cancel
Showing results for 
Search instead for 
Did you mean: 

the worst part of helping friends with credit

Highlighted
Valued Contributor

Re: the worst part of helping friends with credit


@TheBoondocks wrote:

Loyalty means nothing anymore, I had to learn that the hard way. Even if you knew them for years, the trust could go away in a second. It's very sad, this generation is really messed up. But, I would have thought he would be responsible enough but I guess age doesn't really say much.


he must be 67 or 68.  if he cannot pay something on-time at this point I have no response.  this is not a single 30 day, this is 4-30 day lates.  I love and care for this indiviudial but I will not invest a second relating to his credit going forward

Message 11 of 14
Highlighted
Valued Contributor

Re: the worst part of helping friends with credit


@bourgogne wrote:

@TheBoondocks wrote:

Loyalty means nothing anymore, I had to learn that the hard way. Even if you knew them for years, the trust could go away in a second. It's very sad, this generation is really messed up. But, I would have thought he would be responsible enough but I guess age doesn't really say much.


he must be 67 or 68.  if he cannot pay something on-time at this point I have no response.  this is not a single 30 day, this is 4-30 day lates.  I love and care for this indiviudial but I will not invest a second relating to his credit going forward


At the core of most financial problems is a failed human element. Greed or pride driving someone to live beyond their means. Love or loyalty to trick someone into co-signing or loaning money to a high-risk borrower. Empathy or sympathy driving people to give away money to causes or funding campaigns with little or no understanding that their money won't actually do any good or make any differences.

 

Things like loyalty make for clever Instagram posts and sappy Hollywood movies, but they don't mean anything and never meant anything. A family that bails water together sinks together.

 

Never mix finance and personal. Don't spend, borrow, or loan money to someone because it feels like the nice/loyal/caring thing to do. Don't even try to advise them unless they ask first. We owe our families and friends nothing, and they likewise owe us nothing.

 

Sorry that you've both had to learn this lesson the hard way.

Message 12 of 14
Highlighted
Frequent Contributor

Re: the worst part of helping friends with credit


@bourgogne wrote:

is when they care less about the process than you do.  how in the world can somebody be so out of touch that they let 4 loans spin out of control and have ALL 4 results in a 30 day late?  I have known this man for 45 years.  he is special to me.  we were on our way to see alan parsons at the saban last night - great show btw - and thought I would look at his credit which I have not done for a while.  wow, what a surprise, 98 pts gone in a flash.  all the hard work I have invested into helping this man.  very disappointing.  as a side note will there be any luck in trying to get WF EFS late removals and if so what is the right way to go about it.  maybe I will post in the rebuild area.  sorry for venting but I guess I will just never understand people.  is is so flipping hard to just pay ones bills ontime?  have a nice weekend all

 

 

BC INCREASE.png


It's always ok to vent or we'll all explode if we didn't. Unfortunately, we can only control what we can control. So don't lose sleep over it or stress the heck out. Things have a way of working themselves out whether we have a hand on it or not...








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


Message 13 of 14
Highlighted
Valued Contributor

Re: the worst part of helping friends with credit

You can lead a horse to water, but you can't make it drink. 

















Your FICO credit scores are not just numbers, it’s a skill.

Message 14 of 14
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.