Talking to family about Credit cards.

For just about anything you want to get off your chest about credit cards.
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CarefulBuilder14
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Re: Talking to family about Credit cards.

Postby CarefulBuilder14 » Fri Oct 09, 2015 11:00 am

One thing I have seen is that financial education is pretty ineffective, so long as a person feels the slightest need to keep up appearances. Having friends who can afford to splurge more than you can is a recipe for persistent debt.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when


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Vattené
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Re: Talking to family about Credit cards.

Postby Vattené » Fri Oct 09, 2015 11:59 am

jcarte29 wrote:This is my Family and I, almost word for word. My parents are living in a paid off home, with paid off cars (only one of which was financed), and when I was first off to college and my own way, I somehow thought I had finances and credit figured out, only to mess it up. My Dad bailed me out once but it wasn't a pleasant conversation LOL. I now talk to him all the time about my credit, and share my successes, and that's been really cool to get that assurance from him that I "figured it out." He is a retired CPA after all, so he used to handle million dollar budgets and books, and now I'm a Finance Manager for a Chevrolet dealership, so the easiest way for me to keep my finances straight is witness how bad one can make his/hers LOL.

All jokes aside, the combination of learning from my parents, and stumbling on my own, and climbing out of the "credit depths" (for real, my score used to be in the 4s) has set the table for the profile I have today.


Do you ever see anyone and secretly think, "wow, the LAST thing you need to be doing is financing a new car?" That's got to be a great feeling, though, to be able to dig yourself out of such a whole AND show your dad you could even teach him a few things. Have you converted him to a credit card rewards user?

I was able to convince my dad to apply for a Walmart card. He always buys gas from there using gift cards for $.03/gallon off and knew I got $.05 off with my credit card (my then-best option). I felt bad that I finally convinced him because he got denied! I don't know if he has NOTHING on his report, but the house has been paid off for years and I don't know what other credit he might have...it never occurred to me that I would have more history at 20 than he would!
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

jcarte29
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Re: Talking to family about Credit cards.

Postby jcarte29 » Fri Oct 09, 2015 12:16 pm

Vattené wrote:
jcarte29 wrote:This is my Family and I, almost word for word. My parents are living in a paid off home, with paid off cars (only one of which was financed), and when I was first off to college and my own way, I somehow thought I had finances and credit figured out, only to mess it up. My Dad bailed me out once but it wasn't a pleasant conversation LOL. I now talk to him all the time about my credit, and share my successes, and that's been really cool to get that assurance from him that I "figured it out." He is a retired CPA after all, so he used to handle million dollar budgets and books, and now I'm a Finance Manager for a Chevrolet dealership, so the easiest way for me to keep my finances straight is witness how bad one can make his/hers LOL.

All jokes aside, the combination of learning from my parents, and stumbling on my own, and climbing out of the "credit depths" (for real, my score used to be in the 4s) has set the table for the profile I have today.


Do you ever see anyone and secretly think, "wow, the LAST thing you need to be doing is financing a new car?" That's got to be a great feeling, though, to be able to dig yourself out of such a whole AND show your dad you could even teach him a few things. Have you converted him to a credit card rewards user?

I was able to convince my dad to apply for a Walmart card. He always buys gas from there using gift cards for $.03/gallon off and knew I got $.05 off with my credit card (my then-best option). I felt bad that I finally convinced him because he got denied! I don't know if he has NOTHING on his report, but the house has been paid off for years and I don't know what other credit he might have...it never occurred to me that I would have more history at 20 than he would!



He has always had 2 to 3 credit cards, always PIF, and he does take advantage of certain perks and points. (I just left it out of my first response lol), mainly with Marriott and Chase (my Step Mom is an AMEX member and enjoys their programs). Back in the day he was big about the gas cards, I remember for years he kept askin if I was gonna get a gas card and I had to remind him I was in the rebuilding/repairing stage. Now we have a couple common cards, including the CSP, Marriott VISA and Lowes Store.

And to answer the first question yah I definitely have to shake my head at some of these reports I see on a daily basis. I mean some of them you have to TRY and TRY HARD to have a score that LOW LOL (Lowest Ive ever pulled was a 336)
Portfolio:
CITI Diamond Preferred $7,000 [06-16]
AMEX Platinum (Charge) [11-16]
AMEX EDay $12,000 [11-14]
Lowes Store $15,000 [4-14]
CSP VISA $6,000 [7-14]
GM MC $9,000 [9-14]
AAdvantage Red MC $10,350 [10-14]
Discover IT $4,500 [03-15]
Chase Marriott VISA $5,000 [04-15]
Cap One Quick $2,600[4-10]

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Vattené
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Re: Talking to family about Credit cards.

Postby Vattené » Fri Oct 09, 2015 6:01 pm

Do you ever have to tell anyone they're not approved, or is that pretty much handled by the salespeople? I imagine it must be a tough conversation, especially if you're trying to sell the customer something anyway.
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

jcarte29
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Location: Charlotte, NC

Re: Talking to family about Credit cards.

Postby jcarte29 » Fri Oct 09, 2015 7:12 pm

Its more or less my responsibility. Most of my guys are less than a year in the car biz, I do have one 30 year Vet and I can send him back out to give the customer the low down.

Of course we try and put everyone in a vehicle, so if we have turned over every one of our options, we at least try and give the customer a game plan, plan B (or Plan C..etc). Most of the time its to tell them "you need money down, and dont miss church on Sunday." Lol kiddin, kind of...
Portfolio:
CITI Diamond Preferred $7,000 [06-16]
AMEX Platinum (Charge) [11-16]
AMEX EDay $12,000 [11-14]
Lowes Store $15,000 [4-14]
CSP VISA $6,000 [7-14]
GM MC $9,000 [9-14]
AAdvantage Red MC $10,350 [10-14]
Discover IT $4,500 [03-15]
Chase Marriott VISA $5,000 [04-15]
Cap One Quick $2,600[4-10]

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Vattené
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Re: Talking to family about Credit cards.

Postby Vattené » Sat Oct 10, 2015 10:31 am

My parents are also pretty tech-averse, which plays into it, too. They just upgraded from dial-up internet within the month, for example. They don't trust the process of paying a bill online, and they don't like the thought of having a card that could be used anywhere because it means if the account information was stolen it could be used anywhere. My mom was able to get approved for a Lowe's card when they needed a few appliances and Lowe's was running some sort of promotion. She'll gladly use it at Lowe's for 5% off, so they've both seen that using credit can have real value. They're still really uncomfortable about using one card everywhere and building up all-purpose rewards. As far as I know they pay cash for most everything.
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

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CarefulBuilder14
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Re: Talking to family about Credit cards.

Postby CarefulBuilder14 » Sat Oct 10, 2015 10:57 am

When I had 0 history and was declined in-store for a Brooks Bros card, the clerk just pretended the application hadn't gone through due to a computer error. I got an inquiry on each file, even though the issuer couldn't locate my not-yet-existent credit reports.

It was unfortunate that the inquiries which created my credit reports had to count as HPs. I mean, what chance of being approved does a person have when there's no credit report to pull? When Chase gave me my Freedom, they at least had a file to pull, even if there were no accounts there.

They've aged off by now, though.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when



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