Credit Cards Point

Debt/Income Ratio Question [minimum payments] [income ratio]

admin — Tue, 17 Jan 2012 17:10:00 +0000

When I was a lender, said all my minimum payments of everything and this is my monthly debt and then I talked my monthly income. So it does not matter the total amount of debt, but the monthly payment for each?
I'm asking this because I currently pay 566/month for my car payment of interest and for me to trade in another car, which is the same (maybe a bit less) than that per month.
Just a little confused . looking for a house to buy in next 6 months. Thanks.

Best Answer: You are confusing 2 separate issues. Debt to income ratios are figured by adding all of your minimum payments in a given month (credit cards, car payment, installment loans, anything that appears on a credit report) plus your mortgage payment inclusive of taxes and insurance and dividing by your gross monthly income(before taxes). This has no affect on your FICO(credit) scores. Part of your FICO score(30%) is affected by your debt to credit limit ratios. This is derived by adding all of your credit limits and dividing by the sum of all of your balances. However, individual accounts weigh just as heavily as the sum of all of your accounts. The rule of thumb is the 30-50-70 rule. Any time your account balance is over 50% of the credit limit on that particular account, it has a negative affect on your credit scores. Once you go over 70% of the credit limit, it reduces your credit scores even more. Once you "max-out" a credit card or, worse yet, go over your limit, the effect is huge. Conversly, it works in the opposite direction as well. Once you bring your balance below 50% of your credit limit, it starts increasing your FICO score. Bringing your balance below 30% of your credit limit raises your scores even more. Another mistake people make is that they think closing or not using a credit card helps them. This couldn't be farther from the truth. Closing a credit card that has been paid in full would increase your total debt to credit limit ratios and have a negative effect on your scores. Not using a card in several months would cause that account to be deemed inactive-regardless if the account is still open and thus hurt your scores and overall credit rating. Best rule of thumb is to use a card at least every 3 months and pay the bill once you receive the statement. As far as your looking to obtain a 38% debt to income ratio for the purpose of finding a mortgage-that's not necessarily true. Most conforming products, especially with full-documentation loans allow a debt to income ratio of up to 45%. Some lenders allow more in the sub-prime or Alt-A markets. Sounds like you need to find a mortgage broker that knows his/her industry to guide you through this. The first thing I do when a client approaches me to help them finance a home is to go over all of these things, helping them to have a solid understanding of exactly where they stand and what they qualify for.

Reply:I highly doubt that it would ruin your changes since you a re not making a new debt.

Reply:So getting a loan that leaves me with the same monthly payment wouldnt matter much 6 months before mortgage? I'm not incurring more monthly debt but staying the same. Thanks for the info!!!

Reply:minimum payments are all that is looked at to calculate debt to income.
remember, the minimum payment is a 'function of' the TOTAL debt.(ex: you wont have a $10 minimum payment on a credit card with a $10K balance)
so the banks just look at minimum monthly obligation because they know this coorelation exists

MyFico and Experian Vantage [vantage score] [estate accounts]

admin — Tue, 17 Jan 2012 13:00:00 +0000

MyFICO score for Equifax is 715 (can not freeze because of a TU safety). Went to get to the Experian Vantage score and it is 776 (of 990). Here is me as strange: Experian says I have too many inquiries within the last year – I have one. MyFICO says my is positive with only one request. Experian said: “The average loan amount across open, reported recently real estate accounts, such as a mortgage is too low with low loan amounts has a negative impact on your credit score (ME).” What does this mean? MyFICO says that the fact that I joined 20 years worth of credit is a positive, Experian, says: “Your report indicates that the time has been open since your oldest credit account or loan to short is open to credit accounts or loans. for a long time have a positive impact on your credit score. (TS) “I'm going 0.
tends with myFICO not only because it makes me happy to join the 700 Club, but because it seems to be the most accurate. Does that sound about right or am I missing something?

Best Answer: This should help you.

FICO scores from 300 to 850 and Vantage scores from 501 to 990.

Here is the breakdown for both systems.

Vantage Plus system scores from 501-990.
A-901-990
B-801-900
C-701-800
D-601-700
F-501-600

FICO system scores from 300-850.
Elite-740-& up
Prime-700-739
Preferred-660-699
Standard-625-659
Sub-prime-624-& under

FICO is the only one that matters since it's the one that all major lenders look at.

So as you can see it depends on if your looking at a true FICO score or a Vantage plus score.

