Need Financial Advice

Djstucky · 02-03-12, 05:59 PM

Go all in on the superbowl coin flip...make your play on heads...

zacharyj53 · 02-03-12, 06:30 PM

You will never get a loan on a house with that income and your debt.

Fang-Banger · 02-03-12, 06:35 PM

Love how ppl come on here for financial advise

d2bets · 02-03-12, 06:42 PM

First, pay off the damn CC. What interest rate is the car loan?

darkhat · 02-03-12, 06:43 PM

Your income to debt ratio will hurt you. If you are going to have 15k, I would pay off a good portion of the CC. Continue to use it wisely and make payments on time so you can improve your credit for eventually getting a house. If you're living at your mom's I assume you are pretty young, so you probably don't need to rush into buying a house yet. So maybe you can just save up more money and get out of some of that debt.

There's another option, which I would probably do, or have in the past.

Step 1: Keep your CC maxed out and never make another payment on it, resulting in ruining your credit.
Step 2: Take the 15k and move to an apartment
Step 3: Spend part of the 15k and your 2k income drinking at bars. *
Step 4: Spend part of the 15k and your 2k income drinking at strip clubs. *
Step 5: Repeat steps 3 and 4.

*Steps have same success if order is alternated.

YouMama · 02-03-12, 06:44 PM

I know nothing about buy a house, but from everything I read, If I pay my CC and car off, I have 0 debt... but then I have no money down for a house.

my Credit score right now is like 680 and I figure i pay off my debt, it has to go up, someone told me probably around 50pts... which would be 720's.

so if I come up with 2-4k, I figure I could get a Federal Housing authority loan, where all you need is 4% down, with a 720 credit score and no debt I figure I would have to qualify... first time home buyer

... but from what i am reading, the most it seems I could qualify for is 60K?

My CC is 20% and my car is 10% ... and the CC is discover, and ya, drinking and bars is how it got to 5k... cash back, lol

Im turning 28 in a month

hels · 02-03-12, 06:46 PM

Pay off debt

jarvol · 02-03-12, 06:53 PM

Pay off the CC immediately. 10% for a car loan?

Pay that off too. Stay in mommie's basement until you can save up enough money to buy a house. Find a better job or education than one that clears $2k a month or get a part time 2nd job.

darkhat · 02-03-12, 06:55 PM

Where the hell do you live that you can buy a house for 60k? Guatemala?

Mac4Lyfe · 02-03-12, 07:01 PM

20% CC and 10% car loans? Your getting raped with no vaseline. Pay them off immediately as your throwing away money. Stay at home until you can save more money and put down a good amount towards a house. I'd say at least 30% down.

Mac4Lyfe · 02-03-12, 07:02 PM

Originally posted by darkhat

Where the hell do you live that you can buy a house for 60k? Guatemala?

A lot of distressed neighborhoods across the US. A friend of mine bought a house for $180k in Detroit and within a few years his house is now worth about $35k. Lost his ass and can't sell it because noone can qualify for a loan to buy it.

YouMama · 02-03-12, 07:02 PM

theres a duplex like down the street from me now, that is 65k ... I cant do the education thing, I hate school and want to kill myself when Im there.

the best job i can hope for is like 35k Im thinking, right now im making around 30k

... Im def. paying off the CC, it was 7% before congress passed that bill and the a-holes jacked it to 20% before it went through...

im just more or less debating, taking the shot to take like 5k of it and trying to double it, to pay off the car in total and have the money for a down payment, buy something like that duplex and live in one side and rent the other side out for the price of the mortgage.

or just paying off all the debt and living here and saving up, but am I gonna be able to save enough before the housing market recovers?

ebbearsfb1 · 02-03-12, 07:07 PM

Nothing wrong with living at home... people don't realize all the expensive a being of being on your own... not just 60 k for the house... utl., cable, food, etc. All add up

konck · 02-03-12, 07:22 PM

Buy MGM stock and wait until poker goes legit online when Obama announce it I got MGM at 9.50 its 14.37 an going up every week. Once poker goes legit they will soar to close to 50 you cash out and go buy a hooker

milwaukee mike · 02-03-12, 07:23 PM

Originally posted by YouMama

theres a duplex like down the street from me now, that is 65k ... I cant do the education thing, I hate school and want to kill myself when Im there.

the best job i can hope for is like 35k Im thinking, right now im making around 30k

... Im def. paying off the CC, it was 7% before congress passed that bill and the a-holes jacked it to 20% before it went through...

im just more or less debating, taking the shot to take like 5k of it and trying to double it, to pay off the car in total and have the money for a down payment, buy something like that duplex and live in one side and rent the other side out for the price of the mortgage.

or just paying off all the debt and living here and saving up, but am I gonna be able to save enough before the housing market recovers?

