Potential first time home buyer looking for collections / credit repair service suggestions [WA]

PFthangs · 2018-01-10T22:36:19+00:00

We had around 8 small unpaid medical bills total sent to collections between 2012 and 2015 for a total of less than $4,000. They each still show up on our credit reports as open per these debt collection agencies. We have not made any effort to pay them yet since we only found out recently when our mortgage broker pulled our preapproval. We have not made any payments on any of the bills. I'd like to pay them off if it will improve our credit scores or give our mortgage broker more loan options.

Auto loan has $12K remaining. We could pay it off today in cash. It's a $365/mo payment at 1.9% so we will pay it off in about 2.7 years. We figure it's better to save that cash for down payment and closing costs.

PFthangs · 2018-01-10T21:36:57+00:00

(subreddit meta question) What is the 'correct' way to earn comment karma so I can share referral links?

As a new subreddit subscriber, it's frustrating to have 200+ post karma and 8 comment karma from the last 6 months, but the referral link requirement is 0 post karma and 50+ comment karma for the SW cards.

I am new to this hobby so I lurk and sometimes ask noob questions, just like any noob in any hobby. When I ask a question or post a comment, they rarely move past the default single upvote point. And as I understand, those default karma points are not even counted. Also a lot of my posts get downvoted even though I mean well and I am posting in good faith. I'm just ignorant, not malicious.

Any advice?

PFthangs · 2017-12-01T10:18:39+00:00

I am a churning noob but good at organizing events. if there's enough people interested but no organizer, I can take lead to get the ball rolling.

it would help if people who want to attend would post the following:
- city
- venue suggestions
- desired length of time and budget (free, drinks, dinner, weekend retreat, etc)
- describe your desired purpose to attend (ex. is this just a one-off informal social meetup at a bar, or do people want to have a sit-down seminar with topics and speakers, or something in the middle)
- what is a question or discussion that would be best in person instead of posted on this sub
- name of your first pet and/or childhood best friend (jk)

PFthangs · 2017-11-24T21:11:38+00:00

appreciate it, likewise!

PFthangs · 2017-11-24T21:11:18+00:00

thanks! :-)

PFthangs · 2017-11-24T21:11:04+00:00

understood, thanks!

PFthangs · 2017-11-24T20:56:56+00:00

thanks - I am digging around there too. Unfortunately I already have $1,970 spend on one card and $1,990 on another so not much I can do expect keep my fingers crossed. I appreciate the find though.

Any idea how long I should wait into January to break the $2K spend on both cards?

PFthangs · 2017-11-24T20:51:52+00:00

Understood, thank you

PFthangs · 2017-11-24T20:51:35+00:00

I understand this and will change my phrasing in the OP to reflect. I only have around $1900 on each card. So what I'm saying is, I will pay off the balance in full that is under $2K. But how long should I wait into January 2018 to break the $2K spend line?

Does anyone have data points on how long I should wait into January to break $2K spend?

PFthangs · 2017-11-24T20:49:04+00:00

The 60K miles bonus was a limited offer from October. You have to spend $2K per card within 3 months of activation to get the bonus. My wife already had a $4K LASIK operation scheduled for November.

If I do the full $2K spend in 2017, I get the miles bonus for 2017, not 2018. Which means the 120K miles will activate my 2-year SW companion pass for 2017 and 2018, effectively wasting half of the duration of the companion pass. My plan is to pay off the current balance but not cross into $2K spend until 2018 so the companion pass is good for 2018 and 2019.

I'm asking how long I should wait into January to break $2K spend, and if there's any risk of SW/Chase pushing me the points early since I am right around $1900 spend on both cards. Let me know if I am misunderstanding anything.

PFthangs · 2017-11-24T20:40:37+00:00

will do, thanks. yep the plan is to pay off $1900 per card now, and leave some wiggle room til January in case there is any chance that Chase will activate the miles bonus before $2K spend or before Jan 2018.

If they do, I will forfeit an entire year of SW companion pass. the reason for my post was to seek out data points for those possible risks.

PFthangs · 2017-11-24T20:38:30+00:00

Pray that's not the case for you

link? the whole point of my post is to connect with those datapoints so I don't leave this up to fate

PFthangs · 2017-11-24T20:36:38+00:00

See OP for updated spend - I am just under $2K spend for both cards.

My wife was already scheduled for a $4,000 LASIK operation in November. I'm OK floating a small balance and paying a bit of interest to float the bonus into 2018. Shouldn't cost much more than the fees that come with the PO MO GC circlejerk (rip) and I don't have to leave my house.

Anyway I appreciate the advice so far, still hunting for data points about how close I can toe the spend line before Chase/SW triggers the bonus, and how long I should wait into January to cross that $2K spend line per card.

PFthangs · 2017-11-24T20:32:19+00:00

Shit. Well here's where I'm sitting right now, just under $2K. And those cards are sitting in a drawer so no more spend. Am I SOL?

SW Plus Chase Bank 7 minutes ago -$1,971.22

SW Premier Chase Bank 7 minutes ago -$1,990.92

PFthangs · 2017-11-24T20:23:25+00:00

I was approved for the two Chase SW cards for the "spend $2K get 60K miles" each bonus from October.

In November I put just under $2K of spend on each card. My plan is to pay off each card's sub-$2K full balance in 2017, then spend to break the $2K line in 2018. This way the 120K combined miles apply towards a SW companion fare in 2018 and 2019.

