Finances: Advice, Woes and all things Money!

[DJ_KiDDvIcIOUs]

So I opened up a traditional IRA with Vanguard toda and threw some cash into my HSA. Cool thing I found out is you can actually keep putting money into those fter Jan 1, 2018 and everything up until the tax filing deadline of April 15, 2018 still qualifies for the 2017 tax year.

Based on my tax ladies advice, if I max out both of those then I should drop from the 13% bracket into the 11% bracket and would be owed a bit as opposed to pretty much breaking even from claiming myself as a dependent right now.

 

[ComicChick]

hoping to buy a house this year or at least be very very close to doing so.

i have about 5-6k put aside for it and am currently working on increasing my credit past 750. i'm right under it, so close, and am working to make the moves to pass it towards 800.

i just paid off a credit card, and another one that i never use just increased my limit another 2,000. i guess they want me to start using it lol but i keep it for emergencies. i don't know if that's going to hurt or help me as far as my credit score, of it will affect it at all.

i should have another credit card paid off within the first quarter of the year, and i bought a car last March, paying over the amount due every time. i'm trying to pay that off a year early minimum, if possible.

here's to a prosperous year for all of us!

 

[DJ_KiDDvIcIOUs]

hoping to buy a house this year or at least be very very close to doing so.

i have about 5-6k put aside for it and am currently working on increasing my credit past 750. i'm right under it, so close, and am working to make the moves to pass it towards 800.

i just paid off a credit card, and another one that i never use just increased my limit another 2,000. i guess they want me to start using it lol but i keep it for emergencies. i don't know if that's going to hurt or help me as far as my credit score, of it will affect it at all.

i should have another credit card paid off within the first quarter of the year, and i bought a car last March, paying over the amount due every time. i'm trying to pay that off a year early minimum, if possible.

here's to a prosperous year for all of us!

Props on getting the score so high CC. The credit limit increase should improve your score as it will increase the total amount of credit available to you which will drive down your total available credit usage.

If you're not already doing it, put something small on there and then pay it off each month since many credit cards will close an account due to inactivity if they haven't been used in 6 months (can vary from card to card though).

Have you done a home buyer course yet?

 

[ComicChick]

i do use it every now and then, usually just to fill up my gas tank, then i pay it off.

there is a home buyer course available here either at the end of the month or the beginning of next, i forget which, but i'm considering it.

 

[DJ_KiDDvIcIOUs]

i do use it every now and then, usually just to fill up my gas tank, then i pay it off.

there is a home buyer course available here either at the end of the month or the beginning of next, i forget which, but i'm considering it.

Every 6 months you have a card open you have two options. You can ask for a credit limit increase or you can request a lower interest rate on the card.

The benefit of getting the credit limit increase is helping keep you at or below the 30-35% of total credit usage most lenders like to see for responsible buyers. The trick is to not rack up crazy debt on the card just because you can.

I'd highly recommend the home buyer course as it will give you a pretty good rundown of a lot of things to consider as well as really great stuff for your specific area. My friend just took one and she is planning on getting a house here within the next few months hopefully.

 

[ComicChick]

one of my resolutions for this year was to hit 750 on my credit score. i'm proud to say that only one month in, and i'm only 7pts away from that goal. yay!

 

[squeekness]

Congrats. That's a good goal to have.

 

[chaseter]

Here is a helpful tip to improve your credit score...don’t wait for cc companies to increase your limit, call and ask for an increase. I increase mine $5k every year. I think I’m at $30 or $40k. As long as you pay it off monthly and have a good credit score, they’ll increase it. I don’t spend anywhere near my limit, can’t afford it, but they hope you will so they’ll increase it. The lower your debt to credit ratio is, the higher your score goes.

 

[DJ_KiDDvIcIOUs]

Here is a helpful tip to improve your credit score...don’t wait for cc companies to increase your limit, call and ask for an increase. I increase mine $5k every year. I think I’m at $30 or $40k. As long as you pay it off monthly and have a good credit score, they’ll increase it. I don’t spend anywhere near my limit, can’t afford it, but they hope you will so they’ll increase it. The lower your debt to credit ratio is, the higher your score goes.

I was told you can request either a credit limit increase or to have your interest rate lowered every 6 months on any given card.

How often do you request credit increases Chaseter?

 

[Donner]

Given how many people are in debt both in Canada and the US, it would be horribly irresponsible for the vast majority to increase their credit card limit.

If you've been in consumer debt before, don't increase your limit.

 

[Iceman]

I had a perfect credit score recently. 999/999. Even though I've had debt on the cards for a few years. The issuers keep raising my limits too and by large amounts without me requesting it.

 

[ComicChick]

one of my cards has been giving me 1.5% back on purchases, so i've just been using that the past month or 2, then whatever rewards i've been making back on it, i've been turning towards account credit, and just paying it off every month. i'm kinda liking this strategy so far, since i've been able to get about $30 in rewards back that i put on the bill that i didn't have to pay out of my own pocket

 

[DJ_KiDDvIcIOUs]

Given how many people are in debt both in Canada and the US, it would be horribly irresponsible for the vast majority to increase their credit card limit.

If you've been in consumer debt before, don't increase your limit.

I completely agree, stupid people who do not understand "credit" is not free money or how credit actually works should not have their credit limits increased.

Usually, those folks already have their cards maxed out and only make the minimum payment each month so the credit card companies rarely increase their limit so the problem solves itself almost.

Now those of us who use credit responsibly and as a tool for future purposes like buying a home or taking advantage of credit card rewards are the type of people that shouldn't have a problem increasing their credit lines if they choose.

