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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...
I had a similar instance with Discovers secured card. My credit score dropped after closing the secured card because I was able to open a large CL with a well-known bank. I also had a few of those high fee credit cards that I recently closed since I no longer needed to pay a monthly fee to obtain credit. I had 4 and 5 years of PERFECT payments and my credit score tanked. I did not add any new CL's or accounts in tandem. Now I am working on rebuilding my credit score from the "help" of these...Read More...
I would get an appointment with your bank manager and go in there with all of your statements from the cards showing you have paid diligently on them every month and ask them what to do. Then go home with your information in hand and do your own research on what to do then I would find a bank that u trust and move everything to that bank after going in to discuss all that has happened. Something sounds fishy with the bank you took the secured cards out ofRead More...
Last Reply By Leslie Kay · 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...
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...
@Ana24 closing the store only credit card will not affect your credit After reading all of the replies above and getting more information - close the card that is charging you fees asap! I would keep the capital one card for a few more months before closing it.... if you just want a capital one unsecured card - you may want to call them and ask if they will automatically switch it to an unsecured card as then you wouldn't have to close an account and have score take any dip.Read More...
Last Reply By Margaret Nieves Karl · 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...
I have a savings account in another bank without easy access to transfers. It's what works for me too.Read More...
So this technically isn't an app, but a way I've been able to keep a substantial amount in savings for years. I have an account with a credit union that is on the other side of my state. Every pay something goes into savings (shares) directly from my paycheck; when I get a raise, I increase that amount, too, by at least a little. And what I've opted NOT to do is have immediate electronic transfer ability into my checking account at my regular bank- if I want to withdraw funds, I actually...Read More...
Last Reply By KellyFromKeene · 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...
Yes on the FIRE train!!Read More...
As a landlord myself. I owned 10 units and now only own 5. It is the only thing I feel that I have done successfully. I want to buy more but I have changed career paths that is paying me much less. So I have to build up saving more to buy more. That is why I am here. Learn how to make more passive income so I can buy more rentals.Read More...
Last Reply By Zach Filstrup · 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 absolutely agree with Annie B. Then you can begin to get your finances in order. Your husband has dug a very deep hole, but you can dig out slowly. First and foremost, no co-signing for ANYONE once you get back in the black, EVER! Then you can use all the good information on here, like pay yourself first. Start a savings and even if it's only $5 a pay to start, DO IT! As you get things under control, you can raise it. So much good information on here, but you have to either get counseling...Read More...
Unfortunately, I think that you have a marriage problem that is manifesting itself as a financial one. You have a husband who wants to spend what he wants when he wants to, with no regard for your (joint) finances and your feelings and stress level. I would recommend marriage counseling - IF you want to save your marriage. If not, separate your finances and don't give him access or knowledge of anything you are squirreling away. Talk to a lawyer who can advise you of the laws in your state...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...
@Regeniu$ Definitely lots of great places to see and visit in Europe. I have had the pleasure of making a trip to Bulgaria, it was the only European country I have been too but quite beautiful in natural beauty, history and culture. There are quite a few other European countries still on my bucket list.Read More...
REGENIU$, that sounds like a great trip! I know many people who have been to the places you mentioned, and even had an Auschwitz survivor and his wife on my paper route when I was a child. It's always good to learn from people who were there, and that would be a very worthwhile use of monies saved. I look forward to one day hearing more from you, not just on Poland, etc., but also on finances and your goals.Read More...
Last Reply By Moore Income · First Unread Post
Page

New announcement: We've introduced a few new threads!

Briana
First of all, I want to say welcome to all of our new members and to our new announcements thread! This thread (that you're in right now) is for The Penny Hoarder to communicate new announcements, feature releases and more updates about the community. This will help keep you in-the-know on the latest news! We want every single member to get the most out of this new community - find answers to important financial questions, share expertise with all kinds of financial topics, share your...Read More...
Happy penny hoarder communityRead More...
Thanks for the update.Read More...
Last Reply By Karma · First Unread Post

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

Money management in general

Forum: Budgeting
As a senior citizen on fixed income, you have to divide your income income in several groups: Shelter/Health care and /Emergencies. I have to have different accounts for each of these; How can I have one account and have money divided in these groups?Read More...
There may be a bank whose banking app does it, I saw one once and thought it was interesting. However, I don't remember the name. A budget would probably do what you need though. Like the app Mint, you can set up a budget that monitors how much you spend for each. If you get close or go over it will let you know. And you can set it to carry over balances that you haven't used into other months. I believe some sort of budgeting tool is all you need.Read More...
I have different accounts. It's hard for me to keep track of money divided up in one account.Read More...
Last Reply By E Allen · First Unread Post

Debt Payoff Strategy Tips?

