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Yeah, I've ran into that with auto lending as well when I purchased my last car. However, that's one of the only things I've ever seen that with. Another thing to consider is that sometimes car loans only use one credit tracker so your score will be based on the data they have. I don't know the reason for this other than possibly cars are easy to repo and resell at auction.

I’m sorry, but you should not be in the market for a house right now unless it’s a true necessity.

Pay of that debt first.

Needs at least 730 for the best rates

CreditKarma has many good points, but it is actually 30-50 points below your real score. I just had a credit pull and my score was 50 points higher than on credit karma.

A personal loan with a lower interest rate is a good idea, don't let the "no debters" scare you.

Found this to be the same when applying for car loans and credit cards as well. Not 100 points but 30-60 points.

I noticed the complete opposite. Credit karma had me at a 780 but when I bought a few new cars in the last year, when they ran my credit, it consistently came back with over 800. One was even 828 when karma was reporting 770.

Don’t get another personal loan, just aggressively pay off your debt, and stop ALL unnecessary spending. A personal loan won’t help your credit score, just lower the length of your credit history which is a negative. Pay off the personal loan, then the credit cards, always pay in full each month, and then start saving like crazy. No shopping, no meals out, and play board games with friends.

Someone mentioned you may need to wait longer to buy your house. You will need a very healthy reserve when you buy a house or you will soon be in more credit card debt than you are now because even newer homes are expensive. Lately, insurance goes up each year, taxes increase each year, only the mortgage part stays the same; and repairs and maintenance are never ending.

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>Thanks just to double confirm, even though I rolled over $40k into the traditional IRA in 2020 (but did not contribute money), the basis for that year and earlier is STILL just $0?

Yes. Only a nondeductible contribution raises IRA basis. Notice that I didn't say nondeductible IRA contribution. I said nondeductible contribution. i.e. it can come from both IRA and non-IRA. If you messed up and rolled over the contribution portion of after-tax 401k to traditional IRA, that was a nondeductible contribution. This would be the only rare case of non-IRA-based IRA basis.

Thanks just to double confirm, even though I rolled over $40k into the traditional IRA in 2020 (but did not contribute money), the basis for that year and earlier is STILL just $0? For some reason, I thought that I have to account for that $40k somewhere as part of the Pro-Rata.

and he thinks it's a great rate

>Yes, but in that form, line 2 asks: "Enter your total basis in traditional IRAs." I do not know what I should fill out based on the above.

If you have never made any nondeductible contribution for tax year prior to 2021, your IRA basis for 2020 and earlier (2021 Form 8606 line 2) is $0.

>Also once I figure that out, I can fill out 8606 for year 2021. But for year 2022 I still need to do my taxes by the deadline, and its asking me for my basis from year 2021

Your IRA basis for 2021 and earlier is on 2021 Form 8606 line 14 after you finish redoing the form correctly.

Mine as well. A 759 from my lender, but 718 online.

Yes, but in that form, line 2 asks: "Enter your total basis in traditional IRAs." I do not know what I should fill out based on the above.

Also once I figure that out, I can fill out 8606 for year 2021. But for year 2022 I still need to do my taxes by the deadline, and its asking me for my basis from year 2021 (which is dependent on understanding how to fill out 2021's 8606).

You need to redo your 2021 Form 8606. Just go through the form's part 1 and 2 and answer all questions. Once that's done, redo your entire tax return because you had taxable conversion that you didn't include, which changes Form 1040 line 4b and everything downstream. Compare the old and the new tax returns and fill out Form 1040X.

Mail the signed Form 1040X and 2021 Form 8606.

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He has $9k from options he doesn’t want to sell…that would immediately remove his two highest interest debts. Asks for advice, ignores it.

Forget the loan and go with the debt snowball. Pay off the credit card, then the personal loan. Need to save at least 3.5% I think for an FHA loan... Paying the car off could hurt either if you can do it. Also... Make sure you have a small emergency fund at a minimum.

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I disagree with this. A personal loan usually has a lower interest rate than credit cards and the payments are over a fixed time frame, so the interest isn't as penalizing. OP already has stated the intent to pay off the loan early and credit card charges in entirety monthly. This sounds like a reasonable plan to save some interest.

Fwiw, my score was significantly lower on credit karma than what the mortgage lenders showed. I've checked independently since then, and the credit karma score has consistently been much lower than my actual score (as in around 50-100 points off).

If you need to pull out a personal loan in order to pay your credit card debt and other debts, you are no where near ready to buy a house. Especially with a credit score that low.

You’ve gotten some sound advice here but seems you think you know better. Good luck.

First fix your taxes , that's firs document for pre aproval , depending of that you will see how much you can afford. Also , before you start process of mortgage pay all your debts, be on zero and than start to saving for down payment. Taking loans when you already have one doesn't make any sense because terms and conditions of new loans are horrible for people with already existing debts.