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MyFako Condones this Crap

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On 8/31/2019 at 6:27 PM, greenpotatochips said:

I would never recommend anyone wanting to build or rebuild to ever join that place. You'll get some messed up ideas, rack up tons of unnecessary inquiries, and be on the road to financial ruin with all the bad habits one can pick up there.

In fairness, there is a TON of bad information over there, but even applying for the crappy crap crap products they are so fond of does not put one ON the road to financial ruin.  It will certainly have them on the frontage road with an on-ramp to that road rapidly approaching, but a wallet full of crappy products is NOT a mandate to charge them up.  The fiscal ruination comes from the irresponsible actions of spending without the means to repay, not from the metric phucton of inquiries for a sackfull of sub-$1K limits. 

 

Obviously, as the various vehicle loan approvals prove up, responsibility and common sense is NOT a trait commonly possessed over there though...

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16 minutes ago, centex said:

In fairness, there is a TON of bad information over there, but even applying for the crappy crap crap products they are so fond of does not put one ON the road to financial ruin.  It will certainly have them on the frontage road with an on-ramp to that road rapidly approaching, but a wallet full of crappy products is NOT a mandate to charge them up.  The fiscal ruination comes from the irresponsible actions of spending without the means to repay, not from the metric phucton of inquiries for a sackfull of sub-$1K limits. 

 

Obviously, as the various vehicle loan approvals prove up, responsibility and common sense is NOT a trait commonly possessed over there though...

Yes. It starts out so small and then builds up more and more overtime over many years until one starts wondering what the hell happened. I learned from that experience that back then, I had no concept of a budget or anything. I naively thought family could be trusted with certain cards I had. Boy, did that turn out to be one of my most wrongheaded decisions. 

 

I also never started out with any secured cards. The first card I ever had right out of the gate in school at 19 was $1k and I really thought at the time I was gonna avoid similar financial issues that my parents and siblings went through with their credit. Starting over again with my rebuild has already taught me so much more about responsible credit use. Good habits begin right from the start when it comes to credit. How you handle one card is likely going to be how you are with more tradelines. 

 

Like a friend of mine always says. It's okay to be wrong. It's NOT okay to stay wrong, especially with credit. I can think of plenty of opportunities I missed out in the last two years alone because of how racked my scores were, especially being able to take out certain loans that would have made it easier for me to do the things I wanted to with my life and be able to better build my own business. 

Edited by greenpotatochips

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"I prefer DCU for checking because I get paid much quicker.  If Payday is Monday Visions pays me Monday.  Capital One would have been Saturday.  DCU is Friday at 4:00 PM.  That's a big difference.  If not for that I might use Visions as my day to day bank."

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2 hours ago, hegemony said:

"I prefer DCU for checking because I get paid much quicker.  If Payday is Monday Visions pays me Monday.  Capital One would have been Saturday.  DCU is Friday at 4:00 PM.  That's a big difference.  If not for that I might use Visions as my day to day bank."

The hand-to-mouthers seem to LOVE those forums...they seem to have no concept of savings or reserves,  Now we know the forum the polls go to when looking for how many people are a paycheck away from ruin LOL! 

 

 

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I’ve seen that advertised on a bunch of subprime products. How would someone get their paycheck early? That seems like a huge risk for the bank. Or would the paycheck deposit have already been setup by the employer but not yet completed? 

I never understood the logistics of something like that. 

And even if you are getting your paycheck a couple days early, how would that help for anything but the first time? If your pay period is every week, even getting paid two days early you’re still 7 days between paychecks. 

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23 minutes ago, DPB said:

I’ve seen that advertised on a bunch of subprime products. How would someone get their paycheck early? That seems like a huge risk for the bank. Or would the paycheck deposit have already been setup by the employer but not yet completed? 

I never understood the logistics of something like that. 

And even if you are getting your paycheck a couple days early, how would that help for anything but the first time? If your pay period is every week, even getting paid two days early you’re still 7 days between paychecks. 

lot of auto pilot back office work... your institution knows a few days ahead of time what is DD is coming... real dangers those when you're a subprime employer using fly-by-night outsourced payroll ...

 

Edited by hegemony

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6 minutes ago, DPB said:

I’ve seen that advertised on a bunch of subprime products. How would someone get their paycheck early? That seems like a huge risk for the bank. Or would the paycheck deposit have already been setup by the employer but not yet completed? 

I never understood the logistics of something like that. 

And even if you are getting your paycheck a couple days early, how would that help for anything but the first time? If your pay period is every week, even getting paid two days early you’re still 7 days between paychecks. 