As far as what makes up credit scores it's the following;
1. Payment history (longer the better) 35%
2. Time in bureau (longer the better) 15%
3. Types of credit (mix of credit cards & installment loans) 10%
4. New credit (new accounts and inquiries) 10%
5. Debt to credit ratio (lower the better) 30%

And just so you will know Experian only uses Vantage, Equifax only uses FICO and Transunion uses both depending of which type of credit report is requested of which there are 3. The standard that people get from The Internet, the auto enhanced which only car dealers and lenders see and the factual which only mortgage people see. The last two are not available to the general public.

To have the very best score and profile people need 3-4 credit card accounts (revolving) with balances below 30% of their credit limits and 2 cars, homes, boats, motorcycles, computers, furniture or personal accounts (installment) all with good long payment history's.

Reply: Can I still be in the 700 club? PPLLEEAAAASSSEEE!!!!
Welcome to the 700 Club, JM!
I myself just re-joined today.
Good one!

Reply: Can I still be in the 700 club? PPLLEEAAAASSSEEE!!!!
Welcome to the 700 Club, JM!
I myself just re-joined today.

Reply:Can I still be in the 700 club? PPLLEEAAAASSSEEE!!!!

Reply: Keep in mind that it doesn't really matter which one you consider more accurate…what matters is "which one is my lender going to use when I apply for a loan?"…and the answer to that is still overwhelmingly the MYFICO score.
yes and no…the issue of which the lender is more prone to use is what one needs to know, but it is not always going to be the equation that is shilled on the myFICO site.
Fair Isaac has MANY, MANY models…the one I consider most relevant to MY use was the bankcard-enhanced score that we knew as PFICO. The Classic score (FICO04 or whatever it is) does not mean much to me in day-to-day lending searches.

Reply: Do not confuse Vantage with Fair Isaac…they are two different entities. Vantage was created by the three bureaus with the intent of it being a competitor to Fair Isaac. It is the subject of ongoing litigation.
And yes, in some models, ONE inquiry in a year is one too many.
So would you consider my MyFico score to be more relevant?

Reply:Do not confuse Vantage with Fair Isaac…they are two different entities. Vantage was created by the three bureaus with the intent of it being a competitor to Fair Isaac. It is the subject of ongoing litigation.
And yes, in some models, ONE inquiry in a year is one too many.

So Im probably wrong but I've run out of agencies to complain to [generated report] [mcm]

admin — Tue, 17 Jan 2012 08:50:00 +0000

so that the original account MCM was nailed by the FDIC and ordered all kinds of crap . of which the refund or credit of certain fees.
MCM the ACA finally unveiled a letter from the account to the collection were . and voila . above
also see, in their little report generated from our $ 603, 588 cost . the same charges that have been ordered refunded
so was uhm, it's kind of interesting that I ran out of places happened
so never complain and ready . . what the heck, they do not want to ask the question of FDIC ruling
I'll address / the FDIC . MCM enjoy complaining!
I ran from agencies to complain . Sun screws . nothing can get it, but maybe something will . I seriously doubt they have a tribute they obtained account
maybe fleeced

Reply: well…the agreement doesn't say anything about not suing
heh
nice work! yes, go after them later.
i did this with one last year (P40gr3551v3 A553t Mgmt), they were sooo apologetic that i almost felt sorry for them……until i got the settlement check and then i forgot all about it.

Reply:indeed….
Im pretty happy with the result being in the middle of a mortgage and all

Reply:Exactly what LVNV did for me. I would have used that if I had needed to to make sure the entries went POOF.
oh…its in writing…its a formal answer to complaint via one of the agencies

Reply:oh…its in writing…its a formal answer to complaint via one of the agencies

Reply:i would get it in writing…that they will delete if you withdraw the complaints.
Then forward that to all agencies to prove what scumbags they are. I would think the fact that they are trying to circumvent the agencies would be a significant black mark. Also…how could they not delete from your account after that anyway?

Reply:well…the agreement doesn't say anything about not suing
heh

Reply:hmmm I think that I wouldn't agree to withdraw the complaints. You could have come out of this with money in your own pocket. They are getting off too easy just by deleting.
If you wanted the deletes for a big purchase or whatever, and there's a time restraint, ok, but otherwise, I wouldn't settle for just this. They have been a big pita for a long time and look at how much work you've put into this….

Reply:well…I won…I didn't take them down and they have admitted no fault BUT
they are closing the account, agree not to sell or assign, and request deletion from all reporting agencies if I withdraw all of my complaints
from all agencies
HA
so do I take it?
i gotta go through my list and see who I complained to to be sure

Reply: ….midland sent me another settlement offer after ignoring my limited cease and desist and calling on saturday
they haven't called since and mailed the settlement offer, 500 bucks and they'll call it PIF..uhm no jerkoffs
maybe i missed it VW, but why haven't you sued them yet? get an attorney and be done with it. Midland will end up paying not only your atty fees, but you as well.

