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swedishhands

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About swedishhands

  • Birthday 01/01/1963

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  • Location
    Napa Valley
  • Interests
    Baseball Guy, Wine knowledge is improving,
  1. Beginning in late May, we were in a similar situation except we owed more, we refinanced our home specifically for pulling out cash to the tune of about $82K. We make good money but had none at the end of each month and some months I had to Uber just to get to the end of the month. N ow we have a surplus each month and were methodically saving money and paying down remaining installment accounts as well. Car, Solar Panels and back-up batteries. We live in an area where power company shut downs are frequent during fire season which is now until November or whenever it starts raining. I digress, We took a big hit initially going from 696 across the board to the 630's in only a few days. IT took about 3.5 weeks for everything to report and now we're 706, 711, and 703. We took a slight hit (696)on Equifax when we purchased a new car after turning in our PIF lease vehicle. We have received two CLI from USAA 14,500 to !6,500 and Citi Advantage 14,200 to $15,250 but not cuts in credit limits. Also, a plethora of requests to apply for new cards from Discover, Fidelity Investments, Costco Citi, Navy Federal AMEX to name a few
  2. We are discontinuing use of our debit card as much as possible and using our credit card(s) normal expenses that we always used our Debit Card for and paying off balance at the end of the month. What monthly recurring bills are you using your credit card to pay? Is there anyone using their Credit Card to pay their Mortgage Payment? Based on your experience, what has been the best card to use for normal monthly expenses? Assuming $2000 per month x 12 months; Cash back cards at 2% earn $480 cash annually. do they pay monthly or annually? Using the same amount of money, a Credit Card that pays 1 mile per $1 dollar spent equates to 24,000 miles which is 1000 miles short for most round trip tickets. Who is using what..... for what?
  3. The PenFed Credit Limit is $22K. We can transfer the whole thing in one swoop. Total Available credit on 7 Credit cards is about $76,900. Remaining balance is $17,300/76,900 =.226 or 22.6% overall utilization In your opinion, you don't think putting $17,300 on a $22K card will screw things up to much while leaving the others at $0 using only the Citi Advantage Card for monthly expenses to be paid in full each month.
  4. The PenFed Credit Limit is $22K. We can transfer the whole thing in one swoop. Total Available credit on 7 Credit cards is about $76,900. Remaining balance is $17,300/76,900 =.226 or 22.6% overall utilization In your opinion, you don't think putting $17,300 on a $22K card will screw things up to much while leaving the others at $0 using only the Citi Advantage Card for monthly expenses to be paid in full each month.
  5. Okay means, is it advisable to take advantage of the Balance Transfer offer? We don't have enough cash remaining to pay off the other two cards, but we want to pay as little interest as possible. So, we want to utilize the BT offer in the amount of $10,900 or so interest free and borrow the remaining $6400 from a loan from her retirement account which does not show up on a credit report
  6. Beginning in May, we decided to refi our home and payoff as much short term debt as we could. Two weeks before closing, disaster struck when our MyFico Credit Watch notified us that LW score tanked 50 points sending it to EQ635 when a Home Depot Interest Free Credit offer triggered one month early, accrued interest was applied to account balance sending it over the Credit Limit. A call to Home Depot corrected the situation and two weeks later when refi closed, we paid it off sending the score down another 5 points to 630. Over the next two weeks we paid off a total of $89K. On Sunday, when Citi Advantage finally reported we're back to EQ697, EX697 and TU711. We still have $17,300 on two cards that we are paying interest on. $11K (CL = $11,500) on Chase and $6300 (CL = $7000) on BOA. Monthly expenses will go on Citi Advantage which we will use instead of debit card is at $950. Our question for Credit Boards is: We have a PenFed with a positive balance of $269 and a credit limit of $22K. We received a 12 month 0% Balance Transfer Offer last week. Is it okay to Balance Transfer approximately $10,900 (just under 50%) and borrow the remaining $6400 from retirement account at 5.75% and pay to $0 the last two cards and only operate on the Citi Advantage card on a monthly basis paying it off every month and not pay interest on the Citi Advantage card?
