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CoderBlix

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Everything posted by CoderBlix

  1. just for fun I recently priced replacement fridges for ours (I don't like ours) the cheapest one I found was $8200. ETA: I started liking ours a lot after finding out the cost of replacing it! $8200..I am sensing the elusive SubZero. This is off topic but can you let me know what you dont like? I am looking at them now and seeing a lot of negative feedback online...
  2. The federal guidelines do not require this, but there's nothing that states that an individual lender may not calculate this in the front or back end ratios. Also, the individual who mentioned 401k loans being counted as income is either confused about the type of withdrawal or needs a new tax advisor. Hey Qwerty...that was me...I must have misunderstood what he was saying as I had two seperate advisors tell me the same thing...that said I will be finding a new tax person next year regardless Maybe this is what my advisor was referrig to... 5. You could end up in a higher tax bracket If you were maxing out your 401(k) contributions to put you in a lower tax bracket, you won’t receive that benefit after you take out a 401(k) loan. Your payments to the loan are taken out post-tax and you can’t claim them as a deduction on your tax return.
  3. The federal guidelines do not require this, but there's nothing that states that an individual lender may not calculate this in the front or back end ratios. Also, the individual who mentioned 401k loans being counted as income is either confused about the type of withdrawal or needs a new tax advisor. Hey Qwerty...that was me...I must have misunderstood what he was saying as I had two seperate advisors tell me the same thing...that said I will be finding a new tax person next year regardless
  4. I don't think we're disagreeing that much; I understand the opportunity cost point of view of enjoying life now...but the loan creates another liability and the fact one is needed at all makes me wonder if the OP has reserves for the unanticipated costs of homeownership. Stress from getting into a house with tenuous financial stability (i.e., outside of retirement savings) might undermine any financial benefit of getting into the house now rather than later. does the 401k loan count against DTI? I would assume so and if that is the case, it could affect the underwriting process. There was some discussion on this over on the mortgage forum I believe...seems that DTI is not officially impacted by the loan as you are repaying yourself your own money...
  5. Definitely time to get a new tax adviser ... as said earlier in the thread, 401k loans are only income if you defauly (i.e. you get a 1099 form in the mail) That's when the previously distributed funds get counted as a taxable distribution. If that happens, you also have to pay a 10% penalty IN ADDITION TO the amount being added to your income. ONLY take a 401k loan if you can pay it off if/when you leave your job - or if you are OK with the penalties and taxes. Ugh...ok...I defintly didnt default (the payments are taken directly from my paycheck). I wonder if they counted it as a distro instead of a loan?!?! I had a 16K Fed tax bill this year (hence the second opinion) on top of having both checks (spouse and I) witheld at 0!!! I hate taxes!!!! Tax attny suggested we request to have additional withheld this year (above and beyond the 0!!!) just to lessen the bill for next year....crazy
  6. I took one last year to pay for a new home construction...the amount was added back to my "post" tax income and pushed us into a higher bracket...ymmv There's no way that happened. Are you maybe thinking of a hardship withdrawal? Loans are not taxed unless you default. No...my tax person told me that the loan amount increases your income for purposes of deciding which bracket you fall into...not that you directly pay tax on the withdrawl...told me that with the additional income from the loan that it pushed us into a different bracket...said that if the loan amount isnt enough to move your brcket then it is not an issue...I am not a tax expert or anything...this is just what two diff tax people have told me (we owed a bunch this year so I got a second opinion)...maybe I need a better tax attny!!!
  7. I took one last year to pay for a new home construction...the amount was added back to my "post" tax income and pushed us into a higher bracket...ymmv
  8. There are no tax consquences for taking out a 401k loan, unless you fail to repay it. The loan will be added back to your "income" for tax purposes and could push you into a higher bracket...but that is only the case if you are really close...
  9. If your 401K allows loans then I think you are ok...just remember that the loan will be added back to your income for tax purposes next year so you need to be mindfull of whether or not it will move you into a higher bracket. If you are "withdrawing" money for your 401K...that is hardly ever recommended due to the massive fees associateed..just my two cents...
