Reply
Valued Contributor
p-
Posts: 2,655
Registered: ‎06-05-2008
0

Backdoor CLI Time!

Well, no luck with a soft cli or product change.  I went ahead and allowed a hard pull to see if I could get the cli.

 

Denied.

 

But, after a call to the trusty old backdoor number, the limit on my Chase Freedom card was raised from 5k to 10k.  Score!

12-15-14: FICO EXP: 813 - EQU:802 - TRAN: 756 - AVG: 790 +240 points from JUN 2008 - MY CREDIT JOURNAL

Valued Contributor
Dustink
Posts: 3,097
Registered: ‎10-02-2012
0

Re: Backdoor CLI Time!

Just read your credit journal.

 

What a journey and amazing progress you have made.

 

Have you thought about refinancing your house into a more short term loan?

 

Like get a 15 year loan and make double payments?

 

You have done very well paying down all the extra debts.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Valued Contributor
p-
Posts: 2,655
Registered: ‎06-05-2008
0

Re: 15yr loan


Dustink wrote:

Just read your credit journal.

 

What a journey and amazing progress you have made.

 

Have you thought about refinancing your house into a more short term loan?

 

Like get a 15 year loan and make double payments?

 

You have done very well paying down all the extra debts.


Thanks for the congrats - it's nice to see results, and I couldn't be happier with how this all played out.  Regarding a mortgage refi; My wife and I talked about it but held off for a couple of reasons.  The first one is that she had a credit issue that we were suing to resolve.  We've reached an agreement and that will be gone soon.  Another thing holding us back was other outstanding debt - we want to make sure we pay off the highest interest items first.

 

The last issue was one of debt v. income.  A few years ago, when a pharma giant bought out her company and she was laid off we were fine, because our mortgage and minimum payments were so low.  We're a little nervous committing to a larger payment without the option to scale back if necessary.  Right now we enjoy the luxury of replenishing savings, paying extra, or spending the money above and beyond our budget requirements.  

 

We even went as far as running a few amortization scenarios, and we can save a lot of money by just paying extra without doing a refi.  My guess is once the cars are paid off we'll pick that issue back up again.  Then again, we might take advantage of market conditions and just move up.  My wife has made a pretty strong case for saving hard for a year or so, then putting that money down on a larger house with a goal of keeping the same mortgage balance.  Maybe that will be the time to go for a 15 or 20 year loan.

 

 

 

12-15-14: FICO EXP: 813 - EQU:802 - TRAN: 756 - AVG: 790 +240 points from JUN 2008 - MY CREDIT JOURNAL

Valued Contributor
p-
Posts: 2,655
Registered: ‎06-05-2008
0

Re: DEBT-DOWN UPDATE

I'm eliminating debt almost as fast as I'm adding it...


Wifey's new company has a tiered reimbursement that is quite a bit higher for a new car, and the mileage is fixed, so having her drive the Hemi didn't really make sense. So we sold the old car, and bought her a smaller Jeep Compass that will save on gas.  With the reimbursement it should be paid off in about 3.5 years. Plus, she got the sunroof that she's always wanted...


Happy wife, happy life, right? So at this point we have almost 1900 dollars per month not allocated to budget items.  We're saving 1k, towards a possible down payment on a new home, and putting the rest toward the highest interest debt, which is still my Jeep.  We're going to keep on trucking with aggressive debt repayment until all that is left is the mortgage, with the goal to be completely debt free in 15 to 20 years. We'll see how it goes.

 

As I mentioned to D; once that other debt is gone we'll have to take another look at a shorter term home loan.

 

BALANCES AS OF 11-1-12:

 

NAME                BALANCE    MIN PMT   EX PMT   CUR PMT       RATE      PRIORITY    PAYOFF DATE
MY JEEP            20,256          535            865          1400               4.9%       1                 JAN 2014

HER JEEP          23,845          400            200           600                3.85%      2                 MAY 2016

STUDENT LN     2572             100             0             100                2.48%      3                 NOV 2014

MORTGAGE      174,970       1208             25            1231               4.5%       4                 JUL 2039

 


BALANCES AS OF 4-9-12:

 

NAME                BALANCE    MIN PMT   EX PMT   CUR PMT       RATE      PRIORITY    PAYOFF DATE

NEW CAR          24,084     535                 369         904                        4.9%       1                 AUG 2016

STUDENT LOAN 3329        100                  0          100                     2.48%        2                 JAN 2015

MORTGAGE     177,066      1214                86        1300                     4.5%       3                 JUL 2039

  


 

12-15-14: FICO EXP: 813 - EQU:802 - TRAN: 756 - AVG: 790 +240 points from JUN 2008 - MY CREDIT JOURNAL

Valued Contributor
p-
Posts: 2,655
Registered: ‎06-05-2008
0

Re: Backdoor CLI Time!

Decided now is as good a time as any to push my luck.  Just sent an email to the Cap1 exec office - goal is either a CLI from 3500 to 10k or a product change with CLI to a signature green cash.

 

I got the information and ideas from the Cap1 executive thread.

12-15-14: FICO EXP: 813 - EQU:802 - TRAN: 756 - AVG: 790 +240 points from JUN 2008 - MY CREDIT JOURNAL

Established Member
flowman
Posts: 16
Registered: ‎11-06-2010
0

Re: DEBT-DOWN UPDATE

P - not sure if you're interested but a refi of your car loans with PenFed may be a good move at their 1.49% rate.  You can also take cash out and pay down other debt at their low rate.  Process is easy and  really quick.  Just a thought...

