Search found 645 matches

by joer1212
Fri Mar 22, 2024 8:53 am
Forum: Personal Finance (Not Investing)
Topic: Who's Right, Me or My Tax Accountant?
Replies: 15
Views: 3134

Re: Who's Right, Me or My Tax Accountant?

I am distinctly unimpressed by your “tax accountant,” based on your description of their advice. I would strongly advise finding someone else with appropriate expertise in taxation of investment property. 1031 exchanges are tricky, there are rules to abide by. They involve additional paperwork to document you did it properly. This adds cost and complexity. As OP described it, I don’t see the point of this particular 1031 exchange. Normally 1031 exchange is done to defer recognition of all or part of a capital gain on investment property. But in this scenario, the realized capital gain for tax purposes is same either way. As Metsfan91 pointed out, it's likely that my accountant assumed that my 1031 exchange property is my primary residence....
by joer1212
Thu Mar 21, 2024 7:53 am
Forum: Personal Finance (Not Investing)
Topic: Who's Right, Me or My Tax Accountant?
Replies: 15
Views: 3134

Re: Who's Right, Me or My Tax Accountant?

I am distinctly unimpressed by your “tax accountant,” based on your description of their advice. I would strongly advise finding someone else with appropriate expertise in taxation of investment property. 1031 exchanges are tricky, there are rules to abide by. They involve additional paperwork to document you did it properly. This adds cost and complexity. As OP described it, I don’t see the point of this particular 1031 exchange. Normally 1031 exchange is done to defer recognition of all or part of a capital gain on investment property. But in this scenario, the realized capital gain for tax purposes is same either way. As Metsfan91 pointed out, it's likely that my accountant assumed that my 1031 exchange property is my primary residence....
by joer1212
Thu Mar 21, 2024 7:50 am
Forum: Personal Finance (Not Investing)
Topic: Who's Right, Me or My Tax Accountant?
Replies: 15
Views: 3134

Re: Who's Right, Me or My Tax Accountant?

In 2019, I purchased a house in cash in Massachusetts for $100K. In 2023, I sold this house for $175K and placed the proceeds in a 1031 exchange. Later that same year, I purchased another house in Pennsylvania for $100K with the funds in the 1031 exchange, and had the rest of the money ($75K boot) deposited into my bank account. 1) Is the $75K boot I received in cash taxable? My tax accountant tells me that it isn't. I think it is. Who's right? ---You. Your accountant is thinking this is a primary residence. Which it isn't. 2) Also, let's say I now decide to sell my house in Pennsylvania for the same amount that I purchased it for ($100K). Will I owe tax on this sale, since it's now in a 1031 exchange? I had already paid taxes on that $100...
by joer1212
Wed Mar 20, 2024 7:00 pm
Forum: Personal Finance (Not Investing)
Topic: Who's Right, Me or My Tax Accountant?
Replies: 15
Views: 3134

Re: Who's Right, Me or My Tax Accountant?

toddthebod wrote: Wed Mar 20, 2024 6:30 pm 2. Did you depreciate?
Yes, but what happens to the $100K in the 1031 exchange house?
by joer1212
Wed Mar 20, 2024 6:58 pm
Forum: Personal Finance (Not Investing)
Topic: Who's Right, Me or My Tax Accountant?
Replies: 15
Views: 3134

Re: Who's Right, Me or My Tax Accountant?

LeftCoast wrote: Wed Mar 20, 2024 6:57 pm Were either of these houses your personal residence?
No. They're rental properties.
by joer1212
Wed Mar 20, 2024 6:05 pm
Forum: Personal Finance (Not Investing)
Topic: Who's Right, Me or My Tax Accountant?
Replies: 15
Views: 3134

Who's Right, Me or My Tax Accountant?

In 2019, I purchased a house in cash in Massachusetts for $100K. In 2023, I sold this house for $175K and placed the proceeds in a 1031 exchange. Later that same year, I purchased another house in Pennsylvania for $100K with the funds in the 1031 exchange, and had the rest of the money ($75K boot) deposited into my bank account. 1) Is the $75K boot I received in cash taxable? My tax accountant tells me that it isn't. I think it is. Who's right? 2) Also, let's say I now decide to sell my house in Pennsylvania for the same amount that I purchased it for ($100K). Will I owe tax on this sale, since it's now in a 1031 exchange? I had already paid taxes on that $100K, when I first purchased my house in Massachusetts, so will this money be taxed a...
by joer1212
Fri Mar 08, 2024 6:17 pm
Forum: Personal Investments
Topic: Why Doesn't My ETF Show Up in My Roth IRA?
Replies: 43
Views: 2863

Re: Why Doesn't My ETF Show Up in My Roth IRA?