Reply:ACA legal sent over a formal demand for answer to MCM, I'm satisfied with that for now…they should have about another week to answer if they don't file and extension
Im forwarding info the my states banking department…and my husband has a call in to EQ exec customer service ATM
Im tired of this

Reply:have you tried directly contacting any of the legal contacts listed in the ACA directory?

Reply:Did you try complaining again to the same agencies? Maybe if you whine enough they would want to do anything to get you quiet

Reply: court ruling about the original creditor…and it was a huge deal, this account shouldn't of been sold but it was somewhere in the melee
there was sudden mass closure of these accounts
I may go check out the OTS now…..I havent screamed to them yet
I have deleted several items and gotten refunds because of the OTS. don't wait

Reply:court ruling about the original creditor…and it was a huge deal, this account shouldn't of been sold but it was somewhere in the melee
there was sudden mass closure of these accounts
I may go check out the OTS now…..I havent screamed to them yet

FTC << we all know they don't respond to the consumer, so who knows, complained about MCM and EQ
and now, the FDIC because of the original account/FDIC ruling (it was within the time period they outlined too)
midland sent me another settlement offer after ignoring my limited cease and desist and calling on saturday
they haven't called since and mailed the settlement offer, 500 bucks and they'll call it PIF..uhm no jerkoffs
when you say FDIC ruling, do you mean a specific response to you or a court ruling about your bank? Have you complained to the Office of Thrift Supervision? They have helped me with several state banks.

Reply: anything guys? Im losing my mind here
Im pretty sure they along with crap 1 will be screwing my mortgage over
I'd suggest finding a legal agency near you, especially ones geared for low-income people or seniors as they tend to deal with consumer stuff more. Call around a bit. Another option is to send them a certified letter (return receipt) sating that you are investigating your legal options. Basically tier up to an Intent to Sue letter if needed. If you've contacted a law agency, they can send a letter on your behalf that might make all the difference. Some woman they don't know vs. some woman who has done everything you have and who may be represented by an attorney. Let them know you've been in contact with an attorney.
Other ideas:
BBB Complaint — For MCM
FTC for MCM if you haven't already (not sure if you complained about CRA or CA)
Rip-Off Report — Hey, couldn't hurt, right?
The Media — maybe a sympathetic journalist needs a story?
Realistically, if you've been saving your documents you have them dead to rights on Fair Credit violations. Probably their number 1 fear as a CA is getting sued by someone with proof. Like, swoosh, slam-dunk.

Reply:anything guys? Im losing my mind here
Im pretty sure they along with crap 1 will be screwing my mortgage over

Reply:thanks for pointing that out, I logged in and clicked on the communities tab…voila…instant screen name making

Reply: this kinda blows my mind
http://ficoforums.myfico.com/t5/Rebuilding…ess/td-p/637779
anyone have this contact info? I don't have a myfico forums account…im not even seeing where to make one
Click your link and look under the "Rebuilding Your Credit" header for the "Register" link.

Reply:this kinda blows my mind
http://ficoforums.myfico.com/t5/Rebuilding…ess/td-p/637779
anyone have this contact info? I don't have a myfico forums account…im not even seeing where to make one

Reply:*sigh*
I have complained to
the;
BBB<< only an EQ complaint ,but this got a longer than two day dispute/previously verified letter, 17 days in dispute now)
ACA << gone to legal, they just just a demand to answer formal complaint..teehee
CT Dept of Banking << actual investigator/case number assigned, formal inquiry to the prez of MCM
CT AG << referred info to the Dept of Banking
CA AG <KA Commisioner of Banking <<FTC << we all know they don't respond to the consumer, so who knows, complained about MCM and EQ
and now, the FDIC because of the original account/FDIC ruling (it was within the time period they outlined too)
midland sent me another settlement offer after ignoring my limited cease and desist and calling on saturday
they haven't called since and mailed the settlement offer, 500 bucks and they'll call it PIF..uhm no jerkoffs

Reply:CRAs are sensitive to FTC complaints…(if it is reporting)

Playing the game with Chase [spending habits] [playing the game]

admin — Tue, 17 Jan 2012 04:40:00 +0000

So a few months (5 I think) Chase decided to have my shitty shitty credit limit yet. $ 200 down from $ 900. My original thinking was screwed and had not used the card since. I was expecting it to be closed by now, but since I have not changed my mind! I will now see whether the change in my spending habits with the card to me any chance of a CLI them.
I being charged with my first in 5 months the other day, it is my plan to use the card several times a month for small not necessary purchases and see how long it for me responsible for my reward card use takes place. I'll report back if something happens, but no one think this is about? Or is Chase too much of a series of a-holes to even care about it?