  10. Thank you CTB for the info. So Eliminate ID theft, Amex unlimited and SC would be a good combination for B*? And all I have to do is pull all 3 daily? How many days does it take before I see results? Theoretical question...If one has an AMEX credit card and signs up for the AMEX credit monitoring service do they "expose" themselves to potential issues? In other words if I am pulling daily through AMEX and then have a score drop could that fire off an alert or some kind of flag in their system that might set me up for a FR? I was thinking of getting the service but it seems risky to me to be pulling all that credit data from a company that is issuing me credit...I mean that have access to it so it seems that they might try and use it..no?
  11. http://creditcardforum.com/blog/credit-score-needed-for-american-express/
  12. Good luck!!! The FMont Kea Lani on Maui is awesome if you need a place to use the free nights!!!
  13. I don't know....I guess it depends on your history. If you have a really thick file with lots of age the aaoas won't necessarily kill you...right? But in a more general sense you are probably right.
  14. I find myself getting excited every time a package from Ohio is delivery by UPS and guess who is going to HW this afternoon??!!?? I hope I get out of there without a new mortgage. Let us know how it goes!!! Wondering if they have anything in the 1k to 3k range that is worth the spend...my 10th anniversary is in sept...haven't received my PD card yet...wonder if I will even get the HW gc...
  15. Private Client customers also can apply for the card. Chase Private Client is pretty easy to qualify for compared to JPM Private Banking. I think someone posted the app over on FT. And make sure to fax it to the non PB fx number. I don't have it handy but it is in the ft thread Hegemony noted....and be sure to verify the number before faxing your info...
  16. I'll keep my figures crossed for you. good luck! Success!!! Just logged onto my online profile and I see the card there. Not liking the last 4 digits but can't get them all. A weird combo of numbers. For reference they pulled EQ, had EQ pulled last night as well when I was at the car dealership getting a new lease and they said it was 748, Amex CS says EQ is 719. congrats to you and CoderBlix!!! Thanks Hegemony!!!!!!!
  17. Palladium is now switching to Lounge Club. Sooo...is priority pass select "better" than lounge club...or is it the other way around?
  18. Sorry if I missed or misunderstood this earlier...Priority Pass. Is the PD Priority Pass any different than the Amex Platinum Priority Pass? My Amex Priority Pass card says - Priority Pass Select...it is a black and gold card. Is this the same benefit as the PD?
  19. reports on FT suggest the barn door slammed shut after hegemony got loose. I saw a few posts of people being approved by faxing in the application vs calling and applying. I pulled the app off the ft forum and faxed it in yesterday...no calls or anything yet. I did check the Chase status line and it says that the application is being reviewed and that I will receive info via mail in 7-10 days. Not sure that is good or bad as it seems to be the default Chase status... I have been having convos with the Private Client group about setting up an account so am hoping that might help... I will share back whether I am approved or not (most likely) and whether it was due to not being a PB client or my lack of extreme wealth / shadiness. Can you no longer just call the number listed on the Chase website and get application that way? From reading the ft thread it seems like there hasnt been a lot of success that way and the results are mainly stating that you must become a PB client to be considered...but...a few posters claim to have just faxed in the completed application and have been approved. Purely speculation / third party info but I thought it was worth a shot. My thought is that the card isnt really any better than my amex plat but that it will eventually become more exclusive...like the amex black...and will in the future offer better services... If it doesnt I can always cancel it... Ugh!!! Declined today. Called the recon line and said it was because I had just recently opened my CSP and JPM Select. Said it was too close to my opening those...I asked to move the JPM Select line to the PD and he wouldnt budge...said I needed to wait three months, show good util on CSP and JPM Select and it would probably be approved. Wondering if I should give it another shot or just wait it out...coincidentally they said if I had applied for the PD instead of the Select the PD would have been approved...so I am not sure why they wont just move the credit line...any thoughts? I certainly dont want to be put on any kind of "bad" list... Also thought it noteworthy for those interested that the PBank requirement seems to not be an issue any longer... Wait!!! I am approved!!!! I may have utilized the most unusal application method yet... I am out of town today on business...after sending the message above I tried to use my chase debit card to withdraw some cash and my pin didnt work. It just happens that there is a chase branch in the office building I am visiting today and I stopped in and a personal banker helped me reset my pin. They asked if there was anything else they could do and I figured what the heck...so I told them about my denial. Said that they might be able to help and asked if they could have a few hours to look into it...I said of course. A few hours later they called me and asked me to come to the branch again and said it will not be an issue...they called the recon line and talked to the same person i talked to earlier and was told the same thing...they then asked for a supervisor...supervisor gets on the line and asks several questions and presto...approved!!!! Said I will get the card in the mail on Tuesday. They did ask if I would give up the JP Select card which I said I would...they said I could keep the CSP. So there you go...no PB relationship but I have had a long relationship with Chase and do have a mortgage with them and they are aware that my spouse and I are considering a PC account...ymmv...just had to share that. Have the name of the personal banker who helped me and I plan to send something to chase letting them know how much I appreciate her help and attention...
