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how to get a loan

Forum: Credit
Mary Keil
I got a store card and built up my credit and score. Then I got a loan and paid it off in a timely matter. I got another loan 18 months later. I have also been approved for other store credit cards. I have not tried for a regular credit card, because my income is not very good now. But that's how to build your score. My score was 0 and I built it up to 742Read More...
Ms. Andra powell Henderson, Thank you for replying to my dilemma. Would you be so kind to supply more info on the Internet Marketer job you mentioned in your reply. I would like to look into that further. Thank you.Read More...
Before getting a loan, make sure you get your rates from all possible/available lenders. Even minor difference in rate can lead to lot of savings. Also if you apply together as a joint application, you could get better rates if your joint applicant has a good credit historyRead More...
Last Reply By [email protected] · First Unread Post

Beginner Investing

Forum: Investment
Emme
Hello. New to Penny Hoarder forum. I am 63 and looking forward to semi retirement. I am interested in learning about passive income. Any suggestions on where I might begin? I know next to nothing about investing.Read More...
That’s the tough call on where and who to invest with. Whoever you choose to invest with you’ll want to rigorously research them thoroughly. They are professionals but because of that they take X amount of percentage of your profits. Verse if you were able to dedicate heavy research and invest on your own. Then you pay nobody to make money with your money. But be warned if your not strict with your dedication into investing then you are going to take more loss in which for your case you...Read More...
I am completely deficient in the area of finances! When I leave my present job, I have the option of withdrawing my pension monies or taking an annuity payment for life. Half my work life has been private sector; the other half public. I have 3 more years before Social Security full retirement age. I am leaning towards taking a partial or lump sum instead of annuity payments. I would like to invest some of that money into something that will possibly cover basic living expenses (utilities,...Read More...
Last Reply By Mr. Demario · First Unread Post

Closing a secured credit card

Forum: Credit
Frugal Loo
My husband and I each opened a secure card over 2 years ago from our bank. We have been with USBank for over 15 years. When we opened our secured cards they required a $300 each. We asked if we could build credit faster if we did $500 each and the banker said yes. He told us that if we make on time payments and paid it off every month for 6 mo to 1 yr that they would automatically change us to unsecured cards with a higher amount of credit. Of course we believed him and he pulled up the...Read More...
As Robin Hartill mentioned, I would go directly to the bank to close those secured cards. Unfortunately, there is so much fine print in legal agreements that there may even be penalties or other surprises besides a small hit on your credit score for closing these cards out. Don't forget the shenanigans Wells Fargo served to their "valued customers" for which they basically just received a slap on the back of their fraudulent hands! I am always a bit shocked when reading the terms included...Read More...
@Frugal Loo What you're doing is the right path. I echo what @Robin A Neumann says. It was good sound advice by the Lender, kudos to him/her!Read More...
Last Reply By mintjulep · First Unread Post

Closing Credit Card Yes or No

Forum: Credit
Ana24
Hello everyone, I need some expert advice. I was thinking about closing 2 of my credit card one is secured Capital One and the other one is First Premier unsecured. Thinking of closing them after we get our house. I have both of my cards for almost 10 years now. I was wondering what will be the effect towards my credit score if I did close them? Thank you in advance.Read More...
My husband and I were going through this. We paid off all of our store and other credit cards two years ago. We kept two regular mastercards. We were trying to increase are available credit and decrease our credit usage. We actually were threatened by some cards that if we didn't spend anything on them they would close them anyway. So we decided to spend a little every few months and pay them off quickly. Since we started doing that our credit score actually is on the rise.Read More...
I was considering the same thing. Close the ones that have fees. I am considering talking to a financial advisor first before doing so. It's free if you bank there.Read More...
Last Reply By Mrsmcbride · First Unread Post

Suggestions for Automated Savings?

Forum: Save Money
MountainFan
I've read through this article a bunch of times now, and I still just don't know. I've tried Acorns and honestly never saw much benefit with the small bits of savings I was able to put in the account. I like the idea of Digit but I'm worried a little about how it works. (Like does it offer protection to not overdraw?) Investing seems a little outside of my scope for now. I love the idea of setting goals for the savings, like for an emergency fund or vacation. I recently opened an Ally...Read More...
Thanks. I will check out the article for the $5 challenge! ShopKick never makes me sign in, the app opens and that's all there is, ready to go. Maybe they have improved, signing in each time would be a deterrent and I agree with you, too much hassle.Read More...
I stopped using Shopkick. Having to remember to sign in before you walk into the store is too much work. I do use a cashback credit card. Whenever I reach $50 in savings -- right into the savings account. I pay the card back in full twice a month so I never carry a balance. It's basically my debit card. Pennyhoarder just did an article on the $5 challenge and how to do it if you don't carry cash. Check it out.Read More...
Last Reply By redcatcec · First Unread Post

Anyone pursuing a F.I.R.E. strategy?