Best Answer: A few things you need to know are that Chase may have wrote the loan paperwork but after the loan closed Chase sold the loan to Freddie or Fannie and got paid a commision for generating the loan. The loan was then sold to Wall Street and then resold again to investors as a CDO.
So when you try to "modify" your loan you send it to Chase and it goes into the hands of a person working there drawing a salary and they must figure out who the loan has been sold to repeatedly; if those companies are still in business, who in those companies handles the paperwork, and how to get it to them for them to sign-off on adjusting the loan.
And when your loan is "bundled" with other loans by one company, resold to another company, REbundled again by that company, and resold again as a CDO which are chopped by in different slices it is NOT an easy quick solution for anybody. Your one loan may have been sliced up in over 6 different CDOs and each part of the loan is now having to be "modified" which affects the entire CDO and the investment group or groups that bought each part has to consider how your request affects the return on the entire CDO.
Also the person a the bank who you are dealing with has NO interest in the outcome of your case. They are getting swamped with requests that they simply are untrained for, unqualified to handle, and will not do anything to risk getting fired.
So YOUR personal situation and the fact that your income was cut 5% does NOT concern them. YOU bought the house, YOU signed the loan paperwork, YOU rented it out, and now you want them to cover the loss of equity for YOUR bad investment. Good luck.

Reply:There is a link to it at changeinterms.com – the guy who is blogging about the minimum payment increase.

Reply: Chase wants people they can gouge. Did you see the guy who is picketing outside their CA branches? Hilarious. I hope others join him. I would do it, but Chase doesn't have branches in my state.
Where did you see that? Is there a link?
That would be great to see!!!

Reply:Chase wants people they can gouge. Did you see the guy who is picketing outside their CA branches? Hilarious. I hope others join him. I would do it, but Chase doesn't have branches in my state.

Reply: Well I'll let ya know, but I'm not that hopeful. Mostly I think Chase can go straight to hell for all I care. Their customer service seems to suck.
I sincerely hope there is a special place in hell for all of them.

Reply:Well I'll let ya know, but I'm not that hopeful. Mostly I think Chase can go straight to hell for all I care. Their customer service seems to suck.

Reply: So several months ago (5 I think) Chase decided to make my already crappy credit limit even crappier. $200 down from $900. My original thinking was screw them and hadn't used the card since. I had expected it to be closed by now but since it's not I have changed my mind! I'm going to now see if changing my spending habits with the card will give me any chance of a CLI with them.
I just charged my first thing in 5 months the other day, so my plan is to use the card several times a month for small non necessary purchases and see how long it takes for them to reward me for my responsible card use. I'll report back if anything happens, but does anyone think this will actually work? Or is Chase too much of a bunch of a-holes to even care about this?
Chase does not care in my experience.
My chase is without luv from day 1(12/2006). CL changed once when I combined 3 cards into one (even then Chase thefted $1000 of CL)
My card went from daily usage to occasional usage to one utility bill a month to one charge a month ($4.48)
But YMMV

Went to the dealer today.pretty shady. [credit score] [sales rep]

admin — Tue, 17 Jan 2012 00:30:00 +0000

I'm confused here. I went to the Pontic dealership today for a new look GTO. The cost of the car is 34K. I filled out an application, and the sales rep told me my credit score was 560th For the record, I had a BK, who was released in May this year. He said that since the car will take 3-4 months to get, he would take 5k deposit for the car. Ok . this is not the problem, I expected before I went there. The seller asked me how much I could put on the car. Now I wanted on the implementation of 10k on the car. I told him this. He went and talked to the guy I F u0026 and the seller came back and asked me if I would be able to kill more. Then he asked if I would be able to put down 15K. So, in all reality, with the 5K for a deposit and the deposit 15K, 20K, I would have put me on a 34K car. 20K down is out of my budget. Has anyone ever need to, 15K-20K put down beofre belongs on a car? If I said I would put in a position to 5K down, rather than 10K, so I wouldnt have been poushed set to 15K instead of down? Something just doesn't seem right with it. Let me put it like this. What would a normal down payment for a $ 34k car for someone who has a 560 credit score, be discharged with a BK, paid for with an open auto loan on time for 6 months, w / 2 credit cards on time for 4 months? I hope not wouild 20k

Reply:guyUOTEwould a finance company approve a loan with a 10k downpayment for a car that books for 33-35K?
Someone SHOULD!

