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About hdporter

  • Birthday July 16

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    Marietta, GA

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  1. Unequivocally, the answer is "YES". The account has already been reported as delinquent; you don't want another delinquency to occur. You can request waiver of the fee and credit back to your account after paying, but you want to pay the fee now.
  2. myFICO is as myFICO does ... < corollary is "life is like a box of credit card apps" >
  3. My Ouiji board is likely no better than most; rustier that some ... take my comments with a boulder of salt ... Most areas have suffered a significant drop in lockdown timed real estate sales activity. Surprisingly, it's affected the seller end a tad more than the buyer end, so prices have pretty much held steady these last couple of months as the housing supply tightened up a bit. Going forward, it's difficult to make a clean call, but there's no doubt that there's a huge chunk of GNP that's been extracted out of the economy this spring. All things being equal, a fall recession would seem a likely consequence. So, I suggest there's a fair chance that residential real estate prices will see some fall back. But, I don't think there have been so many wild cards in the economic deck at any time previously. It's likely a safer bet that low interest rates are here to stay for at least another 2 years. Bring back a modest amount of stability into the economy and that, alone, could light a fire under real estate prices. All things considered, I wouldn't advise trying to "time" the real estate market at this point. If you're prime to buy, I would simply do it. You might proceed at a more leisurely pace and not be in a rush to snap something up. The present flux in the economy creates the opportunity to find a "motivated seller" in a less active market. It can be to your advantage to allow sufficient time in your housing search for such an opportunity to surface. As far as mortgage rates, I may eat these words, but from the standpoint of market realities, there's not a lot of downside in rates; yet, under the right circumstances, there's room for rates to increase a lot. Expectations are that 30-year rates might drop another 0.25% later this year. At the very most, rates might bottom in 2021 with another 0.25%-0.50% drop. On a hypothetical $200k mortgage. you're only talking about $20/mo mortgage payment reduction. I wouldn't sweat mortgage rates in the big picture of determining what to do (at this time).
  4. To be fair, it sounds like you don't have any idea as to whether you owe a balance or not. Don't look to a credit report for that information ... there's nothing there to hang your hat on. You need to request a final loan accounting from your lender that shows payments and interest applied to your account, the balance just prior to application of the insurance settlement, and what (if any) residual balance is outstanding. Mind you, I'm willing to bet your lender's final billing is accurate. But get a supporting statement just to have confidence in that accuracy. FWIW: If this is a credit union we're talking about, I'll note that the two I've had loans with allow you to pull up extended loan transaction history online. So you may be able to short-cut a request for a statement simply by pulling what's available in your online account.
  5. As @shifternotes, the applicable reg applies to consumer credit only. There's a modest "technicality" inasmuch as lenders can choose where to apply the portion of a payment that satisfies your minimum payment each month.
  6. Just to be clear, it takes $2 mil of managed assets to qualify for the bump to a full 3%, right? (smaller bump for lesser investments) FWIW, nothing to sneeze at. But not enough incentive to switch brokerages (not that this was suggested). $50k annual spend = $500 add'l cb / $2 mil = 0.025%
  7. hdporter


    A CLD on a lightly used credit line is hardly an insult. In fact, I can't think of any scenario where the adage "It's just business" is more appropriate. It's an unfortunate event, particularly when it may have taken some effort to achieve that particular limit. However, it's an "injury" from which prospects for a complete recovery are very strong.
  8. Some random thoughts on the subject ... I think some consideration should be given to the fact that lenders aren't likely entirely capricious when imposing a CLD in response to the abrupt repayment of a previously highly utilized credit line. Whether repayment is due to windfall income, depletion of assets, or refinance into some other form of debt, the prior accumulation of a debt balance to near full capacity of a credit line "suggests" that a standard income stream wasn't sufficient to service the related spending. (I write "suggests", which doesn't equate to "means".) The question on the table is, where will the next large repayment be sourced from, should spending continue in a similar pattern? Is there a possibility that backup funds have been largely exhausted by this pay down? If there's been a similar balance buildup / subsequent repayment on one or more other credit lines. I would anticipate that this would fuel a perception about the potential for a new debt escalation, with more limited resources going forward from which to pay things back down. I pose this simply as a stab into inferring lending thinking and anticipating their next move. ------ As such, I'm inclined to expect that a lender is inclined to CLD (or balance chase) simply by substantial debt accumulation, in advance of any sudden large payment. For that matter, I wouldn't be surprised that even a gradual repayment over, say, 10 months still incurs balance chasing CLD's. This much stated, I wonder if it's worth spending much energy on a strategy to avoid such knee-jerk creditor behavior, particularly where finance charges may be involved in a counter strategy. I'll presume that the strategy going forward after paying off accumulated balances is largely PIF. Even after a spattering of draconian CLD's, once 6 mo of PIF credit activity is demonstrated, I expect most of the creditors involved will be receptive to CLI requests; in most cases, former lines can likely be reinstated within 24 mo, if not sooner.
  9. Damn! My CK Eq/Vantage 3.0 jumped 10 pts this month, but my DCU is unchanged. What good is CK if it doesn't reliably signal changes in my FICO??? I think my appetite is spoiled for lunch ... ( )
  10. Centex steers you right. FICO scores the age of open and closed accounts into AAoA. Assuming that you have at least 3 solid open accounts in addition to these, it's time to ditch these monthly fee pigs.
  11. I had no prior relationship when I applied and was approved. Ditto for Bev this month. Actually, it's their premium cashback card product, Altitude Rewards, that at one time required an existing US Bank relationship to apply. (An app for the card came up for me today without having to sign in first.)
  12. Gotcha. Just saying that cv's screenshot, with the SDG&E entry matches my Cash+ cashback summary exactly.
  13. Looks like cv confirmed as much on Apr 11. (I'm pretty sure the screenshot is from USBank Cash +)
  14. Ok, Average Age of Accounts: I'm not checking my calculations against your actual account ages, so if there's a discrepancy, that's why ... That said, with 6 reporting accounts and a reported average age of 5.8 years, then the sum of the age of each individual account is (6 * 5.8) = 34.8 years. Once you add a new account into the mix, your adjusted average age will be (34.8 / 7) = 5.0 years. So, what happens if you wait a year before applying for a new account, rather than applying right now? Let's look at where your average age stands in one year's time: If you apply now, and then a year elapses, then your average age will go from the 5.0 years we just calculated, to 6.0 years. If you wait and apply in a year, then your average age of your current accounts will advance to 6.8 years (5.8 + 1). Multiply that by 6 to get your cumulative age (40.8) and divide that result by 7 to get your adjusted age with a new account at that time and you get 5.8 years (0.2 less than if you open a new account now). ------------ Waiting to open an account won't reduce your ultimate average age vs opening an account now; just the opposite will result. In fact, the earlier you open accounts, the more beneficial it will always be for your average age of accounts. The truth is that the best move in managing your accounts (and their age) is simply to be selective about which accounts you open. Strive to only open accounts that strongly serve your financial interests and don't end up being useless deadwood. That strategy will help keep your average age of accounts strong.
  15. Forgive my asking, but are you confident that you resumed payments on the date required? What were the terms of the forbearance: Were you required to catch up the payments at the end or were you permitted to tag additional payments to the end of your loan term? In any case, before asking about whether there's sufficient grounds for a legal case, you should first seek a correction by the lender. This hasn't happened out of spite; if you can demonstrate that the reporting is erroneous, they're likely willing to correct the reporting.

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