Forum: Retirement
Theodora
The F.I.R.E is on FIRE. https://www.cnbc.com/2019/03/01/more-workers-are-looking-to-retire-early-a-look-inside-the-fire-movement.html Would love to hear from any of you who are pursuing a strategy to retire early. Teach me your ways!Read More...
Well, perhaps you could still leverage some of the tips to make your financial situation easier and better?Read More...
Never heard of F.I.R.E. I'm at an age that it's to late for this. Woulda, could, shoulda.Read More...
Last Reply By Pax · First Unread Post
Budgeting isn’t easy. But whether you’re trying to cut spending to save for that new house or you’d like some extra money to put towards your credit card debt, establishing a budget that works for you is essential. Which is why we’ve created the Budgeting Bootcamp experience. The bootcamp is a two-week program that will teach you how to establish a budget from the ground up and then actually stick to it. Every couple of days you’ll receive helpful tips and tricks for creating your own...Read More...
I'm retired, on a fixed income and so "out of the loop" on job openings and all the modern stuff you have to know how to do or (it seems) stand on your feet a lot. I worked at a hospital admitting job. Sitting was involved and inputting information into the computer to make a patients chart...address, phone, insurance info, etc. At that time the only requirement was a high school diploma and 6 months experience working with the public. I had been a dime store (pretty sure they don't exist...Read More...
Great job AnnieB. Grown children should help out and learn responsibility.Read More...
Last Reply By dboothe · First Unread Post

If Money Was No Object, Where Would You Travel and Why?

Moore Income
I am a lover of travel and a huge advocate for people having dreams and seeking to fulfill their dreams. That being said, I am curious to know where my fellow Penny Hoarders would travel if money wasn't something you had to worry about. What would be your dream trip/vacation and why would you choose that specifically? Time to do a little dreaming!Read More...
Welcome to the Penny Hoarder Community, @Larry Colangelo . Somehow I must have missed welcoming you. We look forward to hearing what your financial goals are and trying to help you reach them with any information that we can provide. Your wife is welcome here as well if she would like to post. We hope to see you both posting here soon. AverageJoeRead More...
Help me on this one so I can get my love and my wife here for are first Christmas and Happy New year to be together for Christmas ❤️.Read More...
Last Reply By AverageJoe · First Unread Post
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Excel Entire Year Budget Sheet!

Forum: Budgeting
Heather LeGuilloux
Last year I started budgeting for the first time. It was confusing to figure out at first, and also scary to see all those categories and spending limits. But after a few months, it became second nature to write out the budget and go through the statements at the end of the month to make sure these budgets were held in place. When I first started with our budgets last year I found a printable budget that had some static categories (rent, groceries, travel, etc) but this year I wanted to find...Read More...
I created my own excel spreadsheets. I've found to be easy to plan for upcoming expenditures and to see the variation in some bills each month.... like gas and electric.... I have done this for several years and it's been eye opening to see how expenses for utilities have increased over the years.Read More...
@TheSugarFreeLife . I checked out the links and very happy to have those sources. I created my own excel sheets a few years ago, mainly for tracking where my money goes, rather than budgeting. It was an eye opener to see how much we spend on grandkids and junk food! I have not followed up to do anything with these links from Heather, but very grateful to her for providing them.......my other half is retiring this year and we will need to set up a budget, I'm sure. I am a procrastinator!Read More...
Last Reply By Shannon H · First Unread Post

Topics

pay off mortgage with inheritance or invest?

Forum: Retirement
Suzanne Boisvert
I am thinking I would like to pay off my mortgage and save the interset which now is at 4.875% interest portion is at $230 a month. I asked my financial advisor and she ran the numbers and said yes. Then she called me back and said not to pay it off and to invest it. I plan on only working two years or so before I retire. I am now 68. I still feel that paying off the mortgage would be better and I could continue to save.the extra 1000 a month. I am not sure what to do now... What is the best...Read More...