  20. reports on FT suggest the barn door slammed shut after hegemony got loose. I saw a few posts of people being approved by faxing in the application vs calling and applying. I pulled the app off the ft forum and faxed it in yesterday...no calls or anything yet. I did check the Chase status line and it says that the application is being reviewed and that I will receive info via mail in 7-10 days. Not sure that is good or bad as it seems to be the default Chase status... I have been having convos with the Private Client group about setting up an account so am hoping that might help... I will share back whether I am approved or not (most likely) and whether it was due to not being a PB client or my lack of extreme wealth / shadiness. Can you no longer just call the number listed on the Chase website and get application that way? From reading the ft thread it seems like there hasnt been a lot of success that way and the results are mainly stating that you must become a PB client to be considered...but...a few posters claim to have just faxed in the completed application and have been approved. Purely speculation / third party info but I thought it was worth a shot. My thought is that the card isnt really any better than my amex plat but that it will eventually become more exclusive...like the amex black...and will in the future offer better services... If it doesnt I can always cancel it... Ugh!!! Declined today. Called the recon line and said it was because I had just recently opened my CSP and JPM Select. Said it was too close to my opening those...I asked to move the JPM Select line to the PD and he wouldnt budge...said I needed to wait three months, show good util on CSP and JPM Select and it would probably be approved. Wondering if I should give it another shot or just wait it out...coincidentally they said if I had applied for the PD instead of the Select the PD would have been approved...so I am not sure why they wont just move the credit line...any thoughts? I certainly dont want to be put on any kind of "bad" list... Also thought it noteworthy for those interested that the PBank requirement seems to not be an issue any longer...
  21. reports on FT suggest the barn door slammed shut after hegemony got loose. I saw a few posts of people being approved by faxing in the application vs calling and applying. I pulled the app off the ft forum and faxed it in yesterday...no calls or anything yet. I did check the Chase status line and it says that the application is being reviewed and that I will receive info via mail in 7-10 days. Not sure that is good or bad as it seems to be the default Chase status... I have been having convos with the Private Client group about setting up an account so am hoping that might help... I will share back whether I am approved or not (most likely) and whether it was due to not being a PB client or my lack of extreme wealth / shadiness. Can you no longer just call the number listed on the Chase website and get application that way? From reading the ft thread it seems like there hasnt been a lot of success that way and the results are mainly stating that you must become a PB client to be considered...but...a few posters claim to have just faxed in the completed application and have been approved. Purely speculation / third party info but I thought it was worth a shot. My thought is that the card isnt really any better than my amex plat but that it will eventually become more exclusive...like the amex black...and will in the future offer better services... If it doesnt I can always cancel it...
  22. reports on FT suggest the barn door slammed shut after hegemony got loose. I saw a few posts of people being approved by faxing in the application vs calling and applying. I pulled the app off the ft forum and faxed it in yesterday...no calls or anything yet. I did check the Chase status line and it says that the application is being reviewed and that I will receive info via mail in 7-10 days. Not sure that is good or bad as it seems to be the default Chase status... I have been having convos with the Private Client group about setting up an account so am hoping that might help... I will share back whether I am approved or not (most likely) and whether it was due to not being a PB client or my lack of extreme wealth / shadiness.
  23. I voted yes...thinking that the points will be based on the discounted price.
  24. I checked my EQ FICO this morning and it was about 70 points higher than my CS score...
  25. It is considered revolving. The Flexible Spending Credit card designation is the new thing that CRAs/Issuers have recently started using to indicate a VISA signature card and similar cards where your available credit can change. The important thing to check is it reporting a limit. Let us know. It is reporting a limit of 10K with a high balance of $191

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