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wisco_nick

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  1. this whole balance chasing makes no sense to me and I am wanting to understand it better. My thoughts exactly. Instead of snide remarks about having disciplined credit card usage it would actually take the same amount of time and effort to make a helpful or insightful contribution. Of the hours and hours I have spent searching and floundering around through this site looking for answers, I have found thread upon thread of master of master threads containing quantitative information. How about qualitative success stories pertaining to the subject and enhanced with specific examples? Strategy that works? Even just some useful keywords?
  2. Thanks Sunnysideup - I'll look into these. I've been searching the forums learning about best practices when applying for CC's since it has been quite some time since I've only applied to 4 in my life. Can't really find a thread that hits this on the head to its entirety. My best resource so far is the Credit Pull Database. I have a feeling I'll be needing backdoor phone numbers before I go into this process, especially if Chase Slate pulls my Experian report.
  3. My student loans are locked in at 3.8% and are in deferment while I get the business off the ground. So thankfully good there at the moment. Hi Bob - - My current income is net of business expenses. Fully expecting to be in the upper 5 digits within 6 months or so. Question for you; are there any specific threads that discuss the recon approach, or the best approach when your application is left pending with a CC company? I have searched through the forum but maybe I'm using the wrong keywords.
  4. Hi everyone, Several years ago through a lot of hard work, reading and help from the members here I was able to bump my score into the low 800's. Now I have a slightly difference situation that is really weighing on me and while I have spent quite a while recently reading and information gathering, I wanted to reach out and see if my plan is the right course of action. My Info: Here are my 3 FICO scores as of today, along with any potential negatives and inquires if present. Equifax 721 90% UTI Transunion 692 1 Inquiry my Discover card (HP at time of CLI request in 2/2013) 113% UTI Experian 649 113% UTI 3 Fully Paid collections from 2008,2009. 2 were medical copays $123 and $290, one was for professional services of $653. Standard across all 3 CRA's: 15 Years of credit history 6 AAOA 2 car loan payments @ $400/mo ea (both with Penfed) 48k in outstanding student installment loans. Not a single late on any account. Here is my CC info: $18120 / 369 min / 205 mo int Discover 13.49% limit=$12,700 (not sure why they let me charge it way over my limit) $7320 / 117 min / 41 mo int WF 6.63% limit=$7,500 $7420 / 147 min / 52 mo int Penfed Plat 9.99% limit=$7,000 $3737 / 140 min / 94 mo int GE Banana 22.99% limit=$6,000 __________________________ $36597 / 773 min / 392 int 10/31/2013 Total Limit=$33,200 My plan was to try to apply for the Chase Slate card (0% 15mo APR, no BT fee), ask them to match my max CL of $12,700 and transfer the remainder of the GE card and most of the Discover balance onto that card. I'm not opposed to opening several cards with great introductory BT offers. Thereafter I would go back to each of my existing CCs and ask for a CLI so I can quickly lower my Utilization rate. I can afford to pay $1000-$1100 towards the CCs each month. I am single and I do not have a foreseeable need for credit within the next 1-2 years. Another factor is that I don't necessarily have verifiable income, as I recently opened my own business (netting a modest $40-60k in the first year), before opening the business I was working in Finance/ Mutual Funds. Please let me know your suggestions or help point me to relevant threads I could read.
