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The previous thread by asdf9876 was getting rather large. You can view it here. Post all types of questions in this thread. Ask anything you were afraid to ask elsewhere. No flaming or fighting please.

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Member Summary
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Hi Forum members,

Hope you can provide some advise and suggestions on improving my investment strategy.

I am a 37 male (ma... (more)

luke5100 (Aug. 31, 2014 @ 11:16p) |

My wife is working on her MBA while working full time. We incurred $4k expenses on fees and books. Combined we earn clos... (more)

fighterosorus (Sep. 01, 2014 @ 6:41p) |

Not on federal income taxes, but there could be a state deduction.

stanolshefski (Sep. 01, 2014 @ 9:20p) |

Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.
If you create a new thread for a credit card that requires a hard pull that provides less than $75 as a bonus, you'll probably not get a good reaction.
Before creating a new post in the FatWallet Finance (FWF) forum, even in this topic (AKA "thread"), and especially before creating a new topic, please read the FWF FAQ.  Thanks!


 

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Yay! FP of 2008!

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abbygayle65 said: 1. Is GROUP term life insurance the same as normal term life insurance or is it some sort of variation?

2. Can term life can be bought through section 125 cafeteria (pre-tax) plans? American Fidelity is workplace's cafeteria provider and in their brochure they talk about a "portable term life insurance policy". I'm not sure if that means that you have to have life insurance provided by your employer in the first place.

This got lost in the shuffle. I don't have an answer but wanted to put it here for you.

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pj737 said: OK, I am getting paid a big check today (12/31/07) for a project that took several months to complete. My question is simple but I am unsure of the answer.

I am receiving the check tomorrow but I have the option to cash it on Wednesday (1/2/08).

From a tax perspective, do I have the option to take the gains in either 2007 or 2008 depending on when I actually deposit the check. Or do I have to take the gains in the year the check was written?

This got lost in the shuffle. I don't have an answer but wanted to put it here for you.

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Suggestions:

1. Edit the title on the old thread to "2007" so it's clear what the differences are.
2. Put a brief tutorial re: using the "search this topic" function in the first post of both, encouraging noobs to search the threads for their topic before posting the same question for the 20th time.
3. A note re: looking at the other stickied threads for commmon topics.

<---- way sick of the repeated new threads for the same beginner questions/"I'm a financial trainwreck"

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pj737 said: OK, I am getting paid a big check today (12/31/07) for a project that took several months to complete. My question is simple but I am unsure of the answer.

I am receiving the check tomorrow but I have the option to cash it on Wednesday (1/2/08).

From a tax perspective, do I have the option to take the gains in either 2007 or 2008 depending on when I actually deposit the check. Or do I have to take the gains in the year the check was written?
You have to claim it as of the day your receive the check. The date on the check and the day you cash it are irrelevant.

But realistically speaking, fudging the date by a day or two will never be questioned (and would be extremely difficult to prove either way).

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I posted this a couple days ago in the other thread and didn't get a response, so sorry if you've already read this:

I have a question related to my FICO score. For a couple years I have only had one credit card. Recently I used a 0% apr convenience check to put $14,500 in my checking account (which will go to a cd or mma or something). I then had to apply for a new card to use for my daily spending. So the timeline was, I applied for a new card sometime December 5-10, I activated the new card on December 15. I paid off the balance of my old card on December 20 (about $1700), deposited the convenience check on Saturday December 22, and the deposit posted to my checking account on the 24th. On December 23 I received an email from ScoreWatch which said my FICO score increased by 36 points with this explanation "Your FICOŽ score has gone up to 736 on December 23, 2007. Your FICO score may have gone up because the following factor is not hurting your FICO score as much as before:

* You have not established a long revolving credit history."