Best to set a buy limit order to make sure you don't exceed your available funds. Make sense? The "limit" order option is grayed out in my Roth IRA brokerage account (as well as other options besides "market"). Is there a reason for this? I recall pop up messages that would appear every time I logged into my Vanguard account, warning me that, if I didn't switch over to the new brokerage account in a timely manner, "some features" would not be available. Can this have something to do with it? I sure hope not. If you're trying to buy an exact dollar amount, you can only do a market order. Place an order for the whole number of shares that comes close to your dollar amount. Once that completes, place a separate d...
by joer1212
Fri Mar 08, 2024 9:44 am
Forum: Personal Investments
Topic: Why Doesn't My ETF Show Up in My Roth IRA?
Replies: 43
Views: 2863

Re: Why Doesn't My ETF Show Up in My Roth IRA?

Rocinante Rider wrote: Wed Mar 06, 2024 1:35 pm Best to set a buy limit order to make sure you don't exceed your available funds. Make sense?
The "limit" order option is grayed out in my Roth IRA brokerage account (as well as other options besides "market"). Is there a reason for this?

I recall pop up messages that would appear every time I logged into my Vanguard account, warning me that, if I didn't switch over to the new brokerage account in a timely manner, "some features" would not be available. Can this have something to do with it? I sure hope not.
by joer1212
Fri Mar 08, 2024 9:27 am
Forum: Personal Investments
Topic: Why Doesn't My ETF Show Up in My Roth IRA?
Replies: 43
Views: 2863

Re: Why Doesn't My ETF Show Up in My Roth IRA?

muffins14 wrote: Thu Mar 07, 2024 11:01 amRather than “transfer to VGT” the thing you are doing is “placing an order to buy shares of VGT”
exodusNH wrote: Thu Mar 07, 2024 11:02 amTo be clear, you're not "transferring money to VGT." You're placing an order on the open market for shares of VGT.
Of course.
by joer1212
Thu Mar 07, 2024 11:01 am
Forum: Personal Investments
Topic: Why Doesn't My ETF Show Up in My Roth IRA?
Replies: 43
Views: 2863

Re: Why Doesn't My ETF Show Up in My Roth IRA?

Thanks for all the helpful suggestions and valuable insights, fellas.

I was finally able to transfer my cash from my taxable settlement fund to my Roth IRA settlement fund. This counted as a 'contribution' for the 2023 and 2024 tax years, which I made by dividing up the funds between the two. Tomorrow, I will try to transfer that money to VGT.
by joer1212
Wed Mar 06, 2024 8:11 pm
Forum: Personal Investments
Topic: Why Doesn't My ETF Show Up in My Roth IRA?
Replies: 43
Views: 2863

Re: Why Doesn't My ETF Show Up in My Roth IRA?

You can't buy directly in your Roth with funds outside of it. The funds need to get into the Roth container. I see. So, I guess I'll have to transfer $5k (the amt currently in my taxable settlement fund) to my Roth IRA settlement fund, making sure that it goes to the right place. Yes, though I would phrase this as "contributing to my Roth IRA" to match the terminology. That gets it into the Roth container. Once there, you can invest as desired. Keep in mind that mutual funds and ETFs have different purchase flows. Thank you. Much appreciated. To extend a bit, by regulation only cash can be contributed to a IRA. The custodian (bank, broker, whatever) must transmit that transaction information to the IRS in a very specific format. ...
by joer1212
Wed Mar 06, 2024 5:16 pm
Forum: Personal Investments
Topic: Why Doesn't My ETF Show Up in My Roth IRA?
Replies: 43
Views: 2863

Re: Why Doesn't My ETF Show Up in My Roth IRA?

My guess why they don't allow this is because until the ETF transaction is concluded, they don't know exactly how much your "contribution" would be. Contributions have very specific rules/limits. Let's say you wanted to contribute exactly $1000 to your IRA in order to exactly meet the contribution limit for the year. You can easily do that by purchasing $1000 of a mutual fund. But if the ETF you want to buy is currently priced at $43.12 per share, then you would need to put in a buy order for exactly 23.2493258 shares of the ETF to exactly get your $1000 contribution. AND that price per share, just changed 3 times in the last 5 seconds. Plus, I'm not sure, but does Vanguard allow you to buy fractional shares of an ETF? It's just ...
by joer1212
Wed Mar 06, 2024 5:14 pm
Forum: Personal Investments
Topic: Why Doesn't My ETF Show Up in My Roth IRA?
Replies: 43
Views: 2863

Re: Why Doesn't My ETF Show Up in My Roth IRA?

muffins14 wrote: Wed Mar 06, 2024 1:37 pmTo be clear, you are still below your $7000 cap for 2024 contributions, right?
Yes, in fact, I still haven't even maxed out my 2023 Roth contribution.
by joer1212
Wed Mar 06, 2024 5:11 pm
Forum: Personal Investments
Topic: Why Doesn't My ETF Show Up in My Roth IRA?
Replies: 43
Views: 2863

Re: Why Doesn't My ETF Show Up in My Roth IRA?

exodusNH wrote: Wed Mar 06, 2024 5:07 pm
joer1212 wrote: Wed Mar 06, 2024 4:58 pm
exodusNH wrote: Wed Mar 06, 2024 1:38 pmYou can't buy directly in your Roth with funds outside of it. The funds need to get into the Roth container.
I see. So, I guess I'll have to transfer $5k (the amt currently in my taxable settlement fund) to my Roth IRA settlement fund, making sure that it goes to the right place.
Yes, though I would phrase this as "contributing to my Roth IRA" to match the terminology.

That gets it into the Roth container. Once there, you can invest as desired. Keep in mind that mutual funds and ETFs have different purchase flows.
Thank you. Much appreciated.
by joer1212
Wed Mar 06, 2024 5:10 pm
Forum: Personal Investments
Topic: Why Doesn't My ETF Show Up in My Roth IRA?
Replies: 43
Views: 2863

Re: Why Doesn't My ETF Show Up in My Roth IRA?

You have a settlement fund for your Roth IRA and a separate settlement fund for each of your other account types. Which of your settlement funds "have cash in my settlement fund"? If the cash is in your taxable brokerage account, then it has not been contributed to your Roth IRA yet. FIRST contribute to your Roth IRA settlement fund. A VGT purchase is not a Roth contribution. After making the contribution, then make the purchase of VGT. I have cash in my taxable settlement fund (same place as my total market index funds). What had been throwing me off was the fact that there was no mention of whether the cash from my settlement fund was going to VGT inside my Roth IRA, or whether it was going to VGT in a taxable account. Perhaps ...
by joer1212
Wed Mar 06, 2024 4:58 pm
Forum: Personal Investments
Topic: Why Doesn't My ETF Show Up in My Roth IRA?
Replies: 43
Views: 2863

Re: Why Doesn't My ETF Show Up in My Roth IRA?

exodusNH wrote: Wed Mar 06, 2024 1:38 pmYou can't buy directly in your Roth with funds outside of it. The funds need to get into the Roth container.
I see. So, I guess I'll have to transfer $5k (the amt currently in my taxable settlement fund) to my Roth IRA settlement fund, making sure that it goes to the right place.
by joer1212
Wed Mar 06, 2024 1:19 pm
Forum: Personal Investments
Topic: Why Doesn't My ETF Show Up in My Roth IRA?
Replies: 43
Views: 2863

Re: Why Doesn't My ETF Show Up in My Roth IRA?

You seem to be confusing "contribute to IRA" with "buy something with money that is already in your IRA" If you already have money inside your Roth IRA, you want to make a transaction to buy the ETF. You do not want to make a "new contribution", because you have already made the contribution. Originally, I wanted to contribute to my Roth IRA (VGT) with funds directly from my bank account. But since I couldn't do that, I transferred funds from my bank account to my taxable settlement fund (I actually selected my Roth IRA settlement fund, but the transaction defaulted to the taxable settlement fund for some reason). So, now, I want to make a contribution to my Roth IRA (VGT) using cash from my Vanguard taxable s...
by joer1212
Wed Mar 06, 2024 12:24 pm
Forum: Personal Investments
Topic: Why Doesn't My ETF Show Up in My Roth IRA?
Replies: 43
Views: 2863

Re: Why Doesn't My ETF Show Up in My Roth IRA?

I already have cash in my settlement fund, ready to be invested in VGT. My issue is that Vanguard doesn't seem to recognize a VGT purchase as a Roth IRA contribution, or at least, it makes no mention of it (as it does for my other non-EFT funds). Which settlement account has the cash? I think you need to make a Roth contribution first (from another brokerage account or checking/debit) first to fund the Roth contribution, then go into the Vanguard Roth account and buy the ETF. Two steps. Very fast. It's annoying enough that you can't purchase an EFT directly with funds from your linked bank account on Vanguard, but, apparently, they also won't allow you to fund your Roth IRA settlement fund directly from your bank account. So, I had to tran...
by joer1212
Wed Mar 06, 2024 11:55 am
Forum: Personal Investments
Topic: Why Doesn't My ETF Show Up in My Roth IRA?
Replies: 43
Views: 2863

Re: Why Doesn't My ETF Show Up in My Roth IRA?

I recently purchased an ETF in my Roth IRA (VGT). When I attempted to make a Roth IRA contribution to this fund today by clicking on "contribute to IRA" in my Vanguard account, I was shown a list of my index funds (VGSLX, VSIAX, VEMAX, etc.), but VGT was not listed. If I want to contribute funds to VGT, I have to go to my dashboard page, scroll down to VGT, click on "transact", then click on "buy", which takes me to another page, where I can select the dollar or share amount that I want to purchase. If I buy VGT this way, will it count as a Roth IRA contribution, or will the Vanguard algorithm somehow purchase VGT in my taxable account? Also, why can't Vanguard simply list ETFs, along with index funds, as an o...
by joer1212
Wed Mar 06, 2024 11:02 am
Forum: Personal Investments
Topic: Why Doesn't My ETF Show Up in My Roth IRA?
Replies: 43
Views: 2863

Why Doesn't My ETF Show Up in My Roth IRA?

