Paysite-cash blog: secure payment solution

I feel like I know the answer already, but wanted to get peoples opinions really fast on car maintenance vs buying something…

I currently own a 2014 BMW 328i with 80,000 miles on it that’s worth a little over $10k to CarMax. The tires need to be replaced and and I have this annoying little issues “passenger system restraint malfunction” it could be a fuse or could be something more serious, not sure yet. Either way, I’m debating if I should sell the car and get something new that is under warrant and use the $10k to go towards my first year or so of payments on the new vehicle.

or….

should I replace the tires and just drive the BMW until it croaks?

I worry that BMW’s have a reputation for being monkey sinks, even though this one so far has been not a huge issue. However, I worry about larger problems as the miles get higher.

The crappy thing is auto interest rates have skyrocketed in the last 6 months 🙁

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What’s the play here?

Thanks!

Background check for a job reveals someone else may be using my SSN

I (M25, DC) already have a freeze on my experian account, and to my knowledge there’s been no foul play re: taxes or credit lines. From what it looks like, they are in the Atlanta area and have a foreign-sounding name. I’ve never lived in GA, and am not sure what else they’ve been up to, but the background check seems to have passed anyway, even though this persons name has now been listed as an “alias”. The job in question that commissioned this has not contacted me yet since it was only finished today.

What are my options here? The SSA website basically said to just freeze my credit reporting accounts and watch for suspicious activity. Is there anything else I really CAN do? Try and find them myself, give them a stern talking-to? I would hate for this to ruin the offer since it’s not my fault and I’m coming off a few months of unemployment.

Confused about Roth vs Traditional IRA

Good day,

I am 26 years old and would like to start building up a retirement fund. From the little information I know, Roth IRA taxes you on the money you invest in it now, and when you take it out there will be no taxes, unlike the traditional.

So my question is, if I see myself making much more money later down the line and possibly being in a higher tax bracket, would it make more sense to invest in a Roth IRA? I’ve seen many posts and discussions claiming that it wouldn’t matter etc etc,.. instead of me coming out with more knowledge I am left very confused.

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Thank you so much for reading, and please write as much as you can. I want as much info as possible! Thank you in advance.

Where to get the best Auto loan rate?

I’m looking to buy a used car soon (in the upcoming months), how do I compare interest rates to get the lowest apr? I dont want to apply for every credit place I see cuz thatll lower my score. Is there a website that I can enter my credit score (760) and it’ll show me the best places to get a loan? Looking to buy around a 17k car with about 7k down, with a score of 760 (according to credit karma). And any advice on getting the best deal at a used car dealership?

Will need $10k in a few weeks, not enough in emergency funds. Should I pull from brokerage account, withdraw Roth contributions, or borrow from 401k?

So I have a big expense coming up in the next couple of weeks that I really wasn’t expecting. I’ll need around $10-$20k in total I imagine.

I have around $15k in my savings account which I’m hoping will cover it but I’m guessing that it won’t.

I also have $11k in my brokerage account (VTSAX) that’s been there since 2015 so it’s effectively gained 10% despite the huge loss we’ve all seen in the last year. I also have ~$40k in my Roth IRA contributions and ~$60k in my pre-tax 401k.

I also bought $10k in i-bonds earlier this year thinking I wouldn’t need the money soon but that’s neither here nor there because it’s inaccessible. Lesson learned: try not to tie up your emergency fund if at all possible.

I’m thinking about the best place to draw from in case I need more cash for my upcoming expense.

The cheapest place would be to borrow from my 401k but then I got to thinking… would I borrow from my 401k to put money into a brokerage account? Because that’s effectively what I’d be doing if I didn’t take money from my brokerage. The tax hit would be rather minimal from cashing out the brokerage because I only earned ~$1k from that account.

Any thoughts? Where would you withdraw from?

Consolidate CC debt with Credit Associates?

Hey all, needing some advice about how best to nuke this debt. Forgive me for how long this is, any input is soo much appreciated! I’m a new business owner (brick and mortar) that I just started beginning of 2022 and now realizing I bit off way more than I could chew. This is my actual adult career that I’ve always wanted to do and been working toward while spending years jumping random jobs (mostly service industry, no benefits, no 401k).