I was wondering if anyone had a guess as to what specific action caused the bump in my score. I've only been using a credit card for my daily spending for about 6 months or so, prior to that I had a low credit limit card for 4 or 5 years, but only used it once or twice. So I was thinking, based on the explanation, it was just that I have been using a credit card for a long enough time to trigger some change. However, it seems odd that this happened as I was applying for a new card and taking $14,500 out of my old card (though depositing the $14,500 probably couldn't have had anything to do with it, since the deposit didn't post until one day after I received the ScoreWatch update. Thanks for any help you can provide.

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stanleyfatmax said: I posted this a couple days ago in the other thread and didn't get a response, so sorry if you've already read this:

I have a question related to my FICO score. For a couple years I have only had one credit card. Recently I used a 0% apr convenience check to put $14,500 in my checking account (which will go to a cd or mma or something). I then had to apply for a new card to use for my daily spending. So the timeline was, I applied for a new card sometime December 5-10, I activated the new card on December 15. I paid off the balance of my old card on December 20 (about $1700), deposited the convenience check on Saturday December 22, and the deposit posted to my checking account on the 24th. On December 23 I received an email from ScoreWatch which said my FICO score increased by 36 points with this explanation "Your FICOŽ score has gone up to 736 on December 23, 2007. Your FICO score may have gone up because the following factor is not hurting your FICO score as much as before:

* You have not established a long revolving credit history."

I was wondering if anyone had a guess as to what specific action caused the bump in my score. I've only been using a credit card for my daily spending for about 6 months or so, prior to that I had a low credit limit card for 4 or 5 years, but only used it once or twice. So I was thinking, based on the explanation, it was just that I have been using a credit card for a long enough time to trigger some change. However, it seems odd that this happened as I was applying for a new card and taking $14,500 out of my old card (though depositing the $14,500 probably couldn't have had anything to do with it, since the deposit didn't post until one day after I received the ScoreWatch update. Thanks for any help you can provide.
Your old account could have aged long enough, and the timing was a coincidence. The new account could have reported, giving you a stronger 2 accounts on your history rather than just one. The reported $1700 balance could have been updated as having been paid off. There are too many variables to determine exactly why something happened, but it was most likely a combination of all of the above and then some.

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Very niche question - for retail businesses, any rules of thumb on optimal starting cash drawer balance? In other words, if I average $1,200 a day in cash sales (or any other relevant metric), I should have .25x in cash or $300.

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This is going to sound so stupid...

I can't find the credit line increase page for Bank of America (re the crack thread), or really any credit-related options besides Balance Transfer. I have the rewards AMEX card. To log in I use the same login as for my checking account. Is there a separate login/site for credit cards with them?

Thanks

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Venturion said: Very niche question - for retail businesses, any rules of thumb on optimal starting cash drawer balance? In other words, if I average $1,200 a day in cash sales (or any other relevant metric), I should have .25x in cash or $300.No rule per se, but it shouldnt have anything to do with sales. Its 1) safety/security, keeping a minimal amount of money available while still being able to efficiently process any given transaction, and 2) the number of transactions and the amount of change needed to accomodate those transactions over a given period of time. The optimal size of a drawer has nothing to do with how much you bring in, but how much you hand out (and how often you want to replenish it).

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i'm new in the game.

i wonder why would one want to deal with CDs while online savings bank is offering close to 5%?

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FWC said: i'm new in the game.

i wonder why would one want to deal with CDs while online savings bank is offering close to 5%?
Savings account rates can change without notice, a CD's rate is locked for the term of the CD. Its giving up immediate access to your money for a guarantee of what rate your money will be earning over that time period.

And while the difference in rates may look minimal, when you are talking about a large amount of money a small difference can mean hundreds of dollars in additional interest each year.

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Problem
Heres a simple question about credit card consolidation/reallocation/closing....guess my problem is poor english or rather financial Lingo in understanding other threads.
Situation
I did an AOR 1yr ago...enjoyed the benefits and paid off all the cards by now.
Say i have 2 banks who issued me credit cards
Bank 1 - All cards were obtained at the same time during AOR
Bank 2 - Had at least one card before AOR
Question
Do i call Bank 1 and ask them to move all my credit lines to 1 card....should i 'ask them to close' the empty card or do they close it themselves.
Which one is better for my credit score ?
Bank 2 - From what i understand i should move all the credit from the NEW card to the OLD one...is that true and the closing question remains the same..

