SMikulski49 Tracker

Re: Advice on paying off the house

SMikulski49 — Mon, 11 Feb 2013 13:33:50 GMT

Thanks for all of your advicse everyone, thank god I asked first before I started moving money around from account to account. Thanks to all of you I just avoided getting locked up and probably my parents lol.

Re: Advice on paying off the house

SMikulski49 — Fri, 08 Feb 2013 20:35:05 GMT

Thank you for the replies. The 30K is in my bank account, 10K of that money is mine. My sister has 40K in her bank account that my parents gave her for keepiong through out the years. If we took that money and transfered it would it still look suspicious as it was sitting in our bank accounts for years?

I know the 50K that my mom has might be risky, and I have no idea how to go about depositing that money in their bank accout? Would smaller amount few time a month work for as long as it would take to deposit it? It really sucks cz they do have the money the pay off their house but its like they dont.

They thought about refinancing the house and maybe taking out the lown for like 50K, and the money that my sister and I have use that to pay off the remaining. Then slowly pay larger montly payments to pay off the remaining 50k?

What are some options you guys are thinking about to best resolve this situation?

thanks for all of the help

Advice on paying off the house

SMikulski49 — Fri, 08 Feb 2013 18:20:05 GMT

My parents are around the retirement age, and they are thinking about paying off their mortgage. They currently have a loan for approximately 134,000 and around 25 years left. through out the years my parents have been working and being old fashioned they did not like to keep the money in banks. through out the years my parents gave me 30K in cash to hold for them and they gave around 40K in cash to my sis to hold for them, plus they have another 50K in cash.

In order to pay the mortgage off they would have to depost all that money to their bank account and electronicly (or by certified check) send the balance of the loan to the mortgage company (wells fargo) Me and my sister would also lend them the rest of the money so they have the whole amount. I was wondering if there will be any problems with banks or IRS if they were to deposit around 130K into thair bank account, would there be any problems with me and my sis just transfering 30K and 40K without bank or anyone raising any flags as to where that money came from? Just in general, any issues or concerns we should look out for? Or what is the best way to handle a situation like this?

Any advice on how to handle this situtaion would be appreciated. Thanks in advance!

Re: Paying Off Student Loans

SMikulski49 — Wed, 09 Jan 2013 18:11:40 GMT

From what I know it will help you if you pay off your loans. Plus you will eliminate any future problems, and you will eliminate your debt quicker, as well as not waste a lot of monay on interest. The loan will stay in your history for the next 7-10 years and it will show paid off and in good standing, so it will only help you for the next 10 years or so.

In my case I still have 3 loans with balances between 1500 and 3000. The interest on them is .14% and I end up paying like few cents a month in interest so I just keep them and pay the minimum payments so they will stay in my history for longer time. But If i had bigger interst I would just pay them off.

Since you have so many loans, I would not worry about the ones your parents want to help you out with and pay off for you, you will still have other loans that you will be making payments on which will help you with history as well. This is just my opinion and what I would do.

Re: Pay off student loans or keep them as long as I can?

SMikulski49 — Tue, 04 Dec 2012 18:57:12 GMT

My government loans were either 6.8 or 4.8 when i graduated, i paid off the ones with higher interest first. The ones that remained, the interest rates after a while went down either by using automatic payments or making payments for 2 years. I know there was some governemnt thing that was passed that dropped my loans to 2.something after graduating.

I really could not tell you how it happened, I know I didnt do anything special just kept paying my loans and the interst rates would decrease after a while. Sorry I can't be much of help.

Re: Pay off student loans or keep them as long as I can?

SMikulski49 — Thu, 29 Nov 2012 04:17:19 GMT

the student loan for the 33K is not my, I am just the co-signer on it. The interest rate on that one is 3.25. My girlfriend just graduated college started work month ago and she will start paying that one off. I think I will continue making the minimum payments on the last 3 loans that are my untill I pay them off, I believe it says I should pay them off by like 2018 or earlier.

I also have a car that I payed of in 2010, a motorcycle loan I took out last year, and a new car loan I took out beginning of this year. I Once they student loans start dropping off I should still have other ones to keep my AAoA up.

Pay off student loans or keep them as long as I can?

SMikulski49 — Wed, 28 Nov 2012 20:36:57 GMT

Hey everyone, quick question about student loans. Below are all of my student loans: On the first one I am co-signer, the next three are my loans with balance and the rest of them are paid off.

They are currenly on auto pay and my monthly payment is 137.37, with 0.14% interest on each loan, If I were to take them of off the auto pay interset on each loan would go up by 0.25%. I also found out that I over paid my account in the past by so much I would not have to pay my next payment until 2014. I am wondering if I should keep these loans on my account as long as I can, so they would help me have a very long credit history, or should I just keep paying off the monthly payment and pay them off in the next few years.

