How are my Parents doing??

[Hopelives2]

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@Anonymous wrote:

I am in in my upper teens

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I looked back under your posting name, "Scarp" and see you've made some other posts saying something about your husband.  I presume you took over your parents' log in?

[Anonymous]

you got it!

[haulingthescoreup]

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@Anonymous wrote:

you got it!

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I'm sure that you aren't meaning to be deceptive, but this isn't allowed under forums rules. It's very easy to create your own log-in.

[haulingthescoreup]

--after taking a quick look over the thread, I'm not sure that you know all the things that you need to know about personal credit management. For instance, you don't lose credit history when you close a card; it stays there for another 10 years. (Normally.) And so forth.

Right off the top, I'd say that aiming for around 8 cards max might be the first step. Don't open anything until you understand how it will affect their AAoA. Know when the oldest account is going to fall off, and which account will then be oldest, and know if that will significantly affect them, and so forth.

Many members here have waded into credit building without knowing the ins and outs first, only to find that they had a mess on their hands.

[drsmith]

Multiple balance transfer cards?

I don't know man. There AAoA is down to 8 years with 3 32 year accounts? I hope their scores aren't getting butchered by the addition of all these accounts

[Anonymous]

Just realized this sorry,

One last question for this thread, if i close one of the most recently opened accoutns will it still caount in the AAOA? I know when it is closed it will appear on there reports for 10 years.

[haulingthescoreup]

If it's on your (their) reports, it's counted, whether open or closed.

I urge you to do a lot more reading here on the forums before you take any more actions.

[MarineVietVet]

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@haulingthescoreup wrote:

If it's on your (their) reports, it's counted, whether open or closed.

I urge you to do a lot more reading here on the forums before you take any more actions.

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I agree. Take your time and do things right.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Anonymous]

Scarp (or in reality I guess you're really not scarp), create your own login so that you can post on the forums.  

As hauling stated earlier on this thread, "I'm sure that you aren't meaning to be deceptive, but this [posting under another's login] isn't allowed under forums rules. It's very easy to create your own log-in."

And I agree with MVV and HTSU - "I urge you to do a lot  more reading here on the forums before you take any more actions."

[addicted_to_credit]

What makes me nervous about this whole deal is...  Why would an older teens parents want, need or let their child handle a vast majority of the finances? I have worked with various law enforcement agencies on identity theft cases and about 9 times out of 10 its some one you know well more so children using their parents info and a few times vice versa and the occasional "friend" as well. while I think what your doing is admirable AS LONG AS EVERYTHING is on the up and up, however, if not I would advise you to stop immediately and confess to your parents before they get police involved. I am not saying you are defrauding your parents by any means, I unfortunately have lost ALOT of faith in people and their intentions over the last 10 years based on all I have seen. There is nothing worse than the look on John and Jane Smiths face as you explain that it was their child that put them into 50k + debt virtually over night just my .02 cents