I recently purchased an ETF in my Roth IRA (VGT). When I attempted to make a Roth IRA contribution to this fund today by clicking on "contribute to IRA" in my Vanguard account, I was shown a list of my index funds (VGSLX, VSIAX, VEMAX, etc.), but VGT was not listed. If I want to contribute funds to VGT, I have to go to my dashboard page, scroll down to VGT, click on "transact", then click on "buy", which takes me to another page, where I can select the dollar or share amount that I want to purchase. If I buy VGT this way, will it count as a Roth IRA contribution, or will the Vanguard algorithm somehow purchase VGT in my taxable account? Also, why can't Vanguard simply list ETFs, along with index funds, as an op...
by joer1212
Wed Feb 14, 2024 2:26 pm
Forum: Personal Investments
Topic: Trading an Index Fund for an ETF
Replies: 10
Views: 866

Re: Trading an Index Fund for an ETF

Will the proceeds of the VIPSX sale automatically go to my settlement fund in my Roth? I don't want to accidentally create a taxable event. I think so, but I cannot be sure because it should have been very obvious to you already where it would go. Also maybe you are trying to use your phone to make transactions which I never do, so I have no experience with using a phone for that. That's why I think you should call up Vanguard and get their help. Vanguard is supposed to have great customer service and interacting with Vanguard customer service over the phone will help you and also help them. I'm going to try it on my desktop first (which is more full-featured than the phone website/app). I have more faith in that than a potentially inexper...
by joer1212
Wed Feb 14, 2024 12:09 pm
Forum: Personal Investments
Topic: Trading an Index Fund for an ETF
Replies: 10
Views: 866

Re: Trading an Index Fund for an ETF

livesoft wrote: Wed Feb 14, 2024 9:55 am This will be a two-step process:

1. Sell your mutual fund and have the cash stay in your Vanguard account ... most likely in the settlement fund.

2. Next buy VGT in a separate transaction a day later.
Will the proceeds of the VIPSX sale automatically go to my settlement fund in my Roth? I don't want to accidentally create a taxable event.
by joer1212
Wed Feb 14, 2024 11:03 am
Forum: Personal Investments
Topic: Trading an Index Fund for an ETF
Replies: 10
Views: 866

Re: Trading an Index Fund for an ETF

I'd like to sell all of my VIPSX shares and purchase VGT within my Roth IRA brokerage account. How exactly is this done online? When I enter the "VGT" ticker symbol in the search box, it returns 'no results'. But, when I enter "VG", a drop-down menu appears, that lists a couple dozen mutual funds beginning with those letters, none of which are ETFs, nor mutual fund equivalents of VGT. It sounds like you may not have converted your mutual fund account to a true brokerage account yet, if all you're being shown is mutual funds. If you want to convert, call Vanguard. If you don't want to convert, a quick Google search for 'vgt etf mutual fund equivalent' shows that VITAX would be a mutual fund equivalent possibility. I did,...
by joer1212
Wed Feb 14, 2024 10:46 am
Forum: Personal Investments
Topic: Trading an Index Fund for an ETF
Replies: 10
Views: 866

Re: Trading an Index Fund for an ETF

I'd like to sell all of my VIPSX shares and purchase VGT within my Roth IRA brokerage account. How exactly is this done online? When I enter the "VGT" ticker symbol in the search box, it returns 'no results'. But, when I enter "VG", a drop-down menu appears, that lists a couple dozen mutual funds beginning with those letters, none of which are ETFs, nor mutual fund equivalents of VGT. It sounds like you may not have converted your mutual fund account to a true brokerage account yet, if all you're being shown is mutual funds. If you want to convert, call Vanguard. If you don't want to convert, a quick Google search for 'vgt etf mutual fund equivalent' shows that VITAX would be a mutual fund equivalent possibility. I did,...
by joer1212
Wed Feb 14, 2024 9:51 am
Forum: Personal Investments
Topic: Trading an Index Fund for an ETF
Replies: 10
Views: 866

Trading an Index Fund for an ETF

I'd like to sell all of my VIPSX shares and purchase VGT within my Roth IRA brokerage account.

How exactly is this done online?

When I enter the "VGT" ticker symbol in the search box, it returns 'no results'. But, when I enter "VG", a drop-down menu appears, that lists a couple dozen mutual funds beginning with those letters, none of which are ETFs, nor mutual fund equivalents of VGT.
by joer1212
Mon Oct 09, 2023 10:17 pm
Forum: Personal Finance (Not Investing)
Topic: Why is a High Credit Score Alone No Longer Enough??
Replies: 41
Views: 4211

Re: Why is a High Credit Score Alone No Longer Enough??

