topic Re: Can having a CFA charter / BS Finance/Accounting help a recon? in Credit Cards

Can having a CFA charter / BS Finance/Accounting help a recon?

Anonymous — Sat, 23 Feb 2019 07:27:49 GMT

Can being a CFA/CFP charterholder or other financial "professional" help on the recon line? Such as a BS/MS Finance or accounting? Does anyone have experience with these qualifications helping out?

Re: Can having a CFA charter / BS Finance/Accounting help a recon?

wasCB14 — Sat, 23 Feb 2019 09:20:34 GMT

I have a few of those. The topic only came up (and even then, only in general terms) when I applied for an Amex business card over the phone and said I wanted a business credit card for continuing professional education and regulatory license fees. *And that was a (successful) original application - not recon.*

Outside of a situation like that, I personally would not mention it. I could see it going badly ~~three~~ four ways:

1. I don't know how much money a somewhat specialized customer service rep in recon makes, but it may come across as bragging.

2. They may turn it against you. "Well, if you know so much about this, why isn't X aspect your finances in better shape?"

3. They may challenge its relevance. "How does GAAP or portfolio theory relate to the fact you spend too much?"

*4. They may challenge your expertise. "How long have you been doing that? I've been doing this for 10 years. You think you know more than me?"

Re: Can having a CFA charter / BS Finance/Accounting help a recon?

NRB525 — Sat, 23 Feb 2019 12:07:33 GMT

It is actually the kind of information that the bank is supposed to disregard.

They have to use quantifiable evidence from your credit file or your payments history directly with the bank to make credit decisions because introducing factors like "I'm a good person" is subjective and brings back ugly memories of things like red-lining entire neighborhoods.

If you can honestly answer that you have a job and earn a paycheck, that is about the extent of it, because they need to know you have a source of income to pay back the debt.

Re: Can having a CFA charter / BS Finance/Accounting help a recon?

Anonymous — Sat, 23 Feb 2019 15:43:45 GMT

I have not mentioned this before and I dont think I will or need to. Just sort of was wondering. I have passed CFA L1 so I was curious to see if it would help. I am guessing the answer is no even though my finances are in order.

Re: Can having a CFA charter / BS Finance/Accounting help a recon?

Anonymous — Sat, 23 Feb 2019 18:52:00 GMT

@Anonymous wrote:
Can being a CFA/CFP charterholder or other financial "professional" help on the recon line? Such as a BS/MS Finance or accounting? Does anyone have experience with these qualifications helping out?

While I realize this wasn't your intention, when I read this it came off as a version of "Do you know who I am?" (and low value at that, more "My cousin's friend goes to the same school as ......" rather than "My father is chairman of the Senate Banking committee")

As others have said, these qualifications have little to do with expected creditworthiness and should have no positive impact. In addition to some of the negative possibilities, to me it's much more likely that your average CSR may not be familiar with these qualifications and so certainly wouldn't treat you any better.

Re: Can having a CFA charter / BS Finance/Accounting help a recon?

Anonymous — Sun, 24 Feb 2019 05:59:22 GMT

@longtimelurker Yeh, I understand how you might have thought that but no I am a speck of dirt in this world. A lot of the people I work with now since I took a new job are (way) as in (way-way) more qualified than I am.

Re: Can having a CFA charter / BS Finance/Accounting help a recon?

AverageJoesCredit — Sun, 24 Feb 2019 14:50:04 GMT

Lol, i didnt understand a single thing in this thread beside im better than you nanner nanner boo boo Nothing directed at you Op, just i understood how LTL and WasCB14 explained how it might come off.

Re: Can having a CFA charter / BS Finance/Accounting help a recon?

Anonymous — Sun, 24 Feb 2019 21:08:32 GMT

My wife is the finance professional in the family, but as it turns out I know much more than she does about credit, FICO, and taxes. She doesn't work in mortgages or credit whereas I took an interest in learning about it and I'm the one who grinds out our tax return. "Finance" is a very broad field and the specifics that actually matter you only will ever really learn on the job.

