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Valued Contributor
Posts: 2,083
Registered: ‎07-17-2012

Do you give friends/family credit advice?

When I'm interesting in something I throughly research it. Not only is credit and my scores benefical to my financial life,  I also consider them a hobby and like to think that I am fairly knowledgeable and able to give informed advice.  I don't know it all, there is always something new to learn. With that said, I sometimes pass along what I know to friends and family members that might be able to use the advise. For example, one friend has an interest rate that is "ok" but not the best. If I remember correctly it's 4.9 or 5.9%. So I suggested that he use the credit union that I use (DCU). He should be able to qualify for a rate that is under 2% plus get a free EQ score each month. Did he? Um... no. Then he bought a new car a few months ago and let the dealer take care of his loan again. They are probably buying the loan cheaper and making a few points on the deal. Oh well, I tried. I have a family member with some credit issues. I layed out a road map for her to follow to improve her credit. She took some advice but not much. I did the same for a friend. It took him awhile but he started to follow what I said. He also took a couple of detours from that which set him back.  Like they say, you can lead a horse to water but you can't make him drink. 

 

 

 

Cap 1 - $23,000 / Lowe’s - $17,000 / Barclay Rewards - $16,400. / Capital 1 - $15,000 / Walmart - $15,000
Cap 1 - $12,000 / PenFed - $10,000 / Penney - $10,000 / Barclay Apple Rewards - $4000 / Merrick - $2500


EQ - 740 / TU - 748 / EX - 748
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Posts: 17,409
Registered: ‎07-14-2009

Re: Do you give friends/family credit advice?


masscredit wrote:

When I'm interesting in something I throughly research it. Not only is credit and my scores benefical to my financial life,  I also consider them a hobby and like to think that I am fairly knowledgeable and able to give informed advice.  I don't know it all, there is always something new to learn. With that said, I sometimes pass along what I know to friends and family members that might be able to use the advise. For example, one friend has an interest rate that is "ok" but not the best. If I remember correctly it's 4.9 or 5.9%. So I suggested that he use the credit union that I use (DCU). He should be able to qualify for a rate that is under 2% plus get a free EQ score each month. Did he? Um... no. Then he bought a new car a few months ago and let the dealer take care of his loan again. They are probably buying the loan cheaper and making a few points on the deal. Oh well, I tried. I have a family member with some credit issues. I layed out a road map for her to follow to improve her credit. She took some advice but not much. I did the same for a friend. It took him awhile but he started to follow what I said. He also took a couple of detours from that which set him back.  Like they say, you can lead a horse to water but you can't make him drink. 

 

 

 


I might mention a few things here and there but like you I have found many people don't want to hear about it or give up too soon because "It's just too much trouble".

Senior Contributor
Posts: 7,203
Registered: ‎11-18-2013

Re: Do you give friends/family credit advice?


MarineVietVet wrote:

 

I might mention a few things here and there but like you I have found many people don't want to hear about it or give up too soon because "It's just too much trouble".


+100 

 

Totally agree!

EQ Beacon 9.0 Bankcard Enhanced - 768 (12/29/15); EX FICO 08 - 764 (01/09/16); EX FICO Bankcard Score 8 - 779 (01/09/16); TU FICO 08 Classic - 759 (01/28/16). Total CL - $245,300 (Individual - $141,250 + AU - $104,050)

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AU:
Valued Contributor
Posts: 1,486
Registered: ‎03-22-2012
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Re: Do you give friends/family credit advice?

I know a few people that are in financial difficulties for one reason or another. I've tried several times to open a discussion, ya know, just in general terms to try and ease into talking about how to improve one's financial health. All I ever received was blank stares and glassy eyes. I can't believe how stupid some people can be!  They have no understanding of how credit and finance actually works and REFUSE to learn about it. They would rather just keep doing more of what it is that is NOT working for them!

 

They don't realize how many people and financial institutions are out there looking to fleece them in any way that they can. It drives me crazy to see them make one poor decision after another when they could easily change their circumstances with a little learning and effort.


Starting Score: EQ 653 6/21/12
Current Score: EQ 703 8/5/17 - EX 743 8/5/17 - TU 731 8/5/17
Contributor
Posts: 92
Registered: ‎03-02-2014
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Re: Do you give friends/family credit advice?

I've tried to get everyone I know to fix their credit but they just ask me if I'll do it for them. Lol
Valued Contributor
Posts: 1,160
Registered: ‎07-14-2014

Re: Do you give friends/family credit advice?


Little_Lulu wrote:
I've tried to get everyone I know to fix their credit but they just ask me if I'll do it for them. Lol

Ha. I'm doing the same thing with a few friends of mine. They don't know where to begin and since joining here I have picked up a wealth of knowledge and feel confident helping anyone that asks for it.

