Paypal Credit Card

[BuffyGirl]

Does anyone here have this? I end up selling a lot on ebay and have a lot of transfers to my checking account. Well, turns out, when you're buying a house, they wish for you not to have so many paypal transactions to your account. So, I would like to just be able to get their credit card.

Has anyone ever used one, and if so, do you find it to be worth it? I didn't see it say there were any fees to having one, but I would like to be sure.

 

[The Ween]

Does anyone here have this? I end up selling a lot on ebay and have a lot of transfers to my checking account. Well, turns out, when you're buying a house, they wish for you not to have so many paypal transactions to your account. So, I would like to just be able to get their credit card.

Has anyone ever used one, and if so, do you find it to be worth it? I didn't see it say there were any fees to having one, but I would like to be sure.

I use my Amazon credit card on eBay. Then the points I get on that I can use on Amazon.

 

[spazzy]

I don't have the credit card, but I have their debit card which is pretty cool, I get cash back quite often I try to pay alot of my bills with it so I can get some back.

 

[denryanj]

I've been a Paypal Mastercard holder for about 4 years, and it's pretty much the only card I use to purchase collectibles, blu-rays, music and anything else online. I've never had any problems at all, and will probably be using it for a long time to come. No annual fee, decent APR, and a nice rewards point system. I'd recommend it.

 

[Darth Cruel]

Don't do credit. Save up and buy the house outright.

 

[ProgMatinee]

Don't do credit. Save up and buy the house outright.

LOL. Yeah, that's practical. In the meantime, keep paying $1000+ down the drain for rent.

A mortgage is the 1 thing that borrowing for makes sense as long as you don't over extend.

Not sure why its a lenders business how many transfers in or out of your account you have.

That's like saying they don't like it that you write checks.

If they have a problem with your cash balance and do not like that its always fluctuating you need to keep your primary cash balance in a savings account rather than checking. The checking itself can always fluctuate, as long as your savings is either stagnant or moving upwards they can use that as the baseline without having to filter through 100s of ins and outs of a checking account.

The only thing that your checking account should be looked at for is your paycheck deposit.

 

[Darth Cruel]

LOL. Yeah, that's practical. In the meantime, keep paying $1000+ down the drain for rent.

A mortgage is the 1 thing that borrowing for makes sense as long as you don't over extend.

Not sure why its a lenders business how many transfers in or out of your account you have.

That's like saying they don't like it that you write checks.

If they have a problem with your cash balance and do not like that its always fluctuating you need to keep your primary cash balance in a savings account rather than checking. The checking itself can always fluctuate, as long as your savings is either stagnant or moving upwards they can use that as the baseline without having to filter through 100s of ins and outs of a checking account.

The only thing that your checking account should be looked at for is your paycheck deposit.

You don't have very much experience do you?

 

[wyattroa]

You don't have very much experience do you?

I guess you can save by living with your parents.. But I know rent around here is more then a mortgage.

 

[ProgMatinee]

You don't have very much experience do you?

With what wasting money paying rent? Nope. No experience with that. I do have experience buying a home though, not to mention several years helping banking customers connect with lenders and understanding their needs.

I'm curious how you propose saving cash up to buy a house while concurrently habitating a residence, holding square footage, location and other relevant variables constant.

As the poster above says, unless someone else is paying your rent, you can't do it.

If you want to change the variable of the rental unit vs the quality of home, then you're comparing apples to oranges. All things being equal, you can't rent a place for less than it would cost to buy.

 

[Darth Madden]

Why don't you just save up all the sale money and transfer it over in one big lump instead of after each transaction? And yeah, I have never heard of too many paypal transactions hurting your house buying... that makes no sense at all.

 

[BuffyGirl]

Don't do credit. Save up and buy the house outright.

I may be able to save $15k a year extra but I don't want to wait any longer to buy. Now is the time. Don't want to keep paying $1100 in rent when I can put $2500 a month on my mortgage. Buying now also means I'll get a home while they are still at a decent price. If I wait 5 years, guess what, I'll be waiting another 5 when the house prices go up. .

 

[ProgMatinee]

I may be able to save $15k a year extra but I don't want to wait any longer to buy. Now is the time.

Shoulda coulda but you missed the prime by about 6-12 months. Prices are climbing right now and around here inventory is getting low. If you're optimistic then now is better than later.

