The Finances and Debt Thread

[David.]

Do you care about your credit? Also this might be considered defrauding financial institutions, so do you mind possibly being charged with a crime?

I'd weigh the risks and benefit but I really don't think there's much to do about this

 

[The Voice]

I'd weigh the risks and benefit but I really don't think there's much to do about this

I call this idea the Trump Special. Get as many unsecured lines of credit and credit cards as you can, max them all out via cash advances. Pay student loans. Get a loan to payoff said credit card/line debt. Pay student loans with this money. Top it off with every payday loan company you can find and pay student loans. File bankruptcy on the credit cards, the CC debt loan and the payday loans.

Also I’m pretty sure if you start a business (llc or corp) any loans you get aren’t actually going to hit your credit as far as not paying them back. The business is a separate entity. Now, if they’re attached to your bank account in some way it may effect you banking history and ability to get an account.

@The Oi might be able to answer the business part.

 

[David.]

I call this idea the Trump Special. Get as many unsecured lines of credit and credit cards as you can, max them all out via cash advances. Pay student loans. Get a loan to payoff said credit card/line debt. Pay student loans with this money. Top it off with every payday loan company you can find and pay student loans. File bankruptcy on the credit cards, the CC debt loan and the payday loans.

Also I’m pretty sure if you start a business (llc or corp) any loans you get aren’t actually going to hit your credit as far as not paying them back. The business is a separate entity. Now, if they’re attached to your bank account in some way it may effect you banking history and ability to get an account.

@The Oi might be able to answer the business part.

You have to have credit to get loans. I'm not getting 63k with a ripe 621. And Id be further faster if I just paid vs bk

 

[David.]

Tried paying off a debt to a collector yesterday. Dear fucking God it was so bad I almost wanted to take their jobs

I got an offer to pay 50 percent 5 months ago and they were saying the offer is gone and the client won't accept it anymore. I explained that's not how debt works, you've already bought the debt from the client and they no longer care. And the probability of collecting debt declines as time goes on, so if it was at 50 6 months ago it doesn't suddenly increase 80% after 6 months more of non payment

Manager got in the phone and started yelling. Told her "OK then you won't get a dime" .

Just went online and the offer for 50%was still good

 

[David.]

Credit at 661 now from 585 a month ago

That collection kills me.it's from an apartment complex and I'm trying to move. I paid it But it's still going to show. How can I get this removed and how fast

 

[KI4MVP]

Solid jump, dude. I’m anal about my credit score because I’m a late credit haver and still don’t have a credit card (don’t trust myself). I’ve been hovering between 755-760 for like 3 months and I’m reaaaaal close to grabbing a credit card.

I'm really late seeing this post, but if you are disciplined, it's a mistake to not have a credit card. Get one with 2% rewards and run as many payments as you can through them. Just make sure the closing balance is under 10% of available credit (but not all the way down to 0), it can be higher during the month.

Use it for everything you have automatically deducted from your checking account that otherwise there is no fee for using credit card and everything you pay for with a debit card. Avoid cash transactions whenever possible. Pay the card multiple times during the month if you have to in order to keep the cash flow going through it.

The disciplined part means making sure you aren't spending extra money just because you get rewards, that you don't lose track of your spending, and that you are below 10% when the card closes. Request balance increases every 6 months to help with that and to also help reduce the number of times you have to pay down the balance during the month.

Also, make sure you pay the statement balance as part of this so it never gets charged interest and if it's a 1+1 card like citibank has, get the rewards deposited into your checking account and then pay the bill, don't apply it to the bill directly.

Doing all of that helps your credit score (below 10% is ideal), build credit with the credit line increases, and keep 2% of a significant amount of the money you spend.

 

[DonGilbert]

Sooo... I'm 25, graduated college last year and lost both parents last year. I haven't been able to hold a job down due to ptsd and anxiety issues. My student debt is roughly 50k and about 5-6k in other debts. I received nothing from my parents because they never wrote a will and now I'm stuck with a depleting home that I would have to pay 5k in probate taxes just to have it in my name to try and get maybe 7k or less in its current condition. I really feel tapped out anymore.

 

[gourimoko]

Sooo... I'm 25, graduated college last year and lost both parents last year.

Jesus man.. sorry to hear that...

I haven't been able to hold a job down due to ptsd and anxiety issues. My student debt is roughly 50k and about 5-6k in other debts. I received nothing from my parents because they never wrote a will and now I'm stuck with a depleting home that I would have to pay 5k in probate taxes just to have it in my name to try and get maybe 7k or less in its current condition. I really feel tapped out anymore.

If I understand you correctly, and you're certain about the appraisal, if the house is only worth $7k then I would walk away from it unless there is some other underlying (sentimental) value or if you think you'd want to live there (not considering the taxes/mortgage, etc)?

With that said, student loans can be a bitch, but don't let them get you down. And FWIW, $5-6k in non-student loan debt isn't bad at all.

 

[Ob1]

Sooo... I'm 25, graduated college last year and lost both parents last year. I haven't been able to hold a job down due to ptsd and anxiety issues. My student debt is roughly 50k and about 5-6k in other debts. I received nothing from my parents because they never wrote a will and now I'm stuck with a depleting home that I would have to pay 5k in probate taxes just to have it in my name to try and get maybe 7k or less in its current condition. I really feel tapped out anymore.

You should try to find a lawyer who will work on a contingency fee to try to get some of your parents assets. I believe absent a will a certain % is supposed to go to kin.

 

[The Voice]

Sooo... I'm 25, graduated college last year and lost both parents last year. I haven't been able to hold a job down due to ptsd and anxiety issues. My student debt is roughly 50k and about 5-6k in other debts. I received nothing from my parents because they never wrote a will and now I'm stuck with a depleting home that I would have to pay 5k in probate taxes just to have it in my name to try and get maybe 7k or less in its current condition. I really feel tapped out anymore.

Did they have bank accounts? You don’t need a will necessarily to access them if they named you the POD or if there’s a small ammount you might be able to just sign a affidavit.

 

[The Process God]

So . . . I didn't get the Branch Manager position with Chase. They told me that I didn't have quite as much management experience as they'd like. However, the fact that they put me through three interviews, then waited a few weeks meant that I was in consideration until the end. There are multiple other branch manager positions for other companies nearby as well that I will be applying to.

 

[DJTJ]

ended up getting a credit card, getting 150 back (basically paying most of my monthly utilities). Approved for 2k.

 

[David.]

W

ended up getting a credit card, getting 150 back (basically paying most of my monthly utilities). Approved for 2k.

Wait what's the deal? Which card? What's your credit score

 

[DJTJ]

W

Wait what's the deal? Which card? What's your credit score

If I spend 500 in 3 months I get 150 back (either as cash into my chase account or applied to the card), no interest first 15 months. Chase freedom (beginner card through my own bank) I’ll easily get it with one house payment.

Credit score is 750s with 55k taxable income.

 

[David.]

I'm not getting a card with rewards with a score of 660 right?