January No Spend Challenge

AnnMarie L.
Brand new here and am wondering if there’s a group that’s doing this? I’ve read about it in the past but never gotten through a whole month...Read More...
AnnMarieL, To save money on your groceries, make sure you use whatever you have already in the house, then expound to include those items in your meal plans. It's amazing how much you can save when you use up all that you have and nothing expires. Win-Win.Read More...
REDCATCEC, I would LOVE having a washable filter, but honestly I've never heard of it and don't know where to get one. I suppose I COULD GOOGLE it! (after the January no spend challenge of course). I could wash it when I change my water pitcher filter which already has that little calendar on it. Good idea reusing the plastic K-cup for seedlings. If only I were a gardener. I have a brown thumb and kill everything by either forgetting about it or killing it with kindness...overwatering,...Read More...
Last Reply By dboothe · First Unread Post
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Home Debt Question

Forum: Debt
tiltv4
Dear Penny Hoarder, My husband wants to retire from his job in about 7 years and we owe about 60k on our mortgage and have a 10 yr loan. This is a new loan for us and we are going to begin paying that one year interest. My question is, is it better to pull from retirement and pay off the mortgage and then put his paychecks back into his IRA for the next 7 years and take the tax hit? Would it be better in the long run and not pay the mortgage company all that interest money or leave...Read More...
I know it's tempting, but it's not a good idea to take money out of your IRA or to even borrow against it. You may not pay it back and there's the big tax hit. I would sock as much money as I could on the mortgage and get it paid down as fast as possible. Look for additional income methods. If something bad happens, you have time to work at getting it fixed before retirement. If you've taken the money out of your IRA, you could be scraping for pennies in retirement. The cost of living goes...Read More...
My personal opinion is not to take money from his IRA. You and your husband may have good intentions on paying it back, but it may not happen. You will also have the tax hit, as you mentioned.Read More...
Last Reply By dboothe · First Unread Post

Changing my eating habits is changing my finances

Forum: Budgeting
lismox
For the New Year I decided to finally lose those pesky 25 pounds. Rather than going on any specific diet I decided to rein in my portion sizes and reduce my calorie count. So far it's working since I'm down 5 pounds. Only 20 more to go! I was a total Starbucks junkie before changing my eating habits. Now I've been going only like once a week since I don't want to use up my daily calories on drinks. It's been helping me a lot! Not only is it helping my waistline, it's helping my budget. Has...Read More...
WOW, Good for you, so creative and fulfilling! Thanks for the info!Read More...
Well, my very favorite summer salad was the Poppy seed chicken "something or other" salad. As I had been getting it often, I knew what it had in it. It was dc'd at Panera so what did I have to lose? It had lettuce, tomato, , chicken breast, blueberries, strawberries, those little orange slices, I think pecans...and a poppy seed dressing. So I duplicated the ingredients and was looking for a Panera Bread salad dressing in the store, but instead found a "Skinny Girl poppy seed fat free/sugar...Read More...
Last Reply By redcatcec · First Unread Post

Gig Work Taking Property Photos in the US

Forum: Make Money
Luke Tomaszewski
ProxyPics is the perfect side hustle. People in different industries need up to date photos of properties. Kind of like Uber for photos; we let you know when there's a job near you and you get paid to take the photo! Get paid $3.25 for each photo you take, most assignments have more than one photo and some come with short surveys. We have clients that have work all across the country, it’s easy and free to download on Google Play or iOS.Read More...
I downloaded the app and found only 2 jobs that weren't very close to where I lived. One was about a 45 minute drive, the other I'm not sure how far it was. It's not a very useful app for me at this point.Read More...
Last Reply By lismox · First Unread Post

Low income high debt

Forum: Debt
Sonja Setoute
I had to leave my job suddenly for personal reasons which left me unable to make payments for 6 months until I found a new job. The new job pays less and I'm barely about to make payments on one card/loan. How do I handle this?Read More...
That sounds like a great idea to start with. Take a look at how much you spend on food or other necessary items. See where you can cut back. That money may seem like not very much, but it is something.Read More...
First thing I would do, and one of the hardest things to do, is to call the bank and explain the situation. Communicate with them. Its been 6 months, so it will likely not be a fun conversation, however, it needs to be done. You may have done this already, but if not, consider reaching out. Make a payment plan- pay something. It doesn't sound like it's gone to collections yet, so that's great. And congratulations on the new job! I know it pays less, but I'm happy for you that you found...Read More...
Last Reply By MsKimberly · First Unread Post

Student loans

Forum: Debt
Rehemom4
Does anyone have advice for out of control student loan debt? I can’t afford the monthly payment no matter what plan they offer.Read More...
Are you able to get them deferred? While that's not going to get them paid off, it will give you time to get in a better situation to make the payments. Did you request an income based payment? A lot of times, depending on your income, that can be as low as $0 a month. If you don't qualify for income based payment because you make too much money, then you may need to take a look at your finances and see if there is anything you can stop in order to make the payments.Read More...
Last Reply By JeremyM · First Unread Post

