can’t make ‘em drink
I’m working with a family member to help her get her finances in order. She has very bad credit. She owes more creditors than I can count on my hands. In fact, we are in the process of compiling a list and getting a much-needed credit report. She has absolutely no savings. If she messes up a bank account one more time, she might get banished to check-cashing store hell. She’s behind on her utilities. Her house phone might get cut off this week.
She recently got a hard pull on her credit in order to find out if she can buy a new vehicle. When she first mentioned wanting another vehicle, I told her that trying to get another was a bad idea, for several reasons. First, there’s absolutely nothing wrong with the car she has now. Secondly, she’s in more debt than she should be in for her current vehicle, which is the second or third in a line of trade-ups that dealerships continued to give her despite her barely marginal credit. She doesn’t understand the concept of an upside-down loan, depreciation, or that when she trades up, she’s getting further into debt. In addition, she doesn’t understand that asking for more credit makes your credit worse. Thank heaven - her attempt to get a new car finally failed because of her bad credit. For once, bad credit has actually HELPED someone.
I discovered the rejection letter while I was plowing through her mountains of bills, opened and unopened, and I had to admonish her not to apply for any new credit, period, until we clear up the mountain of bills. She’s so compliant when I’m with her, explaining things to her and helping her sort. But when I’m not there, who knows what’s going through that head. She just dodged a wage garnishment bullet, but only because I pushed her to make a deal with the creditor, and out of fear, she did it. She has the nerve to want to buy a house, when all I can hope for at this point is to set up some payment plans and maybe get her credit score to break 500, even though her monthly net income is larger than mine. Look, I love her. I’m hoping I’ll be able to get her into a budget within the next few months. But when it really comes down to it, all I can do is lead her to the water.
Sheesh.