One point you are missing is your available credit to income ratio. That is NOT part of any FICO score, but is very important to the bank. That's why they keep asking you to update your current income every year or even every 6 months or so. If your total available credit is $100k over all your credit cards and you report an income of $50k, they will have a problem with that, even though your FICO is 800+. Just 2 weeks ago I applied for another card and instead of an immediate approval, I was put on hold for review. Why? Was it the fact that I already have 10 CCs and was asking for an 11th? Or was it that I reported my annual income as $140k? My total credit is $125k and they didn't want to give me more based upon my new $140k number. I ho...
by joer1212
Mon Oct 09, 2023 10:08 pm
Forum: Personal Finance (Not Investing)
Topic: Why is a High Credit Score Alone No Longer Enough??
Replies: 41
Views: 4211

Re: Why is a High Credit Score Alone No Longer Enough??

arcticpineapplecorp. wrote: Mon Oct 09, 2023 9:53 pm
joer1212 wrote: Mon Oct 09, 2023 9:42 pm
stan1 wrote: Mon Oct 09, 2023 9:21 pm I have cards at Cap One, Chase, B of A, and a very old Discover (from when it was still part of Sears). These card issuers know I've had cash back, no fee cards and have never paid a cent of interest as long as I've held their cards. FICO score around 830-835. I don't churn, haven't applied for a new one in over five years.

I did an online request to Cap One to increase my credit limit on one card several months ago. It was $10,000. They gave me an additional $1,000.
I think what's happening now is that credit issuers are sidestepping the FICO score and instead using computer algorithms to rate whether you're a desirable customer.
on what do believe the algorithm is basing desirability?
Beats me.
by joer1212
Mon Oct 09, 2023 9:42 pm
Forum: Personal Finance (Not Investing)
Topic: Why is a High Credit Score Alone No Longer Enough??
Replies: 41
Views: 4211

Re: Why is a High Credit Score Alone No Longer Enough??

stan1 wrote: Mon Oct 09, 2023 9:21 pm I have cards at Cap One, Chase, B of A, and a very old Discover (from when it was still part of Sears). These card issuers know I've had cash back, no fee cards and have never paid a cent of interest as long as I've held their cards. FICO score around 830-835. I don't churn, haven't applied for a new one in over five years.

I did an online request to Cap One to increase my credit limit on one card several months ago. It was $10,000. They gave me an additional $1,000.
I think what's happening now is that credit issuers are sidestepping the FICO score and instead using computer algorithms to rate whether you're a desirable customer.
by joer1212
Mon Oct 09, 2023 9:36 pm
Forum: Personal Finance (Not Investing)
Topic: Why is a High Credit Score Alone No Longer Enough??
Replies: 41
Views: 4211

Re: Why is a High Credit Score Alone No Longer Enough??

I'm not trying to accomplish anything. i think you are or you're as confused as SmileyFace and me. First you say: My current FICO score is 819, and it's hovered around that number for many years. But that doesn't stop credit card companies from routinely denying me cards based on factors that my credit score has already accounted for. next you say: Not at all. In fact, the last credit cards I applied for was over a year ago, and I haven't taken a loan since 2008. to reiterate what Smily Face wrote: Then what are all these "companies" that you spoke of in your opening post? I am confused. I've been applying for several credit cards at a time about once every 6 months to about once a year. I've been doing this for a long time now. ...
by joer1212
Mon Oct 09, 2023 9:04 pm
Forum: Personal Finance (Not Investing)
Topic: Why is a High Credit Score Alone No Longer Enough??
Replies: 41
Views: 4211

Re: Why is a High Credit Score Alone No Longer Enough??

exodusing wrote: Mon Oct 09, 2023 7:43 pm Here's what FICO includes in its credit scoring. https://www.myfico.com/credit-education ... edit-score This does not seem to include everything on your list, but in any event, issuers have their own algorithms, weightings of factors, etc. and make their own decisions. Credit score is just one factor. Why would you think credit card issuers outsource their entire decision on issuing a card and extending credit to FICO or any other third party?
Then it's obvious that your FICO score is becoming increasingly irrelevant. Lenders used to treat it as gospel years ago.
by joer1212
Mon Oct 09, 2023 9:00 pm
Forum: Personal Finance (Not Investing)
Topic: Why is a High Credit Score Alone No Longer Enough??
Replies: 41
Views: 4211

Re: Why is a High Credit Score Alone No Longer Enough??

exodusing wrote: Mon Oct 09, 2023 8:18 pmThe industry doesn't have a credit score. FICO is a single company providing a service. It's a public company, listed on the NYSE, not some industry owned entity. There are also three major credit reporting companies.
I meant the credit-rating industry (agencies).
by joer1212
Mon Oct 09, 2023 8:59 pm
Forum: Personal Finance (Not Investing)
Topic: Why is a High Credit Score Alone No Longer Enough??
Replies: 41
Views: 4211

Re: Why is a High Credit Score Alone No Longer Enough??

Beensabu wrote: Mon Oct 09, 2023 7:55 pm Desperate for credit at the moment, huh? They can smell it.
Not at all. In fact, the last credit cards I applied for was over a year ago, and I haven't taken a loan since 2008.
by joer1212
Mon Oct 09, 2023 8:54 pm
Forum: Personal Finance (Not Investing)
Topic: Why is a High Credit Score Alone No Longer Enough??
Replies: 41
Views: 4211

Re: Why is a High Credit Score Alone No Longer Enough??

