topic Re: Suze Orman and her FICO score promise. Impossible? in Personal Finance

Suze Orman and her FICO score promise. Impossible?

Anonymous — Thu, 02 Dec 2021 00:43:06 GMT

Well I have been watching Suze Orman over the years. Personally I dont believe much of what she says. She sounds like to me, well like a snake oil salesperson only there is no snake oil. (just my opinion, maybe there is?)

She claims that you can increase your FICO score with her purple debit card. Just like a credit card it will report to increase your FICO scores. I thought (I could be wrong) that your FICO score is based on money you owe out to others. Since this is a debit card that pulls money out of another of your accounts, you never owe anyone any money so how can this be reported? This has me totally confused it is not at all what I thought credit and scores are based on.. Just on who you owe money to , and if you are paying as agreed.

Thank you in advance.

Mark

Re: Suze Orman and her FICO score promise. Impossible?

Brian_Earl_Spilner — Thu, 02 Dec 2021 02:38:07 GMT

Wasn't this card discontinued in 2014?

Re: Suze Orman and her FICO score promise. Impossible?

FinStar — Thu, 02 Dec 2021 03:16:21 GMT

@Anonymous wrote:
Well I have been watching Suze Orman over the years. Personally I dont believe much of what she says. She sounds like to me, well like a snake oil salesperson only there is no snake oil. (just my opinion, maybe there is?)

She claims that you can increase your FICO score with her purple debit card. Just like a credit card it will report to increase your FICO scores. I thought (I could be wrong) that your FICO score is based on money you owe out to others. Since this is a debit card that pulls money out of another of your accounts, you never owe anyone any money so how can this be reported? This has me totally confused it is not at all what I thought credit and scores are based on.. Just on who you owe money to , and if you are paying as agreed.
Thank you in advance.
Mark

Did she really ever make such a claim or are you getting things mixed up? Just curious.

The prepaid debit card was launched circa 2012, IIRC, but was discontinued roughly 2 years later (as mentioned upthread). At the time, it seemed on par than peer products, but it also featured access to a TU FICO score along with credit monitoring and ID protection. I recall there were some ancillary fees, but they were no different than other prepaid debit card products of its time. Most folks griped about replacement card fees and fees to speak to a live agent.

Can you provide a source or article where she touted such claim @Anonymous? I'd be curious to read it.

Re: Suze Orman and her FICO score promise. Impossible?

txwallflower — Thu, 02 Dec 2021 05:23:53 GMT

@FinStar wrote:
@Anonymous wrote:
Well I have been watching Suze Orman over the years. Personally I dont believe much of what she says. She sounds like to me, well like a snake oil salesperson only there is no snake oil. (just my opinion, maybe there is?)

She claims that you can increase your FICO score with her purple debit card. Just like a credit card it will report to increase your FICO scores. I thought (I could be wrong) that your FICO score is based on money you owe out to others. Since this is a debit card that pulls money out of another of your accounts, you never owe anyone any money so how can this be reported? This has me totally confused it is not at all what I thought credit and scores are based on.. Just on who you owe money to , and if you are paying as agreed.
Thank you in advance.
Mark
Did she really ever make such a claim or are you getting things mixed up? Just curious.

The prepaid debit card was launched circa 2012, IIRC, but was discontinued roughly 2 years later (as mentioned upthread). At the time, it seemed on par than peer products, but it also featured access to a TU FICO score along with credit monitoring and ID protection. I recall there were some ancillary fees, but they were no different than other prepaid debit card products of its time. Most folks griped about replacement card fees and fees to speak to a live agent.

Can you provide a source or article where she touted such claim @Anonymous? I'd be curious to read it.

I found this article on Market Watch from Jan 13, 2012: Suze Orman debit card raises many doubts - MarketWatch

In the article it lists: Orman’s “nine reasons why I think the Approved Card is the smart choice for you"

7.“The Credit Project.”