Valued Contributor
Dustink
Posts: 3,097
Registered: ‎10-02-2012
0

Re: 15yr loan

[ Edited ]


Thanks for the congrats - it's nice to see results, and I couldn't be happier with how this all played out.  Regarding a mortgage refi; My wife and I talked about it but held off for a couple of reasons.  The first one is that she had a credit issue that we were suing to resolve.  We've reached an agreement and that will be gone soon.  Another thing holding us back was other outstanding debt - we want to make sure we pay off the highest interest items first.

 

The last issue was one of debt v. income.  A few years ago, when a pharma giant bought out her company and she was laid off we were fine, because our mortgage and minimum payments were so low.  We're a little nervous committing to a larger payment without the option to scale back if necessary.  Right now we enjoy the luxury of replenishing savings, paying extra, or spending the money above and beyond our budget requirements.  

 

We even went as far as running a few amortization scenarios, and we can save a lot of money by just paying extra without doing a refi.  My guess is once the cars are paid off we'll pick that issue back up again.  Then again, we might take advantage of market conditions and just move up.  My wife has made a pretty strong case for saving hard for a year or so, then putting that money down on a larger house with a goal of keeping the same mortgage balance.  Maybe that will be the time to go for a 15 or 20 year loan.

 

 

 


Maybe when you are ready to move you can rent out your current home and get some future cash flow out of it. Moving up is always nice :smileyhappy:

 

Having rental homes is also great, because when you want to retire and need money. You can either have fixed income from the rental or sell them. So debt now and future rental homes is not so bad.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Valued Contributor
p-
Posts: 2,655
Registered: ‎06-05-2008
0

Re: DEBT-DOWN UPDATE

[ Edited ]

flowman wrote:

P - not sure if you're interested but a refi of your car loans with PenFed may be a good move at their 1.49% rate.  You can also take cash out and pay down other debt at their low rate.  Process is easy and  really quick.  Just a thought...


Good idea - I may have to try it.  I'm a little gun shy with the inquiries right now, but that might be worth it.  What kind of credit do you need to get the 1.49%?

 


Dustink wrote:
Maybe when you are ready to move you can rent out your current home and get some future cash flow out of it. Moving up is always nice :smileyhappy:
Funny you should mention that - we've been debating the merits.  It's a good size for a rental, but it's on 5 acres with all of the land maintenance issues that go along with that.  I'm not sure if it's the best candidate for a rental.
12-15-14: FICO EXP: 813 - EQU:802 - TRAN: 756 - AVG: 790 +240 points from JUN 2008 - MY CREDIT JOURNAL

Valued Contributor
p-
Posts: 2,655
Registered: ‎06-05-2008
0

Cap1 Executive Mosh

Like most, I've had a hard time gettting Capital One to grow with me - I am still stuck at a 3,500 limit on my Platinum Rewards card.

 

I tried customer service, backdoor numbers, chat, and even the social team with no luck.  Some of them even told me that I was as high as my particular card would ever go, because that product has a cap.

 

Yesterday, after some inspiration from a thread here, I emailed the CEO (google it) and  explained my frustration.  I was nice, and explained to him that what I really wanted was a product change to a Cash Rewards Visa Signature with a higher limit.  That was at the end of the day yesterday, and this morning I received a call from a member of the executive team.

 

She was polite and helpful, but all business.  She immediatly upgraded me to the 1.5% cash rewards card with no A/F, and is processing (with a soft pull!) my request for the credit limit increase.  She asked me some income and obligation questions, nothing unexpected, and then asked for a min/max credit limit I was looking for.  I told her 10k to 15k.  We'll have to see how that plays out.

 

I was so happy, it wasn't untilI hung up that I realized I never heard her say "Visa Signature".  Now I'm wondering if I actually got upgraded to the siggy card.  I looked online and it appears that the extra half percent rewards bonus only comes with the siggy cash card - plus the non-sig ones are for limits under 5k.  What do y'all think?  Will I get my first Visa Signature card out of all of this?

 

12-15-14: FICO EXP: 813 - EQU:802 - TRAN: 756 - AVG: 790 +240 points from JUN 2008 - MY CREDIT JOURNAL

Valued Contributor
Dustink
Posts: 3,097
Registered: ‎10-02-2012
0

Re: DEBT-DOWN UPDATE

[ Edited ]


Dustink wrote:
Maybe when you are ready to move you can rent out your current home and get some future cash flow out of it. Moving up is always nice :smileyhappy:
Funny you should mention that - we've been debating the merits.  It's a good size for a rental, but it's on 5 acres with all of the land maintenance issues that go along with that.  I'm not sure if it's the best candidate for a rental.

Some tenants like that. They like having space and are willing to pay more for it. You can either write into the lease that the tenant is to maintain it (ie mow ect), or you can have your management company take care of it. The rental home I lived in before my apartment space had about that much land. The owner had some people come by every week to take care of mowing, trimming, pool ect. I bet he had worked out a good rate with them. The house brought in $2500 per month off peak and $5000 per month peak. This house was not all that nice and it was out there. The closest town only had 800 people.

 

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}