Now if you were a credit specialist I don't think the bank would CARE that you are a credit specialist, but I bet you would know how to "talk the language" and use that to your advantage to ask the right questions and point out the right pieces of information, all without ever mentioning your job.

Re: Can having a CFA charter / BS Finance/Accounting help a recon?

Anonymous — Sun, 24 Feb 2019 21:11:30 GMT

Oh and thinking about this further there is one thing that matters much, much, much more than your degree: PAYING ON TIME.

While my wife is the finance professional and she's great at that and at many things and I love her, one thing that she is NOT great at is making sure the bills get paid on time. It's not that she can't or doesn't want to pay, she just forgets to look through the mail she dumps in a pile on the desk without even opening it and if it weren't for me going through that pile every week and either paying stuff or hounding her to pay we would actually have horrible credit.

So no, being a finance professional doesn't automatically mean you have good bill-paying habits!

Re: Can having a CFA charter / BS Finance/Accounting help a recon?

xaximus — Mon, 25 Feb 2019 13:52:29 GMT

@Anonymous wrote:
Oh and thinking about this further there is one thing that matters much, much, much more than your degree: PAYING ON TIME.

While my wife is the finance professional and she's great at that and at many things and I love her, one thing that she is NOT great at is making sure the bills get paid on time. It's not that she can't or doesn't want to pay, she just forgets to look through the mail she dumps in a pile on the desk without even opening it and if it weren't for me going through that pile every week and either paying stuff or hounding her to pay we would actually have horrible credit.

So no, being a finance professional doesn't automatically mean you have good bill-paying habits!

I would definitely setup auto-pay in your situation. That way, if there is an issue, at least it's paid and not late. Back in my younger, less smarter days, I would forget to make payments too ontime. I learned my lesson after seeing the impact on my credit.

Re: Can having a CFA charter / BS Finance/Accounting help a recon?

Anonymous — Mon, 25 Feb 2019 17:02:32 GMT

There have been times when I have been speaking with a CC CS rep or the next level up that I have complained about them not being empowered to handle a minor issue. I am quick to mention that I am a CCM with an MBA (with other initials) and that my staff is empowered to immediately handle an issue without my input.

Re: Can having a CFA charter / BS Finance/Accounting help a recon?

Anonymous — Mon, 25 Feb 2019 18:00:07 GMT

@Anonymous wrote:
There have been times when I have been speaking with a CC CS rep or the next level up that I have complained about them not being empowered to handle a minor issue. I am quick to mention that I am a CCM with an MBA (with other initials) and that my staff is empowered to immediately handle an issue without my input.

Does that help in any way? My immediate reaction would be of the type "That's great for your staff, but that's not the way we do things here and I cannot fix it without....."

Re: Can having a CFA charter / BS Finance/Accounting help a recon?

wasCB14 — Mon, 25 Feb 2019 18:37:57 GMT

@Anonymous wrote:
@Anonymous wrote:
There have been times when I have been speaking with a CC CS rep or the next level up that I have complained about them not being empowered to handle a minor issue. I am quick to mention that I am a CCM with an MBA (with other initials) and that my staff is empowered to immediately handle an issue without my input.
Does that help in any way? My immediate reaction would be of the type "That's great for your staff, but that's not the way we do things here and I cannot fix it without....."

"Then as an MBA, you'll understand that I'm simply following a policy set by my employer. So unless you're going to offer me a better job..."

Re: Can having a CFA charter / BS Finance/Accounting help a recon?

Anonymous — Mon, 25 Feb 2019 18:45:52 GMT

@Anonymous wrote:
There have been times when I have been speaking with a CC CS rep or the next level up that I have complained about them not being empowered to handle a minor issue. I am quick to mention that I am a CCM with an MBA (with other initials) and that my staff is empowered to immediately handle an issue without my input.