Thanks and a Happy New Year 08

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drpepper7 said: Do i call Bank 1 and ask them to move all my credit lines to 1 card Yes - this is called "reallocation" - you will want to leave a little bit on the old card to keep it open
....should i 'ask them to close' the empty card or do they close it themselves.
Which one is better for my credit score ?
No, you do not want to close the old card. Keep it open with a small credit line
Bank 2 - From what i understand i should move all the credit from the NEW card to the OLD one...is that true and the closing question remains the same.Just depends on which card has the better offer. Again, do not close the card once it has been opened.

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Big thanks therivler1
Just a follow up question...there have been posts about keeping the cards alive by using it once a year or so...would you do the same with 'drained out' old card as well otherwise wont it have the same risk of being inactivated by the bank ?
Thanks

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drpepper7 said: there have been posts about keeping the cards alive by using it once a year or so...would you do the same with 'drained out' old card as well otherwise wont it have the same risk of being inactivated by the bank ?
Absolutely. The older a card is, the more important it is to your credit score - even if it only has a $500 credit limit.

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naas said: This is going to sound so stupid...

I can't find the credit line increase page for Bank of America (re the crack thread), or really any credit-related options besides Balance Transfer. I have the rewards AMEX card. To log in I use the same login as for my checking account. Is there a separate login/site for credit cards with them?

Thanks

If you've on-line banking, make sure your credit card accounts are linked to it. This is the set up I have. After you've logged in to on-line banking, from Accounts Overview within the Accounts tab, you should see a list of all your accounts, including credit cards.

Click on a specific credit card account. On the left of the screen for the credit card, I see a "Balance Summary" section, with today's date. Then I see information for: Current Balance, Available credit, and Temporary Authorization. Just below Temporary Authorization is a link that says: Request a credit line increase.

Hope this helps.

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glxpass said: naas said: This is going to sound so stupid...

I can't find the credit line increase page for Bank of America (re the crack thread), or really any credit-related options besides Balance Transfer. I have the rewards AMEX card. To log in I use the same login as for my checking account. Is there a separate login/site for credit cards with them?

Thanks

If you've on-line banking, make sure your credit card accounts are linked to it. This is the set up I have. After you've logged in to on-line banking, from Accounts Overview within the Accounts tab, you should see a list of all your accounts, including credit cards.

Click on a specific credit card account. On the left of the screen for the credit card, I see a "Balance Summary" section, with today's date. Then I see information for: Current Balance, Available credit, and Temporary Authorization. Just below Temporary Authorization is a link that says: Request a credit line increase.

Hope this helps.


Thanks for helping

I didn't do anything to link my accounts, but my cc automatically was listed below my checking and savings on the same page. When I click the cc account, on the left I see these: "Balance Sheet, Transfer, Interest, Free Bill Payer, Customer Service", no Balance Summary, and "Balance Sheet" just brings me back to a list of all accounts.

This is a new account, and no purchases have posted to it yet; is that the problem? I didn't think they would change the whole layout based on activity...

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naas said: glxpass said: naas said: This is going to sound so stupid...

I can't find the credit line increase page for Bank of America (re the crack thread), or really any credit-related options besides Balance Transfer. I have the rewards AMEX card. To log in I use the same login as for my checking account. Is there a separate login/site for credit cards with them?

Thanks

If you've on-line banking, make sure your credit card accounts are linked to it. This is the set up I have. After you've logged in to on-line banking, from Accounts Overview within the Accounts tab, you should see a list of all your accounts, including credit cards.

Click on a specific credit card account. On the left of the screen for the credit card, I see a "Balance Summary" section, with today's date. Then I see information for: Current Balance, Available credit, and Temporary Authorization. Just below Temporary Authorization is a link that says: Request a credit line increase.

