Charge off CC question

Feb 022011
 

So my soon to be wife just got an offer from a CA to settle her debt for 60% of the orginial debt.  My question is, should I tell her to attempt to contact the CC first or take advantage of this offer?  Any suggestions would be appreciated.

Which taxpayers are currently making use of the mortgage interest deduction?

Nov 302010
 

I ask this, because an article written by Scott Burns (writer for Dallas News), believes that very few people can take advantage of the mortgage interest deduction.

 

http://assetbuilder.com/blogs/scott_burns/archive/2010/11/19/would-you-miss-the-mortgage-interest-deduction.aspx

 

 

I know that we are able to make use of the deduction, because of 2 things: Mortgage interest is under the standard deduction by a little more than $1,000/yr. This is even on a short term (15 year) mortgage. However, our property taxes are relatively high (slightly over $8k), which is just about 2.3% of the appraised value of our house. So, between the 2, we are easily able to make use of the mortgage interest deduction.

 

So, who else is able to use the deduction?

What’s Your Plan?

Nov 252010
 

I thought I’d share my recovery plan and see what others may be doing.

 

11/24/10 FICO:

EX 590 TU 559 EQ 531

 

Short Goal FICO:

640+ x3

 

Long Goal FICO:

760+ x3

 

1) Capital One -  Secured card on the way!  $200 CL for now.  Expected to arrive on or about Dec 12th.  Will make regular deposits to increase the CL.  Short goal of $1,000.00.

 

2) PenFCU - Accepted my application for membership.  No credit was extended but it will be a good place to have my foot in the door for later on…  Credit re-pull avail after 6 mos.

 

3) PSECU - Will be applying using the PRPS method in a couple weeks.  Another good place to have my foot in the door for later.

 

4) NavyFCU - Will be applying for membership in two weeks and requesting a secured card based on a $200 deposit.  Will make regular deposits to grow this to $1,000.00 also.

 

5) SSFCU - Member.  Will take advantage of share-secured loans to pay off some of my smaller debts in full using the PFD method.  Will also try using this method to attempt settlement on some of my larger debts.  Two birds, one stone.

 

6) Disputes and GWs like crazy on anything that’s left.  Pay ALL bills on time, forever.

 

7) Get a house.

 

8) Get a car.

 

9) Get unsecured credit cards with high CLs.

 

10) Wallow in self-accomplishment.  :smileyvery-happy:

 

The End

 

Nate

Why Aren’t More Taking Advantage Of The Low Mortgage

Aug 112010
 

Hello!!!! It doesn’t matter what the rates are, It’s all about the lack of “JOBS,JOBS,JOBS. It’s simple. If your unemployed or under employed, or a 99er that has exhausted ‘ALL” there benefits and still can’t find employment but yet have fallen off of the grid who’s going to take advantage of the ”LLOOOOWWW” rates. The Fed wants us all to spend which is why interest on saving is nothing, and the average interest rate on a “3 Year” CD less than1.50% ?????. All is designed to get us to spend and not to save. Well, I news for you all in D.C., we’re not all stupid and Novembers right around the corner.

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Does Mortgage Anniversary Boost your score?

Jun 122010
 

Hi everyone! I’ve been in my gorgeous new house almost a year and work is finally picking up. I had a bad few months and some health/family stress so I had to rely on my CCs more than I should have. Luckily, other than high DTI ratios, my reports are almost perfect. *knocking on wood*

 

I have a collection I’m paying next week from Columbia House DVD club. They didn’t realize I moved and sent the paperwork to the old address. I didn’t know about it until I saw the collection on the report. Other than that, no latest, over limits, nothing and they’re going to stay that way.

 

I need to get a new car soon plus I would really like to take advantage of the solar electric federal and state rebates as well as the AZ Power company rebates before they expire. In order to qualify for thesolar financing, I need to boost my score about 70-80 points. My DTI is around 88-89% and right now only my store CCs don’t have balances. Yes I know that’s bad but I’m working on it.

 

I remember reading a thread where on the year anniversary of opening a CC, you got a small scoring boost, and I was wondering if the first anniversary of a mortgage did the same thing? If work keeps up the next 3-4 months and my aunt stays healthy *knocking on wood again*, I will easily be able to make more than my minimum payments and get the CCs paid down, but I’d really love to have mny score above 700 ASAP and there’s nothing else I can do to make that happen since there’s nothing negative except a few inquiries that are a few months old.

 

 

 

Free FICO scores through my credit union — might want to check yours! (PA area)

Mar 192010
 

Just wanted to share, this might help some people out who are monitoring their FICOs! If you are in the PA area,  if you join the credit union PSECU (you do NOT have to be a PA state employee) you can sign up for a FREE online FICO update through online banking each month and its totally free.  I got my Trans Union score this month on the 15th and it even logs a chart updating your progress month to month.  Very neat feature through this bank. 

Consider switching!:smileyhappy:

Just wanted to let you know if you are in the area and want to take advantage of this feature. Even if you’re not, check with your local credit unions and ask if they have this feature. Maybe they do?

Anyway to get 60 points fast?

Mar 122010
 

I am trying to get my score up over 600!  In order to get approved for a mortgage to take advantage of a the tax credit and get away from renting and throwing my money down the drain.  Anyways I have all but one credit card down to a 0 balance.  I have filed bk 5 yrs ago, have made a couple of late payments but nothing more than 30 days.  I have goodwilled the credit cards to try and remove the late payments with no luck.  Anyways, anyone  that could offer any advice please let me know!

 

Thanks

Approved for Discover Card!

Jan 292010
 

Greetings all!

 

I have been trying to continually rebuild my credit….have not pulled my score in a long time so not sure what it is but I was recently approved for a Discover Card with $1000 limit.  I applied for this card because I wanted to transfer a balance that had a higher interest rate to it so I did almost utilize the max $1k but have paid some already and will probably have half paid off in a few weeks here.  Of course its good news to get approved by any creditor especially during these tough times but I was quite surprised to finally been approved (probably tried 3-4 other times in 10 yrs)….  My question is, typically how hard is it to get approved and should I assume I have decent credit?  Trying to get a car soon and would like to take advantage of 0% apr for 72 months…..