiving mails about debt that my deceased father had? Posted: 25 May 2020 12:51 PM PDT When my father passed away, he had some credit card debt. There was certainly no way my mom would be responsible for it since she lives in Mexico and can't live nor go to the US legally as of now. My father did not leave any assets nor life insurances or anything. He basically didn't leave anything behind. My sister was supposed to contact the credit card companies to let them know about his passing. It's been a couple months. I guess she must've been too busy or forgot since I keep receiving mails about my father having credit collection. I'm not sure if I should contact them to let them know that he passed away but I'm afraid they'll come after me to collect his debt. [link] [comments]  |
| My mom is not great with money. Posted: 25 May 2020 02:19 PM PDT Fell for a ponzi scheme back in 2010 that severely crippled their finances, and they're still trying to recover. She just into the personal finance thing a few years ago, and it's awesome to see she's getting better. She's really into Rich Dad, Poor Dad and all that. Luckily, she wrote and prioritized her goals. Her main goal right now is to invest real estate, as she is an experienced real estate broker, just terrible with money lol. Next, she would like to pay off the $190k mortgage within the next 5 years. Lastly, would be the $6k car loan. First thing I told her to do was make an emergency fund. What is the next step? What would a rough timeline of achieving these goals look like based on the following information? Combined Income- Roughly $100k Monthly Expense- Unknowns Mortgage- $190k Car Loan- $8k [link] [comments]  |
| Posted: 25 May 2020 11:31 AM PDT I woke up this morning to several emails from eBay and PayPal confirming my purchase of several gift cards, an iPhone X, a PayStation 4, and some miscellaneous odds and ends. eBay and Amazon both refuse to acknowledge the fraudulent nature of the items, however, because they were shipped to my own address, and they claim the IP that purchased these is in my town, so it matches my shopping trends. So I am struggling on how to report what happened, but I am more confused why this would happen. Is there some kind of scam I am not aware of involving ordering things and shipping them to the account holder? The gift cards were sent electronically to a proton mail account, but one was physically shipped. I was able to resend the electronic ones to my own email address to cancel out the original redemption code so they cannot use them. I am just at a loss here. Also, my Amazon and eBay accounts use different email addresses and unique passwords. How would they both get access in the same night? Do I need to be concerned about other sites and apps? Should I cancel my card through my bank even if no one actually had access to the card itself? Since I have no idea how this happened, I have no idea how to respond. I am also struggling to report the activity as fraudulent because it took place from an IP address in my town and some goods were shipped directly to me. Does anyone have any insight? This is close to a thousand dollars. If this post does not belong here, can anyone else suggest where I should turn to? [link] [comments]  |
| How much tax do i need to pay if i sell a rental home? Posted: 25 May 2020 05:06 PM PDT I've never lived in there. It's been used for rental for 10 yrs. And me and my brother bought it together. The gain is around 200k. My annual salary is 75k and his is 80k. No kids, not married yet. [link] [comments]  |
| Posted: 25 May 2020 06:01 PM PDT Does anyone know a good card, even if it's a prepaid card, that I can simply deposit about $500 per week for personal expenses? I don't want to pay any fees and I want it to have a good processor because some of the merchants has trouble processing my VISA cards. [link] [comments]  |
| Father deep into manic episode right after helping me get a house Posted: 25 May 2020 07:21 PM PDT So about a month ago my father started showing signs of mania (unbeknownst to me living across the country) coinciding with him offering to help me buy a house after a raise I had received. He put a modest down payment for me, and offered to pay half of the mortgage as long as his name and my mom's were on the title, and his is on the loan with me because he wanted to get a house ~$35k more than what I qualified for. Fast forward to today (skipping a lot of detail): my mom and brother are living with me as of last weekend after my dad went full manic. He left here to "go back home" Tuesday after traveling across the country with my mom and brother to visit, but has not actually been on his way back home. Instead, he's pulling out about 1k a day to spend on weed and gambling? prostitutes? in various cities. My mom and brother have no income (sahm and brother is / was in school). This isn't a problem, I can take care of them until they get jobs and I can pay the mortgage. If he keeps up this spending though I'm afraid his own bills won't get paid, and they will come after this house. What can I do to protect myself from this? He's not in his right mind and I don't know how to ask him for a quitclaim or to refinance. Am I being too hasty with protecting my finances? Could really use guidance as my mom isn't really doing anything to remedy the situation or making any hard decisions. I already had her request forbearance on their house so now they just have their credit cards. Not sure what to do next. [link] [comments]  |