  5. She's well enough to go to college, an out of state college, and be alone? And to get an education that she'll be using to secure a career where she'll support herself financially? She can also drive this leased car? And she's not disabled/qualified for SSI, or any aid? But, who is paying tuition? Just trying to get some clarification. I'm a parent of a disabled 20 yr old son w a rare medical condition, and there are options for families facing these issues, but I'm confused without clarification. Ok well I wasn't planning on throwing this out there but she has really bad OCD as in it takes her a half hour to go to the fridge and get a bottle of water because she has to shut the fridge door just right before she can move away with the bottle of water. She has been in and out of institutions for this. Suicidal at times, panic attacks, eating disorder, body dysmorphic disorder, ADD, depression, mild bipolar disorder... She's been diag'ed with a slew of things but mainly what it all boils down to is her OCD. She's been on and off meds forever. Probably since age 14. Lexapro, wellbutrin, concerta, you name it. They can't seem to find something that works but then again she' s mostly been looping on and off Lexapro for years. As far as the Cali plan it was my sisters idea to move out there in conjunction with my dad because my other sister (the one that still lives here in WI) was pretty much all dialed in to take a job with "GUESS Brand" in Orange county but I think she decided to stay in WI because of her long term relationship with her boyfriend who she now lives with. Bottom line is that my Mom is sitting in a $2000/mo rental 3 bedroom townhouse emptynesting, 2 months late on rent, with an income of $400wk take home approx, with $40k worth of CC debt. When I was there last night for dinner she showed me CC statements where my Dad is taking cash advances on any CC's that still have any room under the credit limit. ALSO I JUST FOUND OUT THAT he borrowed $20,000 cash from my sisters boyfriends mom (they are very very well off).... THIS WAS 2 weeks ago before he went to California and he did not pay the rent on the house. He took a flight to CA with 2 months unpaid rent and $20k cash. My mom says that she does not have access to the funds nor does she know what bills are paid. I can only assume he has paid his health insurance etc (he is diabetic) and taken care of my sisters rent, car and possibly tuition. To top it all off my dad has had a stroke (I think 2 so far in the last years) and HE HAS NO LIFE INSURANCE!!!! I'm so upset right now I'm beside myself...
  6. Well keep in mind also that when you pull funds from an IRA or a 401K especially that there is a mandatory 20% federal tax withholding on the funds coming out. With a rollover IRA you have the option of withholding any amount from 10-100% for taxes which is then immediately transmitted to the IRS, similar to the taxes that come out on a paycheck. So in reality some of the taxes have been withheld from the 401k redemptions, realistically the 300k was 240k or so after the taxes were withheld. Some of the years he was working their taxable income was in excess of $150k - I should check if the taxable income includes the IRA withdrawls or not. I really need to get with a well qualified accountant. Regarding the credit card debt though, do you guys agree that she should stop paying it completely? What would the plan be with that portion of the equation... Also are there tax reduction attorneys for Federal Taxes..? I'm heading home right now to have dinner with her... Financially I'm early in my career and making approx 55-65k a year I really don't have much that I can fork over considering my Bachelor lifestyle is in full bloom.. I could maybe offer $500 / mo in support. I know my other sister (who lives here in Wisconsin) pays the families car insurance which is $400 / mo.
  7. Really just to keep things going at home. I also believe he spent quite a bit of money on keeping my sister in school in California. The lifestyle and the money my parents spent was unrealistic over the last 5 years.
  8. Thanks for the reply.. yes they rent their primary residence. The variable expenses include insurance and other bills such as credit card payments etc. It's a tough situation with my sister because she has a medical situation where she can't exactly support herself financially and its hard for her to live a normal life... We have seen a bankruptcy attorney. Maybe not a good one but they are stating that the house in Europe would more than likely complicate things or have to be sold.. Thing is, my grandmother lives there currently... Separation or divorce may be imminent. I've advised my mom to stop paying her credit cards completely and move into a smaller apartment ASAP... Morally I don't think she has it in her to stop paying her credit cards even when I've told her that they should be her lowest priority.
