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Do you give friends/family credit advice?

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Established Contributor

Re: Do you give friends/family credit advice?

As I chimed on here a couple years ago, folks look at me with glazed eyes when I bring up credit. I have seen co-workers and friends open cards and put 90% on them(my stomach turned). Even at church folks only want to hear what will Dave Ramsey do advice. 

Message 81 of 92
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Frequent Contributor

Re: Do you give friends/family credit advice?

I've tried but the bottom line equals LMAO! Like you said you can only lead the horse to the water...








"Give me liberty, or give me credit!" -PlasticDad


Message 82 of 92
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Established Contributor

Re: Do you give friends/family credit advice?


@ninajporter wrote:

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


I feel the same way. If people really wanted to improve their credit, typing "How to improve credit" into google is within most people's abilities. Anyone doing credit research is bound to come across MyFICO anyway. 











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Message 83 of 92
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Frequent Contributor

Re: Do you give friends/family credit advice?

I overheard a co-worker cut off another who was giving unsolicited personal finance advice, saying something to the tune of...

 

"John, you know the difference between my coffee and your advice?" John says what? The guy goes "I actually asked for this coffee." and walks out.

 

Unsolicited advice to those who aren't open to change only will frustrate the one giving it.

NFCU 20K | Comneity IKEA 6k | Barclays AA 4K |Dell 3K| Amex HH 2K | CFNA Firestone 1K |Citi Home Depot 500 | NFCU LOC 2.5K|PenFed LOC 2K |
FICO8 SCORES - 673 TU , 640 EQ , 655 EX , AAOA 4 years 6 months. | Util 70%
Message 84 of 92
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New Visitor

Re: Do you give friends/family credit advice?

As far as Im a single economist in my surrounding, im always in trend about inflation,exchange rate, interest rate, whatever. They ask for my advice, i check out to deliever them freshest information wheter it is profitable to take credit or maybe they have to put it off till better times.

Message 85 of 92
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Senior Contributor

Re: Do you give friends/family credit advice?

Since only doing this a little over a year the only advice I give is to go to MyFico and start from there.  To me it would be like giving road trip directions. Often enough they turned left when I said turn right.  But I only know enough to be dangerous when it comes to others finances.


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Scores updated 6/02/20: Exp 736, TU 757, EQ 744
Starting Score: Exp 579
Current Score: Exp 736
Goal Score: Exp 780


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Message 86 of 92
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Established Member

Re: Do you give friends/family credit advice?

When I was building my credit (not rebuilding; I literally had no credit) and first got into these boards I would mention it to people. Not offering advice just talking about my new hobby basically. A few friends asked more questions so I gave them advice. One friend in his mid 30s with a great job only had one credit card, a Cap One Platinum from when he graduated high school! He travels a lot for work and always stays at Marriott so I told him to get a Marriott card and WOW he is grateful. Even years later he still sometimes texts me from out of nowhere to say "Just stayed somewhere awesome for free, thanks!" But this is also someone who once let me completely revamp his wardrobe so he likes advice. A lot of people REALLY don't. So I never offer advice unless someone brings something up, even when biting my tongue is hard... For example recently when a friend got annoyed with AmEx and cancelled her card leading to an $800 fee... Ouch.

Message 87 of 92
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Member

Re: Do you give friends/family credit advice?

Yes I do offer advice, as I learned the hard way about credit and will assist anyone I can (especially friends/family) to build/rebuild credit much earlier and/or easier than I did. I'm even giving credit to Uber/Lyft drivers now who are very appreciative.

I gave advice to a good friend who was coming out of college without much credit (just a car loan). He didn't plan on apply for any credit cards afraid of debt - I gave him a breakdown of credit and he opened a Chase checking account and started out with one CC. He later added another one and his scores are in the 800s.

Had another friend who had a backwards understanding how credit worked. He thought that the more you spent towards the CL the better. He had almost maxed out his CCs when we were talking about rewards cards and mentioned the new BofA travel card (when they first released it). He quickly started getting those balances under 30%!!!

I'd say never stop sharing the knowledge that you have because it could help one person - everyone decides to take time to share their knowledge on these forums. Share the knowledge with those closest to you.






Message 88 of 92
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Valued Contributor

Re: Do you give friends/family credit advice?

I posted this thread over 6 years ago and feel that nothing has changed. As much as I try to hold back, I still give advice when I see an oppertunity for someone to benefit from it. Sometimes they use it and sometimes they don't. A family member has been rebuilding after filing for BK a few years ago. I've guided her with suggestions and added her as an AU on one of my oldest cards. She doesn't want many cards but took my advice and applied for a new card. She finally has a big girl limit ($10K).  Her other 3 cards have limits of less than $2K. 

 

I'd say the one thing that irks me is when friends/relatives talk to me about their scores. I'll hear - "Hey, I checked my score. It's ____". Then I ask where they got the score from. I _always_ hear Credit Karma. It doesn't matter how many times I tell them that's not their real score. They still live by it. <facepalm> 

Cap 1 - $23,000 / Barclay Apple Rewards - $18,000 / Lowe’s - $17,000 / Cap 1 - $15,000 / Walmart - $15,000
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EQ - 769 / TU - 766 / EX - 759
Message 89 of 92
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Established Member

Re: Do you give friends/family credit advice?


@masscredit wrote:

I'd say the one thing that irks me is when friends/relatives talk to me about their scores. I'll hear - "Hey, I checked my score. It's ____". Then I ask where they got the score from. I _always_ hear Credit Karma. It doesn't matter how many times I tell them that's not their real score. They still live by it. <facepalm> 


Yeah Vantage and FICO are two different beasts. I think education is needed here but if people don't even care to know that won't help. Sad!

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Starting Score: 736
Current Score: 742
Goal Score: 770+


Message 90 of 92
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