Latest Buzz

Refinancing without a co-signer?

Forum: Debt
Gabby
Hey folks. I'm 24, with a little over 11k in student loan debt. I've heard a lot about refinancing, but everywhere I look to get decent rates I need a co-signer and I don't have anyone I could ask to fill that position. I've done well; even managed to pay off 3 loans over the past few years but I'm interested in how much I could be saving. Even just a personalized loan option with a lower rate would be appreciated. Any tips/recommendations? I've managed to pay off my previous loans with some...Read More...
First, I want to commend you for paying off 3 of your loans! Congrats! Beware of those personal loans that promote low interest rates. I was approved for a Discover personal loan $35k @ 14.99% apr my monthly is $675. It looked like a good deal at the time but when I look at my statements for the past year, I’m paying a average $415 in interest and $260 in principle every month. I recommend to keep doing what you are doing... ...or you can apply for a credit card that mails you checks for 0%...Read More...
Last Reply By J. Caldz · 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...
Income Based is a great concept unless you live in an area with a high cost of living. I live in Seattle, my rent alone is half of my take home pay, not including sewer, water, garbage and electric. Because i need public transportation I live in the area I work and looked for an apartment for a year before finding one I could "afford". Scary out here!Read More...
Yes, I second @JeremyM . IB plans have saved me and are more than reasonable. The interest continues to build, and so the debt goes up. but for the time being, at least you can make payments and be in good standing. If you are in default, there is a process you have to go through in order to be eligible for IB plans. I recommend that you go through the process. It may be a rough 4 months (if I remember correctly), but again, it is worth it.Read More...
Last Reply By LAC · 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...
This fantastic information! Thank you so much.Read More...
I've installed so many apps & the only apps that I've actually received any money or gift cards from are Mistplay, which pays you to play games & it doesn't take forever. I've earned enough points to get 2 $25 visa gift cards, got the first on Sept 15th after having a couple months & just got my second this week. Mistplay doesn't take your points if you stop playing for awhile, they have plenty of gift cards to choose from Panel app which is great! You barely do anything &...Read More...
Last Reply By MsKimberly · First Unread Post

Answering Questions

Dee Lowe
Are there experts or staff that answer questions we post & am I being impatient after 4 days of no replies?Read More...
Hi @Dee Lowe ! Welcome Our community is member-driven. Meaning, we have a number of awesome community members, including @mintjulep , who are making great strides in their personal finance journey and openly share their experiences when they can. We also have members from The Penny Hoarder team (including myself!) who chime in to share resources and experiences. Once a week, I publish community announcements, which give an overview of what's taken place in the community that week. To further...Read More...
I searched for the question you might be referring to and if it was about WiseBanyan I have not heard of that site. Would you be so kind to add a link for WiseBanyan over at your original question? That makes it a bit easier for others to check it out. Usually there are several PHs who are also familiar with and/or use almost all of these financial sites. I did find this review that may be helpful until someone can speak from experience. And there are more reviews out there, but perhaps...Read More...
Last Reply By Maryann · 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...
Save some for capital gains taxes unless you were also living in the home you flipped! Short term if you owned the home for 1 year or less, long term if you owned it longer. I'd probably keep flipping if $150K is your net profit!!!, but cautiously. One at a time. The real estate market is good for sellers right now in my area of Florida. Prices are appreciating and there is an inventory shortage.Read More...
Hi, The first thing I would do is give. When I was in debt I gave my tithe 10% and offering in my church and stayed afloat. When I stopped giving things got 10x worse in life. Next I'd invest a portion of that money in your retirement. How much is too much? Then I'd take a low cost vacation to clear my head because when u get back you have work to do. Invest in wholesaling homes. Less expensive than Buying for flipping purposes or renting. Then some should be for stock investments (ETF) like...Read More...
Last Reply By mintjulep · First Unread Post

First year as a Small Business - What can I expect this Tax Season?

