chiver78
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Post by chiver78 on Jan 20, 2020 12:01:27 GMT -5
But why would I put it on a different card with any rate if I have one with 0%?
I bought something on a "0% for 6 months" deal once on their store credit card. Last month before interest came in the balance was down to $100 and some big, unplanned expenses came up. So I let that $100 ride an extra month because the interest on the $100 would be pretty small. They then proceeded to charge me interest for the full $2000 the object had cost for the full six months!!!!!! Buried way down in the fine print was that little gem. You have to be REALLY CAREFUL with these kinds of deals because the banks will pull these kinds of tricks if you let them. I have a card like that now - I bought a sectional a few years back for a 0% for x months promotion. first bill arrived, I took the balance and divided it by (x-1) months, and set up the auto-payment for that number rounded up to the nearest $25. no chance of having to pay interest that way.
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Deleted
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Post by Deleted on Jan 20, 2020 12:10:10 GMT -5
If you can't pay off the 0% rate by the time it expires, there's not much reason to have done the balance transfer to get a 0% rate. When the rate increases at the end of it time, it goes up to whatever rate. Any BT I've had, charged interest on purchases made on the card. That's why the card gets put away and not used period until the BT is paid in full This card doesn't charge interest on balance transfers OR purchases for the first 14 months. The reason I took it out was to not decimate my savings and try to figure out other ways to come up with the funds before the time expired. I figured I would be more motivated to pay down debt with a ticking time clock than to replace savings, but I was wrong...well. I did pay down almost half of it, but then used it again for kitten bills and insurance.
My options come April are to put it on another 0% card and continue to let it ride or to use savings. I would never let it go beyond the intro period.
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Rukh O'Rorke
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Post by Rukh O'Rorke on Jan 20, 2020 13:18:24 GMT -5
If you can't pay off the 0% rate by the time it expires, there's not much reason to have done the balance transfer to get a 0% rate.When the rate increases at the end of it time, it goes up to whatever rate. Any BT I've had, charged interest on purchases made on the card. That's why the card gets put away and not used period until the BT is paid in full it depends if they retro it out or not. If you have 12 months @ 0% - then at 24% there after - the amount is lower if you have a year at 0%
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Rukh O'Rorke
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Post by Rukh O'Rorke on Jan 20, 2020 13:21:01 GMT -5
If you can't pay off the 0% rate by the time it expires, there's not much reason to have done the balance transfer to get a 0% rate. When the rate increases at the end of it time, it goes up to whatever rate. Any BT I've had, charged interest on purchases made on the card. That's why the card gets put away and not used period until the BT is paid in full This card doesn't charge interest on balance transfers OR purchases for the first 14 months. The reason I took it out was to not decimate my savings and try to figure out other ways to come up with the funds before the time expired. I figured I would be more motivated to pay down debt with a ticking time clock than to replace savings, but I was wrong...well. I did pay down almost half of it, but then used it again for kitten bills and insurance.
My options come April are to put it on another 0% card and continue to let it ride or to use savings. I would never let it go beyond the intro period. seems the best option is to transfer to the other 0% one and try to start whittling it down as much as possible month-to-month.
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nidena
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Post by nidena on Jan 20, 2020 13:27:36 GMT -5
But why would I put it on a different card with any rate if I have one with 0%?
I bought something on a "0% for 6 months" deal once on their store credit card. Last month before interest came in the balance was down to $100 and some big, unplanned expenses came up. So I let that $100 ride an extra month because the interest on the $100 would be pretty small. They then proceeded to charge me interest for the full $2000 the object had cost for the full six months!!!!!! Buried way down in the fine print was that little gem. You have to be REALLY CAREFUL with these kinds of deals because the banks will pull these kinds of tricks if you let them. I feel like that process is the norm more than the opposite would be. Every store card that I opened in the past had that kind of condition if it was "Same as cash". It sucks.
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swordguy
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Post by swordguy on Jan 20, 2020 13:41:55 GMT -5
This card doesn't charge interest on balance transfers OR purchases for the first 14 months. The reason I took it out was to not decimate my savings and try to figure out other ways to come up with the funds before the time expired. I figured I would be more motivated to pay down debt with a ticking time clock than to replace savings, but I was wrong...well. I did pay down almost half of it, but then used it again for kitten bills and insurance.
My options come April are to put it on another 0% card and continue to let it ride or to use savings. I would never let it go beyond the intro period. seems the best option is to transfer to the other 0% one and try to start whittling it down as much as possible month-to-month. The best option would be to find a way to lower expenses and increase income. Any chance of that?
