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scripta said:   3) They definitely cannot keep it for free. I'm guessing you sue the buyer to recover what you lost.
  Is it possible to sue the buyer to recover the cost of the item without paying an arm and a leg in fees?

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LongDongSilver said:   
scripta said:   3) They definitely cannot keep it for free. I'm guessing you sue the buyer to recover what you lost.
  Is it possible to sue the buyer to recover the cost of the item without paying an arm and a leg in fees?

  Small claims court frequently has minimal filing fees.

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Do you pay taxes on dividends if the stock tanks?

For example, you buy stock at $100/share in January. You get $500 in dividends in June and they're automatically reinvested. In December, the stock price is $50/share but you haven't sold yet.

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matrix5k said:   Do you pay taxes on dividends if the stock tanks?

For example, you buy stock at $100/share in January. You get $500 in dividends in June and they're automatically reinvested. In December, the stock price is $50/share but you haven't sold yet.

  Yes.
Dividends are taxed (since you actually get that as cash), regardless of what you do with it --- reinvest or not.
Gains/losses due to change in stock price has no tax effect, until you actually sell your position --- at that point you realize the gain/loss and will get reported on your tax return for that year.

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I have a few credit-related questions. I checked creditboards but it seemed geared towards credit repair but I could have missed something.

  1.  How does income affect new credit card approval and credit lines?  

    • When I applied for the Citi AA in 2011, the Citi Rep told me that I had "maxed out" my credit limit(had 2 cards 17K, 14K limits) with them and had to borrow from these in order to get a higher limit on the Citi AA card (was only approved for $2K). Because of this once I got laid off and took a lower paying job for health reasons in 2012, I've avoided participating in the CC bonus deals since I assumed I wouldn't be approved AND mostly I was concerned that existing companies like Citi & Chase(have 3 cards each, ~$33K total limit) would start slashing my current limits. True or False?

  2.  How does closing a credit card affect your score?

    • Last card opened was 2013, a card for a Rewards checking account to met charge requirements, next to that in 2011 CitiAA.

  3. How does badly does numerous inquiries affect your score? 

    • Depending on the answer to (1), I want to start making money off the CC/Bank deals again as well as refinance my mortgage AND buy a car...and move my old 401(K) ergo a new brokerage account(hard pull). I know that I can plan to have the inquires pulled on the same day but would I have to do that for all? What should be prioritized? Do I have to be strategic and apply for mortgage first then wait XXX time before credit cards OR buy car then wait XXX time before mortgage, etc?


My fico from TransUnion =950, Citi = 850 & AmericanExpress = 850. As I stated above, I haven't done anything with it in 4 years, it was 800+ (from myfico) in 2012. I already have credit cards limits totaling $142K.

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fwuser12 said:   matrix5k said:   Do you pay taxes on dividends if the stock tanks?

For example, you buy stock at $100/share in January. You get $500 in dividends in June and they're automatically reinvested. In December, the stock price is $50/share but you haven't sold yet.
Yes.
Dividends are taxed (since you actually get that as cash), regardless of what you do with it --- reinvest or not.
Gains/losses due to change in stock price has no tax effect, until you actually sell your position --- at that point you realize the gain/loss and will get reported on your tax return for that year.
A good reason to not buy high yielding stocks outside of retirement accounts.