 

Early access to pay is feasible because some (most?) payroll companies fund their payroll 2 or 3 days in advance of scheduled disbursement.  The bank can opt to disburse early because they have possession of the funds.

 

As to your latter question, "hand to mouth" mentality.

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Interesting. Being self-employed this isn’t something I’ve ever had direct experience with. 

Personal finance really needs to be taught in school starting at a young age. It’s a real problem. Just imagine how bad it’s going to be for current kids growing up learning these terrible habits from their parents. 

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So many of those people would never make it as employees of the State of Texas, where payroll is once per month...and if you did not start on the 1st of a month, then you will be on supplemental payroll on the 15th of the following month. 

 

In the days before direct deposit was a thing, there were many who would be crying when the 1st was on a Saturday or Sunday.  They would not actually get their check until the 3rd and might not be at the bank until the next day (or you would see the second shift staff coming in at 8AM to see HR).  Granted, those were ALSO the days where you could count on a float period on checks you had written...which saved some people on fees for what they had basically bounced over the weekend. 

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6 minutes ago, centex said:

So many of those people would never make it as employees of the State of Texas, where payroll is once per month...and if you did not start on the 1st of a month, then you will be on supplemental payroll on the 15th of the following month. 

 

In the days before direct deposit was a thing, there were many who would be crying when the 1st was on a Saturday or Sunday.  They would not actually get their check until the 3rd and might not be at the bank until the next day (or you would see the second shift staff coming in at 8AM to see HR).  Granted, those were ALSO the days where you could count on a float period on checks you had written...which saved some people on fees for what they had basically bounced over the weekend. 

my pay is once a month... when I was first hired there was a lag between the start of my contract and first check. then during the recession there was an accounting move to adjust payment date from the LAST biz day of the month to the FIRST biz day of the month. why? because it saved millions of $$ (on paper) for the current, underfunded, fiscal year.

 

there is nothing like liquid savings and not depending on the timing of a paycheck.

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39 minutes ago, DPB said:

I’ve seen that advertised on a bunch of subprime products. How would someone get their paycheck early? That seems like a huge risk for the bank. Or would the paycheck deposit have already been setup by the employer but not yet completed? 

I never understood the logistics of something like that. 

 

Others touched on it...when it is an automated deposit, the funds start a few days prior in the movement between accounts.  We run payroll through Quickbooks and for a Thursday availability, we just have to have things keyed in by Tuesday afternoon.  In those instances, I see the pending deposit the following day even through they won't actually be 'available' until Thursday. 

 

I am guessing that the release is mandated by law somewhere, but has been written in a manner that allows an institution to gain at least a day of interest on their larger balances before it gets parceled out...

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I know what it's like to get paid once in the whole month. Since starting this current job I have where I'm a contractor, that's how it's been. Really nice too, but you have to really plan out your expenses for that month and make sure you don't blow all that money in the first week or so. It felt so nice to have a decent emergency fund again and to really have more control than ever where my money's going. 

 

It's too bad many of those clowns over there won't ever be able to get this. 

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It took me four weeks to get my first paycheck the first summer I worked as a summer associate during grad school. I naively didn't realize it would take that long to get on the payroll and my loans had run out for the year. I had to borrow money from my parents to pay rent. I learned my lesson, though. 

 

I currently work for a contracting company that has to pay their workers weekly--most of them honestly can't even handle bi-weekly pay periods. Direct deposit goes in on Friday, but paychecks are available Thursday, because a lot them can't wait til Friday and can't get bank accounts. (They are good guys for the most part, but still serve as a daily reminder of why to keep a good control of your finances). 

 

We lost basically a week of work last week due to hurricane evacuations, and I was so thankful for my emergency cushion (even as I balance growing it and paying down debt). 

Edited by Second Chances

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I had too much time on my hand as I wait to go to a wine tasting...

 

https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/What-a-con/m-p/5722546#M160111

 

Dude is going to pay interest instead of clearing a balance...their rationale is because they don't like the score impact of paying off $9K of a different balance.  Never mind that the card in question is well over 60% of the limit, adversely impacting score as it is.

 

Now we know that forum not only is hand-to-mouth but also cuts off the nose to spite the face...

 

 

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https://ficoforums.myfico.com/t5/Personal-Finance/Keep-Stock-or-Payoff-Car/td-p/5732037

 

Unless I missed it, not a single poster advised them of the considerations of the tax consequence associated with the sale.  The way they describe things, selling stock is very likely to put them in a position of a net loss once taxes are factored into the mix. 

 

And the other poster in there talking about DR nonsense related to selling off retirement accounts to pay debt...the stupidity on that site is just at a WOW! level.  Guess it is only fitting that Flying Fraud seems to have taken up residence on that board...