  9. Hey all. I've personally had some tremendous success on this site a couple years ago and currently have a TU FICO of 787, up from 593 and I'd like to thank all the great advice, information and people on this site... Today I'd like to share a very unfortunate situation involving my parents and am looking for opinions on what to do. My dad (62 years old) who has been with the same company for 30 years was laid off in 2006 and then went back to work for the same company as an independant contractor making approx $10k / mo. There were periods that he did not work for months at a time since 2006. He has been without work for about a year now and the contract he was supposed to get for 2012 fell through. My mom (56 years old) works in retail and has been employed for the last 10 years. She makes about $25k / year and withholds 20% for her 401k. Their monthly bills look like this approx: Rent $2100 Utilities $250 Car $400 own (worth $14k owing $10k on loan). Health insurance $1700 Cable / Internet/ Cell $300 Variable costs for food, gas, etc of probably $2000. Total not including credit card payments approx $4750 fixed costs and $2000 variable costs = $6750 Additionally they support my sister who lives in California and attends College. Rent/ Utilities etc $1200 Car $350 lease Variable costs $500 Total costs approx = $2050 Grand total is approx $8800 Aside from spending money my mom really doesn't do much with the finances. Oblivious my be the best word to describe it. About 2 months ago my dad dropped a huge bomb on my mom and told her that he had completely depleted his 401k valued at over $300,000. To add to the issues there is approx $50k to $100k in back taxes that are due based on my dads consulting income over the last 4 years. Because we have lived overseas for several years (1984-1996) I am not clear if the $300k+ that was tapped from my dads 401k is coming from an account where the distributions are taxable or not. My mom has consulted with an accountant and has filed her taxes (she just found out my dad didn't file their 2009 or 2010 taxes). She filed an individual tax returns. My dad has consented to signing an 'innocent spouse irs tax form'. At the end of the day I'm not sure what if any tax obligation my mom has within these affairs. The only assets remaining are a house in Europe that my grandmother (still living) transferred into my moms name about 5 years ago, and about $80,000 in my mom's 401k (she still works for the same employer). The house has been in our family for generations and is a beach house worth approx $150-250k. Needless to say my parents DO NOT see eye to eye right now. They are 2 months late on rent at their primary residence and my dad has flown to California to stay with my sister leaving my mom with instructions to take $5000 out of her 401k under a hardship distribution to pay the rent. I pulled my mom's credit report and looks like the total credit card debt is approx $40k that is tied to her SSN. The only income stream currently is about $2000/mo which my mom makes at her current job. My dad through a Pension will be receiving about $2500-$3500/mo supposedly starting this month. My mom is ready to pull the plug on everything, just pack a bag with a one way ticket to Europe and live at our house there. Either that - or move out and rent a small 1 bedroom for $700-$800 and just sit tight, until I guess something snaps? Overall there is no plan and no direction except that my mom would like to pull funds from her 401k to pay off her credit card debt $40K and any back taxes that she may be liable for, which we are estimating is $5k after the "innocent spouse" form is filed (the back tax part is still just a mere guess). Do you folks have any polite advice?
  10. gotcha. thanks for pointing out that post. thats a lot of damn work to do, just to get your hards to b for maybe like 10 months? makes sense if you need credit or if you're looking to move into a new apt or new job though... ugh.
  11. Not sure how this happened but has this happened to anyone here on the boards? I have 6 pulls in the last 2 years. Had it drop to 2 all through about February this year. Prior to February I had been doing daily's with no change on my EQ or EX reports. TU came down from 6 to 2. I refinanced my auto loan with Penfed in Feb. After I did this I stopped doing daily pulls as I was comfortable with my scores. So I'm not sure if something has changed with TU or what is up?
  12. Take her out. But make sure you get scotchgard for your seats first. OMG LBCS, you are too much! Do something that will encourage goodwill towards customers, from the rest of the office. Send her an Edible Arrangement (fruits cut and arranged like flowers) or a cookie bouquet that she can share with the rest of the office. Additionally, I would send a message to bank president about the outstanding customer service that she exhibited. sounds like a great idea guys - i really appreciate everyone here helping me keep my head on straight.... !!
  13. i'm not a pro but here has been my experience in the last few years... Discover (member since 99) has raised my CL from 3000 to 4800 to 6800 all in the last 2 years. I usually charge up about 30-70% of the CL and pay it off but keep a running balance of $1000-$2000. Not sure the rhyme or reason. They do it automatically. With my Wells Fargo card, which I received last year 5/08, the limit was $3000. Didn't really use it much and they bumped it to $5100 within 6 months. Then about 2 months ago they moved it to $7500... I work at Wells so I'm not sure if that has anything to do with it. OHHH - need to add that I asked for a CLI on the wells card about 3 months ago and was declined but then they raised it automatically a few weeks later>>?

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