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picghaw said:   1. How does income affect new credit card approval and credit lines?As you found out on your own, some issuers will limit their total exposure to you based on your income. I don't know how they calculate it, but I'm guessing Chase's and Citi's max is between 40% and 60% of income. I've been maxed with them since the hay-day of AOR and have to call recon every time I get a new card to move my lines.
picghaw said:   took a lower paying job ... avoided participating in the CC bonus deals since I assumed I wouldn't be approved AND mostly I was concerned that existing companies like Citi & Chase(have 3 cards each, ~$33K total limit) would start slashing my current limits. True or False?Hmmm... I don't know this one. It's possible, but there's also no reason to have high credit lines if you're not using them. You'd make more money off new account bonuses. The lines could always be increased later if your income or spending goes up.
picghaw said:   2. How does closing a credit card affect your score?The immediate impact is on utilization: utilization = total credit used / total credit available. Closing a card reduces total credit available. If you don't use your cards much or pre-pay them before statements close, It will have no immediate impact. Closed accounts are included in the Average Age of Accounts calculation, so in the long term it may affect AAoA when it completely drops off your report after 10 years. However, (a) the more open accounts you have, the lower the impact, and (b) AAoA has very little impact on the score to begin with, and I believe it can be less than 10 years to still get the perfect score.
picghaw said:   3. How does badly does numerous inquiries affect your score?In my experience, 2-5 points per inquiry, depending on how recent it is: more points for more recent, less after a few months, no impact after 12 months.
picghaw said:   CC/Bank deals ... refinance my mortgage...buy a car...move my old 401(K) ergo a new brokerage account(hard pull). I know that I can plan to have the inquires pulled on the same day but would I have to do that for all? What should be prioritized? Do I have to be strategic and apply for mortgage first then wait XXX time before credit cards OR buy car then wait XXX time before mortgage, etc?Inquiries show up instantly now, so there's no advantage to doing it all in one day as far as I know. You should have refinanced before the election. Unless you expect interest rates to drop or if you expect to make/save a lot of money from the refi, I would complete the refi first, because CCs and car can wait and it's not worth the risk of not getting the best terms due to new accounts or inquiries. I wouldn't finance a new car -- pay cash. Most likely no credit inquiry is needed if the dealer agrees and doesn't pull your credit without your authorization (look for recent threads about this).
picghaw said:   I already have credit cards limits totaling $142K.Good for you, but like you said this isn't credit boards, so this shouldn't impress anyone here. Also the 850 and 950 scores are so vastly different not because they come from different sources, but because they use different models. Although it doesn't matter in this case since your scores are perfect, usually you need to pay attention to the scoring model.

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scripta said:   
picghaw said:   1. How does income affect new credit card approval and credit lines?
As you found out on your own, some issuers will limit their total exposure to you based on your income. I don't know how they calculate it, but I'm guessing Chase's and Citi's max is between 40% and 60% of income. I've been maxed with them since the hay-day of AOR and have to call recon every time I get a new card to move my lines.
picghaw said:   took a lower paying job ... avoided participating in the CC bonus deals since I assumed I wouldn't be approved AND mostly I was concerned that existing companies like Citi & Chase(have 3 cards each, ~$33K total limit) would start slashing my current limits. True or False?
Hmmm... I don't know this one. It's possible, but there's also no reason to have high credit lines if you're not using them. You'd make more money off new account bonuses. The lines could always be increased later if your income or spending goes up.

  
Oh, so you get approved but you have to call in and move your lines? I can do that. I assumed that would raise more red flags ergo denials. I hung on to the high lines in case my medical costs forced me to go into debt (charge to cards). Its not necessary so far, so I'll apply this method. I need money more than high credit lines & a perfect score.
...
...
scripta said:   
picghaw said:   CC/Bank deals ... refinance my mortgage...buy a car...move my old 401(K) ergo a new brokerage account(hard pull). I know that I can plan to have the inquires pulled on the same day but would I have to do that for all? What should be prioritized? Do I have to be strategic and apply for mortgage first then wait XXX time before credit cards OR buy car then wait XXX time before mortgage, etc?
Inquiries show up instantly now, so there's no advantage to doing it all in one day as far as I know. You should have refinanced before the election. Unless you expect interest rates to drop or if you expect to make/save a lot of money from the refi, I would complete the refi first, because CCs and car can wait and it's not worth the risk of not getting the best terms due to new accounts or inquiries. I wouldn't finance a new car -- pay cash. Most likely no credit inquiry is needed if the dealer agrees and doesn't pull your credit without your authorization (look for recent threads about this).
picghaw said:   I already have credit cards limits totaling $142K.
Good for you, but like you said this isn't credit boards, so this shouldn't impress anyone here. Also the 850 and 950 scores are so vastly different not because they come from different sources, but because they use different models. Although it doesn't matter in this case since your scores are perfect, usually you need to pay attention to the scoring model.

   
Reason I haven't refinanced is a question that I posted in this thread as well : https://www.fatwallet.com/forums/finance/796908?showmessage=19748401 Short summary, my interest (ARM) has always been better than the 30 yr fixed rates. Again since I'm making less, 15 yr will increase my pmts, but with 30 yr I have a bit more control. I just getting my finances back in order,  so yes I did lose out on refinancing last year before the increase.

Oh I know $142K is not impressive, just providing a datapoint as with the score. I know that some members have $1M+ lines. 

rated:
Hello there,
Could you give me solution for that question: How would i have to calculate the sum of the investing money without VAT (Value-added-Tax), if VAT is equal to 18% and investing money equals to 730 000. Do i simply subtract 730 000*0.18 from 730000 or 730 000/1.18? Both solutions give different answers, so which of them is correct?
Thank you in advance

rated:
davitkakabadze said:   Hello there,
Could you give me solution for that question: How would i have to calculate the sum of the investing money without VAT (Value-added-Tax), if VAT is equal to 18% and investing money equals to 730 000. Do i simply subtract 730 000*0.18 from 730000 or 730 000/1.18? Both solutions give different answers, so which of them is correct?
Thank you in advance

  This is not a HW help forum.

rated:
fwuser12 said:   
davitkakabadze said:   Hello there,
Could you give me solution for that question: How would i have to calculate the sum of the investing money without VAT (Value-added-Tax), if VAT is equal to 18% and investing money equals to 730 000. Do i simply subtract 730 000*0.18 from 730000 or 730 000/1.18? Both solutions give different answers, so which of them is correct?
Thank you in advance

  This is not a HW help forum.

  This is not HW. I'm interested if someone could help me. That's crucial for me. 

rated:
Hey davitkakabadze,

Thanks for joining! I'm afraid I don't have the answer - but a really good place to look is our Finance forum. They are pretty knowledgeable about these subjects. You might want to give them a little more background about your question though.

Otherwise, welcome to the community! If you ever have any questions, feel free to contract us with either the Alert Mods or Private Message button.

rated:
LongDongSilver said:   eBay / PP chargeback questions:

Got a SNAD chargeback on Paypal.  Buyer bought a new with tag jacket from me but had buyer's remorse (no return policy).  He used some BS excuses to try to force a return but lost the eBay case.  He then proceeded to the PP CC chargeback.

My PP account has a negative balance at the moment due to the chargeback.  What's the right thing to do:

1) Deposit more money to it and bring the account balance back to $0; or

2) Don't touch it and leave it in the hole until the chargeback is resolved and finalized (can take up to 80 days) and use an alternate PP account for everything in the mean time?

Right now PP is taking any money it can get its hands on including PP CC refund from merchants for returns.

Thanks!

rated:
HOW TO POST A DEAL??

I'm not a new user, I've been here for around 10 years. I almost never post anything, but I can tell you I've made a TON of money from what others have posted.

Recently, I found a CC (from a credit union) that offers 0% for 12 months with no fee, so I decided to post it so others could take advantage

I got a private message from the moderators that said that my post was being removed because:

"At Fatwallet, we do not allow member to post for sites and services for which they may benefit. According to our Sign-Up Agreement, 'You agree you will not post promotional information for a website or entity with which you are an affiliate, employee, owner, or otherwise receive any benefit from'. Continued violation of this policy will result in loss of posting privileges and possible further sanctions"

I have NO IDEA why they sent me that. My post was like most of the posts I see here:
Hey, here's a good credit card offer, here's a link where you can apply, and here is my experience in getting and using the bt offer.

I sent the moderators a message, but I haven't heard anything back.

Does anyone know what I might have done wrong to incur their wrath? Heck, I'd repost here what I originally posted, but I might get in trouble for that.

Any help would be appreciated.

 

rated:
The only reason I can think of is that you posted a "referral link" where you receive a fee for people clicking the link and/or applying through that link.
Post a link that is neutral (with anything tyiung to you as a referrer) and you should be good.