Sounds like you're doing well for yourself. Able to save that much is better than 90% of us. I remember when you were scrounging for parts to make your Firefly figures.

 

[BuffyGirl]

We always had that extra in our name. We are just cheap and like to find things cheap. Have you seen our collcollecection? Lol. It's because we save like mad people. Willing to spend on the stuff we really want. Got a bit behind with vet bills but caught up quickly. A freak even helped at one point. I plan to return that favor one day soon.

 

[Darth Cruel]

With what wasting money paying rent? Nope. No experience with that. I do have experience buying a home though, not to mention several years helping banking customers connect with lenders and understanding their needs.

I'm curious how you propose saving cash up to buy a house while concurrently habitating a residence, holding square footage, location and other relevant variables constant.

As the poster above says, unless someone else is paying your rent, you can't do it.

If you want to change the variable of the rental unit vs the quality of home, then you're comparing apples to oranges. All things being equal, you can't rent a place for less than it would cost to buy.

Sounds good, but has no basis in accuracy. You will never be able to argue against the fact that it is less expensive to save for a house and buy it cash. If you can't do it, I feel sorry for you. There are so many easy ways to do it without suffering excessively.

 

[ReplicantSavior]

Does anyone here have this? I end up selling a lot on ebay and have a lot of transfers to my checking account. Well, turns out, when you're buying a house, they wish for you not to have so many paypal transactions to your account. So, I would like to just be able to get their credit card.

Has anyone ever used one, and if so, do you find it to be worth it? I didn't see it say there were any fees to having one, but I would like to be sure.

I don't use their credit card and I use a separate account for eBay/Paypal stuff just in case when I buy and rarely sell some nonsense happens...

 

[jonny88]

Sounds good, but has no basis in accuracy. You will never be able to argue against the fact that it is less expensive to save for a house and buy it cash. If you can't do it, I feel sorry for you. There are so many easy ways to do it without suffering excessively.

Yes it is cheaper buying a house all in one shot (no interest over all those years) , but sorry, very few people can buy a house with cash, $250,000-$400,000, what kind of average young person has that in their account? Especially when they are spending $800-$1,400 a month on rent, they have to live somewhere? Maybe if they plan on buying a house when they're like 80 years old.

And you feel sorry for someone who can't pay for a house in one shot .

 

[Darth Cruel]

Yes it is cheaper buying a house all in one shot (no interest over all those years) , but sorry, very few people can buy a house with cash, $250,000-$400,000, what kind of average young person has that in their account? Especially when they are spending $800-$1,400 a month on rent, they have to live somewhere? Maybe if they plan on buying a house when they're like 80 years old.

And you feel sorry for someone who can't pay for a house in one shot .

Gee. jonny...maybe you should absorb more information from posts that you read before you make a fool of yourself. Anyone can save for a house and pay cash if they want to. It is not brain surgery.

 

[ProgMatinee]

Sounds good, but has no basis in accuracy. You will never be able to argue against the fact that it is less expensive to save for a house and buy it cash. If you can't do it, I feel sorry for you. There are so many easy ways to do it without suffering excessively.

I'm curious to your advice on how one would do this. Lets set up the math.

I'll provide the variables. Lets say couple are 25 years old earns $6000 month post taxes. We'll keep it simple and say they don't have kids. Lets say they have $40,000 savings account.

They want to live in a residence with cash value of $200,000.

They can borrow $160,000 using the $40k down and buy the house today with payments around $1000 per month including escrow. All other funds go to savings and normal living costs like food and utilities.

As your initial posts never mentioned anything otherwise, please keep in mind that all variables such as living costs besides rent/mortgage and salary are fixed.

What would be your proposed alternate scenario?

And you don't have to feel sorry for me, being able to live in a home of my own as opposed to appeasing a landlord, I'm doing just fine.

 

[ProgMatinee]

Gee. jonny...maybe you should absorb more information from posts that you read before you make a fool of yourself. Anyone can save for a house and pay cash if they want to. It is not brain surgery.

Instead of being a jackass, try actually explaining this theory of yours that is so easy.

The truth is, your scenario is probably so full of substitute variables that its comparing apples to oranges.

 

[Darth Madden]

Heck with mortgage interest rates as low as they are now why would you even want to pay cash for a house? After the 20% down you could invest the rest in something that could probably end up making you money in the long run.