Thursday, January 20, 2011

Job Hunt Update

So Monday morning I got a call from a company. They were all happy and nice and then when I asked what city they were in they told me they were in New York City.

Ok. . .

I had stopped applying to jobs in New York City about a month ago. From what few responses I did get no one was looking to hire remotely for my qualifications. I figured until I was ready to move out there that there was no reason to waste peoples time. So I politely and nervously explained this to the person and they were all 'when will you be in the city?'

I answered this poorly and said I didn't know. So if this wasn't them looking for just an interview I royally screwed up. Live and learn is a painful way to go.

The good news is that I now know what a possible wait time could be in New York City for a response. I never expected it to take that long. How ever it did re-enforce the belief that no one actually pays attention to cover letters.

I need to look up the email I sent them so I can try and send a thank you letter to them.

Wednesday, January 19, 2011

Credit Card Debt

I have one Card that has an insane interest rate.
I have another Card that has a really low rate.

After cruising the lower rate site I found that I can transfer the balance from the one card to the better company with the better rate. 0% for 12 months and then around 16% after that.

Guess what I plan on doing?

If you have a credit card that has an insanely high rate, check out the other companies. Call them and ask questions. What rate will you get on sign-up? How long will you get that rate? What will that rate change to? These are just a few to ask, but you will think of more as you talk with them.

After going over all your options, see if you are still interested in transferring your balance. It is possible that you already have the best rate you can get. If you don't, then transfer your balance to the new card.

It seems a lot harder then it is. But all this will cost you is some time well spent.

Monday, January 17, 2011

Getting a Loan

Getting a personal loan for any amount is going to frustrate you. I feel that it would be a giant waste of time to even consider getting more information from the banks. That is, as long as they are not trying to rush you off the phone.

So, the bank I tried was one in my home town. The woman did not work in the loan department but she said she could help me anyhow. She couldn't really answer most of my questions. She also tried to rush me off the phone as soon as she could answer my first question.  she kept saying "so your all set right?" to which I had to answer "no, i have a few more Questions for you".

Another strike against her was that she kept trying to insist that i should get an equity loan for my house.even though I kept telling her I did not own a house. She was not interested in talking about using my car as a collateral but said I would need to have the amount I needed in an account already to use as collateral. But Even this information was given to me broken up.

If you want to talk to a bank about a loan, only talk to someone in the loan department. Other wise you will be wasting your time.

Thursday, January 6, 2011

Should I get a Loan to pay off Debt

So... I had an idea. I could get a loan and pay less to pay it back then I am currently paying right now. Right now I am doing this with the assumption that i am paying $550 - $650 for my current credit card and car payments each month.

I am going to be talking about an obscenely large amount of money.

For the loan I am taking a rough guess as to what I still owe totally and a little extra for emergencies for the $30,000. For the $50,000 I was adding in college as well.

My main goal was to find a loan payment that would still be covered by un-employment if i happened to loose my job. Thus I could still make payments and look for a job at the same time. Or if I got my Bachelors in two years I would be able to move to New York City to start looking for a better job and still be able to pay the loan and other bills.

So if i got a loan to pay off my debt right now at:
loan = $30,000
Years to pay = 10
interest rate = %6
monthly payment = $333.06

I could pay off my car and all my credit cards and still have a cushion left over. OR to use the left over to make a large pay back.

I would still be saving money.
I could actually pay you rent every month and still save up money.

a loan for $40,000 @ 10yr would be payments of $444.08 which I don't see as being all that great since it wouldn't cover school. now if i did $50,000 @ 15yrs to cover school, debt and emergency cash...

loan = $50,000
Years to pay = 15
interest rate = %6
monthly payment = $421.93

That I could still handle. I could pay for school and keep the rest in my HSBC hi-interest savings and make some money off it that I could put towards paying it off.

For school I wouldn't have to pay it all in one lump sum. Plus I would get money back from school in my taxes. Which I could turn around and put back into the loan or savings account.

Key Bank only offers personal loans for 5yrs which will not work at all for this.

HSBC doesn't do personal loans just mortgages which doesn't help my situation.

M&T does a general purpose secured loan for 10yrs.

Now, after i poked around on the M&T site i found their calculator to see what kind of intrest i could get. for a new york resident wanting a $50,000 loan the interest rate would be %5.49 Which is lower then what I did my base numbers on.

loan = $50,000
Years to pay = 10
interest rate = %5.49
monthly payment = $542.38

%6 isn't that much higher of a monthly payment at $555.10

loan = $30,000
Years to pay = 10
interest rate = %5.49
monthly payment = $325.43

At this point i would actually have to go in and talk with someone at M&T back to see what my options are. to see if I could really get that %.49 rate and if I could get $500,000 for a 10yr loan.
 if I can't get a 10yr loan, regardless of the amount, there is no real point to me getting a loan.

These numbers are not counting large sum payments made after I get my tax return back. depending what I get back. This would be able to give me the chance to get the principle paid off faster and lessening my interest paid over time.

If I could get the loan, finish school and get into NYC I could have a better paying job in about 2 1/2 years. I would have no car payments and no credit card payments. I would have and emergency build up that I could use for paying back the loan if needed that would not take away for what ever current pay check i would be getting. It would also allow my to make larger payments and knock it down faster.

The sooner we discuss this the sooner I can start school and stop worrying about what I am doing with my life. I can't keep living how I am. If taking out this loan can allow my to make the changes that I need then this is what I need to do.

Wednesday, January 5, 2011

A little advice from family

So over the New Years holiday my cousin and her husband took me out to lunch. They then asked me a bunch of questions about my job and if I would be moving to the city. This turned a good chunk of lunch into me letting everything out. It felt very good and I got a good deal of information from them.

The first was that even if I took a week in the city I would probably not be able to find a job in that time frame. Let alone be hired that fast. Even if I went through a hiring agency it would still take time. She also finally gave me the name of the hiring company that she knows and deals with. She said to call this one woman there and to drop her name. Because it's always who you know to get your foot in the door. This is the place that she sent her sister to as well.

But when she said I would probably have to live in the city for a month and need to have a few thousand dollars saved up is what made me worry.

That started a conversation about my current financial standing. And my mom.

She recomended going to the library and checking out some books by Suzy Orman. Her website is amazing. I have only poked around the resorce tool section so far but I will definatly check out her book from the library.

Then my cousin told me I needed to find a nice way of telling my mom to get the hell away from my finances. She was even more adamant about this after hearing the full story about why there had been a race to move out with my sister. This led into the whole college situation and ended with me really needing to sit my mom down for a talk. Which I am totally not looking forward to.

So, while not the best thing to talk about over the holidays it did give me a great out look for the coming year.