What do you guys recommand? the interest rates are so low I would not accumulate much interest over the next 10 years even, or I could make really small payment to pay for them as long as I can just so they would stay on my account for as long as I can keep them to build a great long history. All recommandation are welcome, and thanks for the advice in advance.

Polslv/Uas (Personal Student Loan)

Approved for $75,000

Balance $33,550 (Co-Maker/ Co-signer)

Opened January 2010

Aes/Pnc

Loan Amount $5,500

Balance $2,494

Opened 8/2005

Montly payment - 64.99

Interest rate - 0.14%

Aes/Keysto

Loan Amount $3,500

Balance $1,587

Opened 8/2004

Montly payment - 41.36

Interest rate - 0.14%

Aes/Keysto

Loan Amount $2,625

Balance $1,190

Opened 9/2003

Montly payment - 31.02

Interest rate - 0.14%

Natl Coleg (Personal Student Loan)

Loan Amount $15,625

Balance $0

Opened 9/2006

Paid Off/Closed October 2010

Aes/Pnc

Loan Amount $8,633

Balance $0

Opened 9/2007

Paid Off/Closed October 2010

Aesconduit

Loan Amount $5,500

Balance $0

Opened 8/2006

Paid Off/Closed 12/2009

Aes/Keysto

Loan Amount $5,500

Balance $0

Opened 8/2007

Paid Off/Closed 3/2009

Natl Coleg

Loan Amount $10,526

Balance $0

Opened 8/2005

Paid Off/Closed 8/2008

Re: Equifax vs Creditkarma

SMikulski49 — Wed, 28 Nov 2012 16:48:07 GMT

Thank you for all the information everyone, I really want to get my scores above 800, but now I just need time :)

Re: Number of Accounts

SMikulski49 — Wed, 28 Nov 2012 16:46:32 GMT

Yes, the 'too many accounts' only appears on my TU fico report. I will leave all the accounts and let them drop off slowly by themselves. Thanks for the advise, I really want to get my scores above 800, but now all I need is time.

Thanks

Number of Accounts

SMikulski49 — Wed, 28 Nov 2012 14:37:22 GMT

Hey everyone, I recently checked my scores and credit reports and noticed I have a lot of accounts on my reports. A lot of them are due to the student loans and also some were added when credit cards were closed because I was issued a new card number. Below I have listed all of my accounts, the ones in black are open/in use accounts and the ones in red are closed/paid off accounts.

Credit Cards:

Bank of America Visa CL = 3,500, Balance = $0 (individual account holder) Opened 10/2003

Bank of America MasterCard CL = $24,000 Balance=$0 (individual account holder) Opened 12/2003

Bank of America MasterCard Opened 12/2003 Last Activity March 2012 Lost or Stolen Card

Bank of America MasterCard Opened 12/2003 Last Activity April 2011 Lost or Stolen Card

Chase Visa CL = $6,200 Balance = $0 (Authorized User) Opened 12/2003

Bank of America Visa CL = $8,500 Balance = $0 (Authorized User) Opened 7/2004

Bank of America Visa Opened 7/2004 Last Activity October 2011 Lost or Stolen Card

Care Card CL = $5,700 Balance 0 (joint account) Opened 9/2004 Last Activity 11/2007 Account Closed by Credit Grantor

Macy’s American Express CL=$10,000, Balance = $0 (individual account holder) Opened 3/2009

Macy's Department Card CL=$2,700, Balance = 0 (individual account holder) Opened 3/009

Student loans:

(Personal Student Loan) Approved for $75,000 (Co-Maker/ Co-signer) Balance $33,550 Opened January 2010

Student Loan Loan Amount $5,500 Balance $2,494 Opened 8/2005

Student Loan Loan Amount $3,500 Balance $1,587 Opened 8/2004

Student Loan Loan Amount $2,625 Balance $1,190 Opened 9/2003

(Personal Student Loan) Loan Amount $15,625 Balance $0 Opened 9/2006 Paid Off/Closed October 2010

Student Loan Loan Amount $8,633 Balance $0 Opened 9/2007 Paid Off/Closed October 2010

Student Loan Loan Amount $5,500 Balance $0 Opened 8/2006 Paid Off/Closed 12/2009

Student Loan Loan Amount $5,500 Balance $0 Opened 8/2007 Paid Off/Closed 3/2009

Student Loan Loan Amount $10,526 Balance $0 Opened 8/2005 Paid Off/Closed 8/2008

Motorcycle Loan Loan Amount $5,000 Balance $3,623 Opened 4/2011

Car Loan Loan Amount $17,118 Balance $15,409 Opened 2/2012

Car loan Loan Amount $18,374 Balance $0 Opened 1/2008 Paid Off/Closed 8/2010

How do lenders look at this information? Do they see it as negative having all these accounts or do they see it as positive that I have so many accounts open/closed combined and was able to keep everything in good shape? I have 12 open accounts and 10 of them are closed. When I checked my fico score on myfico.com, the system told me that the only thing hurting my score is the number of accounts.