(This is an interesting initiative for which Orman should get some credit. Prepaid cards do nothing for the buyer’s credit rating (they’re debit cards, after all), but the Approved Card will share transaction records with TransUnion in the hope that at some point the credit bureau may determine that people who use prepaid cards a certain way deserve to have their behavior recognized in their credit score. The people behind the card acknowledge nothing will happen on this until there’s 18-24 months of data. Even then, there’s no guarantee. It’s an interesting effort, but the odds it actually helps Approved Card customers in any meaningful way are extremely long.)

Of course that didn't pan out.

Re: Suze Orman and her FICO score promise. Impossible?

Anonymous — Thu, 02 Dec 2021 09:37:30 GMT

@FinStar wrote:
@Anonymous wrote:
Well I have been watching Suze Orman over the years. Personally I dont believe much of what she says. She sounds like to me, well like a snake oil salesperson only there is no snake oil. (just my opinion, maybe there is?)

She claims that you can increase your FICO score with her purple debit card. Just like a credit card it will report to increase your FICO scores. I thought (I could be wrong) that your FICO score is based on money you owe out to others. Since this is a debit card that pulls money out of another of your accounts, you never owe anyone any money so how can this be reported? This has me totally confused it is not at all what I thought credit and scores are based on.. Just on who you owe money to , and if you are paying as agreed.
Thank you in advance.
Mark
Did she really ever make such a claim or are you getting things mixed up? Just curious.

The prepaid debit card was launched circa 2012, IIRC, but was discontinued roughly 2 years later (as mentioned upthread). At the time, it seemed on par than peer products, but it also featured access to a TU FICO score along with credit monitoring and ID protection. I recall there were some ancillary fees, but they were no different than other prepaid debit card products of its time. Most folks griped about replacement card fees and fees to speak to a live agent.

Can you provide a source or article where she touted such claim @Anonymous? I'd be curious to read it.

Here is one of her interviews. She says that Transunion will be working with her to create a FICO score based on debit card purchases only

thanks

Mark

Suze Orman explains about her Debit card - YouTube

Re: Suze Orman and her FICO score promise. Impossible?

Anonymous — Thu, 02 Dec 2021 09:43:36 GMT

@txwallflower wrote:
@FinStar wrote:
@Anonymous wrote:
Well I have been watching Suze Orman over the years. Personally I dont believe much of what she says. She sounds like to me, well like a snake oil salesperson only there is no snake oil. (just my opinion, maybe there is?)

She claims that you can increase your FICO score with her purple debit card. Just like a credit card it will report to increase your FICO scores. I thought (I could be wrong) that your FICO score is based on money you owe out to others. Since this is a debit card that pulls money out of another of your accounts, you never owe anyone any money so how can this be reported? This has me totally confused it is not at all what I thought credit and scores are based on.. Just on who you owe money to , and if you are paying as agreed.
Thank you in advance.
Mark
Did she really ever make such a claim or are you getting things mixed up? Just curious.

The prepaid debit card was launched circa 2012, IIRC, but was discontinued roughly 2 years later (as mentioned upthread). At the time, it seemed on par than peer products, but it also featured access to a TU FICO score along with credit monitoring and ID protection. I recall there were some ancillary fees, but they were no different than other prepaid debit card products of its time. Most folks griped about replacement card fees and fees to speak to a live agent.

Can you provide a source or article where she touted such claim @Anonymous? I'd be curious to read it.
I found this article on Market Watch from Jan 13, 2012: Suze Orman debit card raises many doubts - MarketWatch
In the article it lists: Orman’s “nine reasons why I think the Approved Card is the smart choice for you"
7.“The Credit Project.”
(This is an interesting initiative for which Orman should get some credit. Prepaid cards do nothing for the buyer’s credit rating (they’re debit cards, after all), but the Approved Card will share transaction records with TransUnion in the hope that at some point the credit bureau may determine that people who use prepaid cards a certain way deserve to have their behavior recognized in their credit score. The people behind the card acknowledge nothing will happen on this until there’s 18-24 months of data. Even then, there’s no guarantee. It’s an interesting effort, but the odds it actually helps Approved Card customers in any meaningful way are extremely long.)