My current FICO score is 819, and it's hovered around that number for many years. But that doesn't stop credit card companies from routinely denying me cards based on factors that my credit score has already accounted for. let's get to the heart of the matter. what are you trying to accomplish? Be specific. If you are not applying for a home loan or an auto loan or a small business loan then we are only talking about credit cards here, right? you'd like to get how much more credit available to you than you already have? And what amount is it that you already have? and do you need more credit than you already have and if so, why? what is your utilization rate? there must be something based on the answers above that we can glean to deternine...
by joer1212
Mon Oct 09, 2023 7:32 pm
Forum: Personal Finance (Not Investing)
Topic: Why is a High Credit Score Alone No Longer Enough??
Replies: 41
Views: 4211

Re: Why is a High Credit Score Alone No Longer Enough??

My dad was in the real estate business and he got to a point where the banks woudn't lend him any more money to buy houses after the first few. He had stellar credit, never paid late, etc. but they felt he was too exposed (too much debt). So, they were basically second-guessing his high credit score, which already reflected the fact that he was not too exposed and did not have too much debt (If he did, his score would have been much lower). The credit agencies had already done the nitpicking for them. They evaluated all the factors and gave your dad a numerical credit ranking. But the creditor wasn't satisfied with this and wanted to do it themselves. Got it. Maybe they should've run their own credit agency as a side business, since they h...
by joer1212
Mon Oct 09, 2023 7:20 pm
Forum: Personal Finance (Not Investing)
Topic: Why is a High Credit Score Alone No Longer Enough??
Replies: 41
Views: 4211

Re: Why is a High Credit Score Alone No Longer Enough??

Companies aren't satisfied by a high credit score alone. No, they want to know how many accounts you have open, the average age of those accounts, how many inquiries you've had over the past 2 years, the last time you opened or closed an account, how much credit you've used, what time of the day you urinate, etc.. If one or more of those factors aren't to their liking, they will deny you credit, despite your high score. But doesn't your credit score already take all those factors into account? Isn't that the whole point of it? I mean, it's supposed to be a numerical representation of your creditworthiness based on all factors (which credit issuers redundantly judge you on). My current FICO score is 819, and it's hovered around that number ...
by joer1212
Mon Oct 09, 2023 7:15 pm
Forum: Personal Finance (Not Investing)
Topic: Why is a High Credit Score Alone No Longer Enough??
Replies: 41
Views: 4211

Re: Why is a High Credit Score Alone No Longer Enough??

Got denied for Discover IT card even though my FICO score is in the 800's. This has a reputation as being a beginner card but I got approved for the US Bank CC that was suppose be much harder to obtain. So that was strange. But I did have a US Bank account one time after the Union Bank merger. I closed it after the merger. Maybe already being in their system helped. So with that in mind, I got a Discover Debit card with the associated checking account. Hopefully after a year with them in good standing, they'll know that I am good and approve me when I try again in 12 months. Reading things like this, I can't help but wonder why the industry even bothers having a credit score for consumers at all anymore, since it's obvious they're semi-ign...
by joer1212
Mon Oct 09, 2023 10:41 am
Forum: Personal Finance (Not Investing)
Topic: Why is a High Credit Score Alone No Longer Enough??
Replies: 41
Views: 4211

Why is a High Credit Score Alone No Longer Enough??

Companies aren't satisfied by a high credit score alone. No, they want to know how many accounts you have open, the average age of those accounts, how many inquiries you've had over the past 2 years, the last time you opened or closed an account, how much credit you've used, what time of the day you urinate, etc.. If one or more of those factors aren't to their liking, they will deny you credit, despite your high score. But doesn't your credit score already take all those factors into account? Isn't that the whole point of it? I mean, it's supposed to be a numerical representation of your creditworthiness based on all factors (which credit issuers redundantly judge you on). My current FICO score is 819, and it's hovered around that number f...
by joer1212
Thu Aug 03, 2023 6:01 pm
Forum: Personal Finance (Not Investing)
Topic: Tricky Insurance Claim
Replies: 38
Views: 4392

Re: Tricky Insurance Claim

how old is the roof on the structure? standard 3-tab or architectural shingles? Not sure how old it is, but I think it's shingles. 1. Get three estimates from licensed and bonded roofers. 2. I grew up in Midwest, lived in tornado ally, now living 30+ years gulf coast, survivor of multiple hurricanes (including 2 Cat 4). I have never seen a roof damaged from just a thunderstorm. Was their more? Hail? Tree or debris hit it? Wind over 100 MPH? If none of these and the roof is leaking, I am going to guess the roof has basically aged out. If true, Insurance won't fix or pay for roof. They will, after deductible, pay for any damage due to the leak(s). If with 3 estimates that the roof was storm damaged and needs to be replaced, then use that to ...
by joer1212
Tue Aug 01, 2023 10:16 am
Forum: Personal Finance (Not Investing)
Topic: Tricky Insurance Claim
Replies: 38
Views: 4392