Forum: Debt
Birdie13
My husband and I are in over our heads, for many reasons, some of which were a result of the poor economy and bad timing, job losses, health crises, and others were simply our poor financial choices. We are 35 and 36, have a $275,000 mortgage (barely above entry-level home in our real estate market, while still having good schools and safe neighborhoods), $285,000 in student loans from my college and law degree, $70,000 in consumer debt, $5,000 in medical bills, and no car loans. We have 2...Read More...
You could possible use Dave Ramsey's baby steps. If you can get his book that I believe can help you focus on your debt. You can watch his youtube channel and listen to podcasts to give you an idea of his method. What I like about it, is that its a complete plan from getting out of debt to saving for college and saving for retirement. Good luck on your journey to getting out of debt!Read More...
Last Reply By E Allen · First Unread Post

Deep, Dark Hole - No Hope in Sight

We have a serious issue I'm hoping for some help with. We are seriously delinquent on our electric bill. I've asked them for help but their only help is for us to pay $1500+ to get back on a payment plan, which isn't feasible with our current financial situation. I've contacted Social Services and was denied based on my income. I contacted our local 211 number and was given a couple of options (Catholic Charities, Salvation Army, etc) which I'm following up with but fear that I'll have the...Read More...
An elderly friend once confided in me about difficult times her family went through and how they thought they wouldn't make it. She said, "We're still here." I wrote that on the white board on the fridge as a reminder, and pass it onto you. It's great your sons are on board and you're facing this as a family. That shows maturity on their part. Our youngest once said, "It's good we were poor, it taught us to be more creative." There are character traits only developed from adversity, even...Read More...
Your sons may want to get some help from the state.Read More...
Last Reply By Olivia · First Unread Post

to buy or to rent?

For the first time in our lives we're in a position to purchase a home. We're not sure it's worth it. We're planning for a 10 or 15 year mortgage, staying in our current job situation for 7 more years and then retiring elsewhere. Is there a way of calculating whether our selling price would net us a profit?Read More...
As we like where we live and have great landlords, it would be a purely financial decision. Thanks for the feedback.Read More...
I have a tendency to agree with this as long as your rent is not super high. Mine is high, but I love where I live.Read More...
Last Reply By Olivia · First Unread Post

Should I purchase extended warranty?

Karen McEuen-Novak
I recently purchased a new 2019 Toyota Camry. I used my car as a trade in and paid the rest in cash so I have no car payment. Upon venturing into the finance manager office he naturally tried to sell me several different warranties. The new car came with a 2 year or 25,000 mile warranty. I declined all the warranties. I came home and did some research and uncovered that I can purchase the extended warranty any time before my current warranty is up. Funny how they don’t share that info with...Read More...
I was in the used car business with my own small dealership for many years and I sold many warranties. You have to realize warranty companies are there to make money! Overall, they always will. What you are buying is something that you may come out ahead if and only if you have far more issues than the average. You are far better off to take $50 per month (or $100 if you have a high repair cost car) and tuck it away into a savings account so you have an emergency fund for repairs. Or if you...Read More...
I am glad you asked this question. I am blessed to recently purchase a 2007 Ford Ranger XLT, and my hubby wants me to get a warranty. I am looking at a 2 year warranty from Ford, powertrain, with 29 items covered, for a little over $1000.00. Since titan older truck, it didn’t come with a warranty. All wisdom is appreciated on this issue!Read More...
Last Reply By DipperDave · First Unread Post

Student loans!!

