518
votes
By 18 years of age, I want a brand new car that's $43,668
Based on what you've said, you shouldn't buy this car, and probably can't buy it anyway.
You are saying you earn a total of $1200 a month and have a total of $600 to your name. After four months you ...
- 24k
304
votes
By 18 years of age, I want a brand new car that's $43,668
Your problem isn't that you have no credit. Your problem is that there is no way on earth how you can ever keep up with the payments for this $43,000 car, and there is no way on earth how you can ...
- 23.8k
265
votes
By 18 years of age, I want a brand new car that's $43,668
I did exactly that when I was 2 years older than you. Like you, I made $1200/mo. I was a bit more of a saver but the $3000 down was basically subsidized by my big hearted employer.
I remember the ...
184
votes
Is this person wanting to pay my credit card trying to defraud me?
This is no friend.
The clue is that your user name and password aren't required.
I've made payments for my mother in law, and the card number, just the 16 digits on front, were enough to send a ...
142
votes
By 18 years of age, I want a brand new car that's $43,668
BrenBarn's answer is pretty darn good—you would do well to follow his advice. My one point of contention is that I think you should get the car.
How long will it take you to save up $43,668? ...
- 78.6k
141
votes
Asking bank to reduce APR instead of increasing credit limit
The offer of an increased credit limit may be a sign of increased confidence. However from a bank's point of view it is an attempt to get you to spend more and thus make more money from you. ...
- 34k
120
votes
Getting $10,000 and have $16,000 balance on two credit cards - How to allocate payments?
If the rate is the same, then clearing one card to zero does have one advantage: getting your grace period back.
Generally when you owe money on your credit card, and you make a new purchase that new ...
- 144k
108
votes
Pay off Credit Card Debt now or later
You are conflating issues.
You made a charge on a credit card. You have the money, earning near-zero interest, but are wondering whether you should use that money to pay a (presumably) high interest ...
102
votes
Sugar daddy wants me to apply for a credit card so he can link me to his company account. Suspicious or am I being paranoid?
People that have money and want to help others don't need money sent to them in order to do so, and there is no scenario where you opening up a credit card would enable a stranger to help you ...
- 70.8k
85
votes
Mom made me cosign a car with her because her credit is bad and now the account has gotten charged off
Your Mom has really messed up your finances.
As cosigner you are liable for the whole of the debt on the car. And worse, you have no right to use the car or even stop your Mom using it. Your Mom used ...
- 34k
79
votes
By 18 years of age, I want a brand new car that's $43,668
Step 1: Start saving like you said you would.
You said you could stop spending, and start piling up your paychecks into your bank account. Start doing that now.
Step 2: Become an authorized user on ...
- 2,286
77
votes
Accepted
How to recover from credit score hit from paying off loan?
First, you need to be aware that the credit score reported by Mint is Equifax Credit Score. Equifax Credit Score, like FICO, Vantagescore, and others, is based on a proprietary formula that is not ...
- 116k
64
votes
Is this person wanting to pay my credit card trying to defraud me?
Your friend has unwittingly got a virus/malware on his computer which has read his contacts list and sent some or all of his contacts (including you) a message, pretending to be from him, asking you ...
- 703
61
votes
Is it possible for me to keep my credit card APR at 0% permanently?
If you pay your statement balance in full before the due date you will never pay a cent in interest no matter what your interest rate is.* In fact, I don't even know what my interest rates are.
...
- 49k
59
votes
Accepted
The Benefits/Disadvantages of using a credit card
There are a couple of things to consider.
First, in order to avoid interest charges you generally just need to pay the statement balance before the statement due date. This is your grace period. ...
- 49k
59
votes
By 18 years of age, I want a brand new car that's $43,668
Time for some tough love:
"but I desperately need this one and I'm willing to work for it"
No. No you don't, and no you aren't.
You want to know why I know that? Because your birthday is only ...
- 2,650
57
votes
Accepted
Why do credit card issuers offer a grace period?
The grace period exists simply to get more customers. The bank makes money from merchant fees every time you swipe the credit card, and the amount they make is more then it costs them to float that ...
- 47.3k
54
votes
Transferring balances left over prepaid credit cards
You can simply use them to pay in a supermarket or anywhere else. Just give them the card and say ‘put 1.23$ on this one please, and the rest I pay cash‘ or whatever. They might be annoyed when you ...
- 37.8k
50
votes
Accepted
Preapproved for mortgage loan but won't tell me interest rates
If you are truly preapproved (not just prequalified) then they are required to supply you with a Good Faith Estimate within 3 days. The interest rate will appear on that document. It's subject to ...
- 5,311
50
votes
Paid off $5,000 credit card 7 weeks ago but the money never came out of my checking account
Don't be afraid, but definitely leave the money in your account!!!
It's spent money; the other bank just doesn't realize it yet.
I'd probably call the CC bank and ask them what account they think the ...
- 50.8k
48
votes
A woman on FB offering to pay my debts. Scam?
Yes, this is a scam. Your instinct was correct, and you should not engage with this person further.
Scam artists use other people's bank accounts to move money around from scam to scam. Even if you ...
- 116k
44
votes
Accepted
Is it appropriate for a prospective landlord to ask me for my credit report?
Is it normal for realtors/landlords to ask for for the prospective
lessee to provide their credit report?
Not normal, but should be. This approach saves money (these costs are already baked into ...
- 70.8k
44
votes
Sugar daddy wants me to apply for a credit card so he can link me to his company account. Suspicious or am I being paranoid?
There is a very simple test to apply to any question that asks about sugar daddies. Are you having sex with the guy? If not, it's a scam. The odds of any guy just wanting to give you money are ...
- 11.2k
43
votes
Accepted
5 credit accounts, from $1750 to $4000, all above 90% utilization. Better to pay $500 on all 5, or pay one off completely for credit score?
First, before we talk about anything having to do with the credit score, we need the disclaimer that the exact credit score formulas are proprietary secrets that have not been revealed. Therefore, ...
- 116k
43
votes
By 18 years of age, I want a brand new car that's $43,668
Kyle, I recommend you read "Who can truly afford luxury cars?" and then, the linked questions to the right regarding home purchases.
$800/mo is what someone pays towards a $160K 30 yr mortgage. With ...
41
votes
Do inbound gifted monies require a credit unlock?
It wouldn't. This sounds like a scam. Especially since you haven't explained why anyone else's pension would be sending money to you.
- 49.9k
40
votes
Getting $10,000 and have $16,000 balance on two credit cards - How to allocate payments?
I would take a closer look at each provider.
I have one credit-card provider who when there is a large portion of credit available, they frequently offer promotions on balance transfers so you fill ...
- 491
39
votes
Is this person wanting to pay my credit card trying to defraud me?
That's what "friend" means.
The very definition of a friend is someone who knows you well, you know well, can be presumed to help you move**, and would never rip you off.
If you are not properly ...
39
votes
Accepted
What can I actually do with a high credit score?
What can I actually do to leverage this high credit score to my advantage?
Borrow money. Although I'd question whether that's actually to you advantage or not - it depends on what you're borrowing ...
- 140k
39
votes
Open many credit cards while I am young?
I just turned 19 years old and want to start planning for a future of good credit.
A laudable goal.
Should I open many credit cards now so that in 10 years I will have a good history with many ...
- 50.8k
Only top scored, non community-wiki answers of a minimum length are eligible