As someone who used to work in customer service, I can assure you that you wouldn’t have liked the way I responded to you.

Re: Can having a CFA charter / BS Finance/Accounting help a recon?

Anonymous — Tue, 26 Feb 2019 06:41:24 GMT

@xaximus wrote:
@Anonymous wrote:
Oh and thinking about this further there is one thing that matters much, much, much more than your degree: PAYING ON TIME.

While my wife is the finance professional and she's great at that and at many things and I love her, one thing that she is NOT great at is making sure the bills get paid on time. It's not that she can't or doesn't want to pay, she just forgets to look through the mail she dumps in a pile on the desk without even opening it and if it weren't for me going through that pile every week and either paying stuff or hounding her to pay we would actually have horrible credit.

So no, being a finance professional doesn't automatically mean you have good bill-paying habits!

I would definitely setup auto-pay in your situation. That way, if there is an issue, at least it's paid and not late. Back in my younger, less smarter days, I would forget to make payments too ontime. I learned my lesson after seeing the impact on my credit.

Yeah I have auto-pay set up for all credit cards and any other bill that allows me to. But we get random bills in the mail now and then, such as medical co-pay's and such, that have to be dealt with. I learned long ago that I have to sift through the letters she tosses on the desk to see what may need to be dealt with. Been doing that 15 years and so far never missed!

Re: Can having a CFA charter / BS Finance/Accounting help a recon?

Revelate — Tue, 26 Feb 2019 12:33:58 GMT

@Anonymous wrote:
My wife is the finance professional in the family, but as it turns out I know much more than she does about credit, FICO, and taxes. She doesn't work in mortgages or credit whereas I took an interest in learning about it and I'm the one who grinds out our tax return. "Finance" is a very broad field and the specifics that actually matter you only will ever really learn on the job.

Now if you were a credit specialist I don't think the bank would CARE that you are a credit specialist, but I bet you would know how to "talk the language" and use that to your advantage to ask the right questions and point out the right pieces of information, all without ever mentioning your job.

I would suggest that same level of discussion engagement can be obtained just from reading this forum casually.

In pretty much every financial transaction I have walked into the various dramatis personae have had non-trivially positive reactions that they didn't have to explain every little thing: something like 98% of that just comes from hanging out on this forum.

It also did absolutely help in my one and only recon .

Re: Can having a CFA charter / BS Finance/Accounting help a recon?

Anonymous — Wed, 27 Feb 2019 00:41:01 GMT

I'll leave out financial institution names, but when I told my favorite daughter who is a VP at a large bank and my GF's daughter who is a middle manager for a large CCC they laughed at the lack of customer service and the lack of empowerment at this FI. No company does itself any goodwill having workers not being able do to the job that customers should expect.

Re: Can having a CFA charter / BS Finance/Accounting help a recon?

Anonymous — Wed, 27 Feb 2019 00:47:18 GMT

Most consumers walk away from companies never to return without telling that company where it failed them. The closer to the front line something is handled the more satisfied a customer is and the more likely to return.

Re: Can having a CFA charter / BS Finance/Accounting help a recon?

Anonymous — Wed, 27 Feb 2019 00:53:13 GMT

Giving the front line reps, who already are likely underpaid and overworked, a hard time over something that they can’t address nor have the power to escalate to people who control corporate policy doesn’t do anyone any good.

There are phone numbers, emails, and addresses for getting such concerns to corporate without making the job harder on the CSRs than it already is.

Re: Can having a CFA charter / BS Finance/Accounting help a recon?

Anonymous — Wed, 27 Feb 2019 00:54:46 GMT

@Anonymous wrote:
Most consumers walk away from companies never to return without telling that company where it failed them. The closer to the front line something is handled the more satisfied a customer is and the more likely to return.

Yes, I agree with this. But the point is it has little to do with any financial qualifactions. As a vanilla consumer, you can tell a supervisor that lack of rep empowerment makes it hard to do business (just don't expect anything to change, unless you are VP of that company!)