friends and credit

[juggalo9er]

just curious if anyone else has a friend they try to help with credit? i was talking to mine last night and asked him his scores and what not...told him to app discover it approved 2500. i was happy as he saw this as a means to cancel his 300 capitol one lol

[longtime_lurker]

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@juggalo9er wrote:

just curious if anyone else has a friend they try to help with credit? i was talking to mine last night and asked him his scores and what not...told him to app discover it approved 2500. i was happy as he saw this as a means to cancel his 300 capitol one lol

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One of my best friends just has a 500 limit with MSUFCU, and never uses it. I try to explain why it'd be good for him to build up a thick file - and he just tells me "I have the cash for everything, why do I need credit?"

SMH

FWIW, my other best friend I just got him to PC his Cap1 Journey to QS1 without AF

[Leadberry]

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@juggalo9er wrote:

just curious if anyone else has a friend they try to help with credit? i was talking to mine last night and asked him his scores and what not...told him to app discover it approved 2500. i was happy as he saw this as a means to cancel his 300 capitol one lol

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I have one friend with absolutely terrible credit (30% APR car loan!) who gets straight-up offended if I try to help him.  The others I've found don't really like to talk about it because they don't know much about it, and that makes them feel uncomfortable.  On the other hand, they've both always had good credit, so they never really felt compelled to learn more about it.

[juggalo9er]

mine recovered on his own from a 620-i helped him get 5 collections deleted to his current 712

[longtime_lurker]

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@Leadberry wrote:

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@juggalo9er wrote:

just curious if anyone else has a friend they try to help with credit? i was talking to mine last night and asked him his scores and what not...told him to app discover it approved 2500. i was happy as he saw this as a means to cancel his 300 capitol one lol

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I have one friend with absolutely terrible credit (30% APR car loan!) who gets straight-up offended if I try to help him.  The others I've found don't really like to talk about it because they don't know much about it, and that makes them feel uncomfortable.  On the other hand, they've both always had good credit, so they never really felt compelled to learn more about it.

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I guess I see it as win some, lose some. In the end, it's their life and their finances and we have to understand that it is their business - not ours.

[gdale6]

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@juggalo9er wrote:

just curious if anyone else has a friend they try to help with credit? i was talking to mine last night and asked him his scores and what not...told him to app discover it approved 2500. i was happy as he saw this as a means to cancel his 300 capitol one lol

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I used to, not anymore, was constantly bombarded with what should I do, what do I app for and then they do something else. I immed change the subject today, I only answer and encourage on credit forums now.

[RushXTC]

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@juggalo9er wrote:

just curious if anyone else has a friend they try to help with credit? i was talking to mine last night and asked him his scores and what not...told him to app discover it approved 2500. i was happy as he saw this as a means to cancel his 300 capitol one lol

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I have a friend I try to help, However he's only 19 and he already has 3+ baddies and keeps missing payments... His baddies include missed payments and I believe 2 collection accounts.

His score was in the low 500's I had him apply for Discover as well since I know they go easy on people, But declined. Been trying to help him, But it seems impossible... lol.

[Chris679]

I've found that the ones who actually need the advice are the ones who won't listen to it, go figure.

[sailor_mercury]

I did it for my brother.  He's 40, steady income, lots of money in the bank but ZERO credit.  We couldn't even pull a credit report on him because there was nothing to generate!  I added him as an AU to one of my AMEX cards and sponsored him for my CU.  He apped for an unsecured card with them and was instantly approved for $3k. 

He's going to need to assume a mortgage in about 5 years on a property our parents own.  I'm sure he will have the credit profile he needs by then.

I know how we were raised, we were told to NEVER use credit, to pay cash for everything.  He's never even had an auto loan.  I didn't want him to struggle to build credit the way I've been the last year.  At least I had some student loans and a few cards from when I had been married reporting where I was an AU.  I did not manage my credit well when I was married, we put everything into my husband's name because he had good established credit.  I had nothing so we didn't put my name on most things.  I was the one who had over 80% of our income.  I should have been building credit in MY name not his all those years.  I did not want my brother to suffer the way I did without credit.

[barbaralee]

I tend not to help people with credit. If they ask questions I may chime in, but I usually act like a dunce when it comes to credit. Now *I* have a friend who is trying to help me with my credit, lol. We were talking one day about the PIF vs Carrying a balance argument, and she was adamant I carry a balance for a bit to see my score go higher. I was talking to my husband about it later that evening and his attitude was "heck no!", and I agreed. I could possible see the need with the maximizing your Fico trick, but since our cars are in great shape (also free and clear) and we are not planning on buying real estate anytime soon, we'll just keep doing what we are doing.