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Rukh O'Rorke
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Post by Rukh O'Rorke on Jan 20, 2020 13:54:47 GMT -5
seems the best option is to transfer to the other 0% one and try to start whittling it down as much as possible month-to-month. The best option would be to find a way to lower expenses and increase income. Any chance of that? I'm assuming MPL is already doing all that she can there! As she has been for many years!!
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Deleted
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Post by Deleted on Jan 20, 2020 14:24:42 GMT -5
seems the best option is to transfer to the other 0% one and try to start whittling it down as much as possible month-to-month. The best option would be to find a way to lower expenses and increase income. Any chance of that? No, it's going down...a lot! Child support ends in July.
I have a tough couple years in front of me until I get DS through the first couple years of college. After that things look brighter.
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Deleted
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Post by Deleted on Jan 20, 2020 14:30:36 GMT -5
I bought something on a "0% for 6 months" deal once on their store credit card. Last month before interest came in the balance was down to $100 and some big, unplanned expenses came up. So I let that $100 ride an extra month because the interest on the $100 would be pretty small. They then proceeded to charge me interest for the full $2000 the object had cost for the full six months!!!!!! Buried way down in the fine print was that little gem. You have to be REALLY CAREFUL with these kinds of deals because the banks will pull these kinds of tricks if you let them. I feel like that process is the norm more than the opposite would be. Every store card that I opened in the past had that kind of condition if it was "Same as cash". It sucks. Store cards are all like that as far as I know. But you can get bank cards that let you keep piling on the purchases during the intro period. This is the Chase Slate:
Transfer balances with an introductory fee of $0 during the first 60 days your account is open.† Same page link to Pricing and Terms After that, the fee for future balance transfers is 5% of the amount transferred, with a minimum of $5.† Same page link to Pricing and Terms Low introductory APR
0% intro APR for 15 months on purchases and balance transfers from account opening.† Same page link to Pricing and Terms After that, 16.49%–25.24% variable APR.†
Now I feel like I just handed out Jello shots at an AA meeting.
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Rukh O'Rorke
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Post by Rukh O'Rorke on Jan 20, 2020 14:45:48 GMT -5
lol! No worries on my account
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Deleted
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Post by Deleted on Jan 20, 2020 16:49:34 GMT -5
Well, I guess I'm going to be doing a hybrid approach I tried opening the Chase card and it only gave me a $5400 limit. Seriously, I had a Sapphire Reserve card with them with a 22K limit and a Freedom with a 15K limit. I closed the Reserve two years ago and they closed the Freedom last year without my knowledge for lack of use and now the give me $5400? My race is on!
MPL 1/20/2020 - $8,057
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paynointerest
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Post by paynointerest on Jan 20, 2020 17:30:02 GMT -5
My homeowners insurance is going to cover some of the money that I lost. The woman that I worked with on the claim did not know the new rules about Cashier's checks and said the scam I fell prey to was a new one for her--and she has heard a lot of different ways the fraudsters get people to give them money. On a positive note, I'm happy that I am at least getting some money back.
Please tell everyone you know that if they are sent a Cashier's check, ask the teller how long it will be cleared by the bank that issued the check and then wait 1-2 more weeks after that time frame before spending the money or doing anything with it. Or, don't use them at all.
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TheOtherMe
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Post by TheOtherMe on Jan 20, 2020 19:17:01 GMT -5
Because of all the Craig's List scams, I don't have anything to do with Craig's List.
Like I said before, I've been aware of this scam for some time. It's not new. Nobody will be sending me a cashier's check so I am not concerned about me.
BIL and nephew were trying to sell some farm equipment on Craig's List over the summer. This stuff would cost big bucks to move. They got offers like you are talking about and you will need to send xxxx $$$ back. They finally just stopped because it was obviously a scam for somebody to want to send more money than you are asking and requesting money back.
The banks know about it. The bank explained how cashier's checks and postal money orders work probably 7 or 8 years ago. The cashier's check I received was from a former friend and was for the exact amount of money she owed me. She thought a cashier's check would be safer than a regular check. Not so according to the credit union back then. I know I left it in the account about a month. I also called the bank the cashier's check was drawn on to see if it had cleared. I sat on it after her bank said it had cleared.
I am glad you are getting something back.
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nidena
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Post by nidena on Jan 20, 2020 20:09:32 GMT -5
I gotta get outta here. Between Oct 25th and now, I've spent $2100 on gifts and groceries. For this household. Part of the Gifts expense was the garage fridge because there's just not enough room in their kitchen fridge for their 20 jars of damn pickles and olives and all the other crap that their family eats and my stuff. And I can't get just me groceries because that's just a dick move when you live with a family of four. So...the things I buy are things that we all eat. Example: I don't buy cereal because I don't eat cereal. I do buy coffee and eggs because we all consume coffee and eggs.
