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Do you give friends/family credit advice?

Super Contributor

Re: Do you give friends/family credit advice?

Two poeple at work recently got divorced so I brought up the issue of credit monitoring.  You can also bring it up if poeple are talking about getting a new car or mortgage.

 

I find it best not to bring up credit,  politics, or religion with family and friends and familiy though.

10/17/2017 FICO: EQ 829 TU 830 EX 826
Message 21 of 68
Frequent Contributor

Re: Do you give friends/family credit advice?

Omg,I have never ending advice for anyone who will listen!!!

Starting Score: 6/6/12: TU 585/EQ 472/ EX 561
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Message 22 of 68
Contributor

Re: Do you give friends/family credit advice?

I've noticed that since I started visiting myfico more often that I've started talking about credit and credit cards with my father more recently. He has bad credit but he's been trying to fix it by paying off old collections. I tried to add him as an AU on one of my cards (since he has none) but he declined. I've also had my boyfriend more recently ask me for credit card suggestions and general credit advice. He has really great credit (even better than mine) but he still asked for my advice which I found to be extremely flattering Smiley Happy. Apparently, he thinks I'm prettty crafty when it comes to finding the best credit card deals and making them work for me Smiley Wink,

Message 23 of 68
Community Leader
Valued Contributor

Re: Do you give friends/family credit advice?

My friends and family have always come to me for credit advice.  I share my mistakes I have made in my life with credit and it gives them insight on what and what not to do.  Actually, I am thinking about having monthly meeting talking about credit.  We can all learn from each other stories about credit.  I personally believe it is something that should not be hidden.  I remember when I was so secretive that I lost my job and end up loosing my car.  My mother in law was upset because I did not tell her and she said she would of helped me out.  That'w where my pride got in the way instead of asking for help.  I have no problems with offering credit advice.  I am cosntantly reading different blogs, and subsribe to kiplingers magazine.  

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Message 24 of 68
Community Leader
Super Contributor

Re: Do you give friends/family credit advice?

There are certain topics I love to spend a lot of time researching and I love to give advice. Whether personal experience or oh I read this kind of advice.

But, when it comes to credit... most of my friends do not want to hear anything about it. A lot of my friends, the same age as me, late 20's do not even want to know what their credit score is. 

Message 25 of 68
Regular Contributor

Re: Do you give friends/family credit advice?

Funny you ask as I've often tried to help friends and family and most often it's just overwhelming to them and they tune it out, or they pretty much give up after a short time. At Christmas time, I was sitting in a hot tub with my girlfriend, my little sister and her 21 year old boyfriend. He started asking me questions about how to improve credit and how to be financially successful. I told him about annualcreditreport.com, creditkarma, disputing things on your report, how to get increases in trade lines, hard/soft inquiry, blah blah blah. Everyone tuned me out, but I could tell he was serious about it. We got back up to the condo (rented it out of the week to go skiing in Breckenridge - don't be jealous LOL), and not 15 minutes later he was like "hey can you show me which option you'd choose for disputing this item?". He had already pulled his CRs and scoured them and found 2 mistakes and wanted to fix it!! He told me he really wants to be smart with his money and be able to get a mortgage whhen he marries my sister  in the future and wants me to be pround. I kid you not I almost shed a tear! Instead I just fist bumped him and got down to business Smiley Very Happy

 

So yes, I've tried futility many times to help people with no progress, but after being to help him made it worth all the effort!

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Starting score 12/2010: 510
Current score 12/2016: 835
Message 26 of 68
Established Contributor

Re: Do you give friends/family credit advice?


MTSN wrote:

Funny you ask as I've often tried to help friends and family and most often it's just overwhelming to them and they tune it out, or they pretty much give up after a short time. At Christmas time, I was sitting in a hot tub with my girlfriend, my little sister and her 21 year old boyfriend. He started asking me questions about how to improve credit and how to be financially successful. I told him about annualcreditreport.com, creditkarma, disputing things on your report, how to get increases in trade lines, hard/soft inquiry, blah blah blah. Everyone tuned me out, but I could tell he was serious about it. We got back up to the condo (rented it out of the week to go skiing in Breckenridge - don't be jealous LOL), and not 15 minutes later he was like "hey can you show me which option you'd choose for disputing this item?". He had already pulled his CRs and scoured them and found 2 mistakes and wanted to fix it!! He told me he really wants to be smart with his money and be able to get a mortgage whhen he marries my sister  in the future and wants me to be pround. I kid you not I almost shed a tear! Instead I just fist bumped him and got down to business Smiley Very Happy

 

So yes, I've tried futility many times to help people with no progress, but after being to help him made it worth all the effort!


I almost shed a tear too, reading this.  It's awesome when someones asks, remains interested, then they just get it.Cat Happy

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Message 27 of 68
Frequent Contributor

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 do feel ya!! Since I got on board about my credit a couple of years ago, its been a fire ignited inside of me, the fire didn't become engulfed and full flamed until I found this forum!  Since learning and researching the forum, this is all I study and I swear the people that I consider my friends and family I try to share what I know, "they not ready" LOL and I'm getting teased a lot!  They claim thats all I talk about!  Well my motto is "Sharing is Caring". 

Message 28 of 68
Valued Contributor

Re: Do you give friends/family credit advice?

i try but they dont listen to me. My cousin has horrible credit and never listens to me. my sister which has a PhD and know it all does not listen to me because i guess she thinks i dont know.

 

my parents do listen to me and they like to talk about credit and what i know and have learned.


Message 29 of 68
Valued Contributor

Re: Do you give friends/family credit advice?

Another experience today, buddy called to ask my advice about a car dealer. I steered him away from there (low quality cars/high interest rates). I gave him some suggestions like open an account at a local credit Union (DCU) then apply for an auto loan there. That would probably save a few points instead of giving the dealer more profit. Also tried to steer him away from an extended warranty along with a few other suggestions to keep money in his pocket. A few hours later he calls to tell me he's financing through the dealer but doesn't know the rate and doesn't know how much he's getting for his trade. Most of what he told me isn't in his favor except he's getting the car.  

 

Why ask my advise then do the opposite? I guess I have to realize that I can't help the world. It's nice to talk about stuff like this with like minded people (like here). Other than that, just focus on myself. 

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Message 30 of 68