Is student loan still tax deductable when refinancing a student loan with a personal loan?

Oct 152010
 

Is student loan still tax deductable when refinancing a student loan with a personal loan?
My daughter has two very high interest student loans. Her credit won’t let her do anything, but I can “refinance” it with me getting the loan using my credit. But is it still a “student” loan that she can deduct. She is making the payments and her name will be also on the loan (ironically, she will co-sign for me). This seems to be some gray area once the loan gets moved around. Just want to make sure the “chain of custody” still makes the new loan interest tax deductable. Hope this made sense and thanks for your help.

Best answer:

Answer by PepsiLime
Nope, sorry, but personal loan won’t qualify, as you will have nothing in writing to say that it is student loan interest.

Know better? Leave your own answer in the comments!

Q&A: Can I get a refinanced mortgage if i start a home business with no employees and still work my regular job?

Sep 212010
 

Question by sammus: Can I get a refinanced mortgage if i start a home business with no employees and still work my regular job?
I want to refinance my mortgage and I want to start a home business before doing so. It would have no employees and I would still keep my current job. My home business will not require any due balances or credit lines to increase my debt. Would mortgage companies see the worry that I would quit my regular job or would they trust that I would maturely handle the mortgage payments? In other words, would I have no problems getting refinanced under these conditions. My credit score is about 650 and I’ve been at my current job for 1 1/2 years but have had steady employment for a long time. I have also paid my mortgage on time for 12 months.
The reason I am asking is because what I will be doing requires a vendor license. Therefore, in my ssn, it would show the business based at my home address.
I am actually looking for a new mortgage loan, not a home equity loan or personal loan and I don’t need to borrow to pay debts.

Best answer:

Answer by Keith A
If there is no debt increases involved, then does the mortgage company really need to know about your home business? Go to http://www.businessstarterpackage.com/articles.html and check out all of the articles on this very sort of thing. You can find all you need to know there.

What do you think? Answer below!

Can I get a refinanced mortgage if i start a home business with no employees and still work my regular job?

Sep 202010
 

Question by sammus: Can I get a refinanced mortgage if i start a home business with no employees and still work my regular job?
I want to refinance my mortgage and I want to start a home business before doing so. It would have no employees and I would still keep my current job. My home business will not require any due balances or credit lines to increase my debt. Would mortgage companies see the worry that I would quit my regular job or would they trust that I would maturely handle the mortgage payments? In other words, would I have no problems getting refinanced under these conditions. My credit score is about 650 and I’ve been at my current job for 1 1/2 years but have had steady employment for a long time. I have also paid my mortgage on time for 12 months.
The reason I am asking is because what I will be doing requires a vendor license. Therefore, in my ssn, it would show the business based at my home address.
I am actually looking for a new mortgage loan, not a home equity loan or personal loan and I don’t need to borrow to pay debts.

Best answer:

Answer by Keith A
If there is no debt increases involved, then does the mortgage company really need to know about your home business? Go to http://www.businessstarterpackage.com/articles.html and check out all of the articles on this very sort of thing. You can find all you need to know there.

Add your own answer in the comments!

Citi Secured – Denied – is there still a chance?

Mar 022010
 

I stumbled across this site last week and spent most of the weekend reading posts, some of the sticky threads and gaining a wealth of knowledge I wish I had just a few weeks, months and even years ago.

 

I paid off all of my debt starting in November and finished up with my last payment to Bank of America last month. I (foolish) applied for a Citi secured Mastercard before pulling an updated report to make sure everything was correct. And yes, I paid these off without doing a PFD – again, foolish, I know.

 

I just received the denial letter from Citi over the weekend and decided it was time to pull the trigger and pay for a year of score watch. The three accounts are all derogs and at the time that Citi looked I believe it showed the following:

 

Verizon – closed – $0 due

Bank of America – closed – $1159 due

Cap One – closed – $569 due

 

The more recent report shows a $0 balance with BoA and I was promised a letter from NCO stating that I the Cap One account is closed with $0 balance. I have already written GW letters to all 3 companies asking them to remove the late payments but my question is about the Citi application. I faxed them an updated statement from BoA showing $0 due and sent them the letter I received from ALW Sourcing (part of NCO whom Cap One sent me to for collections) stating that if they got a payment of $8xx.xx it would settle the account in full along with a bank statement showing where that exact payment cleared my bank back in November.

 

Do I have a snowballs chance in getting the card with Citi? I am a member of a credit union but they turned me down a few months back (right before I got serious with tackling my debt) and they advised that I didn’t re-apply until I had at least SOME recent positive credit.

usbank 6 month auto cli still?

Feb 262010
 

 Was wondering if anyone has called into usbank lately requesting an automated cli. I got 1500 around the end of August 09, so it’s about 6 months and was wondering if they are still doing that.

Can i rent out my house which still has mortgage and purchase another home?

Feb 262010
 


I would like to rent my house, buy a new home. When I have a better plan of sales. He still has a mortgage. So I will be able to obtain a second mortgage? I have some debt, but plans to fully repay. The house I would buy a lower cost. Also, I will be able to deduct the property tax, for the interest mortgage?

Toyota fans still loyal at auto show

Feb 192010
 

Toyota still pulls loyalists at Baltimore auto show
Recall troubles don’t seem to scare off customers Despite Toyota’s recent woes, many auto show patrons at the Baltimore Convention Center this weekend said they planned to stick with the popular automaker. Jillian Bobbs, 22, tries out a Toyota Highlander with her fiance, Bryan Bokey, 24, at the Motor Trend International Auto Show at the Baltimore Convention Center as they shop for a second car …

Read more on Baltimore Sun

SANBORN: ‘No headway’ made on NCCC, union talks
Almost four years ago, the Niagara County Community College Faculty Association’s contract with the college expired, and the two parties have yet to reach a new labor agreement for the union’s 170 members.

Read more on Lockport Union-Sun & Journal

Movers & Shakers: Thursday’s biggest gaining and declining stocks
MarketWatch’s daily rundown of major gainers and decliners in the U.S. stock market.

Read more on Market Watch

Toyota fans still loyal at auto show
Recall troubles don’t seem to scare off customers Despite Toyota’s recent woes, many auto show patrons at the Baltimore Convention Center this weekend said they planned to stick with the popular automaker. Jillian Bobbs, 22, tries out a Toyota Highlander with her fiance, Bryan Bokey, 24, at the Motor Trend International Auto Show.

Read more on Baltimore Sun

does amex still pull just one report?

Feb 192010
 

one report per 30 days for multiple card apps?

Does American Express still do Pre-Approval?

Feb 182010
 

Anyone have the website?

Would my son still need consent to get credit limit increase with current cards?

Feb 172010
 

So I read this today 

 

Poke Poke 

 "No credit-limit increases if you are under 21 and have a co-signer without that co-signer’s permission."

 

So does this go for his current cards as well or only the ones he applies for after the 22nd? He is thinking about applying for one more card and letting them grow. Currently he has only one cc and one store card that are about to hit the 1 year mark next month. Figured he should have another until +21 since he only has one really. 

 

Any feedback?

 

Thanks for your time 

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