Of course that didn't pan out.

WOW excellent article. She is always trying to sell something to people who really have low incomes and are desperate to improve themselves. However, most of her claims are false (my opinion) but not just my opinion there are massive amounts of articles to prove this. She has no training, no education, nothing to prove that she knows what she is doing. She claims to be a financial expert but has noting at all to back it up. (my opinion)

She tells people to never take out a car loan, you must pay cash for a car LOL It would look like then that 90% of the population will be walking down the freeway instead of driving. What on earth is she thinking?

Thanks

Mark

Re: Suze Orman and her FICO score promise. Impossible?

FinStar — Thu, 02 Dec 2021 15:58:39 GMT

@Anonymous wrote:
@FinStar wrote:
@Anonymous wrote:
Well I have been watching Suze Orman over the years. Personally I dont believe much of what she says. She sounds like to me, well like a snake oil salesperson only there is no snake oil. (just my opinion, maybe there is?)

She claims that you can increase your FICO score with her purple debit card. Just like a credit card it will report to increase your FICO scores. I thought (I could be wrong) that your FICO score is based on money you owe out to others. Since this is a debit card that pulls money out of another of your accounts, you never owe anyone any money so how can this be reported? This has me totally confused it is not at all what I thought credit and scores are based on.. Just on who you owe money to , and if you are paying as agreed.
Thank you in advance.
Mark
Did she really ever make such a claim or are you getting things mixed up? Just curious.

The prepaid debit card was launched circa 2012, IIRC, but was discontinued roughly 2 years later (as mentioned upthread). At the time, it seemed on par than peer products, but it also featured access to a TU FICO score along with credit monitoring and ID protection. I recall there were some ancillary fees, but they were no different than other prepaid debit card products of its time. Most folks griped about replacement card fees and fees to speak to a live agent.

Can you provide a source or article where she touted such claim @Anonymous? I'd be curious to read it.
Here is one of her interviews. She says that Transunion will be working with her to create a FICO score based on debit card purchases only
thanks
Mark

Suze Orman explains about her Debit card - YouTube

Right, but if you noticed from the article upthread, it was an aspirational goal for the card program to share data with TU for reporting purposes, but it didn't pan out. This would be no different than Experian Boost for similar strategies to 'boost' individual credit scores, but the majority of lenders strip out the 'boosted' data elements.

Re: Suze Orman and her FICO score promise. Impossible?

Anonymous — Thu, 02 Dec 2021 20:17:32 GMT

@FinStar wrote:
@Anonymous wrote:
@FinStar wrote:
@Anonymous wrote:
Well I have been watching Suze Orman over the years. Personally I dont believe much of what she says. She sounds like to me, well like a snake oil salesperson only there is no snake oil. (just my opinion, maybe there is?)

She claims that you can increase your FICO score with her purple debit card. Just like a credit card it will report to increase your FICO scores. I thought (I could be wrong) that your FICO score is based on money you owe out to others. Since this is a debit card that pulls money out of another of your accounts, you never owe anyone any money so how can this be reported? This has me totally confused it is not at all what I thought credit and scores are based on.. Just on who you owe money to , and if you are paying as agreed.
Thank you in advance.
Mark
Did she really ever make such a claim or are you getting things mixed up? Just curious.

The prepaid debit card was launched circa 2012, IIRC, but was discontinued roughly 2 years later (as mentioned upthread). At the time, it seemed on par than peer products, but it also featured access to a TU FICO score along with credit monitoring and ID protection. I recall there were some ancillary fees, but they were no different than other prepaid debit card products of its time. Most folks griped about replacement card fees and fees to speak to a live agent.

