Personal Finance Credit score in the 730s. But my only line of credit is a secured card with a $500 limit. 30kish yearly income. Applied for a better card and got denied... Where do I go from here? |
- Credit score in the 730s. But my only line of credit is a secured card with a $500 limit. 30kish yearly income. Applied for a better card and got denied... Where do I go from here?
- LendingClub is basically shutting down
- Apartment Complex adding extra charge for washer/dryer 2 months into lease
- Can I get another job without telling my current employer?
- Keep investments or pay off all credit card debt?
- Budgeting for a dog
- Coworker leaving. When/how to ask for a raise.
- I (26) am trying to gain insurance by working at a grocery store, but in doing so I'm missing out on drastically higher paying contract work. What is a good option?
- Why would I choose the PPO plan over the HDHP at my employer?
- My parent has no retirement savings. What can I do?
- Financing for bare land
- Should I get a beater car or try to rent a friend's pickup truck?
- Enterprise has put a $1500 charge for no reason!
- Equifax won't send my cell phone the code to change my password
- Contribute to Roth Basic or 401k
- Personal Capital as an alternative to Mint
- 401k 100% in MIGCX (1.6% ER, 1% deferred load). $50k was purchased within the last 12 months and subject to a 1% fee if sold. Sell now and get into VTSAX or wait until 1% fee is gone?
- get secured card despite having debt I can’t pay
- Opening 2 cards with ~680 credit score? Seeking advice
- Uncharted Waters.
- I'm debating whether I should close some credit cards to protect myself from future debt.
- Car insurance question
- First credit card?
| Posted: 07 Oct 2020 02:43 PM PDT So, as the title says. I have ( had. Denied application may have lowered it.) a credit score in the 730s. Applied for a better card. (With rewards!) Credit Karma recommended. With some research nerd wallet gave it a good review. So, I went for it. Denied. Where should I go from here? I think it may be my income that held me back from getting approved for the card. As the rest of my credit is squeaky clean. Any advice on what cards I should be applying for? I believe raising my credit limit, having more than a single line of credit to expand my credit history etc. would really help my score and future car/mortgage prospects. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| LendingClub is basically shutting down Posted: 07 Oct 2020 09:46 AM PDT From an email I received this morning: Closing an Important Chapter—Notes Platform Retiring on December 31, 2020 As we move towards becoming a full-spectrum fintech marketplace bank, we have looked closely at our current and future product suite and have started development of new products to help our members keep more of what they earn and earn more on what they keep. Unfortunately, under a prospective banking framework, it is not economically practical for LendingClub to continue to offer Notes. So, we had to make the difficult decision to retire the Notes platform effective December 31, 2020. This will not affect the existing Notes you own but means that the last day to purchase Notes will be December 27. In addition, we will no longer accept new accounts effective October 8 and we are targeting to retire the mobile app on November 10. We do not take this decision lightly. Many of our investors consider Notes as a key piece of their investment portfolio, and our individual investors have been an important part of the history and growth of our company. Ultimately, we believe new banking capabilities will enable us to serve you even better in the future. People helping people is core to who we are as a company and we're scoping new products that would retain the peer-to-peer spirit of Notes under the prospective banking framework. In the meantime, we are working with Radius Bank to develop an exclusive high yield savings account, only available to Notes investors, which will allow you to earn more on the available cash in your Notes account—and any additional cash you want to transfer in. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| Apartment Complex adding extra charge for washer/dryer 2 months into lease Posted: 07 Oct 2020 05:24 PM PDT Hey guys, hopefully I put this post in the right place. So when I was first shown my current apartment approximately 2 months ago, accessories such as stove, refrigerator and washer/dryer were in the unit. After discussing the rent for the location I signed the lease for said apartment. Now it's 2 months later and the complex called me, informing that the washer and dryer were accidentally left behind and were available for an extra $50 rent monthly. I have completely read through all documentation in the 30 something page lease and there is nothing annotating if washer/dryer were included or not. Also nothing stating what appliances the apartment did come with, pretty vague in general. Obviously I was under the assumption that the apartment came as is, and don't want to have to pay more for what I found to be included in the first place. Do y'all have any prior experience/options for me to consider? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| Can I get another job without telling my current employer? Posted: 07 Oct 2020 06:43 AM PDT office worker here and since covid, i have been working remotely and would probably be allowed to be remote full time going forward. I am wondering if i can get another job without telling my current employer. I am thinking as long as i don't schedule meeting at the same time, i can work 2 jobs (by doing the extra stuff over the weekend and work a little later during the day). Would getting a new job and not telling my current employer jeopardizes my current job and get me fired? I don't think i ever signed a contract with my company, only the offer. And there is nothing on the offer that talks about having a second job. the only reason i don't want to tell my current and potential 2nd employer that I have 2 jobs is I don't want them to think I have nothing to do that I can manage to get 2 jobs and use that as an excuse to fire me. Also, should a tell the new employer that I won't quit my current job (would they even hire me if I tell them i am planning to keep my current job?) I would appreciate if someone has done something similar and shed some light The only reason i want to have a 2nd job is because there are lots of bills to pay (mortgage, food, insurance, student loans, health insurance for my mother - she doesn't qualify for medicare since she never worked in the US and health insurance for elderly is extremely expensive) and with my current job salary, i can only live pay check by pay check. I am super frugal and only shop at walmart for food. So I just want to work harder to be financially independent. My goal isn't to use any trade secret or anything between employers (i don't know any trade secret anyway). [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| Keep investments or pay off all credit card debt? Posted: 07 Oct 2020 04:29 PM PDT I am carrying about $18k in credit card debt. $10,000 is on an card that is interest free until November. Normally I would pay off the $10,000 with investments/savings and then move the other $8000 on to the same card under a new interest free term. But I am thinking of cashing out investments to pay off all of it. I have $25,000 in an ESPP, $13,000 in a mutual fund, and approx. $10,000 between some other investment accounts. Any recommendation on which accounts to cash out or if I should do it at all? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| Posted: 07 Oct 2020 12:02 PM PDT I've been browsing this sub and come across numerous posts on the topic of dogs, but I wanted to hear some more experiences on a few issues. I will hopefully be adopting my first dog from a shelter soon, probably a medium to large size dog that is young (~1 or 2 years old, maybe a puppy). I have a couple months until I begin my new job and will be moving cities in the meantime, so I am not sure yet if I will be in a small house or apartment.
Budget-
This is assuming I'll stay away from the vet as much as possible and go elsewhere for vaccines, but I am still very unsure on what typical costs for vaccines and vet visits will be annually. Obviously I need to have a savings in case of emergency visits, but it could be a good idea to get insurance to avoid that, I think? I also expect to not have to board or have a dog walker every day after a year or so. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| Coworker leaving. When/how to ask for a raise. Posted: 07 Oct 2020 01:02 PM PDT I've been at the company for a year and a coworker is leaving this week. I will be picking up 90% of his duties and the company is not looking to replace him in the near future. I first took this job out of college with no work experience so needless so say my salary is very low. According to Glassdoor I make less than half of the average base pay. Do I use this opportunity to negotiate a better salary (to around the average) and how long should I wait to bring it up? I was actually in the middle of searching for a new job when he announced he was leaving. I like the job but the money wasn't there. Now I'm the only person there who can do what we do. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| Posted: 07 Oct 2020 05:59 PM PDT For the last four or five years I've been doing animation work on a contract basis for various clients. It pays really well ($35/hr), but finding anywhere that wants to actually employ me with benefits has been difficult, especially since the start of the pandemic. I recently turned 26, which means I'm no longer on my parent's insurance. I took a job at a department store (~$11/hr)that has really good benefits (after a 3 month period, 100 hrs. a month), but I greatly dislike the work and I'm feeling physically and mentally drained at the end of each day, and well into the next. Additionally, I no longer have any time to do the work I actually want my career to be. This also means no creation of new and updated content for demo reels, resumes, etc. If I were to quit my retail job, I have quite a bit of contract work that will last me several months I can hop on, but obviously that work is never 100% guaranteed and as such carries a higher risk. What are my options? Would the cost of private insurance exceed that which I could afford? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| Why would I choose the PPO plan over the HDHP at my employer? Posted: 07 Oct 2020 09:31 AM PDT I've been on the HDHP plan at my job for a couple years, but was just reviewing options, and I'm a little confused about the use case for the PPO:
It seems like the HDHP is better overall. Would someone opt for plan 2 so they don't have to deal with front-loading their medical expenses if they have a lot on the HDHP? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| My parent has no retirement savings. What can I do? Posted: 07 Oct 2020 04:13 PM PDT Hello, I am a fairly young person (about 3 years out of college). I'm early in my career and I have become serious about financial planning. I recently paid off my credit card. I have car note (needed a reliable car for my job, didnt have much time to save for the down) but it should be paid off by next year. I also have student loans that are being paid off by my employer. I'm contributing to my retirement plan and also building my emergency fund. I feel like I'm finally on track except for my mom. She's a cleaning lady and has no retirement savings at all. She's bought a few small houses in her home country (they may be able to fund 1 year of retirement for her) but she has nothing else saved up. Shes essentially financially illiterate and as she is approaching 50, I don't have confidence in her ability to plan and prepare herself. I also seriously doubt she'll be able to work past the age of 60-65, so I want to start setting aside money or open a joint account with my siblings so we can prepare now. We know our mother is planning to use us as her retirement plan, but she doesnt understand that we aren't wealthy. We're just working class, and she could easily put us into debt if we're expected to be her sole source of income in a few years. With this said what options do I have so that I can plan for this? Is there a retirement account I can open? high yield savings? Please give me something good. Also, I love and respect my parent even if I am critical of their choices. I would appreciate if the advice is constructive. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| Posted: 07 Oct 2020 09:59 AM PDT Question about possible financing options. Currently, I own 2, 10 acre parcels of timber/agriculture land, free and clear. My uncle owns the neighboring 10 acres, and recently offered to sell it to me for 50k. All three parcels (my two and his one) appraise around 105k each. How can I finance this? I have enough cash on hand for a 10% down, but not the 30% a bare land loan would usually take. Can I do a "cash out refinance" on my 2 parcels to get cash for this one? Or is that not even a thing with land? I can't do a refinance on my house, as my LTV is still towards the max. I'm at 20% dti right now (6000 income, 1200 debt monthly) Edit: each parcel is appraised at 105k, for a total of 315k [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| Should I get a beater car or try to rent a friend's pickup truck? Posted: 07 Oct 2020 08:32 AM PDT I just started a new job as a sub teacher. It's four days a week, four miles each way to and from the school. That's all I need a car for. I just looked at a car yesterday for $1500. It's a Volvo V70/SE with 265,000 miles. The woman who is selling it is in her 70s. I've been getting to and from work by borrowing my landlord's pickup truck. She doesn't use it during the day because she has another car. She said I could use it until I get a car. But I'm hoping to teach abroad in the spring. And I'm pretty broke right now. I would love to keep the $1500 and try to work out a plan of renting the pickup truck (just to get to work) with my landlord for the few months I'm here. What do you recommend? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| Enterprise has put a $1500 charge for no reason! Posted: 07 Oct 2020 10:27 AM PDT Recently I rented a car from Enterprise and was communicated that I will be charged for some damage on the bumper. Unfortunately, I had not checked the car properly before renting it but on receipt of the communication, I immediately disputed the claim as there was no damage that was done to the car by me. Enterprise has charged me $1500 for damages. I have an insurance from AMEX but I am not sure of what I should be doing as the damage was not done by me and AMEX might not cover the claim in case I tell them that. I do not want to pay $1500 for no fault of my own! Kindly suggest how I should proceed. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| Equifax won't send my cell phone the code to change my password Posted: 07 Oct 2020 05:26 PM PDT What's up with myEquifax? I've tried to change my password twice so that I can freeze my credit. Both times, it let me enter in my info and then said it would send the code to my phone. And both times, the code never came in and the site went down. I verified the login URL several times. Has anyone else had this problem? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| Contribute to Roth Basic or 401k Posted: 07 Oct 2020 04:26 PM PDT My new job allows me to deduct funds for both my employer sponsored 401k and a Roth Basic account, both through Vanguard. From my understanding a Roth Basic is basically a Roth IRA but connected to my 401k. I have not received my first paycheck yet to see really how much money I'll be working with but I'm currently set to get my max employer match of 5% (contributing 6% currently), will be maxing out my HSA contributions to hit the $3,550 limit, and also plan on maxing out my company's ESPP contribution as its a 20% match on the first $6k/year. Stock can be sold at any time with no lockup. My plan is to allocate additional funds to either my 401k or Roth Basic to offset the additional income/tax burden I'd receive from selling my stock from the ESPP but I'm still not 100% sure on the logistics of this. Is there any priority on how I should allocate funds to the ESPP, 401k, or Roth Basic? I've never had a Roth account before. Edit: After seeing other people's responses and further research - the Roth Basic account I'm offered is just a Roth 401k [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| Personal Capital as an alternative to Mint Posted: 07 Oct 2020 12:56 PM PDT I've been using Mint since 2009 to budget our family's monthly expenses. And I'm not a fan - I wish I could find something, anything that can do what Mint can do and better. I was googling replacements and came across Personal Capital and while it does some things much much better than Mint - it really seems to lack some really obvious month to month budgeting tools. For one thing, it can't seem to figure out transfers to save it's life. It records half of my transfer as income and half as expense, muddying the picture for both categories. Also, it doesn't seem to have a built in way to handle "one timers". You can mark them as duplicates, I guess. Also I have all my kids' accounts technically "owned" by me but I don't want to count any of that money or those transactions as mine. The category dropdowns are weirdly small. There are other issues but I'll stop there. Is this app being actively worked on or is what we see kinda what we get? I really like Personal Capital's use of screen real estate far better than Mint but the way it categorizes my transactions... that's just not going to work. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| Posted: 07 Oct 2020 08:36 AM PDT Long story short, my financial advisor clowned me and put 100% of my 401k in MIGCX. I didn't realize there was a 1.6% expense ratio until now. About half of my 401k was funded within the last 12 months which would get hit with a 1% deferred load fee. If I wait until 3/3/2021, $40k would free up and not get charged the 1% backend fee. The question is: is it worth paying 1.6% on $50k in a retirement account to bypass a 1% fee from selling or just get out now, pay the $200-300 fee and get right into a total market index fund, VTSAX. I'm 28 years old. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| get secured card despite having debt I can’t pay Posted: 07 Oct 2020 04:30 PM PDT Does it make sense to get a secured credit card to build credit, even though I have 3 derogatory marks from collections totaling close to 5k? I can't pay it now, I don't even think I could settle because it would have to be for way less than 1/2 of what the 3 debts are worth. But I do want to get a secured card and wait until I either have more money to pay the debts or they fall off. Would that be ass-backwards or would it help my credit despite the bad marks? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| Opening 2 cards with ~680 credit score? Seeking advice Posted: 07 Oct 2020 04:25 PM PDT Hi guys, some context: -I just recently graduated college, I have some small student loans, which I plan to pay off with my first few paychecks. -This week I started my first job out of college, at a tech company making great income, but have no credit cards. I decided to finally open a card, and got what I thought was a decline from Some Bank (the page said not approved so I moved on). I applied for another card with Another Bank, and got approved (and then found out my credit score). But, now Some Bank has emailed me and told me they just need information to continue with my application (which I thought was denied). Do I continue with my application with Some Bank even though I already have a card open with Another Bank? The sole purpose is to build credit as I didn't realize I needed to do it earlier, so I don't really care for having more credit, I will be earning enough to support myself anyways. I want to know what will be better