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.
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CEO of Duck9, Larry (@6502838008) |
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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) |
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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) |
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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… |
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The first 2 tips are free here.
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CEO of Duck9, Larry (@6502838008) |
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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
Duck9 is a credit score prep program that is like a Kaplan or Princeton Review test preparation service. We don't teach beating the SAT, but we do get you to a higher credit FICO score using secret methods that have gotten us on TV, Congress and newspaper articles. Say hi or check out some of our free resources before you pay for a thing. You can also text the CEO:
