NT: Official Personal Finances Thread

[based mod]

Closing your CCs will lower your score

I personally just keep everything open. If someone somehow gets a hold of your info, you have zero liability (in my experience)

 

[louytromps]

Closing your CCs will lower your score

I personally just keep everything open. If someone somehow gets a hold of your info, you have zero liability (in my experience)

QFT.

DONT CLOSE CC ACCOUNTS!

Open Credit Cards increase your credit in two ways. It increases your total available credit which lowers your debt consumption ratio. Also, it adds to the length of your credit history.

I have tons of underwriting and credit experience.

 

[crcballer55]

Closing your CCs will lower your score

I personally just keep everything open. If someone somehow gets a hold of your info, you have zero liability (in my experience)

You might have zero liability, but how much time and effort will it take to prove that it wasn't you? From what I've heard, it can literally take hundreds of hours to get that stuff cleared up. For a couple dozen points on my score? No thank you.

 

[bluntobject50]

You might have zero liability, but how much time and effort will it take to prove that it wasn't you? From what I've heard, it can literally take hundreds of hours to get that stuff cleared up. For a couple dozen points on my score? No thank you.

Credit card fraud is real easy and quick...For the most part it takes one call...Now identity theft is much different.

 

[based mod]

You might have zero liability, but how much time and effort will it take to prove that it wasn't you? From what I've heard, it can literally take hundreds of hours to get that stuff cleared up. For a couple dozen points on my score? No thank you.

Credit card fraud is real easy and quick...For the most part it takes one call...Now identity theft is much different.

Yup one call and that's it in my experience. Happened to my amex, discover and capital one

 

[samyoung80]

Can someone school me on balance transfering my credit card? Got 9k in debt from my younger days. Only use the card for emergencies now if at all. The interest is killing me I need to get the balance down so its manageable. TIA

 

[al audi]

Credit card fraud is real easy and quick...For the most part it takes one call...Now identity theft is much different.

Fact

 

[based mod]

Can someone school me on balance transfering my credit card? Got 9k in debt from my younger days. Only use the card for emergencies now if at all. The interest is killing me I need to get the balance down so its manageable. TIA

Well a balance transfer isn't going to get rid of that 9k balance. If you can do the BT into a different account with lower interest and without any fees attached, go for it.

 

[nrg1604]

Balance transfer to a CC with a 0 APR promo. You'll pay a transfer fee, but u can use that period to pay down your principle without any interest. Caveat is only transfer the amount you can pay off within that promo period or you'll be retroactive charge interest for entire amount.

 

[getyashinebox]

Anyone else burn through cash way too fast?

Moved away from carrying cash, but when I do have it, feel like once the money has left my account, it's already gone, so no damns given when I blow it. Kinda weird

Cards/debit I'm the opposite, pretty deliberate with mostly everything except going out

 

[hot route]

Credit card fraud is real easy and quick...For the most part it takes one call...Now identity theft is much different.

Can you explain how?  

 

[hot route]

Can someone school me on balance transfering my credit card? Got 9k in debt from my younger days. Only use the card for emergencies now if at all. The interest is killing me I need to get the balance down so its manageable. TIA

Look for a couple of cards.  The thing is to make sure you qualify for the amount you want to transfer.  People keep thinking you can just transfer and expect c.c. to take on the whole balance.  That is not the case.    There are a couple of transfers that are 0 fee, 0%.  

If not, look into a personal loan or what not.

 

[bluntobject50]

Can you explain how?  

By calling your CC company and telling them.

 

[samyoung80]

Look for a couple of cards.  The thing is to make sure you qualify for the amount you want to transfer.  People keep thinking you can just transfer and expect c.c. to take on the whole balance.  That is not the case.    There are a couple of transfers that are 0 fee, 0%.  

If not, look into a personal loan or what not.

Thanks for the advice. I am having trouble finding someone to take the whole amount. I may have to look into a personal loan.

 

[capital sb]

Not many places are going to do open up a 9K CC for you, unless you already have comparable limits.

You don't have to transfer the entire limit. 5K at 0% is better than 9K at 12%+ apr. I would suggest a Discover IT card.

Unlimited 12 month 0% balance transfers.

Oh and the person that said if you apply to a card and get declined you should wait 6 months to apply for anything else, that is very false information. It is not a red flag, 15+ inquires is a red flag. Inquiries don't fall off of your report for 2 years and they stop affecting your score after 1 year.

 

[HNL HI]

those of you with Vanguard accounts, you guys have it setup as a Ira or just a investment account?

 

[capital sb]

those of you with Vanguard accounts, you guys have it setup as a Ira or just a investment account?

Depends what your needs are. I have an IRA set up.

 

[antidope]

those of you with Vanguard accounts, you guys have it setup as a Ira or just a investment account?

You can have both, just have both. I have both an IRA and an individual brokerage account just put money into both. You're capped on your IRA contributions so when you hit that just fund the brokerage.

One thing I will advise everyone to do is to make sure all their beneficiary stuff is lined up. Having stuff go through probate <<<<<<<<<

 

[hot route]

those of you with Vanguard accounts, you guys have it setup as a Ira or just a investment account?

Vanguard is just an investment company.   Are you asking about brokerage firms?

Vanguard prides itself as a low expense mutual fund company.  Most people have vanguard funds in their retirement accounts although it's not uncommon for them to be in regular accounts.

 

[HNL HI]

wat

 

[bm35]

I'm broke pls help.

 

[girlslovewaffles]

Ugh, credit score dropped almost 100 points because of an unpaid $40 electric bill. Last month before I moved back from school for the summer, too. Came back to the worst news -_-

 

[antidope]

wat

Vanguard is just a firm man you can do what you're asking about at many places, fidelity, Charles Schwab, etrade, etc etc.

You also can have both an Ira and an non retirement account.

 

[HNL HI]

all I was asking if you were using Vanguard if you had it setup as an IRA or not.

 

[bluntobject50]

Saw this and thought of the thread. lol

http://www.businessinsider.com/i-en...e-my-fianc-refused-to-talk-about-money-2016-2