Housing market isn't recovering in the next decade. Simple supply/demand

paranoyd androyd · 02-03-12, 07:24 PM

stop gambling.

and save.

the end.

milwaukee mike · 02-03-12, 07:26 PM

Originally posted by konck

Buy MGM stock and wait until poker goes legit online when Obama announce it I got MGM at 9.50 its 14.37 an going up every week. Once poker goes legit they will soar to close to 50 you cash out and go buy a hooker

Yeah because nothing ever goes wrong investing in a casino stock that's losing money

Could've had that stock for $1

UntilTheNDofTimE · 02-03-12, 07:26 PM

Why do people feel 30-35k is all they can amount to?

I worked at Pepsi for 2 years in the warehouse building pallets. Provided it was physical labor and tons of forced overtime i cleared 54,000 my last year there. Most warehouse jobs will pay similiar wages. Low end 35k w no overtime and up to 55-60k if you average 8 hours a week of OT. Jobs at dishnetwork, directv, comcast, ATT as well will pay 40k+ for satelite installers. Many blue collar no educated posistions that people can make far above the average income.*

If you hate school you can go for a trade. Im currently in a HVAC training program with a union and when i complete it ill go into a apprenticeship program that will start me at $18 a hour with great union benefeits and a great pension plan. World always needs tradesmen and the average plumber makes more than the average dentist. People dont settle for mediocrity. Im 22 and have made 40k plus since i was 19, and already wish i would of went back to 18 and already finished a few certification/ apprenticeship programs

As far as you situation goes if you pay off you CC debt that will boost tour score enough after 6 months to get you a home loan. The car loan is pretty much good debt and that dosent affect your credit to debt ratio. I would pay off my CC save the other 10k for about 6 months until your score improves. Then i would look into what you qualify for.*

sapidoc · 02-03-12, 07:27 PM

You've come to the right place for financial advice.

Jokes aside,

1. Pay off CC as quickly as you can, followed by car. This should be a no-brainier but some people get it wrong.
2. You should ask the bank, but if your credit is good and your income has been consistent for a long time period you should be able to get a mortgage, even with the car loan. It is more of a factor of what your salary is and that you can support the mortgage payments.
3. Try your best to put more than the minimum down for the house. There are usually extra rates added if you choose the minimum. Again, see the bank for details.

Good Luck.

UntilTheNDofTimE · 02-03-12, 07:28 PM

Good luck with whatever decision you make. Keep gambling out of the equation or you risk living with mommy another 5 years

dredmahawkus · 02-03-12, 07:32 PM

If that is all you want to make....pay off debts and stay home....wait till you get married so you can split the bills...alot easier......unless you make over 60k its pretty hard to live alone.

UntilTheNDofTimE · 02-03-12, 07:36 PM

Originally posted by dredmahawkus

If that is all you want to make....pay off debts and stay home....wait till you get married so you can split the bills...alot easier......unless you make over 60k its pretty hard to live alone.

Since his house payment would only be 400 it wouldnt be too expensive.

frizzelli · 02-03-12, 07:39 PM

Do people who ask for advice on sbr not have friends in real life to ask? This is the last place I would ask for life advice.

YouMama · 02-03-12, 07:43 PM

I have looked up most this stuff myself, I was just more or less looking for any ideas I hadnt thought of, or someone that has bought a house on limited funds, weither through the FHA or via other means... I have friends but they are all working poor like me, lol

I figure this board has some people of all different social financial backgrounds, and could maybe help me figure out what Im gonna do...

and I dont reqally gamble all that much anymore, i did when I was younger, but now its pretty much, brak even 1-2 NLHE play on the wknds and 20$ parlays when Im bored

Fang-Banger · 02-04-12, 04:13 PM

Originally posted by frizzelli

Do people who ask for advice on sbr not have friends in real life to ask? This is the last place I would ask for life advice.