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Thanks. I'm pretty sure that's not it, however. I know I wouldn't get anything for a referral, and it's just the link to the web page. I went back and tried to find the cc via google, and I came out on the exact same link.

rated:
Wait for the mods to respond. Ask them what part of the link is a problem. Or simply post a link to the credit union's main page. I am sure anyone interested can get to the CC offer from there.

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My wife's W2 looks weird to me:
Box 1: 163k
Box 3: 118k
Box 5: 181k

She maxed out her 401k (18k). 181-163 is 18 but why would box 3 be so low? It's not a typo because the rest of the dollar/cents digits don't match. For my W2, box 3 and 5 are equal and box 1 is smallest.

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matrix5k said:   My wife's W2 looks weird to me:
Box 1: 163k
Box 3: 118k
Box 5: 181k

She maxed out her 401k (18k). 181-163 is 18 but why would box 3 be so low? It's not a typo because the rest of the dollar/cents digits don't match. For my W2, box 3 and 5 are equal and box 1 is smallest.

  
$118.5k is the maximum taxable earnings for Social Security. https://www.ssa.gov/planners/retire/topwages.html

Edit: left out a digit!

rated:
The maximum amount has changed many times throughout the years. For 2016, the maximum amount of taxable earnings is $118,500.

Before 1994, there also was a maximum amount on which you paid Medicare taxes, but that maximum has been removed. You now pay Medicare taxes on all your wages and your net profit from self-employment.

rated:
Hello,

I have a whole life policy through Northwestern Mutual with base coverage of $125k and after paid up additions totals $301,762.00 in death benefit. However, I took a loan out a few years ago to pay for school in the amount of $40,000 which has accrued interest and now totals $41,605.13. The total cash value is $65,533.80 but the net cash value is $23,928.67. The policy pays dividends in the amount of about $2,100 per year but that's not enough to pay the premium and the loan, so I've been paying the premium in the amount of $831.25 every year and using the dividends to pay the interest of the loan.

Here's the question, my wife and I are paying down student loan debt and organizing our finances, do we surrender the whole life policy now and start paying for a term policy for the next 20 years and contributing more to retirement now OR keep the policy and try to pay down the loan and possibly surrender the cash after the loan is paid off?

Thanks.

rated:
You may want to start a new thread for your WL policy situation. It wil get response from more folks; particularly who are well-informed in this area.

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i called and emailed the manulife and the guy still swears everything is okay...As long as my money is safe and not going anywhere that I don't know about, i'm going to assume it's a different vivyip who went to manulife. I now have a different question though: what are people's experience with plastiq? Recommend? don't use? and how would a person use it on say a $78 Staples rebate card

I know there's a 2.5% fee and that i can use this on real(?) business that are not credit card companies. (I plan to use it on toyota)

how does it work on a $78 rebate card?

76.05+1.95?

I'm sure I'm wrong, but I'm hoping to see an example of what happens when a person uses plastiq on a prepaid card. Thank you.

rated:
stanolshefski said:   
LongDongSilver said:   
scripta said:   3) They definitely cannot keep it for free. I'm guessing you sue the buyer to recover what you lost.
  Is it possible to sue the buyer to recover the cost of the item without paying an arm and a leg in fees?

  Small claims court frequently has minimal filing fees.

The buyer's bank finalized the PP chargeback and let the buyer keep the item for free.  How effective is the small claims court in resolving a dispute like this?  I've heard it's an uphill battle if it's out of state.  Should I use small claims court to file a dispute against PP instead since it's in state?  Afterall it's PP that let the bank take my money.

rated:
Another tax question, I got married last year. My wife owns a house but no longer lives there. Currently her parents live there and pay the mortgage. Wife pays for maintenance/repairs, insurance, property taxes, etc. When filing, TurboTax asks for mortgage interest paid but it doesn't ask who the house belongs to.

We are buying a house together this year (under my name, not sure if it makes a difference?) as a primary residence. Will her house be considered an investment property next year?

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