Reply:anywayyyy, yes, the GTO is imported from Gm's sister company called Holden in Australia. I went to another dealer yesterday that is going to try to get 10k approved for the downpayment. My original question was, would a finance company approve a loan with a 10k downpayment for a car that books for 33-35K? I seem to be getting different answers from about almost all the dealers in my area. In fact, the local ford dealer basically shoved me out the door as soon as I mentioned BK. Totally amazing.

Reply:Sorry Marv.. Didnt mean for that to blow up like it did. Considering how other words are exchanged even on this board Im surprised one would get offended at any words. Ive been in this world for 40 years and there isnt a word in the world that offends me anymore. Ive been called all of them.

Reply:You obviously haven't driven the new GTO. She's all that!

Reply:
And pray tell me how is that different from:
FORD=First On Race Day
??????????????
Especially from a MOD?
Your Pontiac quote is based on a racial epithet…if you did`nt know I apologize. If you did it is uncalled for on this board ….so I would think.
It offends me….but hey it is a public message board so I let it be known…and I will stop with that.

FOR YOUR INFORMATION
My Pontiac quote is based on what I have heard all my life in the business.
If you construe this as a racial epithet from me you are very much mistaken.
I MEANT AND TYPED exactly JUST THAT AND NOTHING MORE.
Like I said if you DID`NT know it was based on a racial epithet I apologized.
Now that I told you how it can offend some people…thats that.

Reply:
And pray tell me how is that different from:
FORD=First On Race Day
??????????????
Especially from a MOD?

Reply:
OMG!!!!! how dare you!!!!!

Reply:
Careful I think this website is better than that
Especially from the MOD!!

Reply:a mercedes is nothing but a german taxi cab … overrated and expensive

Reply:
You might want to invest that kind of money in a much better car that holds it's reptuation AND its value!

Reply:34K for a Pontiac?? No way. I just bought an Acura for less than that, brand new.

Reply:
He couldn't get a 400hp mercedes for that price. I suspect that's why he would want the GTO.

Reply:You can get a Mercedes benz 2004 (hold much value & prestige) for less than that. You can negotiate off stick price.

Reply:
that aint what the original saying was lol

Reply:PONTIAC= Poor Old Nut Thinks It's A Cadillac

Reply:34K for a pontiac? Is that out the door or pre-tax and fees? Have you seen what else you can get for 34K?
for both of our last two cars we put more than 10K down. Even with low scores with 10K down you better really hold out for a low apr.

Reply:A deposit made when the car is ordered counts as part of the down payment. When they talk about the amount down it includes the $5000.
Of course you make their job easier the more you put down. But even with bad credit if you put down half the price of the car you should get a prime type APR (thus payments are more than proportionally lower). It would be worth it if you have the money.

Reply:Dude,
If you think 10k is kewl, then go to neighboring dealership and see what they come up with. If 10k is all you want to give, then don't move from that number. Doesnt sound like you sign any paperwork so your not obligated to anybody.
But what you should care is what the rate if you put that 10k down. Like earlier post have said, cash is king! The more you give the lower your monthly (and interest) would be.
Hygh

Reply:This is why people cringe at car salesman. You give them an inch and they take a foot. I am convinced that if you walk into a car dealer and ASK THEM what is the MINIMUM down payment you need to get financed, you are never going to get your answer. All youre going to get is "well..can you come up with this much more", Totally bypassing the initial question. If they're telling me that I could get financed with 15K down, why wouldnt I be able to get financed with 10K down? Either that, or they just done know what they're talking about. I made thr mistake of telling them that I could afford 10k down, so they probably figure if I could afford 10K,whats another 5K right? I'm about ready to just stick to the used market already.

Reply:The GTO is built by Holden…the Australian Unit of GM in Australia. Its considered an import for all intents and purposes. Its shipped on a boat. Do you think 10K down is suffient for 34K?

Reply:The more money you use as a down payment will lower the amount financed hence lowering your payment.
The old saying "Cash is KING" is very true in the auto biz.
Don't much care what credit is like, enough of a downpayment I'd venture to say with the right combination of F&I MGR and lender, could probably result in a 0% APR loan.
hmmmmmmmmmmm…….waiting 6 months for a Pontiac don't sound right to me though.
YMMV

How easy is it to have an old card reopened? [credit money] [tradeline]

admin — Mon, 16 Jan 2012 20:20:00 +0000

(I think that should WFFNB not be “g”) Sorry!
It was an account I had was always punctual, never late. I joined it about six years before my credit card / money problems. I have released a bk 4 years and a few collections I will try to get out.
I a postive Car TRADELINE that now and not later than 4 total positive cc tradelines.
My TU is 660, Experian 620 and Equifax around 590th
Any experience always an old card like this again? I'd really like it for the story, because I opened it originally about 10 years ago.
Thanks!

