Personal Credit Thread

dodint
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Postby dodint » Thu Dec 07, 2017 7:23 pm

As a 2L I'l say yes, yes you do.

dodint
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Postby dodint » Mon Mar 18, 2019 4:13 pm

Getting a Credit Limit Increase on a card with a crippling interest rate is the financial equivalent of the 'kissing your sister' trope. Yeah, great, thanks. I will never use this...

(It does raise my utilization ceiling though which I guess is nice from a credit reporting standpoint.)

NTP66
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Postby NTP66 » Tue Mar 19, 2019 1:01 pm

Image

tifosi77
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Postby tifosi77 » Tue Mar 19, 2019 2:20 pm

But what if the sister is hawt

dodint
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Postby dodint » Mon Jun 22, 2020 11:25 am

Levin went out of business. I had a store card w/them through Synchrony. I have a balance on it under a 0% promo offer. They closed the card because Levin is out of business, but reported it as a 'Settlement' on my credit report. That's a gray area kind of reporting that could be seen as unfavorable by a potential creditor.

If anyone else also had their store card closed this weekend they may want to do a credit pull and dispute that classification.

meow
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Postby meow » Mon Jun 22, 2020 11:27 am

So what happens to your balance? Do you just write it off?

dodint
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Postby dodint » Mon Jun 22, 2020 11:28 am

No, I have to keep paying it. The debt is with Synchrony, who is quite viable, not with Levin. That's why I am disputing how they're characterizing the account because I'm still obligated and going to pay it, but the report looks like I asked to settle the account at a reduced amount.

Troy Loney
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Postby Troy Loney » Mon Jun 22, 2020 11:34 am

You should take a look at your terms of service. The CFPB should have that agreement on their website somewhere. I am sure it describes what happens when the business the card is for goes under.
Last edited by Troy Loney on Mon Jun 22, 2020 11:34 am, edited 1 time in total.

MrKennethTKangaroo
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Postby MrKennethTKangaroo » Mon Jun 22, 2020 11:34 am

Very worthwhile dispute and good catch.

mac5155
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Postby mac5155 » Wed Aug 26, 2020 2:18 pm

Is anyone on the board aware of a bank/institution that will allow for refinance of a small amount of student loans (<$6k)? Most institutions are minimum of $10k.

i don't really care to pay them off, because the interest rate is pretty low. The main reason for refinance is that they have a cosigner attached to them (my wife's sister), and I'd like to remove her obligation. I've already tried to ask Navient to remove her, and for some god unknown reason (they are dodints) they said no.

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Postby Troy Loney » Wed Aug 26, 2020 2:28 pm

Is anyone on the board aware of a bank/institution that will allow for refinance of a small amount of student loans (<$6k)? Most institutions are minimum of $10k.

i don't really care to pay them off, because the interest rate is pretty low. The main reason for refinance is that they have a cosigner attached to them (my wife's sister), and I'd like to remove her obligation. I've already tried to ask Navient to remove her, and for some god unknown reason (they are dodints) they said no.
I don't think banks are interested in doing much unsecured lending right now (economy and such). Maybe one of those new fintech things would do it.

mac5155
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Postby mac5155 » Wed Aug 26, 2020 2:47 pm

Didn't the US govt just give them like $20 billion dollars.

NTP66
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Postby NTP66 » Wed Aug 26, 2020 2:48 pm

Yeah, but they're worth being bailed out. You just a chump, chump.

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Postby Beveridge » Wed Aug 26, 2020 2:51 pm

Navient is the worst. My father-in-law died before I met my wife and he was co-signer on one of her sister's loan. They wouldn't take him off even 4 years after this death. She finally paid it off to make them go away.

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Postby NTP66 » Wed Aug 26, 2020 2:53 pm

Source of the post Navient is the worst.
Can confirm. Sisters had loans through them, as well as my BIL. They're ****.

mac5155
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Postby mac5155 » Wed Aug 26, 2020 3:25 pm

I refi'd my stuff lightning quick through them (private loans).

My wife has only had like a $9k private loan through them. I should've just tacked it on to mine,but I didnt.

dodint
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Postby dodint » Fri Nov 06, 2020 11:24 am

Does paying a credit card twice a month pay it down faster than doing one large payment at the end of the month?
I think I read that about mortgages but I can't recall the details and if it would scale down to credit card sized debts.

Not real numbers, but this is the situation. Say I have a credit card for $20,000 that I no longer use for purchases. It's effectively closed. I pay $800 a month on it on the 30th. Would there be an interest savings if I made a $400 payment on the 15th and 30th? Minimum payment is $350. Interest rate is ~17%.

Now that I'm mortgage-free I'm looking at strategies for getting rid of all of my consumer debt before I turn 40 in just over two years. I don't have a lot (less than $40k or so) but I'd like it off of the books.

MrKennethTKangaroo
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Postby MrKennethTKangaroo » Fri Nov 06, 2020 11:28 am

I'm pretty sure interest accrues on credit cards the same way it accrues on mortgages (daily). So paying bi-monthly should help at least a little bit

dodint
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Postby dodint » Fri Nov 06, 2020 11:31 am

Neat, thanks. I'm not expecting massive savings here. But I like to pay larger bills every two weeks instead of monthly anyway. All of my car loans are setup that way, and when I had a mortgage I had half of the payment diverted from my paycheck to a savings account so I would effectively pay it that way. I never trusted the mortgage company to record a less-than-full payment correctly but I do trust USAA who runs all of my consumer lending accounts.

CBear3
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Postby CBear3 » Fri Nov 06, 2020 12:24 pm

Speaking of credit card debt, anybody use a debt consolidation company that isn't shady as hell? They all sound like used car salesmen to me

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Postby RonnieFranchise » Fri Nov 06, 2020 12:29 pm

Agree, it should pay it down faster to pay every 2 wks.

I also set my car loan up to pay automatically that way. Need to get my mortgage set up like that. It does pay it down faster plus if it just pays on payday, that amount's gone from my checking right away and I don't have to be thinking about it being due on the 17th of the month or whatever.

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Postby NTP66 » Fri Nov 06, 2020 12:59 pm

Speaking of credit card debt, anybody use a debt consolidation company that isn't shady as hell? They all sound like used car salesmen to me
No, and I can't imagine that you'd ever really want to go that route, ever, personally.

MrKennethTKangaroo
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Personal Credit Thread

Postby MrKennethTKangaroo » Fri Nov 06, 2020 1:00 pm

Speaking of credit card debt, anybody use a debt consolidation company that isn't shady as hell? They all sound like used car salesmen to me
Call a community bank. They might play ball.

mikey
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Postby mikey » Fri Nov 06, 2020 1:13 pm

Are debt consoliators cut from the same cloth: credit debt and student loan debt...?

Neither of which am in hot water with believe it or not...

CBear3
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Postby CBear3 » Fri Nov 06, 2020 1:21 pm

Figured as much. I'm in a spot where I think the wisest decision is to hurry up and finish the basement and use the new appraisal to get a home equity line to pay off remaining credit card debt.

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