Jump to content

Please consider disabling your adblocker for CreditBoards if you have not already done so.  This site depends on advertising revenue to stay online.

Big Bear

  • Content Count

  • Joined

  • Last visited

Profile Information

  • Location
    Detroit, MI

Recent Profile Visitors

858 profile views
  1. "Needed" a lease... "NEEDED"
  2. Ugh. I haven't filled one out in I think 2 tax years now...wondering if it's even worth it anymore.
  3. I got that message for the first time a couple weeks back. Then received an email requesting the 4506-t. boooo Hopefully better news for you.
  4. This. There are many factors that are vastly more important than inquiries.
  5. Maybe they will come out ahead with the eventual buyback? 😮 https://www.bbc.com/news/business-54153126
  6. This is a huge litmus to whether this makes sense anytime soon, especially with the AF. I've heard/read great things about their flights, especially in the nicer cabins but it's all just superfluous at this point.
  7. Congratulations! Onward and upward from here.
  8. Good point on pandemic HELOCs. Also wondering by this time next year how programs like Alliant's 'Advanced Mortgage' that require less than 20% to thwart PMI will be doing. Probably not something to take for granted, but I didn't even know that banks/CUs would do such a thing. I guess it comes down to paying PMI for a year versus SL interest between now and then. Is 1% for PMI a good rule, or is there a better way to estimate?
  9. I don't want to entertain the thought, but I imagine the math would work out that keeping the student loans around for another year would allow me to have an extra 10k+ on hand... I just have it in my head that getting rid of the SL is the priority over potential PMI.
  10. Interesting thoughts. I think these are all interesting approaches to the situation we'll likely be in. I guess I don't know enough about this...but can you get a 'conventional' loan without 20% down or is that immediately in the FHA bucket (I have some reading to do).
  11. After it finally clicked for me, and really prioritizing being debt-free and building up liquidity, it's difficult to think otherwise. I like the extra layer of credit if you need it, not when you need it.
  12. I am going to be beyond relieved when that last loan is paid off as it symbolizes zero debt for us. Then shortly after we'll tack on a large debt in the form of a mortgage. I've harped on here about liquidity a lot over the last year or two, as I'm still learning from my previous 'mistakes' of not having enough liquidity with too much of a focus on retirement savings. Given the cost of the area we are in, mixed with the liquidity woes, PMI route might be THE option for us, but there would be a rapid approach to paying the loan down as fast as possible.
  13. Thanks for the input, CV. I really needed to hear that my gut was correct that I should be stripping myself of this damn loan burden. Given the craziness of this year, I'm holding on to more e-funds than I should (and thus paying interest for the 'insurance' in the event of job loss). I try not to think of the amassed available credit as an extension of the efund...but that's an extremely valid point.
  14. Currently planning on purchasing a house within the next ~9 months or so and am assessing our current situation to maximize the mortgage options. Any advice here is greatly appreciated. Mortgage Tradeline: I have had one previous (current) mortgage on a now-rental house that should be sold sometime in the next few months, in advance of mortgage/preapproval shopping, so I'll at least have a decade plus of positive mortgage tradeline reporting. Installment Loans: I'm in a very fortunate position to be able to pay my student loans off by the end of this year (finally!). A single, consolidated student loan account is my and my wife's only open installment loan. Would it be better to paydown my balance as much as possible to still allow this account to be open at the time of mortgage shopping? I'm aware that it would be meaninglessly paying interest, but if the remaining amount is optimized would it be 'worth it'? For reference, when my wife paid off her car, her FICOs dropped from ~850 to ~830ish, so I expect mine to be similar. Given that we're both above 800 on FICO and I have the previous, positive mortgage, perhaps it doesn't matter? Down Payment: This one is up for some debate, as I kind of like the idea of 20% down but at the same time would rather have a chunk of those funds for a larger emergency fund (house savings are currently completely separate from the rainy day funds). Wondering if the math works out where PMI for some time period is actually cheaper than potential market gains (I know, I know, that's not guaranteed but still looking for opinions/options). To split the difference my current thought is 10-15% down and then plenty left in the savings tank for other purposes.

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
  • Create New...

Important Information