What can I qualify for? $200k income, 640 ficos

[Anonymous]

One difference though- I owned my home. The ask about that on a lot of apps. I am pretty sure that helped. Since you are renting your mileage may vary.

[unc0mm0n1]

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@Anonymous wrote:
You need a better CPA/CFP. A smart CFP could cut your taxes in half, but I digress.
I live in California, $200,000 is common.

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Unless your CFP is a crook no way are thiose taxes being cut in half. He lives in NYC. I really think that most of you in flyover country trully don't understand what taxes are like in Big cities. I have a ton of friends who are tax lawyers and/or CPAs (who work for the big 4) who live in NYC and none of them are able to cut their taxes in half. I will say none of them don't have multiple dependents, which makes me think there are some tax savings to be had but cutting his taxes in half is just silly. 

[ojefferyo]

I've never heard of cutting taxes in half, if it's really true please do share the secret

[WuXing5]

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@ojefferyo wrote:

I've never heard of cutting taxes in half, if it's really true please do share the secret

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its called savings and retirement, lol, you can accomplish this by maxing your 401(k) contributions each year, plus IRA contribution, HSA contributions, and other miscellaneous savings accounts and retirement account that are tax deductible.

[Anonymous]

B-rad, I am probably going to go this route was well.  All three are mid 670's now but I have the deed to my home and I paid my car loan off early last month.  Going to try this through Wells first since I have my checking/savings/savings and a brokerage account.

[ojefferyo]

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@WuXing5 wrote:

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@ojefferyo wrote:

I've never heard of cutting taxes in half, if it's really true please do share the secret

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its called savings and retirement, lol, you can accomplish this by maxing your 401(k) contributions each year, plus IRA contribution, HSA contributions, and other miscellaneous savings accounts and retirement account that are tax deductible.

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You can only do so much, I doubt that it would literally be in half

[Anonymous]

Mc, that sounds like a plan. I would go visit with a banker to get that set up, rather than just app on the Internet. My local bank just gave me a $100k line for home improvements. Decent rate on my permanent financing too. They don't really do credit cards though. But if they did that would have worked I bet. The big thing I think it s getting your first 10k line. That opens a ton of doors in my experience.

[sjt]

$27,600 in rent is a real deal for New York! Congrats!

If you can I would open a secured card through State Department Federal Credit Union. They dont graduate but have great rates and virtually no fees. They also dont check credit.

Do you have an IRS lien, if so have you tried their Fresh Start Program?

[Anonymous]

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@nycfico wrote:

By the way, I totally understand when people look at my income and think that $10,000 or something should be easy.  The deal is this though...if I make $200k...roughly$80,000 of it goes to taxes right away, leaving me $120,000.

I then pay the IRS lien off at $1525 a month...which leaves me roughly $100,000.  Car payments are combined $500 a month.  Leaving me $94,000.  I live in one of the most expensive areas of the country and pay for a modest house $27,600 in rent.  Leaving me $66,000.  Car insurance...about $5,000 a year.  Leaving me about $60,000 or $5,000 a month leftover.  Each month I'm paying down previous credit card debts at $1,000 a month.  Leaving me $4,000.  Utilities/heat/general house maintainance...another $500. 

So left with $3500 a month to feed, clothe and take care of some medical bills for three kids.

Not saying anybody should throw me a pity party.  I didn't do all the right things and here I am still in a mess on $200k  a year (if a commisison or two comes in I could get to the $250k mark.)  Moreso that it's a lesson of how easy it is to get in over your head and onc eyou do it's really tough to dig out from and still live a life supporting your family.

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Appreciate your challenges. Unfortunately, many of us on this web site have been in the financial dumps and can feel your pain. I used a Wells Fargo Secured Visa Credit Card and dumped $5K into card - WF said I could go to $10K if I wanted too). Great start and it gave me flexibility while trying to grow credit (had BK7 hanging on my neck from business failure). Many of my credit cards were at $200 credit limits. How to exist?! Not easy.

[Anonymous]

I assume you're not eligible for NFCU. They gave me a chance when no one else would with similar income and several baddies (late payments, not tax liens).

Score is not everything and with baddies reporting I find it diificult to get much even though my scores have gone up to 680-690s.

I would press your employer to