Forum: Taxes
Are there any Small Business owners or people that work out of their homes? What are some things you can help me prepare for as we start digging into our taxes? We made an account just to put back the expected amount we would have to pay in taxes and we hired a professional CPA. But what does that all really mean for us? What are some tips or tricks or advice you can give me?Read More...
This info may be too basic for you, but they're things I learned in the beginning. Your CPA should advise you what items are deductible for business purposes, some of these may have changed over the years. I'm assuming you saved your documentation. That was the biggest surprise when I started freelancing. Professional organisation fees, subscriptions to professional publications, training seminars, office space in my home, and of course tools, were all deductible. If you entertain clients or...Read More...
Last Reply By Olivia · First Unread Post

This week’s Community Announcements 1.10.20

Maryann
Hi everyone, We’re in the second week of the New Year. How is everyone feeling so far? How are those financial goals coming along? We have a lot going on in the community this week. Here’s what you need to know: A few Penny Hoarders organized a no-spend challenge for the month of January . After a busy holiday period, January is a great month to reset. If you’re looking for a way to conserve your money this month, you’ll want to check out this thread. If the no-spend challenge isn’t for you...Read More...
I also am grateful for another day and having people i can reach out too. Penny Hoarders has been and I hope to continue to be a portal for myself also. I love hearing from others and sharing on this community. GRATEFUL for fellow penny hoarders.Read More...
I absolutely ditto what Arkasawriter said! And another aspect is when I let go of things that no longer bring me joy. Or share the pot of soup I made with my neighbor who is battling cancer. Each time I free myself of unnecessary stuff, or share my bounty with others, I get a huge rush of gratitude. Looking forward to a great year of guidance from Penny Hoarder and its members!Read More...
Last Reply By lori wulff · First Unread Post

Do you use Discover Bank?

Forum: Banking
Sierra
Heyyo. So I'm currently using BB&T but I use my debit card for ALL my purchases except amazon purchases (for which I have the Amazon Prime Rewards card with Chase - thank you all for helping me decide that was a good choice!). I'm spending upwards of 2k on my debit card each month after all is said and done, so I'm wanting to look into debit cards that offer cash back. As a side note, I also notice I'm getting pennies back from my BB&T savings account so I'd like a higher APY on...Read More...

Future home and retirement

Jennifer Thurs
I am struggling with wanting a home, and saving for retirement. And where I will live a apartment or ? I'm looking at mobile homes because that's what I can afford and I want it paid off in 15 yrs because of retirement. The apartments are getting so expensive and to have to pay $1000 a month is not appealing. So, I need some ideas.Read More...
Thank you @mintjulep ! I was planning to wait and continue saving, but then, well, life happened! I'm thrilled to own again after the divorce.Read More...
Oh one other thing, I have 2 cats, and a lot of places dont allow pets and I would like some outdoor yard area, even if it is smaller.Read More...
Last Reply By KellyFromKeene · First Unread Post
My old bank (Everbank) had a feature that displayed my scheduled transaction and their expected impact upon my projected balance in the "account activity" view. They were purchased by a pension fund and no longer offer that excellent interface. It allowed me to see the upcoming 30 days and decide if any payment should be adjusted depending upon when my next paycheck or deposit was scheduled. It was a great tool for keeping track of e-bills and when to pay them Can anyone share how to find...Read More...
Caine256, that is good information to add to this thread, especially since it serves the whole US. I have been able to find several banks around the country that use the old Everbank platform with future transactions. None of these are nationwide online banks, so you have to live in the state in which you bank. Here's a breakdown of what I have found. (Not in alphabetical order) VIRGINIA, WEST VIRGINIA, MARYLAND, OHIO, PENNSYLVANIA & DC: United Bank ( www.bankwithunited.com ). I live in...Read More...
I've also been seeking an account that shows known future transactions. I can tell you USAA does this, but I haven't found any others yet.Read More...
Last Reply By Nita8 · First Unread Post