Investing in real estate

Forum: Investment
Clkw84
Does anyone have any tips on buying real estate to rent out with little down money? We don’t have much retirement savings so we are looking for some passive incomeRead More...
I've been thinking a lot about REITs. The problem, if I understand the vehicle correctly, is that you don't get a say in what commercial properties are bought in what cities, so that's high risk to me. Somebody please correct me if I'm wrong here and you do get to make a lot of the choices in REITs, or if there are REITs out there that allow you to pick and choose cities/property areas. Then I started to realize that my biggest passive investment vehicle is my house, as it is with most...Read More...
There are so many ways to invest in real estate these days. It is one of my favorite investment options. REITs are great and easy to invest in. They are traded on the stock market and can be bought and sold easily. Many of them also pay monthly dividends like ORC or O. You might think of trying AirBnb. Any extra space you can rent out to people and earn extra cash. I live in Dallas near the Cowboys stadium and whenever there are games I just rent out a room and make off like a bandit. You...Read More...
Last Reply By Elizabeth Barnett · First Unread Post

REIT

Forum: Investment
Robert Mattress
I’m seriously thinking about putting in the minimum amount to start investing, does anyone know about REIT investing? I am expecting good returns for my money. I know all investments come with risk of losing the money you put into your investments.Read More...
I've been thinking a lot about REITs too. The problem, if I understand the vehicle correctly, is that you don't get a say in what commercial properties are bought in what cities, so that's high risk to me. Somebody please correct me if I'm wrong here and you do get to make a lot of the choices in REITs, or Are there any REITs out there that allow you to pick and choose cities/property areas?Read More...
Hi Robert, The Penny Hoarder team has a great article on this! https://www.thepennyhoarder.com/investing/invest-in-real-estate-for-under-500/Read More...
Last Reply By Elizabeth Barnett · First Unread Post
Dear Penny and Community, After bankruptcy in 2008 I needed to restart my credit. My score is now good (over 710). Problem: To improve my score I opened a credit card secured by a low rate CD. The card has an annual fee. I wish to close the card (before the annual renewal) which will automatically end the CD. I have another card which accrues miles (I have no use for future travel). Can I also close this card? If not now, when? I do not know how many cards is too many? Any suggestions.....Read More...

Has anyone used the Acorns app?

Forum: Investment
Have any of you used the Acorns app before? It's an app that takes the extra change from your purchases and then invest that money for you. A friend mentioned it to me, just wondering if any of you could offer some tips on it.Read More...
I looked at apps that PH has written about, like Fetch, Acorns, etc., but it's literally pennies per month that you are saving and it doesn't accumulate fast enough and the work involved doesn't match the return on investment for me. Acorns' management fees make it ridiculous to me, and you have to maintain at least $5000/mo. in the account to get the management fee to where I want it---under 1%. Why would I pay 12% in management fees to save $100? I don't have any fees with a jelly jar on...Read More...
Thanks for all info. Something I have been wondering about for a while.Read More...
Last Reply By Elizabeth Barnett · First Unread Post
I recently just paid off all my debt and have no credit card accounts open. Does this mean my credit score will start anew or start where I left off once I open a new account/get a loan/etc.? Credit score sites currently say N/A regarding my current score with no elaboration which is ambiguous in my opinion. If someone could share their personal experience or their expertise it would be greatly appreciated. Thank you in advance!Read More...

Anyone else having issues with Acorns?

Forum: Investment
fauna
I recently signed up with Acorns to invest my change (small unmissed change right). It's been OVER a week and still haven't been able to get completely set up. The page that comes up when you open app "personal information", asks for just that. But I fill it out & hit next to continue & window pops up that says " Something went wrong. Please try again in a few minutes". Well, that was over a week ago & still trying. They have no customer service number on there that I could see.Read More...
I was reading (on another financial site) about Acorns' fees. It doesn't seem worth it to me to pay 12% in fees to hold $100 in the account all the time. To make it worth it to me, which would be under 1% in fees, it looks like you have to hold $5,000 in the account all the time. Do you know what are you paying in fees for your Acorns account?Read More...
Hi @fauna ! Were you able to get in touch with Acorns' customer service team for help with the sign up process?Read More...
Last Reply By Elizabeth Barnett · First Unread Post