Reply:
good info and good to know, I agree with guy then guy, give them a call.

Reply:
No BK, but at the time I was just beginning my credit repair in earnest and had a couple chargeoffs, a judgement (paid), a couple 30 day lates, and a closed by credit grantor or two.

Reply:Dillards' is now financed through GEMB, so you would have to go through the approval process. If these cards are open and helping your score, I would not look a gift horse in the mouth, I'd try to get some secured credt or try my luck at joining a CU to re-establish credit.

Reply:
did you have a BK and a "few collections" on your CR?

Reply:
If it were me, I would just keep my mouth shut and not say a word! You'll reap all the benefits in your score as long as you don't clue them in.
Pay cash till your scores improve

Reply:I would not give up so easily – call them all they can say is no. I had an express card that was closed by WFNNB in 97. It was showing as open on my CRs but with a 0 limit. I called last year and asked about it and they restored my Credit Line at $500. With use it is now at $1770. The terms aren't great but I now have a tradeline that shows good history since 1997 on my report. IMHO, it is worth at least a phone call.
Good luck with whatever you decide!

Reply:What about all the store cards I have on my CR that still show as open, but I don't have cards for anymore? I have a Hechts & Dillards that's showing this.
It's been years since I've used them but they still show open, do you think I could call and have new cards sent to me or do you think they'll make me reapply since it's been so long?
hmmm

Reply:Oy! Lerner is the thorn in my side. I IIB my account with them, and they have been reporting it as 180 days late ever since the date I filed.

Reply:That's what I though. Thanks!

Reply:Your chance are somewhere between "not going to happen" and "snowballs chance in H-E double tooth-picks"
in others words not very good. An account that old will require you to re-apply and with your current BK and derogs you will probably be denied. Sometimes you can do it if the account was closed under 6 months to a year or so, but 6 years is too long. And regardless the first time they see your new info on your CR they'd close it anyway.

Can I form LLC and quit claim home? [relocation]

admin — Mon, 16 Jan 2012 16:10:00 +0000

Since my employer has nixed my transfer to another area of the country, I will in a house that I bought when we first moved left. My plan was the relocation has taken place, the house was to be used as rent. Since I interested in buying and renting homes have thought about my home would be one way to learn about the entire process. However, I have an LLC in which such property managed.
Part the incentive package provided to those who will remain in this area make a generous housing allowance to cover the increased cost of housing in the area. Thinking about moving into an apartment that will be covered by the allowance, and procedures to form an LLC. Can I quit claim the home to the Company and the lease to another person? If for some reason I had trouble finding a tenant, can I hire me?

Reply:I would think you might have issues with your employer as well. If you were to rent from yourself, this could easily be contrued as fraud. I've seen it happen before when my compnay was doing alot of moves.
Also, you'll lose your homestead, but that might not be that big of a deal.

Reply: Wouldn't a "due on sale" clause be potentially tripped if this occured?
Potentially? Yes.
Likelihood: Somewhere less than slim.
800s

Reply:Wouldn't a "due on sale" clause be potentially tripped if this occured?

Reply:My question about renting to myself refers to whether or not I can pay the corporation rent while waiting for a tenant i.e. I form LLC, quit claim home in April, still living in house in May and renter not found until June. Can I rent home from LLC in May? My main goal is to take advantage of the opportunity to have the mortgage paid down using someone else's money & having my housing expenses subsidized. Just not sure of the best way to do so. Also, want to make sure whatever I do is legal.

Reply:Explain your thought process a bit more. Why would you want to rent to yourself?

Time To Dump Your AMEX CARDS From Smart Money.com! [amex cards] [rousing cheer]