  7. How do you know when Credit card Companies report to credit bureaus and statements are issued? Since we have carried balances for most our credit lives, when does interest begin to accrue? 30 days from purchase date or statement date? So you're telling me that you use your credit card(s) for all purchases and not a debit card?
  8. 5 weeks ago Home Depot incorrectly reported an interest free offer one month early. The accrued interest was applied and sent balance over the credit limit tanking my DW's score 50 points down to 635. At the same time we were less than two weeks away from completing a cash-out refi for the sole purpose of paying off short term and credit card debt. The Refi closed and we paid off $89,000+ over 8 credit lines including Citi Advantage, The Home Depot, American Airlines Card, Pen Fed, AMEX, USAA, SoFi and Lending Club. The Home Depot was the first card to update/report and her score dipped 4 more points to 631. three more cards reported $0 balances and another drop of one point to 630. Since then one more has reported a $0 balance and her score finally jumped to 665. Two more accounts that were paid to $0 have yet to report. Fico score simulator said paying off $89K of debt in one month would raise her score 102 points. She has 57 points to go if FICO Score simulator is accurate. I'm not seeing it happen since the two remaining accounts total about $18K. I emailed FICO Customer support and they said: "The simulator and simulated score(s) are provided for informational purposes only and are intended to approximate the impact of various scenarios on your FICO Score 8 - assuming all other factors stay the same. Your actual score, and the impact of any actions taken, results from a complex interaction of FICO's scoring methodologies and the information on your credit report, some of which changes daily. Please keep in mind that is typically not recommended to pay your credit card balances to $0 as it may cause your score to decrease. High achievers typically utilize an average utilization on all credit cards of 7% every month. Also keep in mind that when normal changes are applied to report, such as credit card balance updates it is normal for scores to fluctuate up or down 1-15 points." She has about $99K total credit line with about $19K balance still remaining over three cards. She is contemplating borrowing from her retirement account the remaining $19K at 6.57%. She just received a balance transfer offer from Pen Fed ($22K CL) for 0% for 12 months. Comment: I am stunned that paying down balances $89K cause her score to go down. She has AAoA over 12 years with ZERO late pays and good distribution of accounts. Question: FICO's statement saying high achievers utilize 7% of all accounts every month. Does that mean 7% on every card or 7% of $99K = $7000? Meaning I have to pay interest on $7K every month? That seems like collusion to me between FICO and the creditors that we are forced to carry balances to earn a higher credit score. Should she use 48% of the CL on Pen Fed's Interest Free offer and rest from her retirement account? What am I not seeing?
  9. Recently we received a Credit Card from PEN-FED with a $22K limit. I received three letters of denial before persuading them to grant the card. The purpose of the PEN-FED card is to consolidate our USAA and Citi AAdvantage cards (just under under $22K combined). We will take that amount divide it by 18 payments and pay it off in 18 months or less. We are committed in doing that. My question to the group is this: Now that our AAdvantage Card is $0 is there any way possible that we can use it to pay our monthly mortgage payment which is held by Wells Fargo and accrue miles each month?? I called Citi about Citi checks and they said I cannot accrue miles using the checks. Any other ideas?? Many Thanks, Michael & Amy
  10. I had a student loan balance before 1998. I began teaching in Texas in 2001 for six years. I relocated to California and began teaching SPED classes over the next six years. In 2010 I returned to school for a post graduate degree and incurred another $22K in unsubsidized loans. Does anyone know of anyway that I can gain eligibility to have part of these loans forgiven as a Special Education teacher in California or six years teaching at a Title 1 School in Texas?
