01-29-2013 05:06 PM
So.. Even before popping into these forums, I am r
He likes to open accounts to use the instant benef
How do try to approach these things without being
Thank you for your replies!!
01-29-2013 08:26 PM
You can only do what you can do. I made a huge mistake when I got married 21 years ago. I married a woman smarter than me.
Maybe it is just going to take him awhile to figure that one on his own.
01-30-2013 11:50 AM
Suggest he keep them open for "emergencies".
We keep mine open just in case. It's our safety net. We are blessed that we now have a small cash emergency fund to use. It's not eough to meet a months of expenses, but it's a start. The cc's helped us save tidy sum of money (see my post on my way to a 100k, last page talks about how we used the cc's to do that). Maybe that would strike a cord with the bf.
01-30-2013 06:43 PM
Actually had a pretty good talk over dinner about AAoA & Util, and closing accounts he isn't using (and how it can affect both), and... I think I saw a light go on *ding*
I asked him to give the accounts a few months/year, and we'll see how his credit profile/score reflects NOT closing them.. Hey it's a start!
02-01-2013 04:02 AM
You're doing it wrong.
Don't explain to him the negatives of closing accounts. Explain to him the POSITIVES and possible benefits he'll get over the long term. Don't you understand that's exactly why he is opening those accounts in the first place? He's not focusing on the negatives, he's focusing on the positives.
Research those cards he opens, and see if those are the kind of cards that offer later benefits or rewards.
Ex: Barclays NFL Card had a sign-up bonus that was worth $400 statement credit. You figure, open it, get the credit, close. But no, I researched and saw that this particular card continuously does promotions where they give statement credits for spending. Explain to your boyfriend that if he keeps closing them, he might not reap those benefits later on.
I don't know what type of relationship you are in (meaning, how long you've been together) but sometimes talking bigger picture (house, family, etc...) can also scare the bejeezus out of men when talking about credit if they aren't that far into it.
Follow my financial journey: http://www.frugalrican.com
02-02-2013 07:12 AM
It might be a good idea to talk about long-term goals with him, like how his behavior could affect his interest rate on big loans like mortgages or auto loans. It sounds like he's a little bit set in his ways, but I was too before I got educated about credit.
02-24-2013 07:13 PM
I suggest you follow the suggestion someone else posted to keep your own finances separate. I married a hopeless case you never got it right. Up to and through our divorce she was still borrowing from Peter to pay Paul, and regularly paying bounced checks, overdraft and late payment fees. Such people can be a severe drag on your own financial goals. Think very seriously before deciding upon marriage. On a more positive note, you might seek out and print for him the expert explanation from MyFICO and others about the impact of closing accounts and starting new one. Sit with him and review the material together and from the heart. The negatives are clear...in terms of his credit point scores. In my experience these days, there is so much competition the credit card companies are always offering new incentive programs that your BF can take advantage of involving the cards he keeps. Good luck.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.