Passive Income Strategies

Forum: Make Money
Theodora
Hello, Penny Hoarders! My long-term financial goal is to build multiple passive income streams. Do any of have strategies, experiences, aspirations to share? Would love to learn from you!Read More...
I'm very interested in this thread topic, but it appears that maybe a definition is needed. Passive income, as I understand it, is income you make without working for it. I've been researching and thinking a lot about this. It's how rich people stay rich/get richer and how poor people stay poor. Again, as I understand it, there are basically two categories of passive income (unless you count inheritances, then there's three, or winning the lottery, there's four): investments and cash-back...Read More...
Uber, Pet Sitting, Teaching English on the web,Read More...
Last Reply By Elizabeth Barnett · First Unread Post
Hey there @Dear Penny - do you have any idea of roughly how long it takes to reverse a credit score dip? Meaning if you had an expected dip due to sub-optimal credit utilization ratios -- but then corrected the ratio...how long would it take for a credit score to bounce back? Are we talking a couple months or more like 6 or longer?Read More...

Savings

Forum: Save Money
When we return from a shopping trip > We set aside the monies saved with coupons. Also restaurants and fast food savings.Dennis Sent from Mail for Windows 10Read More...
I love to say for a rainy day. I was raised to be responsible with my money. My mom always says never compromise on health, no matter what. so, IDK, someone suggested to opt for healthy lighting and I cannot stop purchasing those and gifting it to my mom! Humor but it is helpful!Read More...
This is really a smart way to save money.Read More...
Last Reply By Zara Zoey · First Unread Post

Invisible Emotional Costs

Ray Taylor Tetreault
After my divorce in the early 1990's I made the decision to move from the inner city of Cleveland to a sleepy suburb two cities away. At first glance the higher rent seemed untouchable but turned out to be less overall. Here were some of the invisible costs that I uncovered. You may find similar rationale to any seemingly unreachable goal on your list... The car insurance costs for suburbs are usually less than inner city and in my case, the suburb was closer to my employer's location which...Read More...
I hope it gets easier for you. Meanwhile do not neglect your mental health.Read More...
There is an organization called Retrouvaille (ReDiscovery) Searching for this name also goes to www.helpourmarriage.org (same non profit organization). My wife and I went on this program (a weekend in a hotel) and a follow up of 8 meetings. Its really a great program and they don't speak to you about your problems . Three couples share their stories in areas of marriage, you just sit and listen and then do a method of non threatening communication about the topic. We were a hopeless case,...Read More...
Last Reply By Zara Zoey · First Unread Post

Home Sale

Forum: Investment
Heather C
Hello, My husband and I flipped our first house and stand to make over $150,000. Our question is what do we do with all that cash? Invest? Save? pay off debt? or use it all as down payment for our next home?Read More...
Invest in a lucrative business that has benefits in a long haul.Read More...
Our only debt is student loan debt, which is about $50,000. We do want to purchase another home, and we have only invested a small amount of money through the Robinhood app. We just want to be sure we make the money work best for us and our future.Read More...
Last Reply By Zara Zoey · First Unread Post
Has anybody ever downloaded any of those games that you can play to win money or coins? I downloaded a few last year and I play everyday but I'm wondering if they are worth the time and effort to win cause I see my balances going up but I'm still a little skeptical about them?Read More...
You have to decide if what you get for what you do is actually worth your time. How much is your time worth?Read More...
Last Reply By MsKimberly · First Unread Post

Pet Insurance

Forum: Insurance
MeganC1041
I've been considering purchasing pet insurance for my 2yr old puppy. Is it worth the cost and can anyone recommend a site where you can price compare? Much appreciated!Read More...
I believe that Care Credit card you can also use it. It is not only for animals. It is a promotional card that is interest free but you have to pay what the amount is set at every month and do not miss a month or I believe the amount will be due plus all the interest. I would pay what they want every month. Trupanion (pet Insurance) I pay $63.80 a month. Animals and humans same costs for treatments. Very expensive.Read More...
My cat hAd an emergency trip to the 24/7 pet hospital and In order for them to see her I first had to apply for “care credit” card. I now have a $500.00 vet pet bill which I am told the terms and interest rate vary from person to person and the doctor or vet is the one that sets the terms so I have 18 months to pay it off . I don’t know what the interest will be after that. I’m 55 years old and just started my emergency fund which is only $170.00 to date should I put it all towards the vet...Read More...
Last Reply By Peg Guglielmi · First Unread Post

Closed after fraud

Sivak
Hello!! I have a credit card that was used to purchase gift cards and then payments were made and canceled by an outside source. SCAM! I was notified by the credit card companies fraud department. They investigated and closed my account. This card only had a $1,200 line of credit. They said I was privy to the fraud. Which I was not. We have one other credit card with a $500 line of credit. We use these for emergencies or travel only. What can I do to get this line reopened? It has hurt my...Read More...
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