Just got back from having lunch with my younger brother and had the most surprising convo. He’s 8 years younger than me. He’s the youngest – us older sisters took care of him his whole entire life, even in his adult life. He never had any money. We always paid his way. He was completely irresponsible. Well a few years ago he started working a lot and we didn’t hear from him much. Today I am at lunch with him catching up, and I’m telling him about our house almost closing, and my rebuild journey and I say to him (somewhat presumptuously it turns out): “Hey when you’re ready to build your credit, let me know. I can help you! I know so much about rebuilding I never knew before! Just when you’re ready, let me know.”
He starts asking questions and I tell him all the % of what the fico model is made up of and what’s most important and the whole jazz about having at least 3 revolving lines and a good mix of credit. And then I tell him that even secured cards report to the CRA’s and he goes “Oh yeah, I just closed my secured card.” And I go “What?!? why did you do that? How long did you have it?” He says “Oh a year and a half. I just figured it cost me $ 40 a year with BofA and I didn’t need it anymore because I have these other cards with no annual fees.” And first I thought, whoa, some people can’t get BofA secure cards. His credit profile must not be BLEAK…and so I asked him “Well, what better cards do you have?” And my jaw dropped when he answered “Chase Slate and Discover. I also have Target and Kohl’s but I’m going to close one of them because I don’t need both”.
I about DIED lmao – I mean, here I am being Big Sister and trying to “teach” him about credit and he has better credit than I do! I was so shocked! LOLOLOL…turns out though I was able to tell him how to get CLI’s, so I redeemed myself. Wow, never assume.