I was also thinking of taking my name of off the two credit cards that I am authorized user on, they are my parents cards and I don't really need them, you guys think its a good idea? I know it won't hurt me in short run as I do not have any balance on my credit cards, but will it hurt me a lot after 10 years? They dont really use them, maybe once in a while and im not worried about them being late as I pay the bills for them. The only thing is that they might be going back to their country and I will be left with the cards and one of them has annual fee.

Thanks for your help guys, I learned soo much from you of you

That makes sense, but is that normal that one report show...

SMikulski49 — Mon, 26 Nov 2012 14:42:24 GMT

That makes sense, but is that normal that one report shows 4 and one 0? Does it all depend on whoever is checking credit score which one they pull?

Equifax vs Creditkarma

SMikulski49 — Mon, 26 Nov 2012 14:02:45 GMT

Quick question for you guys. I check credit karma website frequently and it tells me that I have 4 hard inquaries. Few days ago I checked my Equifax report and it does not show any hard inquaries. I am a little confused as to why, any ideas?

Thanks

Re: US Bank Corporate Card

SMikulski49 — Fri, 26 Oct 2012 17:21:35 GMT

on the application it says corporate card, on the bottom it says the following

"Employee applicant requests that he/he be issued a U.S. Bank Corporate card. U.S. Bank or company may obtain credit information concerning employee applicat for the sole purpose of issuance, renewal and/or replacement of the U.S. Bank corporate card. In consideration of this issuance and the use of the U.S. Bank Corporate card, the employee applicant agrees to be bound by the U.S. Bank corporate Cardholder Agreement accompanying the card, as amended by U.S. Bank time to time, for all charges incurred by the use of the card or related account.

Employee Applicant understand that this card is to be used for business charges only and that employee applicant is totally responsible and liable for all expenses charged to the card. Employee Applicant understands and acknowledges that payment is due to U.S. Bank upon receipt of th estatement. Employee applicant further udnerstands that if he/she fails to pay us bank for all undisputed charges his/her card may be permantely canceled."

sorry for the mistakes I probably made but it was a lot to write. So like it says this is a corporate card. A lot of people in the office say they use it to rent as this card has protection on it in case of accident. They are also told to use this card for flights (probably so the company gets the miles for it) but they say for other expenses they use their own cards to collect points on their own credit cards.

I am wondering if they can make me open a corporate card or if i can make a case that i want to get a house down the line and this might effect my score or something.

thanks

US Bank Corporate Card

SMikulski49 — Thu, 25 Oct 2012 19:15:54 GMT

I recently started working for a new company and they asked me to fill out a form to get a us bank corporate card. I was wondering how do corporate cards work, they do report to a credit bureau? Will it effect my credit score? I know I will be responsible for the payments, whatever I put on the card I will be able to expense. In the form they ask for my social security number and mention that my credit report will be obtained.

Does anyone have any experience with this? Will it hurt me if I work for the company for few years and then have to close the card? How will this effect anything and everything?

Thanks guys.

Credit Karma, is it good or bad?

SMikulski49 — Tue, 08 Nov 2011 16:38:24 GMT

Hey guys, I just learned of a website called Credit Karma, and it shows you for FREE your credit score (i know its not fico score) and it shows your credit report. You can also update it often and see how you are doing.

Has anyone else used this website? Any thoughts on it?

Thanks,

Stan

Closed CareCredit account by Credit Grantor

SMikulski49 — Tue, 15 Feb 2011 03:19:15 GMT

Hey guys,

Quick question: Today in the mail I got a letter that my dads CareCredit/GEMB (GE MONEY BANK) account has been inactive for more then 36 months and they hace closed the account due to prolonged inactivity. It says that the credit report will indicated closed by Credit Grantor for this account. I am the authorized user on the account and it does report on my credit history.

We dont really care that they closed this card since we never use it, my only question is how will it effect, if it will at all, anything on my credit history by it saying that it was closed by credit grantor for this account?

This will not hurt my utilization as i dont have any balances on my other cards. Just worry about it saying that it was closed by credit granton im not sure how that will look on my history.

Will this stay on my credit history for another 10 years untill it comes off?

Thanks for all your answers in advanced.

Re: Can I take my name off of a joint credit card account?