 

[ComicChick]

i'll admit, i was one of the stupid people coming out of high school. my first credit card had a high limit, and i used it to pay my college tuition and books, etc, like money burning in my pocket... and it kicked my butt. it was years and years until i paid off that debt. it killed my credit back then.

i just got a credit line increase of $1400 today on one of my cards, which was pretty cool. thats going to bring my debt ratio down some more i think. i dont use this card that much, usually use it, pay it off, rinse, repeat, so that should be good.

i'm really proud of where i am financially at this point in the year so far. i've already paid off all my bills for February except for two

 

[Spider-Fan]

I accumulated a bit of credit card debt when I was working on filming my movie. I think I have only 150-200 bucks on like 3 of my CCs, on is basically maxed, but my one card I am okay, LOL!

I have to start chipping away at it.

 

[Iceman]

i'll admit, i was one of the stupid people coming out of high school. my first credit card had a high limit, and i used it to pay my college tuition and books, etc, like money burning in my pocket... and it kicked my butt. it was years and years until i paid off that debt. it killed my credit back then.

i just got a credit line increase of $1400 today on one of my cards, which was pretty cool. thats going to bring my debt ratio down some more i think. i dont use this card that much, usually use it, pay it off, rinse, repeat, so that should be good.

i'm really proud of where i am financially at this point in the year so far. i've already paid off all my bills for February except for two

Nice one, congrats! Feels great to make progress on this kind of stuff.

 

[chaseter]

I was told you can request either a credit limit increase or to have your interest rate lowered every 6 months on any given card.

How often do you request credit increases Chaseter?

Once per year. I don’t know on the frequency...I’ve never asked. I have 2 credit cards and I increase them both at the same time every year.

 

[Holiday]

Anyone have financial goals they're trying to hit before the beginning of next year? Im thinking of paying off my car this year, I owe $4400 on it. One less bill every month.

 

[ComicChick]

One of my financial goals is to have $7500 in savings. I’m more than halfway there now.
I bought my car exactly a year ago on March 1st and have paid more than due every time. I’d like to pay it off at least one year early so that’s more of a longstanding goal.

I’m thisclose to achieving my goal of 750 credit score. And when I hit that, onto 800
I need to ask about decreasing my interest rate on my credit cards. I’ve had them a long time and my payments are always early. Sometimes I pay them twice a month to work on getting that debt Ratio down.

 

[DJ_KiDDvIcIOUs]

My goal for finances this year will be to get a decent emergency fund stashed, max out my HSA, and max out my IRA if I get the HSA done.

 

[Pink Ranger]

Quick question: what does everyone feel about quitting a job you hate, but that pays well, for a smaller independent company where you know the people who run it fairly well and like them, but pays 20% less and has fewer benefits?

 

[Donner]

Quick question: what does everyone feel about quitting a job you hate, but that pays well, for a smaller independent company where you know the people who run it fairly well and like them, but pays 20% less and has fewer benefits?

Quit. Money isn't everything. And if you really hate your job but you stay, you'll regret wasting your life when you're older.

 

[ComicChick]

Peace of mind is worth more especially if you’re enjoying what you are doing.

 

[ComicChick]

Btw I’ve already accomplished one of my goals/resolutions for this year. My credit is over 750!
Now onwards to 800

All my bills are paid off for this month except for car note and I’m planning on paying double the amount. I’m really happy of where I am right now.

I still have $500-750 coming my way from side jobs on top of my paycheck with a holiday coming on Friday

 

[LTuser]

one of my resolutions for this year was to hit 750 on my credit score. i'm proud to say that only one month in, and i'm only 7pts away from that goal. yay!

Good for you ComicChick. I've known far too many who let their Credit score slip. BUT with sites like CreditKarma and the like, that allows you to keep abreast of it, its EASIER to check, validate and keep it increasing..

Here is a helpful tip to improve your credit score...don’t wait for cc companies to increase your limit, call and ask for an increase. I increase mine $5k every year. I think I’m at $30 or $40k. As long as you pay it off monthly and have a good credit score, they’ll increase it. I don’t spend anywhere near my limit, can’t afford it, but they hope you will so they’ll increase it. The lower your debt to credit ratio is, the higher your score goes.

Thanks for that tip!

Quick question: what does everyone feel about quitting a job you hate, but that pays well, for a smaller independent company where you know the people who run it fairly well and like them, but pays 20% less and has fewer benefits?

If you can take the 20% pay hit, then DO IT. Better work in a job you love/like, than in one you hate.

For me, i've been hovering around 795-802 on my credit report for over 5 years now.

I've had a few gripes or complaints over the years. One of the ones that, even though it happened back in 2012 STILL peeves me off is this:

Back when i was retiring from the US navy down in Gulfport MS (NMCB 11), i had well over 90k in the bank, 70k+ in my TSP (thrift savings plan), 55K or so in bonds (US savings bonds) and 100K or so in stocks/mutuals.
BUT because the house i owned down IN Gulfport had a 1,400/mo mortgage, and my retirement from the Military is roughly 1,800$/mo, when i moved up here to Columbus, no bank/mortgage company would give me a NEW one, as i 'owed too much compared to what i earned. EVEN THOUGH I HAD PLENTY IN THE BANK to cover it all..
So i wound up having to cash OUT a lot of money, to BUY the house i live in now, all for cash.. 98K to be precise.

Over the years, i've heard similar stories from OTHER Friends in the military, where when they retired, cause they still owned (and thus had a mortgage) a property, and the mortgage on that property was over 70% of what their retirement from the Mil was, had to cash out stuff, to buy a new place..