admin — Mon, 16 Jan 2012 12:00:00 +0000

Time to Dump Your AmEx Card?
By Aleksandra Todorova
August 7, 2006
AMERICAN EXPRESS'S ANNOUNCEMENT last week that they would increase the fees on most of their Green and Gold charge cards — while reducing some popular membership rewards benefits like double points on everyday purchases — hasn't resulted in a rousing cheer from card holders.
"How do they expect to retain customers by diminishing the rewards program and raising fees?" ranted a poster on CreditBoards.com1, a popular credit-card discussion board.
The answer is simple: American Express is counting on its loyal customers, who have supposedly racked up enough membership points to discourage them from walking away, explains David Robertson, publisher of the Nilson Report2, an industry newsletter.
At the same time, maintaining a rich rewards program is costly, especially when it comes to incentives like double rewards, a system that allows shoppers to earn two points for each dollar spent at supermarkets, drug stores and gas stations. And so is the fact that its charge-card members generally pay their balances off each month, which doesn't generate nearly as much revenue off interest payments as regular revolving credit cards.
Since introducing the double points for everyday spending four years ago, American Express has seen a considerable spike in spending at its target locations, according to Robertson. Having achieved that goal, though, the company is now "clearly stopping and taking a look at profitability, and thinking about the long-term liability of that program," he says. Look to see other card issuers follow suit in the upcoming year, he warns.
Here are the major changes and how they will affect you.
Increased Fees
In a move toward simplification, American Express is reducing the number of charge cards it offers. Until now, it offered multiple versions of its Green and Gold charge cards, with variations of its rewards program attached. After the changes, it will offer only one version of the Gold and Green Rewards cards, as well as a stripped-down version of each card, with no Membership Rewards program attached to it.
The result of this merging, however, is that most card members will see their annual fees increase by as much as $35. (The exception is card members who used to have Green and Gold Preferred Rewards cards; they will see a slight decrease. More details below.)
No More Double Points on Everyday Spending
The double points for everyday spending will be substituted with a new program, the "Bonus Points Mall," which will allow card members to earn double points when they shop online at specific retailers, referred through American Express's web site. (Currently, Citibank's Thank You3 rewards program has a similar network, called Thank You Merchants, where card holders can earn anywhere from two to 40 bonus points per dollar spent on purchases.) The goal of the new program, according to AmEx spokeswoman Desiree Fish, is to increase consumer spending on online purchases, much in the way that the "everyday spending" bonus has increased the usage of credit cards for smaller-ticket items at the supermarket, drug store or gas station over the past four years.
Taking Action
Not happy with the changes? You may want to consider switching to cards that offer similar benefits at lower or no annual fees whatsoever, says Curtis Arnold, founder of CardRatings.com4, a credit-card information web site. If getting double rewards for everyday purchases is important to you — and bonus gas rebates sure seem appealing these days — consider getting a credit card with similar benefits from another bank issuer, like Citibank or Chase. You can research current card offers at CardRatings.com or CardWeb.com5, another credit-card information web site.
If, on the other hand, you want to keep your Membership Rewards points, consider another strategy: Apply for a no-fee credit card from American Express, such as its Blue card. (An added bonus: Blue card members will continue to earn double points for everyday spending.) Once both cards are enrolled in Membership Rewards, the points you've accumulated so far will not be lost if you close the original card. However, if you intend to redeem points for travel rewards, you will lose some of the points' value, as charge cards allow members to redeem points at a one-point-per-mile basis, while most no-fee credit cards require two points for each mile redeemed.
The table below outlines the most important changes to be introduced to AmEx's charge cards, taking effect Oct. 1. Note that if you have an American Express credit card, those changes will not affect you.
Card
Old Rules
New Rules
Green AmEx
Personal Card
Fee: $55
No Membership Rewards Program
(A Membership Rewards program can be added for an $40 annual fee, or a total of $95 a year.)
There will be no changes made to this card.
Green AmEx:
Rewards or Preferred Rewards
Fee: $65 or $110
Membership Rewards:
With the $65 card, you get one frequent-flier mile for each two rewards points;
With the $110 card, you get one mile per point;
Earn double points on everyday spending (purchases in stand-alone supermarkets, drug stores and gas stations);
Other benefits:
Roadside assistance kicks in if you have trouble with your car 100 or more miles away from home.
Fee: $95 for either card
Membership Rewards:
Redeem one point per frequent-flier mile with both cards (i.e. enhanced travel rewards);
You will no longer earn double points on everyday spending;
Earn double points when you shop online at specific merchants, going through the American Express web site;
Other benefits:
Roadside assistance kicks in 50 or more miles away from home.
Gold AmEx Personal Card
Fee: $75
NO Membership Rewards
(A Membership Rewards program can be added for an $40 annual fee, or a total of $115 a year)
Fee: $85
(Or $125 if adding Membership Rewards)
No other changes will be made to this card
Gold AmEx Rewards or Preferred Rewards
Fee: $90 or $130
Membership Rewards:
Earn double points for everyday purchases;
Other benefits:
Roadside assistance kicks in when 100 or more miles from home;
Free shipping and handling on online purchases.
Fee: $125 for either card
Membership Rewards:
You will no longer earn double points on everyday spending;
Earn double points when you shop online at specific merchants, going through the American Express web site;
Other benefits:
Roadside assistance is effective, even if you're in your driveway (0 miles from home);
No more free shipping and handling on online purchases;
New benefit: entertainment insurance, which covers the cost of tickets to plays, concerts or sporting events in the event you are unable to attend.
Source: American Express
Better Options
Card
Bonus Rewards
American Express Blue Cash6
Once you spend $6,500 on the card in a year, earn 5% cash back at supermarkets, drug stores and gas stations. (Earn 1% cash back if you spend up to $6,500.)
Citi Diamond Preferred Rewards7
Get five ThankYou Points for every $1 spent on purchases at supermarkets, drug stores and gas stations for the first 12 months. Get one point per $1 spent thereafter. Limit: up to 75,000 ThankYou points per calendar year.
Citi Driver's Edge Platinum Select8
Earn 6% rebates on purchases at supermarkets, drug stores and gas stations for 12 months; 3% after th…