Forum: Debt
80,000.00 in student loans, masters degree but will be dead before they are played off . HELP!!!Read More...
I spent 10 years paying back my loans, but pay them back I did, and that was working at jobs that did not pay well.. believe me, there were many months I had to choose between making that payment and having heat. I guess I don't understand the thought process behind taking out LOANS and then expecting them to be 'forgiven' instead of paid back. That's why they're called loans and not gifts. But to be helpful, get a job... or two... or three... and pay them off. Work with the lender if the...Read More...
To get any relief from your public student loans by working in the public sector isn't what most think it is. You have to pay 120 on time monthly payments on your loan while working in the public sector. That is 10 years to wait to see if any or all of your remaining balance will be forgiven. Most public loan repayments are set so that the loan is paid in full in 10 years.Read More...
Last Reply By TekkieChikk · First Unread Post
We have lived in a rental house for almost 30 years. A couple of years ago the landlord offered us the opportunity to purchase the house at a price well below the value. The house is on 1.5 acres in a rural area. It qualifies for a USDA loan. So far so good, right? Here's the problem, many years ago a portion of the land was set up as a mobile home lot and the landlord rented the space. Several years ago someone rented the lot space and moved the mobile home to the land. When this person...Read More...

Credit card debt

Forum: Debt
I am looking for a way to have a lower interest rate on my credit card and my credit company won’t lower it due to it being a starter credit card. Any suggestions?Read More...
To credit card save moneyRead More...
Last month, I just got a Discover iT transfer with 18 months free financing. I'm sick and tired of being sick and tired of debt. I've got to end this whole mess in 18 months so I just have my mortgage. Good luck, Stephanie.Read More...
Last Reply By Jemal umer · First Unread Post

SUMMONS

Forum: Debt
Sango
Does anybody know of a book that one can use to give an answer to a summons to pay a debt?Read More...
@Sango also, here's a list of forms you can use to respond to the debt lawsuit. Just choose the form from the state you live in; fill it out and file it with the court. https://www.solosuit.com/posts/9Read More...
😮 WOW...thanks so much.Read More...
Last Reply By George Simons · First Unread Post

How to pay off medical bills?

Forum: Debt
I have had 9 surgeries in the past 9 years. Are there any grants to help with medical expenses that this community could suggest? AngelaRead More...
It is so sad that in this country people have to be faced with such difficult situations regarding medical care and its cost. Everyone deserves to have the medical care they need/deserve and not have to choose between paying the bill or buying groceries. Something in this country needs to change and we need to eliminate corporate welfare so that the wealthy pay their fair share of taxes so that we can have an equitable healthcare system.Read More...
Never Give Up, my wife has continued to recover, went back to work on light duty the February after the accident, has since had a promotion, and will keep fighting any obstacles day by day. Thanks for the good wishes. I'm sure she appreciates them as I do.Read More...
Last Reply By kittykat1960 · First Unread Post

Budgeting Apps?

Forum: Budgeting
Katie Gabriele
Can y'all talk to me about EveryDollar vs Mint vs YNAB? We've tried using an Excel spreadsheet and it's just not working for us. We like the idea of our credit/debit card transactions being automatically inputted. We'd prefer a free program, which is why we're leaning towards Mint, but if another program is worth the money spent we're open to it. So what's the favorite around here?Read More...
Cool! I've never tried the apps because I sit at a desk all day so keep my spreadsheet on the Google Drive so I can see it anywhere. I like it since I can go in and put expected expenses in (and if they change can tweak it). I watch tons of YouTube videos too about budgeting. We've got this!Read More...
I've tried Mint, EveryDollar, PocketGaurd, and a few more random apps. So far.... nothing really helps. I have found that my bank is usually the problem- it never stays connected. I have a state FCU that's pretty small, so that may be why. But I liked Mint while it worked. I like the concept of EveryDollar though, as it allowed me to sort of visualize my savings better by actually setting budgets for things. I started using my Google calendar to input all my bills, and that helps me budget a...Read More...
Last Reply By Jeanne Featherston · First Unread Post

Gambling

Thomas Teaver
What do do in a situation where you tried to gamble to make ends meet but ended up worse off than before.Read More...
It really depends on the kind of loss you are talking about.Read More...
I'm sorry you gambled and lost. It depends what happened, though. Can you speak to someone about a way to mitigate the problem, such as lower costs? Change some lifestyle things for a short period of time? Can you take a breather for a few days and not think about it and look at it with fresh eyes at that point? I've had times where I tried to make things better and it ended up worse, and I usually take a few days to cool off and write down in columns on a pad what my options and potential...Read More...
Last Reply By MsKimberly · First Unread Post

Total loss valuation

Forum: Insurance
Gina B.
I am looking for the fairest estimates for homeowner insurance. And, I am a bit deflated from the deception the bundling idea presents (fyi, in my estimation it's a hoax unless a savings of $8 is worth it). I have noticed that the estimated sale price of the property and the total loss of the property has an exceptionally different valuation and i mean a good $70k difference. Can someone explain why this is? As an aside, another increased personal liability I am seeing (to consider) is for...Read More...

