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Senior Contributor
Posts: 3,071
Registered: ‎05-17-2007
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I helped a friend fix their credit and they ruined it again.

[ Edited ]
Two friends had bad credit and low scores. All in collections/charge offs. My friend said, I was young, couldn't pay for what I bought. (I should have caught it here when this statement was missing, "but I learned".

After several months, I was able to work out payment plans and agreements with their creditors to pay off and delete or change lates.

So what do you think happened after I stopped helping?

Stopped paying the bills, spent all the money on personal gifts for them selves. I asked my friend "WHAT HAPPENED!?!" My fiend said, I needed to buy stuff.

My friend said "It's not my fault. They gave me all this money."
I said "They did not give you money, they let you borrow it."
My friend makes *twice* the income as I do with half the expenses.

Have you ever heard this statement referencing to many cards?:
"Look how much money they have."
"They can afford anything."
"You can afford it, just charge it with all the money you own on your cards."

Another friend called me up the other day and said, I just made $300 in 10 minutes. I applied and got a credit card and they gave me $300. Today is a good day. Good I said use it wisely. They said I did at the mall. I said, but you just lost your job. I didn't spend my money, I just used the credit card. I love my friend, but.... something is missing upstairs.

I'm embarrassed just telling anyone this but I wanted to know if anyone else has heard of anything like this. These are full grown adults.

It frustrates me because I did so much to help these people. Fixing their credit files and making their credit look good enough to get new cards and it was all for nothing.

Then one of them asked to borrow money from a credit card I wasn't using. I said, you are a dear friend and I am going to do you a favor when I say no. I could have just gave them money as a friend but felt like if they go hungry today it might teach them a lesson. I think they mean to pay back, but something always comes up.

I thought I would just post this as a change since it involved credit and scores.

Message Edited by ilovepizza on 06-25-2007 12:07 PM
If we never set higher goals we would never get as far.
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Established Contributor
Posts: 578
Registered: ‎06-18-2007
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Re: I helped a friend fix their credit and they ruined it again.

Good golly!
You're an excellent friend.  Some people just have bad spending habits and view credit in the wrong way.  I'm a bad spender in a 12 step reform program.  As I've read on here, the first step is to admit you have a problem.....done!  Admitted it years ago. 
Now I'm paying for those mistakes made ages ago. And its going to take time and sacrifice.
If your friend has not admitted they have a problem, they'll continue to have poor personal finances.  Continue to talk to them,  sounds to me like they just have the wrong, Wrong, WRONG idea about the purpose of credit.  That was me, so I guess I feel for them.  But you keep talking, helping where you can.  Just don't lend them any moneySmiley Very Happy
Frequent Contributor
Posts: 356
Registered: ‎06-06-2007
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Re: I helped a friend fix their credit and they ruined it again.

Bad Spender here, but learning and reforming.
Established Contributor
Posts: 678
Registered: ‎05-29-2007
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Re: I helped a friend fix their credit and they ruined it again.

Here's a classic:
Sold a house to my friends,and hooked them up with a mortgage broker who got them in, no money down, closing costs paid (by me) - who in turn sold their house and walked away from closing with 40 Grand. 8 months later, they filed bk. She said, "I couldn't even tell you what we spent it on!"
" I like to live as a poor man, with a lot of money." - Pablo Picasso (who was a jerk.)
Valued Member
Posts: 158
Registered: ‎06-15-2007
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Re: I helped a friend fix their credit and they ruined it again.

never really was a spender I always made my payments to my bank good and ontime other than that like CC's didnt care if I made them on time or not,,,,,man did I screw up!!! once I get my scores up never ever ever ever will I be like that again.....this 7 year thing is like a prison sentence when I get out I aint going back!!!!!!!!!
Moderator Emeritus
Posts: 6,182
Registered: ‎03-29-2007
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Re: I helped a friend fix their credit and they ruined it again.

You need to slap your friend with your strong credit pimp hand. Smiley Happy

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