But, no matter, I need to get out of here.
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snapdragon
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Post by snapdragon on Jan 21, 2020 12:27:16 GMT -5
nidena -- sending you good housing vibes. Hope you find something really soon.
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nidena
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Post by nidena on Jan 21, 2020 14:43:06 GMT -5
I got accused of being judgemental because I told my friend that how she treats her husband, by talking down to him and/or screaming at him equates to a verbally abusive relationship. Her response is her family accepts those things as part of her anxiety. It is because of the screaming and the way she belittles him in front of the kids that I have to leave. She chastised me for not offering to make dinner on occasion, for not cleaning up the house on occasion, for making snide comments about her family (I don't do that), for not helping out more often.
I buy groceries every few days. I gifted them the garage fridge AND the heater accessory to make it work in their unheated Midwestern garage. I turn off the lights they leave on when they leave the house. I do leave magazines on the coffee table after I've read them. (Apparently that's "messy" and not the kind gesture I perceived it to be).
I rebutted that I do do those things and it's not my fault she's not here to see them before they're undone.
Well, it looks like we made it ~3 months before this shit presented themselves for real. I've already put the call in to my Indiana realtor to find me an apartment broker. I need to get there in order to really start looking at houses.
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nikiz628
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Post by nikiz628 on Jan 21, 2020 15:42:22 GMT -5
nidena- Living with others is always a challenge, even more so when they behave like you have described. I am crossing everything that you can escape that situation ASAP AND find the perfect place to call home here in Indiana.
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Rukh O'Rorke
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Post by Rukh O'Rorke on Jan 22, 2020 9:42:41 GMT -5
I wish the kids could escape
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nidena
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Post by nidena on Jan 22, 2020 22:59:37 GMT -5
My apartment move in date is Jan 31st. And, nope, the house isn't under contract yet so there's no closing date. I know that I can swing rent though because my payments to the CC are huge chunks. They'll just be small from now until I sell the house.
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idlechatter
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Post by idlechatter on Jan 23, 2020 8:44:43 GMT -5
I finally feel like things are coming together and there is a light at the end of the tunnel!! I still have not been able to wrap my head around what life will be like without student loans. I have had student loans dating back to my first race with WIRR in 2007 too!! (though the ones from 2007 have since been paid off). It will be the first time in my adult life that I have not had student loans. And don't get me wrong, I can appreciate having taken them on because without them, I would not have gotten the job that I have and not been in a position to earn the salary I do. So my life would likely have been very different. But man I am so thrilled to know they will be gone soon. I am starting to think about things like travel (which I will be doing some of this year), a house, a second motorcycle....So exciting!! Congrats! I hope to follow you in not-too-long-a-time....but it will be several years... I've had student loans since 1992/3 You will get there!! It seemed like such a long trudge through it, but once you start to get closer, even 2-3 years feels like it's not that long.
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Minnesotagirl7
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Post by Minnesotagirl7 on Jan 23, 2020 9:43:14 GMT -5
idlechatter, Super excited for what’s coming your way. I hope you appreciate that you did the work to put yourself in this position. Major kudos to you!!
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sealy
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Post by sealy on Jan 23, 2020 16:26:13 GMT -5
nidena I hope you are able to have peace from now until the time you leave. At least you were brave enough to speak up and tell her about her abusive behavior. Hopefully she'll wake up and realize her mistake.
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swordguy
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Post by swordguy on Jan 24, 2020 21:47:37 GMT -5
Race # | Description | Update Date | Current Amt | Race Start Date | Race Start Amt | 1st Page # | Change | Notes | 2 | HELOC | 1/24/2020 | $ 0 | 11/20/2019 | $ 15,000 | WIRR209 | 0 | Funding Renovations on Houses #6 and #7 | 3 | Mortgage | 1/24/2020 | $142,968 | 11/20/2019 | $145,890 | WIRR209 | -1014 | Mortgage for old House | 4 | Mortgage | 1/24/2020 | $230,000 | 1/16/2020 | $230,000 | WIRR215 | 0 | Mortgage for new House |
We're back to being a month ahead on the old house mortgage. I like to be ahead by a month, so the next payment won't be due until 01 April. It's like a built-in buffer for unexpected expenses. Plus we put an extra $125 on the principal. First new house mortgage payment is due 01-March. I'm hoping to have the old house on he market by 01-April. Had some excitement this week at the new house. Discovered a gas leak. It took 2 days to resolve and the gas company had to run a new section of line to the house. Hopefully, when we take another load of stuff to the new house in the morning, it will (a) not have blown up and (b) there won't be any leak anymore. SwordGuy (2) 1/24/2020 $0 (11/20/19 $15,000 WIRR209)SwordGuy (3) 1/24/2020 $142,968 (11/20/19 $145,890 WIRR209)
SwordGuy (4) 1/24/2020 $230,000 (1/16/20 $230,000 WIRR215)
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idlechatter
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Post by idlechatter on Jan 26, 2020 22:11:23 GMT -5
idlechatter , Super excited for what’s coming your way. I hope you appreciate that you did the work to put yourself in this position. Major kudos to you!! Thank you!! I certainly do appreciate it. It's been a long time coming. Still waffling on the paying off the car loan next year or just letting it ride (its at 1.9%) and will have about 10 months left on it. Part of me wants to just be rid of it to be able to be debt free for a little bit. If I do go for a second motorcycle the goal would be to pay in cash but it depends on what's out there used vs new. On the upside, I could afford to pay probably $13K in cash if used or toward a down payment if new and only have a payment of about $100 bucks plus maybe $25 bucks a month for insurance (new). I'll cross that bridge when I come to it though. It will just be so nice to have options for my money, which I don't feel like I have now. I'm not destitute or paycheck to paycheck, but my budget is essentially a zero based budget with about $800/mo going into savings right now. So to have another $750-$1100/mo on top of that is wild to think about.
