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Do you give friends/family credit advice?

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Established Contributor

Re: Do you give friends/family credit advice?

In general I keep my mouth shut however an old friend who own's a business I gave him a few tips but it's not a topic I care to discuss.

Gardening 2020-2021
Total CL 113k+ UTIL 0.01% Uber Visa, DoubleCash, Quicksilver, Discover IT, Freedom Ulimited, Blue Cash, Premier Rewards GOLD
Message 61 of 84
Valued Contributor

Re: Do you give friends/family credit advice?

Everybody at work asks me all their questions so I guess so... I do sometimes say "I don't know" though when their head isn't on straight.


TU FICO 8: 767 (5/19) — Ex FICO 8: 764 (5/19) — Opinions are my own and not the views of my employer
Message 62 of 84
Valued Contributor

Re: Do you give friends/family credit advice?

I recently gave a friend and relative advice on how to rebuild their credit. They took that advice and thanked me later. Smiley Happy 

Cap 1 - $23,000 / Lowe’s - $17,000 / Barclay Apple Rewards - $15,000 / Capital 1 - $15,000 / Walmart - $15,000
Cap 1 - $12,000 / PenFed - $10,000 / JC Penney - $10,000 / Discover IT - $9700 / Discover IT - $7500
NFCU - $7300 / Barclay Rewards - $5400 / DCU - $5,000 / Merrick - $2400 - Total - $154,300

EQ - 765 / TU - 761 / EX - 755
Message 63 of 84
New Member

Re: Do you give friends/family credit advice?

Usually, I do not give advice as very often people do not like when someone points out what they should do. I may provide some tips when it is asked. Still, I do not like this a lot as I'm not an expert in the given field. 

Message 64 of 84
Member

Re: Do you give friends/family credit advice?

I never try to give some credit advice. I know that it is just wasting time  and efforts

Message 65 of 84
Contributor

Re: Do you give friends/family credit advice?

I have many friends of my wife who have bankruptcies. I could help all of them if they were interested, but only one ever asked. She rebuilt her credit (I pointed her here to be honest) and gave her basic advice on how credit scores work. I find giving unsolicited advice of any type but especially about finances rarely comes across well.

 

Honestly most things in finance have to come from an individual. In this day an age information is everywhere, it's the will that's so hard.  

5/08 EQ 696.....9/13 EQ 796.....9/17 EX 824, EQ 843
Amex Blue Cash 15K || PenFed Cash Rewards 18K || Chase Freedom 12K || Cap1 Quicksilver 15K || Amazon Prime 3.8K || Citi Double Cash 10.8K
Message 66 of 84
Contributor

Re: Do you give friends/family credit advice?

No. NEVER TRUST AN-Y-BO-DY WITH ANY KIND OF FINANCIAL INFORMATION ABOUT YOU ESPECIALLY IF YOU LOVE THEM/ARE FRIENDS OR FAMILY.
Message 67 of 84
Super Contributor

Re: Do you give friends/family credit advice?

After a couple of tries I got my parents to get them to PIF their mortgage.  It felt so good when they did that because it was the right thing to do and I was also happythey listened to me.  Even after all the work I did to fix my credit, helping them made it seem that I finally did have my act together regardless of what my FICO score was.

04/24/2019: FICO 849 EQ 845 TU 848 EX
Message 68 of 84
Established Member

Re: Do you give friends/family credit advice?

Yes. Though I might don't have much knowledge as a professional adviser have, still I try my best to help them according to my experience. It helps me to gain more knowledge.

Learn, Implement, Conquer
Message 69 of 84
Frequent Contributor

Re: Do you give friends/family credit advice?

I only give advice to those who ask. Unsolicited advice is just wasting time.

Back In the garden until March 2020
FICO 8 Scores as of 4/2019: 626 EQ | 662 TU | 642 EX
Goal: Util down to 25% FICO 8 700
Inq: 16 EQ | 2 TU | 10 EX
NFCU Platinum Visa - $20K | | Barclays AAdvantage Aviator Red World Elite MC - $4K | Amex Platinum NPSL | Amex Hilton - $2K | Dell Financial - $3K | Ikea - $6K | NFCU CLOC - $2.5K | DCU LOC $2K | PayPal MC $1.5K | TD Bank (Samsung) - $1.2K
AAoA 1 Yr AoOA 3 Yrs 8 Mos AoYA 1 Mos
Installment Loans
NFCU HELOAN $15K of $15K
NFCU Consol Loan(Home Repair) $7K of $8.8K @ 10.75%
Toyota $13K of $14K
Guaranteed Rate (Mtge) $124K of 132K
Annual Income ~ $125K

Message 70 of 84