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Slow Eddie

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Slow Eddie last won the day on December 8 2008

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  1. Dude, slow down. Buying a home is an excellent investment, especially now. But get your financial ducks in a row first. Find a good buyers agent through recomendations from friends, then get a recomendation to a good mortgage broker from your agent. Get preapproved, not prequalified, then worry about making offers on properties. Last thing you want to do is make an offer on a house that is accepted, then the financing falls through for whatever reason. Then you have wasted a lot of peoples time. Also, an offer from anyone without a firm letter of approval is not going to carry nearly as much weight as someone who can close in 30 days. With no kids, and no immediate plans for kids, look at is as a business venture. You will be more objective in what you buy. Eddie
  2. Well, its now at $2 a share. Had the chance to buy most of it back at .90 and got greedy. Punch me in the face please. Eddie
  3. I've got Scottrade and dig their real time streaming quotes as well. Only thing is they make it easy to fund your account, but not so easy to pull the money out when you want it. What are their end of the year statements like for tax purposes? Eddie
  4. I had some extra cash lying around and I've been buying and selling FNM on the high volatility days. I worked my way up to 10,000 shares as of closing on Friday, where it closed at .66. Over the weekend I was suffering from Bronchitis, and I had to go to work Monday so I knew I wouldn't be able to baby sit the computer monitor all day, so my brain was telling me to put in a trailing stop order to protect myself. So in a cough medicine induced coma I entered the order on Sunday and didn't think much of it. Well the stock opened high yesterday on some positive Freddie Mac news, so I'd figure I would ride the wave. Today the stock hit $1.32 before coming back down. In my head I'm counting the money thinking my stop was triggered at $1.22. I'm thinking I cleared $12k from $6600. So I log into my trading acount and see $8k. I'm wondering what the heck is up, look and see that my stock sold first thing monday morning at 6:31AM at .85. I called my broker in a panic, and they told me that I entered a limit order at .63 and not a trailing stop. SCREW ME! I thought back to Sunday and I remember entering a stop order at .63 and then changing it to a trailing stop. I guess I forgot to hit the submit button after the modification. Not to mention in my stuper I entered a limit order, not a stop, so thats why first thing monday when the stock opened at .85 it sold itself. So I'm out over $5k because I'm an idiot. I was already thinking about where the pool was going to go. The moral of the story is don't get high on meds and then trade. Its worse than drunk ebaying. Eddie
  5. Probably not. But if you are just starting the rebuilding process you have to take what you can. Eventually you'll get a better offer down the road once you get a few positive trade lines under your belt. Eddie
  6. All they are doing is giving you an unsecured personal loan for the negative balance remaining after they sell the car. What they are not telling you is that you will need to APPLY and QUALIFY for this loan. I don't know what your current credit situation looks like, but assuming they sell the car for $10k, you will be left with a $12k note over 5 years, which is about a $235 to $260 payment a month. Thats not an easy loan to qualify for, plus, is it worth $200 a month less for 5 years to have no vehicle at all? My local credit union actually has their own used car lot where they sell their reposessed vehicles. As a side note, why did you buy instead of lease? Range Rover's are notoriously unreliable, better to lease for 2 or 3 years and be done with it. Eddie
  7. That sucks.... With hundreds of people on the flight, how do they decide who gets booted to a later flight? Is it first come first serve? My worst airline experience was flying from Newark to LA. The airline wanted to sit myself, my wife, my 2 year old, and my 4 year old in completely different areas of the plane. You would be amazed how many people will say no when asked if they will move their seat so that a family can sit together. And we're not talking just husband and wife, we've got small children. In the end, I got to sit with my son, and my wife and daughter were 15 rows up. Eddie
  8. Its possible, but do the ends justify the means? If you paid $8000 they will probably offer you $5k for your trade, so right off the bat you have $600 in negative equity. If the other vehicle is $8K, plus tax and license fees, thats probably $8700 or so, plus the $600 in negative equity for a total of $9300. Now you have a $9300 loan instead of $5600, along with a larger payment. The big variable here is how much they offer for your trade in. Could be $5k, could be $6k. You'll just have to see. Then you would still have to worry about being approved for the loan, but I would cross that bridge when you come to it. Eddie
  9. Household, Orchard (Household), and First Premier come to mind. Craptastic banks to deal with but in the beginning of the rebuilding process ya gotta do what ya gotta do. They are a necessary evil. You'll get flyers in the mail for cards with $200 limits that are maxed out to start with and then go from there. At this point you don't have much choice. Good luck getting anything out of a credit union with a sub 600 score these days, even a secured card. I hope you can pull it off, but don't get your hopes up. Also, when you are talking about such minimal credit lines ($300), the savings of a lower interest rate is minimal. Besides, we all pay in full, right? Whatever you do, don't miss a payment! At that point its just like starting over. Eddie
  10. Simple interest VS compound interest. Sometimes a higher interest installment loan yields less money towards interest than a lower rate credit card. You would have to do the math to figure out what is right for your situation. Eddie
  11. With your scores I'm sure you could score a card with 0% interest on balance transfers for 12 months. I have a Bofa Signature card that I got back in February and at the time they were offering 0% interest on balance transfers until March of 2010. Sure, you have to pay a 3% transfer fee, but its worth it for the interest free part (though I don't know how much you owe). Eddie
  12. There are alot of factors. The longer the loan the higher the interest rate. New or used? Automated payments? The list goes on. Most banks have a rate sheet... they look at your score and find the current corresponding rate. Its that simple. I recently got 5.5% for 84 months through a local credit union with a 701, though I have no baddies. My score is low because I have a few new accounts less than a year old. When my score was mid-low 600's I got 11.25 percent on a new vehicle. What is good about some credit unions is that as your credit gets better, they will lower your rate, all you have to do is ask. I had one loan that started at 12 and by the time I traded the vehicle in I was down to 6.5%. Your payment doesn't decrease, but it cuts out a few payments from the term of the loan. Ask your credit unions if they do this. Eddie
  13. Interesting. I've got to wonder if California laws are different. Whenever I rent from Uhaul or from the hardware store, the full deposit is charged to my credit card, then when I bring the equipment back I'm refunded the difference between the rental charges and the deposit. I also have BOFA and have never had an overdraft in 9 years. And I'm one of those people that runs my balance down to nearly zero every two weeks, since I move any extra money into the savings account right away (if its in the checking, my wife spends it). Whenever I go out to the restaurant I'm charged for the food amount which shows pending for a few days, then the food plus tip eventually clears. I've never been "double authorized" as some of you have said. Certain gas stations never authorize any payment, they just show up cleared one day. I avoid this all together by using my debit card so it clears right away. Also, why don't you guys use overdraft protection? Its cheaper than ISF fees. Eddie
  14. Sorry, I forgot I replied to this thread. Firstly, I only needed 3% down, not 3.5%. I got a certified check for $6240 that I brought to the closing. MI was included in the closing costs and was about $3k. Didn't pay any points (got %5.375). I didn't really pay attention to the rest of the fees since they were covered by the seller, but I'm positive they were about $8k because we asked for 4% to cover closing costs and they accepted the offer. Eddie
  15. I don't know, I just went with an FHA loan and bought a 208k house with only $6k or so down. Had the seller kick back the closing costs which were $8k. I would assume on a $130k home the closing costs would be a little less. Eddie
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