Can you provide a source or article where she touted such claim @Anonymous? I'd be curious to read it.
Here is one of her interviews. She says that Transunion will be working with her to create a FICO score based on debit card purchases only
thanks
Mark

Suze Orman explains about her Debit card - YouTube
Right, but if you noticed from the article upthread, it was an aspirational goal for the card program to share data with TU for reporting purposes, but it didn't pan out. This would be no different than Experian Boost for similar strategies to 'boost' individual credit scores, but the majority of lenders strip out the 'boosted' data elements.

So she is a snake oil salesperson. She fits the mold. She tricked who knows how man thousands of people into opening this card with false hopes. She is no better then Dave Ramsey

Thanks

Mark

Re: Suze Orman and her FICO score promise. Impossible?

SoCalGardener — Thu, 02 Dec 2021 23:28:42 GMT

@Anonymous wrote:
Well I have been watching Suze Orman over the years. Personally I dont believe much of what she says. She sounds like to me, well like a snake oil salesperson only there is no snake oil. (just my opinion, maybe there is?)

She claims that you can increase your FICO score with her purple debit card. Just like a credit card it will report to increase your FICO scores. I thought (I could be wrong) that your FICO score is based on money you owe out to others. Since this is a debit card that pulls money out of another of your accounts, you never owe anyone any money so how can this be reported? This has me totally confused it is not at all what I thought credit and scores are based on.. Just on who you owe money to , and if you are paying as agreed.

@Anonymousare you sure you're watching current episodes?! The only things I can find regarding Orman and a 'purple card' were from nearly a decade ago--as others have said upthread.

Are you watching her on TV or strictly via YouTube....or what? If you're watching YT videos, you might want to check their date to see if they're recent.

BTW, I get that 'snake oil' salesperson feeling from her, too! I used to watch her, years ago, on CNBC [I think], but quickly realized I didn't like her. As you noted, with her 'advice' about not getting car loans, that just doesn't work for most people! I happen to like writing a check for a new car and not being bogged down by payments, but I also liked being able to buy cars on credit when that was a better option--as in, I didn't have that kind of money sitting around! Not everyone has the option to pay cash, unless they're happy with an old clunker.

Re: Suze Orman and her FICO score promise. Impossible?

Red1Blue — Thu, 02 Dec 2021 23:39:08 GMT

I beleive that card Mark is referring to is no longer available. I am not sure whose idea was it using the Debit card for credit building purposes. The concept she was promoting with Purple Card seems to be widely used now a days with several companies. May be she was way ahead of time when she introduced the Purple Card a decade ago. Unicorn, Chime and several other companies are using the Debit Card as a Credit building strategy and reporting to the CRAs.

Re: Suze Orman and her FICO score promise. Impossible?

FinStar — Fri, 03 Dec 2021 00:45:30 GMT

@Anonymous wrote:
@FinStar wrote:
@Anonymous wrote:
@FinStar wrote:
@Anonymous wrote:
Well I have been watching Suze Orman over the years. Personally I dont believe much of what she says. She sounds like to me, well like a snake oil salesperson only there is no snake oil. (just my opinion, maybe there is?)

She claims that you can increase your FICO score with her purple debit card. Just like a credit card it will report to increase your FICO scores. I thought (I could be wrong) that your FICO score is based on money you owe out to others. Since this is a debit card that pulls money out of another of your accounts, you never owe anyone any money so how can this be reported? This has me totally confused it is not at all what I thought credit and scores are based on.. Just on who you owe money to , and if you are paying as agreed.
Thank you in advance.
Mark
Did she really ever make such a claim or are you getting things mixed up? Just curious.

The prepaid debit card was launched circa 2012, IIRC, but was discontinued roughly 2 years later (as mentioned upthread). At the time, it seemed on par than peer products, but it also featured access to a TU FICO score along with credit monitoring and ID protection. I recall there were some ancillary fees, but they were no different than other prepaid debit card products of its time. Most folks griped about replacement card fees and fees to speak to a live agent.

