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Do you give friends/family credit advice?

Established Contributor

Re: Do you give friends/family credit advice?

Can you tell me the name. I am serious need of a living breathing budget. We do everything from our head and bank statements. We do write stuff out once a year and compare and add a buffer for utilities because the rise during the summer and winter months.
Message 51 of 68
New Contributor

Re: Do you give friends/family credit advice?

My family doesn't talk about money, so there is that. As far as my firends go, many of my friends are in really bad credit positions. They often turn to social media asking for short term loans or a co signer from thier friends.

 

While I do not loan or co-sign for my friends, I do comment on these posts saying that I've been rebuilding my credit for a few years now, and would be happy to share what I've learned with them. So far, no takers. It bothers me to see them selling things that the bought (and couldn't afford) only to turn around and sell it a number of weeks/months later to cover some unexpected bill. Nevertheless, I stay out of it. I'm not trying to ruin a friendship because they aren't ready to address their credit shortcomings.


Starting 4/14: 615 ish across the board
3/10/16 EQ: 670 TU: 682 EX: 667
5/30/16: EQ: 690 TU: 675 EX: 671 GOAL: 715 across the board
Message 52 of 68
Frequent Contributor

Re: Do you give friends/family credit advice?

I've learned that you only give advice to friends/family IF they asked. Don't want to create problems lol. I did recommend my sister to signup for a Discover it card a couple of days ago. She was approved for 4k. Her 1st CC. She knows nothing about credit, only use debit/cash. For protection against unauthorized charges, I told her to use the Discover card and PIF each statement. Treat it like you would treat a debit card. 

 

 

Ymmv ~ Cheers!

Discover it (4k), United (8k), Southwest (9k), AARP (5k), Hyatt (8k), Freedom (8k), Venture (20k), Quicksilver (30k), Hawaiian (15k), Cabelas (4k), BofA Cash (1.5k), Amex Hilton (10k), Citi Voyager (5k), Citi AA Platinum (4k), Farmers (7.5k), Amex Spg (10k)
Message 53 of 68
Established Contributor

Re: Do you give friends/family credit advice?

I do not give advice anymore unless asked. My spouse and I are not perfect and lean on each other when we need money or we mess up. My in-laws always need help and when it's tax time or they get a 5 digit bonus, they party and buy everything in site. They Max out credit cards and ask us to use ours(yeah right!).
Message 54 of 68
Established Contributor

Re: Do you give friends/family credit advice?

Thats really sound advice! could'nt agree more.

wells.jpg 2chase navychase east westchase us bankimg src=ChaseFreedom_F.inddC_DP7_EMV_MNLW_18-PID 257.epsnavy fedBCE&ED|Chase|NFCUcc&CLOC|WF|Cash+|ElanFin.|Dia'md prefer.|Gard'N since 6/23/2017|TOTAL CL$111.2K !!!NOIIICE!!!
Message 55 of 68
Regular Contributor

Re: Do you give friends/family credit advice?

I know someone who is getting called into court for an identity theft matter. Someone stole her identity and racked up many collections and debt in her name. She lives section 8 and can lose housing if involved in anything criminal, which is what the I'd thief is doing with her name. Court is coming for a hospital bill in her name for having a baby (this woman has never been pregnant). I have her consumer financial protection bureau phone number and website, twice, and she is burying her head in the sand and won't call. It drives me crazy but I can't make her call.



My credit .... It's over 9,000!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Message 56 of 68
Senior Contributor

Re: Do you give friends/family credit advice?

I love DCU, my branch is in Franklin.
AMEX BCP $9000- DCU Platinum $10000- PenFed Power $11000- Chase FU $11700- AMEX EDP $15000- NFCU CLOC $15000- Chase CSP $18900- Discover IT Miles $20000- Penfed Promise $25000- NFCU Go Rewards $27100- Venture $28750 **As of 11/18/17** EX- 762(13) TU- 765(12) EQ- 731(14) UTI 8%- Clean Files
Message 57 of 68
Established Contributor

Re: Do you give friends/family credit advice?


Shenron wrote:
I know someone who is getting called into court for an identity theft matter. Someone stole her identity and racked up many collections and debt in her name. She lives section 8 and can lose housing if involved in anything criminal, which is what the I'd thief is doing with her name. Court is coming for a hospital bill in her name for having a baby (this woman has never been pregnant). I have her consumer financial protection bureau phone number and website, twice, and she is burying her head in the sand and won't call. It drives me crazy but I can't make her call.

Too bad, sorry to hear that...

Goal: 700's by 11/1/2015 (all baddies will be gone)



Message 58 of 68
New Contributor

Re: Do you give friends/family credit advice?

If I'm asked? I'll give advice. Otherwise I just keep my mouth shut.
Message 59 of 68
Frequent Contributor

Re: Do you give friends/family credit advice?

Interesting thread ! 

 

I've been able to do quite well, as far getting derogatory information off , getting a couple cards and getting all scores north of 700. I have a sister who I've "tried" tell about this forum ,  advise her on getting her credit cleaned up as she and her husband are looking for a home. She just looks at me with profound stares as if I'm delusional ! 

 

Of course their scores are all below 600, couldn't manage a mortgage if they wanted too and refuse to take any advise from me ! 

 

This is not the only thing, by far, she never listened too, getting and keeping herself below the the standards we were raised at ! She doesn't do drugs or anything like that but acts jealous when I offer anything in areas that I know about. She'd rather go and pay someone else for help than set down and listen to me.

 

Oh well ,  we all have 'em !! 

FICO :November 2016
TU-761 EQ 756. EX - 749
No Baddies
QS1 -$2,000. Care Credit $9,600.00 CHASE Freedom $3,000.00 Discover IT $1,000.00
Inq TU 4 EQ 3 EX 2
Message 60 of 68