The internet provides a lot of gossip, innuendo and urban myths on how the credit system works. I’m reading from the book of “Fair Credit Reporting Act”. It’s a 300 page USA law.
Nothing can really prepare you for the wild ride that is “Mentoring a 17 year old on credit score establishment”, so strap in because 90+% of your 17 year old friend are gonna get tossed from this roller coaster. Yup, casualties.
CEO of Duck9, Larry (@6502838008) | |
21 Details People Get Wrong or MISS COMPLETELY in #Mentoringa17yearOld on HOW TO Get Credit pic.twitter.com/5fp0Ntt0LN
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Larry Chiang (@LarryChiang) | |
1/ The “get added as an authorized user” gambit. I don’t like this on a dozen++ levels. *largest urban myth* = name. on. a. credit. card. twitter.com/6502838008/sta…
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Larry Chiang (@LarryChiang) | |
2/ “Try getting added to your parents car loan.”
Reality: Majority of people do not have a rich parent. Plus, there’s risk… twitter.com/6502838008/sta… |
The first 2 tips are free here.
CEO of Duck9, Larry (@6502838008) | |
21 Details People Get Wrong or MISS COMPLETELY in #Mentoringa17yearOld on HOW TO Get Credit pic.twitter.com/5fp0Ntt0LN
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3/ “Try getting a credit card and paying it off monthly.”
Reality: Super majority of people get turned down within 48 hrs of 1st applying.
4/ “The super majority of credit advice is for management or/and damage control.” Almost zero content exists to address zero to 1 (hundred)
I love living in a town where people are networked
Email me. Lawrence.chiang+sxsw@gmail.com
Hack Your Credit FICO Score as a Stanford CS Majorhttps://t.co/pjM9gnEgOU
— Larry Chiang (@LarryChiang) July 9, 2016