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Minnesotagirl7
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Post by Minnesotagirl7 on Jan 28, 2020 10:29:23 GMT -5
Sorry gang, this is a fly-by update and I'm unable to get in some shoutouts. Fantastic work Racers! Welcome to the newbies and welcome back to some folks we haven't seen in a while. Smileys are updated! Smiley Link
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nikiz628
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Post by nikiz628 on Jan 28, 2020 19:33:30 GMT -5
Update Race #2 1/28/2020Race #2 | INTEREST | ORIGINAL | LAST UPDATE | THIS UPDATE | DIFFERENCE | Auto Loan (SUV) | 4.00% | $32,991.93
| $11,946.10
| $11,575.84 | -370.26 |
NikiZ628 (2): 1/28/20 $11,575.84 (3/26/18 $32,991.93) Total Paid in 2020: $370.26 Total Paid Overall: $21,416.09 My goal for 2020 is to get this loan under $7,500.....
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Deleted
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Post by Deleted on Jan 28, 2020 20:23:28 GMT -5
I divided things up since the balance transfer went through. In retrospect I should have waited a couple months to open the other card and do the transfer to buy myself more time...oh well.
Race #1 Fidelity - $3057 (needs to be paid off by April statement) Race #1 Chase - $5000 (0% interest until May 2021)
MPL 1/20/2020 - $8,057
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swordguy
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Post by swordguy on Jan 30, 2020 1:08:21 GMT -5
We've moved all our books over to our new home, now we're moving the items that are hard to pack so the mover's won't break them. Movers are scheduled to show up on Monday to move our heavy stuff and most of the rest of our stuff. (We'll be leaving the woodshop items where they are to facilitate doing some repairs prior to putting the old house up for sale, then we'll move them afterwards.)
We've got a date of 1-May to sell Flip #2. It won't bring in cash right away but it will mean that we can reduce our cash reserves (and put any excess cash reserves on the new mortgage).
Flip #3 should be sold within 2 months. Hoping this will be a regular mortgage from the bank purchase instead of owner financing. I want to put the cash on the new mortgage and cut it down by a bit over 25%. If not, it will probably be refinanced within the year because we'll set the interest rate a bit higher to motivate it.
If we can get our old house sold within the year we'll have our new mortgage down to 25-30% of what it is today (the starting value). That's on the low end of what we expect, it could sell for enough to drop our new mortgage down to about 13% of starting value. And, of course, the old mortgage would be paid off at the same time. I am **so** looking forward to that.
Spoke to our realtor and her boss and they've both agreed to a discount on the commission on our old house since we've done a dozen transactions with them in the last 8 years. As I learned from my cats, it never hurts to ask!
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Maryland Monroe
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Post by Maryland Monroe on Jan 31, 2020 19:01:03 GMT -5
UPDATE: Maryland_Monroe[2]: 1/31/2020 $12,335.02 (1/1/2014 $93,528.61 NE113, C127)
Total paid: $81,193.59 (86.81%)
I will have another update in about 10 days.
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paynointerest
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Post by paynointerest on Feb 1, 2020 10:13:27 GMT -5
Update! February 2020
Pay-no-interest: $1,626.00 (New debt total: 08/2018 $388,835; starting debt 05/2007: 369,884) % paid on total debt: 99.6% % paid on mortgage debt: 99.1% This is exciting. I passed the 99% debt paid on both my total debt and mortgage debt this month. As I have shared with everyone, I'm going to pay off the remaining amount on my mortgage in March 2020. Stay tuned!
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