Seeking Opinion on Loan Estimate for Multi-Family | FHA 1st Buyer

I'm purchasing a multi family at a purchase price of $314,000 with $9k back for closing costs, prepaids, escrow. I'm Using FHA MA Housing First Time Buyer Program w/3.5% down payment assistance program (the 3.5% down payment is financed at 2% interest for 15 years). I'm seeking opinions on whether this loan estimate is fair and which fees are negotiable. Is the origination cost the lenders "Commission"? What would be a fair concession amount to ask for from the lender for, if any? See pics...Read More...
It would be great if a mortgage loan officer would chime in. I'm a retired real estate broker and I see very little that is negotiable on this estimate. The best I can suggest is on page 2 you have some processing fees that might be negotiable, but they are not at all excessive as part of your loan origination fee. The title settlement fee is very reasonable. In my area the appraisal estimate would be a bit high and I've never run into an appraisal admin fee so you might ask if the admin fee...Read More...
Last Reply By mintjulep · First Unread Post

Online personal loans

Forum: Debt
I recently have fallen on hard times and was forced to take two $2500 personal loans online high interest-rate large payment what’s the best way to get out of it themRead More...
You don't state whether or not you're still struggling, but the best way to get out of any situation like this is to pay more than the minimum, even if it's only one one of them until it's paid off. You could call them and explain the situation. They might work with you, but honestly, I doubt it. You will need to take a long, hard look at your budget. If you can't reduce your debt enough to find a little extra, then you need to find a way to increase your income, even if it's only to pay...Read More...
Last Reply By JeremyM · 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...

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...
Thank you all, I sincerely appreciate it.Read More...
I would think twice about touching your IRA. If your IRA includes stocks or mutuals and/or ETFs, the stock market is at historical highs while the interest rates on home mortgages are very low! Remember, typically, your home is an appreciating asset and. if that is true in your location, you should being realizing that (on paper, at least) over the next 10 years. If you would ever find yourself in a financial crunch, liquidating your property can take a lot longer than liquidating an IRA in...Read More...
Last Reply By tiltv4 · 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...
Yes. REIT save me time and hassle from dealing with the ins and outs of commercial properties. I done some research before I decided to invest its been nothing positive less then 6 months ago. They have a research investment team that places you in the best positions to maximize your returns. Minimum investment is $500 to start. With a single investment, your money is diversified across a portfolio of carefully selected real estate projects, which works well for me. Average annual returns...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...
Last Reply By Robert Mattress · 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...

reporting to credit beauros

Forum: Credit
Grandma C
I, not my spouse, had to file bankruptcy a few years back due to medical bills and my score is "fair", not quite 650. My spouse does not have a credit rating because everything was in my name, therefore she cannot get a credit card or loan. We have apartment rent, checking accounts and utility bills, all of which have been in excellent standing for a couple of years now. So, are rental companies, banks and utility companies required to report to the credit bureaus? If not is there a way for...Read More...
Sign up for Experian Boost. They will view your utility payments and monitor the status of your checking account. If everything is in good standing, that will show on your credit report.Read More...
Last Reply By KerryE · 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...
Yes, I would talk to 1 or 2 lenders. The mortgage company considers anything in addition to your primary residence as an investment and/or vacation property, no matter who is living there. I found a sweet spot for renters when I owned a couple of rental properties many years ago. Like you have a contact, I did too in the new home construction field. I did short term rentals to people waiting for a new home to be built and completed, which was usually 6 mos to a year. Since the tenants...Read More...
Thanks, mintjulep, I didn't know that. Maybe I should talk to a mortgage lender first. Would this higher % down payment hold true for a residential property that I could say my son or daughter was going to move into? Does it hold true for commercial properties as well? Some extended family members of mine were landlords years ago and have warned us against it because of the difficulty of finding good renters, but I have an "in" with a couple of university departments and feel certain I...Read More...
Last Reply By mintjulep · First Unread Post

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 went looking around WiseBanyan & while it looks easy enough I am still a bit nervous . I have never done any type of investing program. My husband has a 401k that he will need to do something with when he retires next year and I was thinking this program might be the answer but very nervous nelly here. Am I even on the right track as far as my thinking?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...
Last Reply By Dee Lowe · 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...
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...
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