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Valued Contributor
Posts: 3,001
Registered: ‎02-09-2012
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Re: Do I have a problem? ;)

I was more talking about the model that they won't let just anyone in. 

 

But as it were, I'll continue to open the Ally CDs and open up larger ones via USAA!

5/2012: 560 credit scores across the board
12/2014: 750+ scores across the board
Get those baddies removed!!!
Frequent Contributor
Posts: 448
Registered: ‎01-27-2012
0

Re: Do I have a problem? ;)

@ IOBA: You're an inspiration and a genius! I've decided to put 400/week into 6 month CDs. That way, if anything catastrophic is to occur (losing job, etc) I'll be able to not only have enough money for all my bills but a little extra too. I've already opened a USAA CD and that way in 6 months if I'm still okay money wise, I can just roll the CDs every week but if I need a little extra money, I've got it right there. It's a wonderful game!!!!
Starting: EQ 498 TU 501 EX 485 (9/23/11)
As of 5/12: EQ 552 TU 591 EX 572
Credit Repair Journey Bump in the Road
As of 10/15: EQ 511 TU 588 EX 601
Discover TU Fico- 5/31/16: 645; Amex EX Fico-3/22/16: 663
Goal: All 3 above 700

Valued Contributor
Posts: 3,001
Registered: ‎02-09-2012
0

Re: Do I have a problem? ;)


Creditdreamer wrote:
@ IOBA: You're an inspiration and a genius! I've decided to put 400/week into 6 month CDs. That way, if anything catastrophic is to occur (losing job, etc) I'll be able to not only have enough money for all my bills but a little extra too. I've already opened a USAA CD and that way in 6 months if I'm still okay money wise, I can just roll the CDs every week but if I need a little extra money, I've got it right there. It's a wonderful game!!!!

Wish I started this 3 years ago, when I formed my EF!!!

5/2012: 560 credit scores across the board
12/2014: 750+ scores across the board
Get those baddies removed!!!
Frequent Contributor
Posts: 448
Registered: ‎01-27-2012
0

Re: Do I have a problem? ;)

I was in a sticky financial situation until recently. This way, I'll have a cushion and theoretically won't ever be in a position like that again. Because, in 6 months, I'll be set financially for the 6 months after that. And if I'm able to roll over those CDs which hopefully I'll be able to financially, then I'll be secure over and over again. No waiting. It's crazy awesome. I can't even say how excited I am.
Starting: EQ 498 TU 501 EX 485 (9/23/11)
As of 5/12: EQ 552 TU 591 EX 572
Credit Repair Journey Bump in the Road
As of 10/15: EQ 511 TU 588 EX 601
Discover TU Fico- 5/31/16: 645; Amex EX Fico-3/22/16: 663
Goal: All 3 above 700

Valued Contributor
Posts: 3,001
Registered: ‎02-09-2012
0

Re: Do I have a problem? ;)

Cool indeed

5/2012: 560 credit scores across the board
12/2014: 750+ scores across the board
Get those baddies removed!!!
Valued Contributor
Posts: 2,896
Registered: ‎08-13-2009
0

Re: Do I have a problem? ;)

Creditdreamer - that's great!

 

Are you going to set up a new CD before the 6 month CD matures?  It'd be great if you could get to the point that a CD matures every month!

Frequent Contributor
Posts: 448
Registered: ‎01-27-2012
0

Re: Do I have a problem? ;)

I'm going to have it set up so that starting in the end of August, I have a CD maturing every week. Lol. So then every week between end of August (2012) to end of Feb (2013) I'll have a CD maturing that would be able to cover my living expenses plus a bit extra (if worse comes to worse). And then if I'm still in an okay financial situation starting in August when the CDs are coming up, I'll add 400 a week and put them back in for another 6 months. So then each time I roll over a CD like that, I'll be able to have 6 months from that date of financial safety. And starting in Feb (2013) I'd start having 800 a week coming up. And the cycle continues. Not sure if I'm making sense. Sorry for the long explanation.

@ IOBA: I owe you big time. There have been a couple genius ideas that I've gotten from the forums recently and it has changed everything. You're amazing. Smiley Happy lol
Starting: EQ 498 TU 501 EX 485 (9/23/11)
As of 5/12: EQ 552 TU 591 EX 572
Credit Repair Journey Bump in the Road
As of 10/15: EQ 511 TU 588 EX 601
Discover TU Fico- 5/31/16: 645; Amex EX Fico-3/22/16: 663
Goal: All 3 above 700

Valued Contributor
Posts: 2,896
Registered: ‎08-13-2009
0

Re: Do I have a problem? ;)

Creditdreamer - thank you!

 

I have a suggestion.  You had said, "And then if I'm still in an okay financial situation starting in August when the CDs are coming up, I'll add 400 a week and put them back in for another 6 months. So then each time I roll over a CD like that, I'll be able to have 6 months from that date of financial safety. And starting in Feb (2013) I'd start having 800 a week coming up."

 

What I would suggest, if you can, is when the CD's mature, just keep them on a roll over status.  The new $400 you were going to add to the CD --- open that in a NEW CD that is a longer term, say like 3-5 yrs.  It will earn a higher interest and be a little further out.  

 

Definitely continue buying a CD every week as you have started doing and plan to do so that money rolls over every 6 months.

Valued Contributor
Posts: 3,001
Registered: ‎02-09-2012
0

Re: Do I have a problem? ;)

Watching the daily compound has some sort of instant gratification feeling thing going on, lol.

 

It's not much, but again, it's better than $0.00

5/2012: 560 credit scores across the board
12/2014: 750+ scores across the board
Get those baddies removed!!!
Valued Contributor
Posts: 1,107
Registered: ‎02-15-2012
0

Re: Do I have a problem? ;)

I am not an investment expert, but wouldn't you be able to do basically the same thing buying tax free municipal income bonds through an online broker and make over 6% tax free? I used an online brokerage with a low monthly fee and the minimum purchase was $20.  If you needed to you could sell small increments, but it takes a week or so to get your money.  Every month there is the dividend that you can reinvest. It seems more profitable that way, and a lot less record keeping.


Starting Score: 693 TU FICO, 679 EQ FICO
Current Score: FICO 8 = 844(9/15) EQ, 827 TU, 811 EX (7/15); mortgage FICO= 758 (9/15)EQ5, 797 TU4, 748 EX2 (7/15)
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