| Should I open a Roth or a traditional 401(k) account? Posted: 25 May 2020 04:29 PM PDT Hi everybody, I (18f) have been reading on what exactly is a 401(k) and how there is a regular one and a Roth one. Both options are available to me from the coffee shop I work for. I've been reading a pdf from them that explains that the Roth one is after-tax contributions which are taxed when contributed, and in the future if I withdraw it, it is tax-free as long as it is in "qualified distribution." The regular pre-tax one will be where I'm taxed in the future when I withdraw those funds. This may easily been known to you guys here, but I figured it'd be good for context especially since I'm new to all of this. The company I work for will match 100% on the first 5% of my eligible pay. In the pdf, it explains that if I choose the 401(k) pre-tax, it can lower the amount of income taxes I pay each period. And, with that extra money, I could contribute it to the 401(k) plan in general. It also allows me to have more disposable income at the time I receive my paychecks. It recommends me to choose this one if I am subject to lower tax rates during my retirement than during the years I contribute to the plan. For the Roth 401(k), the pdf explains that my contributions would be deducted during each pay period after my income taxes are taken out. This means my take home pay would be less compared to me making contributions to a 401(k) pre-tax plan. A sentence says, "Earnings are tax free if they are part of a "qualified distribution," which I don't quite understand. The pdf recommends this option if I am subject to a high tax-rate during my retirement years than the years I contribute to the plan. I don't know if I will be taxed at a higher or lower rate when I retire. I also don't know what affects me to be taxed at a higher rate unless if I make a higher income as I grow older, but doesn't every U.S. citizen get equally taxed according to the tax brackets they meet? I'm still confused on which one I should choose because I want to be sure I make the best decision that suits me. In addition, how much should I contribute to the retirements savings I choose? (I will at least do 5% since that is what the company matches.) For some more background info: I think I can live with less disposable income on a monthly basis because I've developed some savings I can use when I pay my college fees. I'll be pursuing a bachelor's degree starting this fall. I thankfully have all of my tuition covered thanks to a scholarship (as long as I maintain a high GPA), but I still have to pay all other fees such as textbooks, parking, food, etc. The company I work for also offers workers opportunities to invest in their stocks, which I'm still figuring out. Any advice, clarification, or suggestions would be greatly appreciated. Thank you so much for taking the time to read this post. If any more background info is required before releasing judgement please just ask in the comments. [link] [comments]  |
| Posted: 25 May 2020 07:05 PM PDT I am requesting benefits payment for unemployment and the state (Florida) has currently waived the work search requirements thru the end of May. While requesting benefits this week the site asks me to provide work search details, but this information has not been required or even requested proof of job search on previous benefit requests during Covid. Anyone know what is going on? [link] [comments]  |
| Is there any benefit to a Traditional IRA other than tax deductions? Posted: 25 May 2020 04:17 PM PDT My MAGI is over the allowed limit to deduct IRA contributions and I have a 401k retirement account through my employer. Given those circumstances, is there any reason why I would contribute to a Traditional IRA over a Roth? [link] [comments]  |
| Posted: 25 May 2020 04:12 PM PDT LLC business account doesn't show on personal credit report. If I'm late by a couple of months, will it affect my personal credit score? [link] [comments]  |
| Term insurance and what to expect Posted: 25 May 2020 06:42 PM PDT I am 27, unmarried and just bought a house under my name for a 30yr mortgage. I live with my girlfriend and her daughter. I feel as my responsibilities increase and the loan is in my name, I want to buy a term insurance to secure them in case something happens to me. I smoke regularly but don't have any other health issues. I also invest in the market and contribute to my 401K so I feel a term insurance should be better for me than whole life. Any pointers for where to shop for it and what to expect in terms of premium? [link] [comments]  |
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