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7 minutes ago, centex said:

https://ficoforums.myfico.com/t5/Personal-Finance/Keep-Stock-or-Payoff-Car/td-p/5732037

 

Unless I missed it, not a single poster advised them of the considerations of the tax consequence associated with the sale.  The way they describe things, selling stock is very likely to put them in a position of a net loss once taxes are factored into the mix. 

 

And the other poster in there talking about DR nonsense related to selling off retirement accounts to pay debt...the stupidity on that site is just at a WOW! level.  Guess it is only fitting that Flying Fraud seems to have taken up residence on that board...

OMFG.... this tool "

My methods are not traditional by any means, and I am no financial advisor and not qualified to offer you advise, however, I will tell you this:

I called the top of the stock market on January 28 2018, the bottom of a huge sell off a few days later, tops in March & October, the bottom in December 2018, and another top in May. All of the major pivot points. Here is where I think the S&P 500 is headed next:"

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4 hours ago, centex said:

I had too much time on my hand as I wait to go to a wine tasting...

 

https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/What-a-con/m-p/5722546#M160111

 

Dude is going to pay interest instead of clearing a balance...their rationale is because they don't like the score impact of paying off $9K of a different balance.  Never mind that the card in question is well over 60% of the limit, adversely impacting score as it is.

 

Now we know that forum not only is hand-to-mouth but also cuts off the nose to spite the face...

 

 

What’s really strange is that some of the comments come very close to proper advice.

 

More important is that if you had free time before a wine tasting, you should have scheduled another wine tasting before that one. I did a few last weekend. Good thing we had a prearranged DD. 

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4 hours ago, centex said:

I had too much time on my hand as I wait to go to a wine tasting...

 

https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/What-a-con/m-p/5722546#M160111

 

Dude is going to pay interest instead of clearing a balance...their rationale is because they don't like the score impact of paying off $9K of a different balance.  Never mind that the card in question is well over 60% of the limit, adversely impacting score as it is.

 

Now we know that forum not only is hand-to-mouth but also cuts off the nose to spite the face...

 

 

At least there were a few people telling him that paying interest for a few FICO points is stupid, especially when you can just wait til the next statement cycle and use the $2 trick to regain the points. 

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APPROVING BANK: Bellco Credit Union
BUREAU PULLED:Equifax
CREDIT SCORE:594
SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE:Colorado
NEW/USED:New
YEAR OF VEHICLE:2019
MAKESmiley Very Happyodge
MODELSmiley Very Happyurango GT AWD
MILEAGE:35
FINANCE/LEASE:Finance
PURCHASE PRICE:36000
AMOUNT OF LOAN:
TERM CONTRACTED:72 Months
APR/LEASE RATE:7.19
MONTHLY PAYMENT:539
ANNUAL INCOME:70k
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY: 2 Weeks post discharge of BK7

 

right out BK and buying a POS dodge that cost 50% of your income. :rolleyes:

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high score but settled for 84 effing months at a not great APR... not to mention the POS GMC is >60% of income.

 

 

APPROVING BANK: PENFED
BUREAU PULLED: EQ
CREDIT SCORE: 792
SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE: AL
NEW/USED: NEW/refi
YEAR OF VEHICLE: 2019
MAKE: GMC
MODEL: Sierra
MILEAGE: 1200
FINANCE/LEASE: Finance
PURCHASE PRICE: 63,300
AMOUNT OF LOAN: 62,618
TERM CONTRACTED: 84
APR/LEASE RATE: 4.49%
MONTHLY PAYMENT: 902.00
ANNUAL INCOME: 85,000.00

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21 minutes ago, hegemony said:

APPROVING BANK: Bellco Credit Union
BUREAU PULLED:Equifax
CREDIT SCORE:594
SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE:Colorado
NEW/USED:New
YEAR OF VEHICLE:2019
MAKESmiley Very Happyodge
MODELSmiley Very Happyurango GT AWD
MILEAGE:35
FINANCE/LEASE:Finance
PURCHASE PRICE:36000
AMOUNT OF LOAN:
TERM CONTRACTED:72 Months
APR/LEASE RATE:7.19
MONTHLY PAYMENT:539
ANNUAL INCOME:70k
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY: 2 Weeks post discharge of BK7

 

right out BK and buying a POS dodge that cost 50% of your income. :rolleyes:

at least they got something with a warranty...the upside down balance will be moving to something else in about five years.

 

But jeez...really? Spreading $36K across six years?  I paid off more than that inside of two years on a $64K note (vehicle stickered at ~$92K). 

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