Hope this helps.


Thanks for helping

I didn't do anything to link my accounts, but my cc automatically was listed below my checking and savings on the same page. When I click the cc account, on the left I see these: "Balance Sheet, Transfer, Interest, Free Bill Payer, Customer Service", no Balance Summary, and "Balance Sheet" just brings me back to a list of all accounts.

This is a new account, and no purchases have posted to it yet; is that the problem? I didn't think they would change the whole layout based on activity...

I didn't realize it was a new account. Quite possibly, that's the reason. To be sure, you can contact online banking technical support and get a definitive answer.

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Why are my FICO's so low? I have a large number of inquries but I thought they were capped at about 10% of your score. I have gone from the high 700's to mid 500's. No charge-offs, collections, or missed payments. I havealways paid in full every month, even 0%offers. Could it be that my oldest account is roughly six months?

TransUnion Experian Equifax

TOTAL ACCOUNTS: 8 9 9

OPEN ACCOUNTS: 6 6 6

CLOSED ACCOUNTS: 2 3 3

DELINQUENT: 0 0 0

DEROGATORY: 0 0 0

BALANCES: 21774 21273 21774

PAYMENTS: 511 496 511

PUBLIC RECORDS: 0 0 0

INQUIRIES (2 years): 26 36 32

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mewannaxbox said: Why are my FICO's so low? I have a large number of inquries but I thought they were capped at about 10% of your score. I have gone from the high 700's to mid 500's. No charge-offs, collections, or missed payments. I havealways paid in full every month, even 0%offers. Could it be that my oldest account is roughly six months?

TransUnion Experian Equifax

TOTAL ACCOUNTS: 8 9 9

OPEN ACCOUNTS: 6 6 6

CLOSED ACCOUNTS: 2 3 3

DELINQUENT: 0 0 0

DEROGATORY: 0 0 0

BALANCES: 21774 21273 21774

PAYMENTS: 511 496 511

PUBLIC RECORDS: 0 0 0

INQUIRIES (2 years): 26 36 32
Inquiries may contribute about 10% of your score, but there is no 'cap' - the more inquiries the more damage. On my reports, as each inquiry falls off my report the score gains 2-3 points.

6 accounts (the oldest being 6 months old), and $21k balances over those 6 cards? What are your total limits vs balances, broken down by card? I think it is pretty obvious why your scores are so low. You have to build a history to build a score, and you have a short history with alot of red flags.

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I am looking for an amortization calculator (I KNOW THEY ARE EVERYWHERE).

But they are all forward looking "IF" I make extra payments.

I want a calculator that will take into account my monthly payment I have now based on my original loan amount.
Take into account that I have already made extra payments (think I already have a 4 or 5 years off)
And show what it will do if I make more regular extra payments.

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Which CC still has one-time use # for potentially questionable transactions or vendors? I'm looking for something preferably with cash rebate. My AMEX used to have this feature but not anymore. Thanks!

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LongDongSilver said: Which CC still has one-time use # for potentially questionable transactions or vendors? I'm looking for something preferably with cash rebate. My AMEX used to have this feature but not anymore. Thanks!

I believe all Citi cards offer this feature.

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Discover does, also.

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cmatthes1 said: I am looking for an amortization calculator (I KNOW THEY ARE EVERYWHERE).

But they are all forward looking "IF" I make extra payments.

I want a calculator that will take into account my monthly payment I have now based on my original loan amount.
Take into account that I have already made extra payments (think I already have a 4 or 5 years off)
And show what it will do if I make more regular extra payments.
Try this. Simply enter the loan amount and then enter where you made your extra payments / where you'd like to make future extra payments.

Nevermind. I just discovered googledocs doesn't retain formulas. I created this spreadsheet using an Excel wizard about 3 years ago if you'd like to created your own...

try this instead

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Double Post...Error on Page when logged.

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First off, I've read through like every forum on here but a lot of the pertinent information is outdated; from 2004 and 2005.