Re: Tricky Insurance Claim

biscuit5 wrote: Mon Jul 31, 2023 10:34 pm how old is the roof on the structure? standard 3-tab or architectural shingles?
Not sure how old it is, but I think it's shingles.
by joer1212
Mon Jul 31, 2023 9:42 pm
Forum: Personal Finance (Not Investing)
Topic: Tricky Insurance Claim
Replies: 38
Views: 4392

Re: Tricky Insurance Claim

Update: The adjuster from Travelers insurance came this morning with a guy to check the damage on the roof. Was gone in a few minutes, according to my brother, who went out there to meet them. A couple of hours ago, I received an email with several attachments. One of the attachments was a letter with an estimate of the repair. It was about $2200. Mind you, my deductible is $2500, so the insurance company is paying nothing. Interesting how they made the numbers conveniently square up in their favor, to ensure that I foot the whole bill. I suspected this would happen, as I had bad vibes about this whole thing from the start. I didn't read anything about my right to appeal in my perfunctory examination of the literature I received, but, even...
by joer1212
Mon Jul 31, 2023 9:38 pm
Forum: Personal Finance (Not Investing)
Topic: Tricky Insurance Claim
Replies: 38
Views: 4392

Re: Tricky Insurance Claim

Severe thunderstorms recently caused damage to the roof of my 2-family rental property in Massachusetts, causing my upstairs tenant to call me and complain that the roof is leaking. I hired a roofer. He told me that I likely need a new roof. I asked him if he could patch it up, because the house is listed for sale, and I just want to get by without the huge expense of replacing it. He said he would try, but there's no guarantee it would work. So, I agreed to take a chance, and paid him $1300 to do the repair. The roof was fine for a couple of weeks after the work was done, until another thunderstorm struck a few days ago, and it started leaking again. I called the roofer again to do an estimate of a roof replacement, and he quoted me $7500...
by joer1212
Wed Jul 26, 2023 9:23 am
Forum: Personal Finance (Not Investing)
Topic: Tricky Insurance Claim
Replies: 38
Views: 4392

Re: Tricky Insurance Claim

If you never contacted them to send out adjuster I expect they will deny everything You don’t make the repairs and then file the claim unless it is emergency repairs needed to prevent addition immediate damage. You file a claim. They verify the amount of damage and it is covered and how much they will pay. THEN you get the new roof. The OP has not replaced the roof yet. The OP has a quote to replace the roof. The insurer may approve the whole claim, approve more roof repairs but not replacement, or deny the whole claim. It's unlikely the insurer would approve the $1,300 emergency repair but not more roof work. Either the damage was caused by the storm, or it wasn't. If the emergency repairs were covered, then more repairs or replacement ar...
by joer1212
Tue Jul 25, 2023 10:41 am
Forum: Personal Finance (Not Investing)
Topic: Tricky Insurance Claim
Replies: 38
Views: 4392

Re: Tricky Insurance Claim

afan wrote: Mon Jul 24, 2023 6:33 pm It is hard to envision a product that will pay for replacing something that will always wear out. The insurance company would need to turn a profit. Thus, it would have to charge more than the coat of replacing every roof.
It would be like buying insurance to refill your car when it runs out of gas.

I would not carry a deductible so low that there would be any payment on a $1,300 expense. Way too expensive.

As for filing a small claim like this, look at the recent thread from someone who learned the hard way the consequences of filing claims for small losses.
I'll just make a claim on the $8500 cost and forego the $1300.
by joer1212
Mon Jul 24, 2023 5:53 pm
Forum: Personal Finance (Not Investing)
Topic: Tricky Insurance Claim
Replies: 38
Views: 4392

Re: Tricky Insurance Claim

We had damage from the same storm. Water coming through a ceiling into a bedroom. The person sent to estimate interior damage said "insurance pays the result of problem, not the cause", meaning that the roof issue is going to be on us and they'll be fixing the insulation and drying and ceiling and painting. This is our first homeowner claim ever. For the moment, we've got plastic taped with gorilla tape where the water came in. We've planned to fix the stupid design for a while. Getting a good contractor is almost as easy as getting into MIT and doing a PhD. Oh...our roof is 3 years old. This certainly doesn't bode well for my claim. Hoping for the best. Btw, the adjuster will contact me to make an appointment "within 24-48 ...
by joer1212
Sun Jul 23, 2023 9:20 pm
Forum: Personal Finance (Not Investing)
Topic: Tricky Insurance Claim
Replies: 38
Views: 4392