  11. USAA has always been for Military Personnel. I was able to join through my Grandfather who was a retired Colonel, which allowed my dad to get in which allowed me to get in. Before my DW and I were married she was ineligible ever after 12 years in the AF and Desert Shield. Later on they relaxed the requirements but we were married by then. Last year they went on a huge membership drive and relaxed the membership requirements even more. Most recently we tried to refi our home through a Jumbo VA Loan but they were at 5.25% with a DTI of 41%. Cash-out option was still up to 90%LTV. Our house has appreciated substantially in the last 9 months so we were looking for cash for home repairs and new windows. (Our first loan was VA through USAA). The loan officer who helped us originally( Like a mother to us) said that USAA was so top heavy in their Jumbo VA portfolio that they had to raise their rates to chase away customers in that specific segment. We ended up going with Quicken: 3.875%, $109K Cash Out. They are a dynamic company and things change often. Our card is $12,500 Limit for me and $15K for DW both @ 12.99%. Car Insurance cannot be beat. Period. Really good rate on my motorcycle several years ago @4.9% on $10K They would not insure our house (Brush Fire Hazard Area) but would loan us the money to buy it.... Go figure Ended up with Safeco
  12. A rep from Fisher & Burns LLC in Orange County contacted my work place asking for procedures to on how to serve me today. They left their phone number and my case number with the principal's secretary of where I teach. I called them back during my break and they said they had someone in Napa, CA to serve me BUT if I wanted 24 hours to review to request to settle they would send me an email. I said "Okay". It is for a Chase Account that first went delinquent in April of 2007 and again in June of 2007. Max Delinquency of 120 Days in 09/2007. Account Closed 12/2007. As far as I know the SOL in CA is 4 Years. My Transunion Report from Transunion says it will be deleted in March 2014. I can't see where they have any authority to collect and issue wage garnishment as they mentioned on the phone. Has anyone else had any interaction with Fisher & Burns LLC in Orange County, California? Many Thanks, Swedishhands This is the email they sent today: FBF FISHER & BURNS FINANCIAL LLC 3419 E Chapman Ave Suite 500 Orange, CA 92869 Phone (866)717-6553 Fax (657) 235-6100 Direct Line 657-235-6106 THIS IS AN ATTEMPT TO COLLECT A DEBT BY A DEBT COLLECTOR AND ANY INFORMATION OBTAINED WILL BE USED FOR THAT PURPOSE. September 17, 2013 * RE: Original Creditor: CHASE Bank USA, N.A. Original Account: ACT#: 414.............. Account: 16................ Balance: $10,240.37 As of September 17, 2013, FBF is prepared to offer options in resolving the above referenced account: 1. $1500.00 down and $200.00 per month until balance of 10,240.37 is paid in full 2. . $8704.31 in 3 payments of $2901.43per month (Sept/Oct./Nov) 3. $5632.20 one lump sum settlement Funds must be represented by 09/18/13 and dated on or before 09/27/13. There is no grace period. If funds are not received in our office by the due dates, this agreement will be considered NULL and VOID. Once the funds for the above referenced account have cleared your bank, FBF will release you from all claims and liabilities pertaining to this account and our trade line with the major credit bureaus will be updated accordingly as paid in full. If you are unsure whether the payment will be received in our offices on or before the due date, you may contact the undersigned Account Manager to obtain instructions for sending funds via CREDIT CARD or CHECK. Please feel free to contact us at any time if you should have any questions regarding your account. Sincerely, Megan Owens Director of Operations Fisher & Burns Financial
  13. We hate AMEX. We did a balance transfer to Citi to take advantage of an interest free offer. When we did that it raised the utilization on that card to close to 100% but zero on three others. After this reported AMEX promptly slashed the CL on the card $3900 to within $ 55 (new CL of $5532) of the balance making the utilization on that 99%. We pulled $$ out of retirement account and paid it off.
  14. Bump.... I checked MyFico Score Watch again this morning and the Score Drop was 21 points. 703 down to 682.

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