Reply:The article is making it sound like it's the beginning of a new trend/business practice.
I still like the idea of a charge card for some reason,almost forcing us to spend less as we have to pay it right away…..

Reply:Thanks for the post! I just recently applied and received the Starwoods AmEx card which seems to have some good flexibility in miles/hotel points. I think it'll work much better for me. Membership Rewards seems to be a bit overrated.

Reply:http://{$MySite}/forums/index.php?showtopic=196034

Reply:I would say that dumping charge cards would be the best idea now that double points are gone …………

Reply:I don't think dumping the CARDS are necessary, but I just cancelled my membership rewards account because the rewards, compared to other cards, are lame. The rewards are better on Amex's other cards like Hilton and Starwood, and on other credit issuers in general.

Reply:interesting…….thanks for the post
Ever wonder how many CC Executives read sites like cb.com? LOL

Auto loan before ARM adjusts? [new car loan] [six days]

admin — Mon, 16 Jan 2012 07:50:00 +0000

For the last six months I have been waiting to use the car when my DH was home (he uses it all day at work so fall out of it is not possible). It is a big disadvantage because he works all day five or six days a week. I want to get a car loan and buy a reliable car to drive the kids around while DH is at work.
The problem is that we have an arm that should change this summer. I do not know whether or not we want to refinance. As a new car will affect the loan? Will it hurt our chances of refinancing?

Reply:Be safe, refi before you get a car if you can, you'll want to know your new mortgage payment anyways before making a purchase I'd think.

Reply:If you finance the new car then the payment will be included in your debt to income ratio. If you pay cash/don't finance it then no car payment would be included in your debt ratio obviously. Also, a new trade line on credit can sometimes bring your scores down for a little while (4-6 months). So if your debt to income ratio & credit scores can absorb it then it is something you should look into. If you don't want to jeopardize or inhibit your chances of qualifying for the refinance on the mortgage, you should find out what your mortgage options are now vs. what they could potentially be once you take on the new car payment.

Odd situation…. advbice please [attorneys office] [odd situation]

admin — Mon, 16 Jan 2012 03:40:00 +0000

One of my CA called my attorney today, whom I retained last week. When he called the attorneys office the receptionist said that I had not retained them, which I have. So I immediatley called the attorneys office and she apologized and said that if he called back she would give him the information that I had indeed retained them and that she made a mistake. So I called the CA back and told the rep this and he said that he did not belive me and that he did his job and that the office needs to send him a letter. So now I am unsure of what to do….. should I do nothing, send a cease and decesist letter, wait and see if he cakks me back, or am I worring about nothing???
Any help or advice would be great.
Thanks

Reply:i would get my attorney to send them a letter.
you've retained them, and they gave out false info, i'm sure they would be HAPPY to help you out here!!
mostly, this will stop the collection calls and notices, which give YOU peace of mind.
*oh, and i would write a letter, too, explaining to executive management how much i appreciate being accused of lying because my attorney's office made a simply error, but that's just me*

Reply:
Me, too.
But if they did call again, I would tell them to never call me again, and give them my attorney's number again. You don't have to accept phone calls from them.

Reply:Under the new laws creditors can call twice AFTER a bk filing. So the next time they call I would very nicely take their name, correct address for a bk notice to be filed and number. I would advise them once again you have retained counsel.
YET you have not filed bk…so collectors can't be cited for "continued" collections. Therefore I would end the convo by stating that you will make sure they will get "noticed" correctly by the bk court. Until such time please cease and desist calling your home and limit their future correspondence to writing.
Thank you very much, good-bye.
sm