I'm trying to open a Roth IRA inexpensively. I want Free DRIP, free automatic debit from my BofA checking account to the IRA at an amount of $50 every 2 weeks (Payday), I also want a very low initial investment, like $250-500 NOT $2500-$3000 like Vanguard or Fidelity. I would like to be investing in Vanguard or Fidelity indexes until I get around $10k to try other investment options, but cannot afford their initial amounts. I don't mind owning just 1 fund for now until I amass more money to work with. Is there anything like this out there??? It seems that every place I look, I cannot find all of these options. Either I can open an account with Free DRIP, but must deposit like $500 minimum and cannot do an automatic investment plan monthly from my paycheck. I don't necessarily mind paying for actual trades, but I don't want to pay a Lot. So far I've looked into Merrill, Morgan, T. Rowe, Scottrade, Ameritrade, going directly to Vanguard or Fidelity, and a few others. I really would like to go directly with Vanguard right now but don't have the $3000 initial investment.

I've looked into ING funds, but don't like their performance at all. I'd rather keep my money building in their savings for the time being until I get the $3k to open with vanguard.

Background: My financial status is decent. I'm 25 years old. I have around $11k in 401k, maxing out my employer contribution each paycheck. I also have my 6 month safety net in case I lose my job. I have a separate account tucked away that I contribute regularly to, for my first time home purchase. But I would like to be able to put $100 away in an IRA right now until I can get that up to $200 a month. (I have a guaranteed raise in June that will enable that to happen.) Right now I have an ING account titled, Roth IRA, where I have them deduct $50 from each paycheck. But that's just one of their saver accounts and there's only $250 in it.


Any ideas???

I'm specifically looking for Roth IRAs that could hold Index Mutual Funds and maybe eventually place a stock, option or futures trade down the road. If I have to open a separate brokerage account down the road for the stock, option or futures trade, then I’ll do so. but right now, I'm hoping for a cheap, easy, beginner Roth account that will let me build up. I've seen Fidelity's Simple Start as well as T. Rowe Price's Smart Choice but I'm not all about those for some reason. I wish Vanguard had one. Maybe i should call their CEO? hahaha. Yeah, that'd work.

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Triple Post...Error on Page when logged.

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I just moved out of an apartment, and unfortunately I caused a stain on the carpet that could not be removed. However, there was already a stain on there from a previous tenant. Also, I paid a $100 non-refundable carpet cleaning fee already, and they are trying to charge me $75 for the stain because they have to replace it. Any advice? Thanks in advance.

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Make them take you to court if they want the money. Keep all correspondence via certified mail with return reciept. Keep copies. If it is only $75 they'll probably drop it before they waste time to go to court. Do not talk to them on the phone as none of that matters.

Look up the renter's rights for your state and find any bit of the statutes that they are not following.

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I have tried using insweb and insure.com and I was expecting instant quotes. But I never got any after entering my information. I entered my info about 4 days ago and have only received one email/phone call (from AIG). I did not receive any quotes online when I entered my info, however. Am I doing this correctlY? When should I expect quotes?

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sorry for such a newbie question:
i'm pretty sure i've seen a list of the best cd rates available currently, but i cant seem to find the thread thru the search option. any suggestions? thanks!

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Does anyone know how to freeze Experian credit reports? I've seen people talk about it but when it came to the details it was because their state that had some specific law that forced experiean to let them.

I live in CA if that helps. Also I have had no fraudulent activity.

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cmatthes1 said: CD RATES THREAD

thanks so much for the link

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What do the financial minds here consider to be a "good score" when it comes to mortgage rates?

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720 gets thrown around a lot as an answer to that question.

Skipping 9022 Messages...
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fighterosorus said:   My wife is working on her MBA while working full time. We incurred $4k expenses on fees and books. Combined we earn close to 200k and may not be eligible to claim deductions. Can a 529 plan help?
  Not on federal income taxes, but there could be a state deduction.

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