for my score. I will always be paying on time, so that isn't an issue. Thank you :) [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| Posted: 07 Oct 2020 03:04 PM PDT Long-time lurker here, and I am in un-charted waters. I come from a humble financial background (as a child) - from lower class to lower-middle in my teen years. I went on to get multiple college degrees, but had a bad (<40k/year) paying job (Master's was in a low paying field). I now have a job that has paid me over 250k in the last 20 months, while my wife makes 50-60k/year. Our only debt is my student loans (60k - federal - maybe a 5-7% combined interest rate). We have over 100k in the bank, and another 25k in investments. Next up on our wants list is a house (potentially) or a new car (we have 2, paid off and worth ~10k each). Do we pay the loans in full (when payments resume)? Do we continue saving for a huge down payment? What's next? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| I'm debating whether I should close some credit cards to protect myself from future debt. Posted: 07 Oct 2020 11:31 AM PDT I understand that there are many posts about closing credit cards and I have looked through them but to no avail have I found any that pertains to my situation specifically. They come close to the same situation but they either have no responses or unhelpful advice. I'm primarily looking for opinions on this post. In the past and present (to some extent) I have been very irresponsible with my credit card spending. I have lived well outside of my means and it has cost my much debt and headache. I have struggled financially because of my credit card spending and I have finally began paying off many of my cards. I started with almost 40k worth of credit card debt and have gotten it paid down to around 15k. This 15k has gone up and down because I have used them on and off and I have had to sink more money than I can afford into paying them back down to $0. It's a constant cycle of using them outside of my means and then having to pay them off in full again. I am proud of myself for going from 40k to 15k, but now it's gotten harder especially when I can't afford basic necessities because I am trying to pay my cards. I now have around 3 credit cards with a $0 balance. I can't trust myself with them anymore. I have put them in my banks safety deposit box, I have avoided them like the plague, but I always use them and it becomes dangerous. I will be the first to admit that I have an issue with them, and because of this I just don't want them. They only hinder my financial success. Should I close them? I know it can damage my score but honestly, my score is already in the low 600's. I am not sure how much more damage they could do being closed than if they were open. Any advice? [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| Posted: 07 Oct 2020 03:46 PM PDT Hey guys so I have a car note on a car that I purchased when I was in high school a few years back. I have about 2k-3k left on it. The head gasket blew on it and the engine ended up seizing and I was quoted about 10k for parts and labor. It obviously isn't worth to fix and I'm planning on buying a used car real soon. So I understand that I have to complete my payments on the car and I will but my concern is towards the full coverage insurance, is there anyway around paying for full coverage insurance on a financed car that doesn't even run or will not be running? Full coverage is almost $400 a month and that just seems backwards as hell to be paying that much for a car that isn't even going to be running. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||
| Posted: 07 Oct 2020 06:26 PM PDT Hi all! So I am looking to apply for my first general use credit card to aid in building my credit. I have looked at a lot of options but am feeling overwhelmed, so just need a bit of help or advice! Some info about me: I graduated with a bachelors this year, have a significant amount of student loan debt, and have a carecredit card (which is almost paid off). My score is in the high 600's. I have never missed a payment or even been late (I used to have a car payment as well but have since paid that off). My one big drawback is that I've only had credit for two years - and the sheer amount of my student loans. I also have a steady income, though I will say its not high (40 hour/week cashier job currently). I really need something reliable, with good customer service and that I have a decent shot at being approved for. I am not too concerned about a high limit, as I don't plan on making any huge purchases with this card and I figure I can work up to a high limit over time with a good history. I am also not concerned about overusing it as I am very responsible with money. I want to open a card now partially to raise my credit, but also to open a line of good credit that I will not have to close in 10 years (like my student loans). Any advice would be much appreciated! Thanks in advance! [link] [comments]  |
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