SMikulski49 — Sun, 13 Feb 2011 18:29:28 GMT

Thanks for all your replies. That is what I was thinking the case will be from reading the forums before, but I justed wanted to make sure.

Once again, thank you for the information.

Re: Can I take my name off of a joint credit card account?

SMikulski49 — Fri, 11 Feb 2011 03:45:35 GMT

Hi called her and said for her to take his name off the the accounts, they paid them off right before he moved out and he took the cards. She got a hold of them again and started paying mortgage with them. She said she was gonna go to the bank and will remove him, but im just not sure if the banks will go for that, especially if they have 20,000 balance. I am just not sure if they even do that, remove a name from a joint accout, but if they do, he may have a shot of getting out of this somehow.

Can I take my name off of a joint credit card account?

SMikulski49 — Fri, 11 Feb 2011 03:07:53 GMT

Hey guys, I turn to you again for advice.

My brother just got seperated with his wife. SInce he left the house around a year ago, she pretty much maxed out two credit cards that they were both joint accoutn holders. He was unaware of this untill now when he checked his credit history.

If she agrees to take his name off of the join credit card account will the bank do it? The two caredit cards one has limit of 10,000 and the other one has limit of 15,000, are with Fst. Commonwealth FCU. One has balance of 964 and the other card has balance of 11,500.

WIll bank the bank allow my brothers name to be taken off if she agrees to it?

Thanks for all your help in advance.

Should I close two cards that I am an authorized user on?

SMikulski49 — Sat, 20 Nov 2010 01:43:46 GMT

Hey everyone, quick question about credit cards and how it will effect my score in long run. Below you will see all my loans and credit cards that I have up to this point (everything that is on my credit report). Below you will see two credit cards: chase which is my moms and BofA which is my dads. My dads card has an annul fee of 95 and my moms doesn't have any. I am authorized user on both accounts and I am wondering if I should call the credit card companies and take myself off from being the authorized user on both cards. I use most of the cards and always pay the balance in full each month sometimes before they post my balances so non of them carry any balances, I am definitely between 1-9% each month if anything.

If I were to close them I know this will not have a big impact on my credit score since my utilization will not go up. I am wondering in 10 years when they come off my credit report, how much of an impact will it have on my credit score? Should I close them at least the one with annual monthly fee? My parents might be going back to their place of birth in Europe and I will most likely keep using the cards if I don't close them.

My report says that my oldest account was opened 7 years and 2 months ago and my average age of accounts is 4 years. Please advise me on if I should get rid of them once my parents go back to Europe or should I keep them?

Thanks for all of your help in advance :)

Stan

Credit Cards:

Macy'sdsnb - account holder: individual - (Macy's store charge) - opened on 3/2009 balance is $0 - not sure about the limit as it is not shown on on credit report.

Amexdsnb - account holder: individual - (Macy's American express) - opened on 3/2009 - limit $5,000 - balance $0

Care Card - account holder: joint - opened 9/2007 - limit $5,700 - balance $0

Chase (my moms) - account holder: authorized user - opened 12/2003 - limit $6,200 - balance $0

BofA - (my dads) - account holder: authorized user - opened 7,2004 - limit $8,500 - balance 0

BofA - account holder: individual - opened 12/2003 - limit $12,000 - balance $0

BofA - account holder: individual- opened 10/2003 - limit $3,500 - balance $0

Loans

Polish/Slavic - personal student loan - account holder:Co-Signer - approved for 75,000 and 6,573 of it is used up to this point. - opened 1/2010 (this is considered as revolving account on my credit report, as the 6,573 is added to my credit card totals (revolving account totals)

AES/PNC - student loan - account holder: individual - opened 8/2008 - loan for $5,500 - balance $3,926

AES/Keystone - student loan - account holder: individual - opened 8/2004 - loan for $3,500 - balance $2,498

AES/Keystone - student loan - account holder: individual - opened 9/2003 - loan for $2,625 - balance $1,874

Natl Coleg - student loan - account holder: maker - opened 9/2006 - loan for $15,625 - balance $0 (paid off)

AES/PNC - student loan - account holder: maker - opened 9/2007 - loan for $8,633 - balance $0 (paid off)

AESConduit - student loan - account holder: individual - opened 8/2006 - loan for $5,500 - balance $0 (paid off)

AES/Keystone - student loan - account holder: individual - opened 8/2007 - loan for $5,500 - balance$ 0 (paid off)

Natl Coleg - student loan - account holder: maker - opened 8/2005 - loan for $10,526 - balance $0 (paid off)

Car Loan

Toyota Mtr - car loan - account holder: maker - opened 1/2008 - loan for $18,374 - balance $0 (paid off)