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About CTSoxFan

  • Birthday 05/04/1978

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  1. This is not true. They have what is called Lender paid PMI or LPMI. It is where there is PMI but the lender pays for it. You pay for it in a higher interest rate than you could get if you were putting down 20%. Note, not trying to piss in your corn flakes here, just want you to make sure you're as informed as possible...
  2. I would speculate a retention offer may be in a lowering of AF or some AA miles, but likely not a full AF credit. Depending on length of relationship and amount of card usage, the more usage and longer relationship, probably the better the offer. They may offer nothing. As far as blackball I would highly doubt closing this card will preclude you from any future Citi products. One thought, you could open a new DC and then call the EO to ask them to move the credit line from your AA to the new card if you are dead set on closing. That way you don't lose the available credit.
  3. Even if you get rid of the 4 runner you are not in a position to even look at buying a house, based on you implying that you don't have $4k to pay for that accord in cash. You realize you need 20% down otherwise you will be saddled with PMI which is akin to lighting money on fire. Add to that having an emergency fund of at least 6 months (the bank will require you to have 3 months of reserves as it is), plus closing costs (usually a few thousand dollars), plus some extra for when shizz happens (and any home owner will tell you shizz will happen). Even if you dump the 4 runner today, it doesn't mean you will be ready for a house tomorrow. That is why I said you need to look at the costs over the next couple of years. When you add it all up (factoring in everything I mentioned above), will you be that much ahead financially? Lastly, where did you get the value on your 4 runner? Was that an actual offer (like from a dealer, carmax, carvana, etc) or just a KBB value. If it is the latter you may be in for a shock. I get what your thinking, and on the surface it isn't a bad thought to try to cut as many expenses as possible. Just need to be sure it makes overall sense.
  4. In most cases it isn't that there is no PMI. It is just Lender paid PMI (LPMI) as I mentioned above and typically you pay for that in the rate or points (or a combination of both)
  5. You can absolutely get a non-FHA loan with less than 20% down. FHA is a totally different animal that you should not even be looking at in your case. Conventional has nothing to do with down payment, it has to do with it not being government backed (like FHA/VA). You can have a conventional loan with as little as 5% down. https://www.investopedia.com/terms/c/conventionalmortgage.asp#:~:text=A%20conventional%20mortgage%20or%20conventional%20loan%20is%20a%20home%20buyer's,Fannie%20Mae%20and%20Freddie%20Mac.
  6. Honestly, the installment loan isn't going to affect your FICO scores all that much (unless it has negatives). One thing that isn't clear, do you need to finance that Accord? If so, you are in no position to be buying at house at this point. You'll need 20% down, plus reserves and closing costs, plus have a decent emergency fund. As far as trading out the car, you need to look at the whole picture not just the cost of the car vs. the balance on the loan (plus interest). What is the difference in insurance? Gas? You need to factor in additional maintenance on the Honda vs the 4 runner. Also, do you have an alternate form of transport should the Honda require an extensive repair, and can you do those repair yourself? If not factor that as well. Point is you need to understand all the costs to make a good decision.
  7. Agree with Hege and CV, avoiding PMI is the way to go. You could go with a lender who offers LPMI (lender paid PMI) but this will certainly come at the expense of a higher rate. You can also go with a 80/10/10 mortgage where you have a first mortgage at 80%, a second at 10% and put down 10%. I have seen the second be a HELOC so that as you pay it off you can access the equity again, but not sure how prevalent this is. The downfall is that second mortgage/HELOC will have a much higher rate. Another option (and this would be my suggestion as well) is to obtain a HELOC after closing on the mortgage (I don't know if you can do this concurrently, but worth finding out). This will likely be the cheapest option. I would find a couple of good mortgage brokers who service your area to find out all your options.
  8. Depending on the manufacturer, you may be costing yourself some $$ by doing this. Some manufacturers tie incentive cash to financing (BMW for one) so in order to get the bonus, you need to finance a portion of the purchase. What most do (if they were to be a cash buyer) is find out the minimum amount they need to finance to get the incentive and then pay it off a few months* into the loan, while securing the extra incentive. *For those wondering, the reason you pay it off in a few months instead of immediately is because if you pay it off too soon the dealership may get charged back by lender (BMWFS does this for sure) for the incentive, so you are essentially screwing the dealer. If you don't plan on servicing the car there or buying there again, then I suppose there is no harm (except maybe bad karma). Given the minimal cost in interest, I personally would rather not burn the bridge in case I needed an advocate down the road.
  9. I am surprised it has taken this long. I certainly don't play as many games as I used to, but now with the ability to download massive amounts of data in a short period of time, why even make "hard" editions. Cost more for the developer, not as convenient for the end-user. I certainly would opt for a download, and if that weren't available get it on Amazon delivered that day (since most games are price locked across all retailers), even moreso now with COVID-19. I think COVID will be the end for this and many other chains. I think shopping in a post-COVID world will never be the same.
  10. Not surprised. We barely shop there any more as it is. Clothes shopping is one of the few things that I would prefer to do in store vs. online. Problem is we were spoiled by the really nice Nordstrom stores in SoCal vs. the one here in TX (much smaller and worse selection) so we almost never go. Funny thing is I have had a negative points balance of almost 10K for at least 2 years now (Bought stuff, received points/notes, used notes, returned originally purchased items) and they have never tried to collect for the value. I wonder if they would were I to close the card...
  11. True Car is nothing more than a lead generation service for the dealers. The prices they offer are not good deals, and in most cases would result on you leaving thousands on the table. The best way to negotiate is to be informed. You'll never know everything, but having as much info as possible will allow you to make the best deal. Don't rely on a third party service or dealer to inform you. If you want a great example of this, go to the car thread over in GDF. CV91915 has a great example of how True Car was such a bad option. Long story short he negotiated as price that was north of $10k less than the True Car deal.
  12. Chase (as well as other lenders) has changed their policy on BK a couple of times in the past 15 or so years. If the BK is still on your reports I would say approval odds are <50%, even less so if you IIB Chase. Very few lenders are 100% hard and fast on their BLs. Worst case it is an INQ, which really don't matter all that much in the grand scheme. If you get denied be sure to ask for reconsideration as hege noted. It is how i got back into Chase many years ago now they are my largest creditor with $115K of CLs across 5 cards.
  13. Sorry to hear you are having issues. It sounds like your wife has a serious spending addiction. I really think you need to get to the bottom of that, otherwise you'll just be chasing your tail. I would strongly suggest some type of professional help. You can get a credit monitoring service that alerts you any time she tries to get credit, and either ask her to give up the cards or monitor the statements/purchases, but ultimately these are just band-aids, and require her to comply. Depending on the laws of the state you may or may not be liable for her charges should you want to go the divorce route. I am not an expert there, but it may be worth having the conversation with an attorney in your state just to know where you would stand, even if you never go down that path.
  14. Just received this via email, not sure if it is targeted to all flagship card holders. I will take a free $120. Pays for the AF 2.4x over...makes up for the otherwise substandard rewards. Enjoy a free year of Amazon Prime. Just pay the annual membership fee with your Flagship credit card, and we’ll reimburse you.* That’s a $130 value! Already have Prime? Renew your annual membership with your card before Sep. 30, 2021, and we’ll credit your account.

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