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Frequent Contributor
Posts: 461
Registered: ‎07-08-2016
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Re: I trust my family with credit

Subexistence wrote:

My dad has a FICO score of 848. My sister graduated from MIT and she makes 150K per year and has above 800 FICO score. I've added them as AU to help me meet sign-up bonus on Amex BCE. Everything they spent on it was paid off. My dad also gave me 15K because he trusts that I won't recklessly spend it on a fancy car. Right now, the money is earning interest in a high interest money market account. I will invest it in stocks when I've learned more about the stock market and when the time is right.


Seriously, this whole sub-forum is about bashing family and friends about being wolfy and selfish. If they have genetic impulse control and they love you enough to not scam you, why not trust them?

There is a saying that all mushrooms are edible, but some mushrooms are only edible once. If you understand that saying, you'll understand why so many of us don't trust others with money, even if they're family.


Loaning money is really about risk. If family asks for a small amount that won't hurt you personally, you will be much more likely to loan it out. I'm sure most of the bashers you reference would happily loan a family member $20 because it's not something that would hurt them if it wasn't repaid. Up that amount to $5,000 or $50,000 and many would balk because if the family member defaults, it takes them down as well. It's the same reason many of us won't co-sign for any amount - the credit report hit can be devastating.


Request an amount that would damage your father if you didn't repay and see if he still agrees. If I recall, you once commented about how your parents wouldn't make you an AU on their cards. I wouldn't make my kids and an AU and if they asked, I'd tell them they need to build their own credit. It's not wrong, but it's also because I'm not going to expose myself to that risk.


Finally, you should consider dropping the genetic references. Yes, some mental disorders that result in poor impulse control are genetic, but these are severe cases and affect people at a much lower level than how they spend money. Genetics is not a determining factor in what makes some people more responsible than others.

New Visitor
Posts: 10
Registered: ‎07-07-2017
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Re: I trust my family with credit

Good philosophy, the main thing is that your children do not think the same way and did not surrender you to a nursing home when you become old.

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