02-23-2012 01:44 PM
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!
02-23-2012 03:59 PM
02-23-2012 05:31 PM
@ 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!!!
02-23-2012 05:41 PM
02-23-2012 08:22 PM
02-26-2012 11:56 AM
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.
02-27-2012 01:16 AM
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
02-28-2012 09:50 AM
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.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.