Can you provide a source or article where she touted such claim @Anonymous? I'd be curious to read it.
Here is one of her interviews. She says that Transunion will be working with her to create a FICO score based on debit card purchases only
thanks
Mark

Suze Orman explains about her Debit card - YouTube
Right, but if you noticed from the article upthread, it was an aspirational goal for the card program to share data with TU for reporting purposes, but it didn't pan out. This would be no different than Experian Boost for similar strategies to 'boost' individual credit scores, but the majority of lenders strip out the 'boosted' data elements.
So she is a snake oil salesperson. She fits the mold. She tricked who knows how man thousands of people into opening this card with false hopes. She is no better then Dave Ramsey
Thanks
Mark

So, again, why are we discussing something that happened almost a decade ago? How is that relevant or of substance today? Especially, when the prepaid debit product no longer exists.

Also, last I recall, neither of those two were 503C or charitable enterprises. They've amassed their own $$ while still preserving their brand and somehow still have a strong following depending on what folks subscribe to as far as fiscal disciplines or philosophies.

I don't have a horse in the race since I've never bought any products from them. However, I can honestly tell you that if you'd asked for her advice on her show (much like you did here earlier) she would've said the same thing about your Big Lots CC quest 😂

Re: Suze Orman and her FICO score promise. Impossible?

Anonymous — Fri, 03 Dec 2021 02:06:41 GMT

@FinStar wrote:
@Anonymous wrote:
@FinStar wrote:
@Anonymous wrote:
@FinStar wrote:
@Anonymous wrote:
Well I have been watching Suze Orman over the years. Personally I dont believe much of what she says. She sounds like to me, well like a snake oil salesperson only there is no snake oil. (just my opinion, maybe there is?)

She claims that you can increase your FICO score with her purple debit card. Just like a credit card it will report to increase your FICO scores. I thought (I could be wrong) that your FICO score is based on money you owe out to others. Since this is a debit card that pulls money out of another of your accounts, you never owe anyone any money so how can this be reported? This has me totally confused it is not at all what I thought credit and scores are based on.. Just on who you owe money to , and if you are paying as agreed.
Thank you in advance.
Mark
Did she really ever make such a claim or are you getting things mixed up? Just curious.

The prepaid debit card was launched circa 2012, IIRC, but was discontinued roughly 2 years later (as mentioned upthread). At the time, it seemed on par than peer products, but it also featured access to a TU FICO score along with credit monitoring and ID protection. I recall there were some ancillary fees, but they were no different than other prepaid debit card products of its time. Most folks griped about replacement card fees and fees to speak to a live agent.

Can you provide a source or article where she touted such claim @Anonymous? I'd be curious to read it.
Here is one of her interviews. She says that Transunion will be working with her to create a FICO score based on debit card purchases only
thanks
Mark

Suze Orman explains about her Debit card - YouTube
Right, but if you noticed from the article upthread, it was an aspirational goal for the card program to share data with TU for reporting purposes, but it didn't pan out. This would be no different than Experian Boost for similar strategies to 'boost' individual credit scores, but the majority of lenders strip out the 'boosted' data elements.
So she is a snake oil salesperson. She fits the mold. She tricked who knows how man thousands of people into opening this card with false hopes. She is no better then Dave Ramsey
Thanks
Mark
So, again, why are we discussing something that happened almost a decade ago? How is that relevant or of substance today? Especially, when the prepaid debit product no longer exists.

Also, last I recall, neither of those two were 503C or charitable enterprises. They've amassed their own $$ while still preserving their brand and somehow still have a strong following depending on what folks subscribe to as far as fiscal disciplines or philosophies.

I don't have a horse in the race since I've never bought any products from them. However, I can honestly tell you that if you'd asked for her advice on her show (much like you did here earlier) she would've said the same thing about your Big Lots CC quest 😂

I laughed so hard that I almost p%#$#d myself LOL

I needed that.

Thanks

Mark