Scholarships

Forum: Make Money
Averie Messenger
Hello Everyone, I'm seeking advice for scholarships. The few on my college website are few and far between and very specific for applicants (like year, major, and extracurriculars). I'm searching for other avenues to win scholarships online but I need some help locating good websites that are legit. I have an excellent GPA and I can write essays or anything as necessary. Does anyone have any tips? AverieRead More...
I talked to my profs for my degree; they tended to know more ins and outs or major specific scholarships than my financial advisor did. I also talked to librarians, not just at my college but my main library. Weirdly enough, they knew a lot of other legitimate resources I could look into or could show me a section where I might find what I was looking for. Our main library apparently had an ENTIRE section of books with just website and foundation listings that offered scholarships I'd never...Read More...
If you have any special skills, you might want to look organizations or groups that support those special skills. Over the years I have viewed scholarships for people who are left-handed....being home schooled...etc.Read More...
Last Reply By Gabby · First Unread Post

WORK AT HOME

Forum: Make Money
i Live in Oceanside, CA , does anyone know of any good work at home jobsites to work for businesses though and not all those online programs and surveys are good but a real job from a business, thanks guysRead More...
Thank you for this information. I appreciate it.Read More...
Thank you for the links. I'll be sure to check them out, as will my wife. Look forward to more posts from you.Read More...
Last Reply By MsKimberly · First Unread Post

For those Who do not drive, what is the cheapest way to get around?

Forum: Save Money
For those of you who do not drive, what is the cheapest way for you to get where you are going? That may be work, church, shopping or the library. Is it a taxi, Uber, a private driver or some other day?Read More...
I agree there is a need for more options.Read More...
It seems like Nashville is going to eliminate the scooters. Mayor Briley was just defeated for another term as Mayor in last nights election, and I believe his replacement is going to be in favor of eliminating the as well. They have become a nuisance in Nashville as they are left where they're not supposed to be in the first place, don't adhere to the rules of the road, and are used to commit crimes with less suspicion. They're responsible for many auto accidents and hitting pedestrians as...Read More...
Last Reply By MsKimberly · First Unread Post
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When did you start planning for retirement?

Forum: Retirement
Deon Christie
I'm one of the people that waited a bit too long in my opinion. Which resulted in much larger payments to have retirement policies etc in place. Personally I only started planning for retirement in my 40's. And I must tell you that you will pay a lot more than when you start early. But I'm sure I'm not the only one. We lead different lives and life takes us to unexpected places sometimes. But it's never too late to start. Because even ending up having a little at retirement still beats...Read More...
@Theodora : Thank you kindly I would be happy to share my experience with you.Read More...
@Zach Filstrup That's amazing! Interested in learning about your experience with P2P lending.Read More...
Last Reply By Zach Filstrup · First Unread Post

Job Searching: Grit and Prayer

Forum: Make Money
Scotirish
Not real certain where this fits in this community, but in a recent Hoarder e-mail they spoke about Zero Based Budgeting. My wife and I had just returned from our honeymoon as I resumed my position as a bookkeeper for a publishing company. The company wasn't doing well financially and soon several of us were released with a severance check to hold us until we landed on our feet. Not only did I not have the marketable skills necessary to traverse the rough road ahead of me but I also had a...Read More...
Thank you for the encouraging note.Read More...
Congratulations! What a great story, and I'm happy that it all worked out, and is still working out for you!Read More...
Last Reply By Olivia · First Unread Post

Were you affected by the Equifax Data Breach?