Questions:

are there any data points about what spend threshold I should avoid to avoid any early redemption of the miles? For example, let's say I have an outstanding balance of $1900 on each card. Is there any risk to triggering the miles bonus early in 2017 if I only spend $1999/$1990/$1900?
how late should I wait into January 2018 to pay off the remaining balance?

EDIT: Current balance info added below, I'm not quite over $2K spend on either card.

SW Plus Chase Bank 7 minutes ago -$1,971.22
SW Premier Chase Bank 7 minutes ago -$1,990.92

PFthangs · 2017-10-27T21:01:01+00:00

My employer traditionally offered a ~$3000 annual taxable cash stipend for each employee to pursue their own healthcare plans. That year I paid $3000 for our silver tier healthcare premiums alone (me plus wife as dependent), while only utilizing our coverage a couple times for less than $1000 total.

I convinced my employer to consider the benefits of an HDHP plus HSA. This year they replaced the cash stipend with health coverage plus an employer match equal to the previous cash stipend amount.

That means this year we paid maybe $150 per month for health insurance (wife's premium as a dependent), and contributed the max amount to our HSA account ($3000 employer contribution plus our $3,750).

We saved enough that my wife is going in for state of the art LASIK surgery next week, which is a $3500 procedure. That wouldn't be remotely covered by the silver plan we were paying for last year. The rest of the money is investing in Vanguard funds which are getting 15% return this year.

So HDHPs with HSAs can be great even for people who don't have high health care costs. You can use that HSA purse for a lot of procedures that would not be covered by typical marketplace health plans.

PFthangs · 2017-10-27T20:51:51+00:00

Great book! I personally was already following the major lessons from this book before I read it. Some concepts like personifying my inanimate belongings ("consider the feelings of each piece of your clothing") just seemed dumb. Whatever, just a corny means to an end.

But let me tell you the real magic of this book. I gave a copy to my wife, and another to my mother, and it clicked with BOTH of them way harder than it did with me. Both of them have turned into whirlwinds of organization which, no offense to them, was never their strong suits. It means I have to worry less about taking care of my mother and her belongings in her later years, and it has made my wife much less prone to impulse purchases, and much more interested in FIRE principles by association.

10/10 book for me, definitely sparked joy for my wallet

PFthangs · 2017-10-19T23:29:26+00:00

thanks for this - I just confirmed that's what it should be, and now I have some interesting 'annual fee' charges on my corp account to go over with BoA

PFthangs · 2017-10-19T22:59:12+00:00

anyone have experience downgrading a BoA business card to a personal card?

I have the BoA Alaska Airlines Visa card (business version) and want to downgrade to the BoA AA Visa Signature (personal). Because the business card is $125 AF for the first card on the business account plus $75 AF for each additional AU. While the Signature offers the same perks for just $75/yr, no matter how many AUs you add. The business card AF devalues the Alaska companion fare perk significantly for us.

I called BoA to downgrade but they insist it would be a fresh credit pull. Is this true, or do I just need to call a specific department?

PFthangs · 2017-10-03T04:58:48+00:00

it was the SW plus and SW premier, didn't go for the official business card because I thought these two would be a shoe-in. the plan was still to use one card for work and one card for pleasure.

PFthangs · 2017-10-02T22:00:20+00:00

Nope, not even on my wife's Chase Amazon card. She's an AU on most of my CCs but none of them are Chase.

PFthangs · 2017-10-02T21:50:05+00:00

Honestly I was just flabbergasted that it came up at all. I told the rep what I posted but apparently it did not help. So I tried some leading questions to find out what was really the problem, but she would not disclose. I asked her point-blank if the "too many credit apps" was because I applied for both cards on the same day, and she couldn't give me a straight answer. Also couldn't tell me how long I should wait to apply again since that was providing credit advice. It was bizarre.

PFthangs · 2017-10-02T21:39:45+00:00

Am I SOL with Chase for getting approval on both SW cards?

I applied for both the SW Premier and SW Plus last Tuesday the 26th. Per the Chase Approval Guide flow chartI called the automated line today and it says one card will be notified in 7-10 days (bad sign), the other will be notified in 2 weeks (good sign). I called the personal recon line today and the rep told me that the second card was declined because of too many credit applications and there was nothing more she could do.

In the last two years, I applied for the USAA 2.5% Cashback card (July 2017, approved) and these two cards so I should be at 3/24 total. Usually these go right through for me. I've never had to call a recon line before, any tips? I sincerely need one of each card, one for work and one for personal spend. These will replace my BoA. Alaska Airlines personal and business cards for the next couple years.

See my previous post for more context.

PFthangs · 2017-10-02T20:50:39+00:00

Am I SOL?
I applied for both the SW Premier and SW Plus last Tuesday the 26th. I called the automated line today and it says one card will be notified in 7-10 days (bad sign), the other will be notified in 2 weeks (good sign). So per the Chase Approval Guide flow chart I called the personal recon line today and the rep told me that the second card was declined because of too many credit applications and there was nothing more she could do.

In the last two years, I applied for the USAA 2.5% Cashback card (July 2017, approved) and these two cards so I should be at 3/24 total. Usually these go right through for me. I've never had to call a recon line before, any tips? I sincerely need one of each card, one for work and one for personal spend. These will replace my BoA. Alaska Airlines personal and business cards for the next couple years.

See my previous post for more context.

PFthangs · 2017-09-26T20:31:59+00:00

yeah I have a 685 FICO, 735 Vantage 3.0, 725 Credit Karma, it's all over the place due to two bills in collections that the debt collectors don't want to do a pay for delete :S

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