Re: Tricky Insurance Claim

safari wrote: Sun Jul 23, 2023 8:47 pm Roof damage is covered by insurance if it's sudden and accidental. You will have to prove to the adjuster that the leak was not due to the normal wear and tear of the old roof. For example, if your house was hit by lightning or a tree branch fell on the roof, causing damage, then insurance will cover it. Your house was not flooded, so the roof leak had nothing to do with a flood.
I guess if the repair I paid for had been successful, I might have been able to charge it to my insurance. But, since the entire roof needs replacing because it's brittle, the claim will most certainly be denied.
by joer1212
Sun Jul 23, 2023 9:12 pm
Forum: Personal Finance (Not Investing)
Topic: Tricky Insurance Claim
Replies: 38
Views: 4392

Re: Tricky Insurance Claim

chemocean wrote: Sun Jul 23, 2023 8:24 pm I have heard of many stories of hail damage and wind ripping off shingles being covered by insurance.
From the sound of your situation, you just have an old roof that can not handle heavy rain.
I would not expect the insurance company to cover the roof replacement.
by joer1212
Sun Jul 23, 2023 8:19 pm
Forum: Personal Finance (Not Investing)
Topic: Tricky Insurance Claim
Replies: 38
Views: 4392

Tricky Insurance Claim

Severe thunderstorms recently caused damage to the roof of my 2-family rental property in Massachusetts, causing my upstairs tenant to call me and complain that the roof is leaking. I hired a roofer. He told me that I likely need a new roof. I asked him if he could patch it up, because the house is listed for sale, and I just want to get by without the huge expense of replacing it. He said he would try, but there's no guarantee it would work. So, I agreed to take a chance, and paid him $1300 to do the repair. The roof was fine for a couple of weeks after the work was done, until another thunderstorm struck a few days ago, and it started leaking again. I called the roofer again to do an estimate of a roof replacement, and he quoted me $7500 ...
by joer1212
Sat Apr 22, 2023 12:07 am
Forum: Personal Investments
Topic: Over 1000X Returns in Junior Mining Stocks
Replies: 96
Views: 12066

Re: Over 1000X Returns in Junior Mining Stocks

my FIL spent years in the oil/gas/mineral mining field. His partner after they sold their business began investing in all sort of mining companies in the west as well as canada. we are talking millions of dollars. and we are talking giant stakes in these companies. He got his lunch ate on almost all of them. He approached my FIL when he needed help taking over one of them to keep it afloat. my FIL said no way and he's glad he did. We had a discussion around investing in this space a few years after he retired. he was like there is so much garbage to wade through, you don't want anything to do with it. LOL. One thing I must note, that I failed to mention earlier, is that Jaguar mining stock has a high percentage of insider ownership. That's...
by joer1212
Sat Apr 22, 2023 12:05 am
Forum: Personal Investments
Topic: Over 1000X Returns in Junior Mining Stocks
Replies: 96
Views: 12066

Re: Over 1000X Returns in Junior Mining Stocks

Therefore, can the following performance graph for GDXJ be taken at face value? Did the fund increase its share count over time (sorry, I can't find the regulatory filings), or did its share price plummet organically since 2010-11? https://finance.yahoo.com/chart/GDXJ#eyJpbnRlcnZhbCI6IndlZWsiLCJwZXJpb2RpY2l0eSI6MSwiY2FuZGxlV2lkdGgiOjEuODgzMDI0MjUxMDY5OTAwMiwiZmxpcHBlZCI6ZmFsc2UsInZvbHVtZVVuZGVybGF5Ijp0cnVlLCJhZGoiOnRydWUsImNyb3NzaGFpciI6dHJ1ZSwiY2hhcnRUeXBlIjoibGluZSIsImV4dGVuZGVkIjpmYWxzZSwibWFya2V0U2Vzc2lvbnMiOnt9LCJhZ2dyZWdhdGlvblR5cGUiOiJvaGxjIiwiY2hhcnRTY2FsZSI6ImxpbmVhciIsInBhbmVscyI6eyJjaGFydCI6eyJwZXJjZW50IjoxLCJkaXNwbGF5IjoiR0RYSiIsImNoYXJ0TmFtZSI6ImNoYXJ0IiwiaW5kZXgiOjAsInlBeGlzIjp7Im5hbWUiOiJjaGFydCIsInBvc2l0aW9uIjpudWxsfSwieWF4...
by joer1212
Mon Apr 10, 2023 7:27 pm
Forum: Personal Investments
Topic: Over 1000X Returns in Junior Mining Stocks
Replies: 96
Views: 12066

Re: Over 1000X Returns in Junior Mining Stocks

Caveat, I literally just spent 30 seconds looking at Jaguar mining, the first thing and only thing I did before even looking at what the company claims to do is look at the share count. My 30 seconds appears to have confirmed my suspicions. In 2008 the share count appears to have been about 100k. The share count currently appears to be 74.6 million. That means that the share count has grown by about 750x since 2008. Thus all else equal, the value of each share is similar to what it was in 2008. Conclusion: This is why listening to financial hucksters is dangerous unless you know what you're doing So, does this mean that the historical performance graph for JAGGF, which shows incredible volatility for its stock price between 2008 and now, i...