I’ve generally been good at staying on top of my finances, always maintained an above 750 credit score, and have $67,000 credit limit spanned across 5 personal credit cards — 2 for personal expenses to collect rewards / pay in full every month, 2 that I took on for business expenses with a 15 month 0% APR, and 1 for emergency only.

I put $30k of my savings into the biz which I thought would be enough to cover startup expenses and offer some padding until I actually started bringing in revenue, but I really should’ve tripled that # — an insanely high deposit to secure the lease for my perfect office, rent, equipment and furnishing, liability insurance, inventory, marketing, staff — it all hit me quickly and even though my doors were open since January, business didn’t actually start picking up til May. To make up for that slow period with basically no money coming in I had no choice but to rack up balances on all the cards just to keep the ball rolling. Please feel free to recoil at the interest rates 🙂

CC1 Bal $13,000 @ 32.15% APR
CC2 Bal $7,600 @ 28.24% APR
CC3 Bal $10,500 @ 22.99%
CC4 Bal $12,700 @ 16.99%
CC5 Bal $16,500 @ 0% until 04/23, after 20.99%
*Total debt = $60,300
*Total minimum monthly payments = $1540. ( I generally try to add another $100-$200 more on top of each one but that’s not even putting a dent in it at such high interest )

My credit’s score’s tanked this year down to 593. High utilization + in the chaos of all this I somehow missed one of my car payments and got hit w a “30 day late payment” that I haven’t missed in my life ever.

As far as my biz goes I’m making anywhere from $5k – $8k gross revenue per month and confident that when I put more into marketing and continue to build my client base, $15k-$20k per month is totally possible within a year. The problem is I’m burning through money NOW — money that would best be put towards marketing to bring in more biz. I can’t invest in those things when everything is going towards debt. My monthly expenses are around $6k (personal & biz).

I recently got off a call with someone from Credit Associates about consolidating 4 of the 5 cards amounting to $43,800 to reduce it all to one monthly payment of $653 over a 4 year period (and if I want to pay it down faster obvs I can) — this would save me about $600 every month which would be fantastic — the big catch is that after those debts are settled they would close my accounts and in effect tank my credit score.

I want to hold onto my highest limit CC4 as it still has a 0% APR until next April and I think I can pretty much tackle that one by then and also I don’t want to be left with zero credit cards in case something happens.

I’ve been going back and forth about pulling the trigger on this plan — I have not been using these cards at all and I know my income is going to significantly increase in the foreseeable future, but it’s not happening fast enough and I feel like this debt is just looming over me, I need to do something. Is this the best option to go at this? I tried to apply for an OnDeck loan and didn’t qualify, I haven’t looked much more into balance transfers cause I’ve done it several times already and w my current score and utilization I don’t think I’d even get approved for any new cards w 0% introductory APR.

Has anyone had success using these debt relief programs? Am I in the position to do it without getting completely screwed?

Should I only use my credit card?

I currently have a $5500 debt with only $6000 available credit on my credit card after a rough patch. My credit is just getting back to a 620 so I don’t qualify for a balance transfer card anywhere currently. I make about $4800 a month now, but live in a high col area so I have around 3200 in total monthly expenses.

Should I move my money into my credit card account from my checking account every pay period until everything is paid off? I am projecting to have this paid off within six months, but would this make the process easier?

Any other advice would be greatly appreciated.

Wells Fargo personal loan

I was wanting to take out a loan of $30,000 to buy some equipment to start a business venture but my credit score is only 690 and the APR is 17% for 7 years which has me second guessing taking out the loan. Any thoughts on how to get a lower APR or if it should be that high?

a question about cash app transactions

My roommate has a problem with stealing money from me. They do this by using my debit card info on cash app to send themselves money. I got a new card to stop this from happening. Today I see a new charge on the NEW card, she claims that it was an old transaction from a few days ago that went through late.

But I’m like 99% certain this is bs because my bank statement shows that it went through on the new card today. My question is simple: can cash app withdraw money from a new card that is connected to the same card used previously or am I being gaslit?

Thanks in advance for any advice/info.