Total CL: $96K
High CL: $39K
Low CL: $7K
Aver CL: $16K
AAoA: 4 Yrs & 1 Mon
Utilization: 4%
Inq: EQ: 10 | EX: 2 | TU: 2
BK CH7 DC: 03/2013
Valued Contributor
Posts: 1,110
Registered: ‎04-03-2014
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Re: Do you give friends/family credit advice?

 

masscredit wrote:

When I'm interesting in something I throughly research it. Not only is credit and my scores benefical to my financial life,  I also consider them a hobby and like to think that I am fairly knowledgeable and able to give informed advice.  I don't know it all, there is always something new to learn. With that said, I sometimes pass along what I know to friends and family members that might be able to use the advise. For example, one friend has an interest rate that is "ok" but not the best. If I remember correctly it's 4.9 or 5.9%. So I suggested that he use the credit union that I use (DCU). He should be able to qualify for a rate that is under 2% plus get a free EQ score each month. Did he? Um... no. Then he bought a new car a few months ago and let the dealer take care of his loan again. They are probably buying the loan cheaper and making a few points on the deal. Oh well, I tried. I have a family member with some credit issues. I layed out a road map for her to follow to improve her credit. She took some advice but not much. I did the same for a friend. It took him awhile but he started to follow what I said. He also took a couple of detours from that which set him back.  Like they say, you can lead a horse to water but you can't make him drink. 


Instead of "...you can lead a horse to water but you can't make him drink. " I prefer:

 

It's like Moses, I can bring you to the promise land, but I can't go in with you.

Credit Cards: AmEx Platinum (NPSL), Citi Prestige ($32K), Simmons ($5.5K), IberiaBank ($14K)
Personal Lines of Credit: U.S. Bank ($5K), Wells Fargo ($11.2K), Citibank ($11.8K), PenFed CU ($25K), LA Financial CU ($20K)
myFICO 3B Report (as of 4/30/16): Experian: Score 8: 786; Mortgage Score 2: 809 Equifax: Score 8: 801; Mortgage Score 5: 809 Transunion: Score 8: 796; Mortgage Score 4: 796
Jumbo Mortgage: 3.75%
Established Contributor
Posts: 780
Registered: ‎09-29-2014

Re: Do you give friends/family credit advice?

A good rule of thumb is that unsolicited advice generally goes unheeded and is fairly often resented. I don't give advice unless I am specifically asked. Then I tell them to check out fico forums and after they have done that, if they have any specific questions I'll be glad to help them. That way they can research for themselves and if they are serious about their credit then I am more than willing to help them. Keeps friends and family happy. If they don't want to change that is on them. Just don't ask me for money.

Over $182,000 in credit across 12 cards.

FICO ranges from 786 -818 as of 6/17/2017
New Member
Posts: 5
Registered: ‎11-06-2014
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Re: Do you give friends/family credit advice?

I've worked in various finance related jobs over the years, and have a pretty good grasp on how most of it works.  I generally don't discuss it with friends and family unless it's something they bring up and I have some knowledge to lend.  On the whole car loan thing, I can't tell you the number of people I've told over the years to get a loan set up with their bank or credit union prior to going into the dealership.  But most just don't listen, and end up paying a couple points more on a 60 month loan than if they had gotten a good rate at their own bank.  Some people just dont' care or don't pay attention. 

Jennifer
Valued Contributor
Posts: 2,083
Registered: ‎07-17-2012
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Re: Do you give friends/family credit advice?


jenns71 wrote:

I've worked in various finance related jobs over the years, and have a pretty good grasp on how most of it works.  I generally don't discuss it with friends and family unless it's something they bring up and I have some knowledge to lend.  On the whole car loan thing, I can't tell you the number of people I've told over the years to get a loan set up with their bank or credit union prior to going into the dealership.  But most just don't listen, and end up paying a couple points more on a 60 month loan than if they had gotten a good rate at their own bank.  Some people just dont' care or don't pay attention. 


I experienced this last night. A friend is doing some card shopping so I sent her a message on Facebook. Gave her my number and told her to give me a call. I explained the whole car buying thing to her.  Told her that the salesman isn't her friend and that the finance department is there to make additional money for the dealer. I suggested that she secure fiancing first, gave her the name of the credit union I use and explained the benefits of going with them. She agreed and even pointed out that the dealer will probably run her application through a few banks to get it appropved (limited credit).  At the end of the conversation, she still wanted to see what the saleman that she's bought a few cars from can do for her. 

Cap 1 - $23,000 / Lowe’s - $17,000 / Barclay Rewards - $16,400. / Capital 1 - $15,000 / Walmart - $15,000
Cap 1 - $12,000 / PenFed - $10,000 / Penney - $10,000 / Barclay Apple Rewards - $4000 / Merrick - $2500


EQ - 740 / TU - 748 / EX - 748

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