Forum: Credit
Moore Income
I remember hearing about the Equifax data breach, but it wasn't until just today that I checked on this website and found out that I was affected by the breach. I didn't even know, but it does worry me a bit because you wonder if/when they might actually try using my data. Because a settlement was reached recently in this case, I was able to file a claim to receive 10 years of credit monitoring or $125 since my data was part of the compromised data. Has anyone else done this or have...Read More...
Everyone in my house was breached. I won't take the credit monitoring service. I kinda feel it's like asking the chicken to guard the hen house. I mean, if their security protocols were so great in the first place, none of us would be having this conversation.Read More...
My information was breached, my husband's was not. I chose the cash settlement. I may not get much or any, but I get free credit reports and credit scores often which I keep track of, so I don't see any additional use for the credit service.Read More...
Last Reply By AnnieB · First Unread Post

Saving money on pet meds

Forum: Save Money
Patricia Gauss
This is my first post, and let me begin by saying that this is not self-promotion, and I have no personal interest in promoting this company/web site, but I saw the article this morning on saving money on pet expenses, and thought I would share this info. I have saved a ton of money on my dogs' (6 of them - all but one are rescues) flea and heartworm meds during the past 10 years or so by buying from a web site called bestvaluepetsupplies.biz . They are located in Australia, and you do NOT...Read More...
That's awesome! Good to have a "Plan B. " I will check it out! Thanks!Read More...
I also wanted to share MY favorite discount pet med/supply site, also in Australia, PetShed.com. I have been using them for about 20 years and just like the above site, you do not need a prescription for things like flea meds. I have used Revolution for Cats since it came on market after I noticed that Frontline does not work anymore, and PetShed has the best prices and fantastic customer service. The meds are the exact ones we use here (made in USA) but use the metric system (same amount of...Read More...
Last Reply By Patricia Gauss · First Unread Post

Work at home jobs

Forum: Make Money
n.gordon
Looking for advice on the best companies for online work from home jobs. I have looked at REV so far, and FLexJobs seems to want a fee. Any ideas out there? Thanks!Read More...
I am sorry but I really don't know what this is...you build apps?Read More...
Yes, FlexJobs wants a small fee but they frequently have specials. You can buy just one month, 3 months, etc., memberships. The thing about them is that they cull for the best legitimate "real" jobs (that you may not have time for doing all the searching), and I guarantee their legitimacy. I found my first editing freelance job with them back in 2015 when I semi-retired. But, I've also found work via Indeed and Glassdoor. You know, I looked at REV also. Who needs the aggravation? I don't...Read More...
Last Reply By n.gordon · First Unread Post

Using Fiona to pay off credit card debt

Forum: Credit
Will using this hurt my credit score. Credit cards will be paid off, however, how do the credit companies look at this? Thanks for any input.Read More...
I think that the best solution is to work more, or get a part-time jo b. From my experience, people seem to be able to visualize being debt-free more effectively, when they are working.Read More...
Avalanche method. I was also curious about using a service like Fiona. And from what I learned, it won't do a hard pull on your credit, so it shouldn't hurt your score just to use the service. Fiona just gets you rates for a few loans, as far as I understand it. If you decide to open a loan for consolidation, it will probably drop your score a little. I thought this review was pretty useful for Fiona: Here . Although I haven't found many first account reviews so far. Since I have a couple...Read More...
Last Reply By Mary Grubbs · First Unread Post

Employment in the trades

Forum: Make Money
KellyFromKeene
I love stories like this. https://www.thepennyhoarder.co...%7B%7Bitr_uuid%7D%7D The trades are so, SO important and often overlooked by people considering careers. I'm encouraging my kids to go in the trades. (Not too much pushing though, you know teenagers!) Anyone here work in the trades? I'm a Social Worker, so not me, but my fiancee is a Lineman. The money is great, the toll on his body, not so much; but its been a good career for him. If you are in the trades, how did you get into it?Read More...
Hubby is a licensed electrician and we opened up our own electrical contracting business from home. Now that he's getting older and no longer wants to physically do the work anymore, we have transitioned to doing estimating and job/material tracking for the labor companies. It's so wonderful to do trade work from home. He will do some electrical projects on the side. And we're about to transition again to small real estate investing projects where we take the electrical and also invest in...Read More...
My better half is a licensed land surveyor. I retired from a long career in real estate to help him open up his own business which we chose to run from our home. We were able to connect with builders and developers to create a niche surveying business that has served us very very well with low overhead. The trades are in high demand in our area of FL, save for the big crash in 2008, but they have bounced back full steam now.Read More...
Last Reply By LeighofMar · First Unread Post
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