Franchisees? Anyone here own one?

[archenemy]

Ya know, I wish there had been a course in high school about this sort of crap that I (and the rest of you, by the looks of it) have learned the hard way.

 

I have said exactly this a million + times. Makes me want to volunteer and teach a class. I don't know if kids would be interested though. Economics was one of my very favorite classes in high school (I was lucky and went to a great hs with an intense focus on challenging students). Even so, personal finances were not taught as a part of the curriculum.

[Kitergal]

wait...is there a full moon....are we all agreeing on something...in spray?!?!! STOP IT!! NO! I DISSAGREE!!

[sobo]

We now return this thread to willstrickland and the discussion of franchise experience. Thank you for your attention during this brief discourse on credit reports.

 

Arch... shhhhhh! Let's let will have his thread back.

[archenemy]

Why are you still here?

[Winter]

Ralph Nader would be so proud of all of you!! Gold stars all around!!!!!

[sobo]

Why are you still here?

 

I'm going to lunch now. I had to teach a class on credit responsibility...

[archenemy]

Why are you still here?

 

I'm going to lunch now. I had to teach a class on credit responsibility...

[rbw1966]

The frequency with which you change employment and residency can have an adverse impact on your credit score. Also any judgments from litigation (whether consumer related, personal injury or divorce--alimony, child support etc.) will show.

 

I'd be willing to bet money that the banking industry would put the brakes on any efforts at teaching personal finance in public schools.

[Squid]

The frequency with which you change employment and residency can have an adverse impact on your credit score.

 

Whoops. That's bad news.

[sobo]

But it's true, no bullshit! To the bank, you can't be counted upon to hold a job, or be able to be found to pay your debts when you lose any job that you had.

They're looking out for their ass, not yours.

[Kitergal]

yeah..sux.

[olyclimber]

http://www.entrepreneur.com/article/0,4621,289257,00.html

 

Here's a pretty good article.

[Squid]

Whoa. I may need to rethink my opposition to franchises.

 

Do you think that climber-gear-rental-shop model would be as profitable here in Washington as it was in California and Colorado?

[Ireneo_Funes]

I'm never taking you seriously again, Olyclimber. That was the last straw.

[archenemy]

Wait a minute...why would does this policy suck? Think about it from your business owner point of view (we did start this thread with that view, right?): would YOU want to give money to someone who changed jobs/residences a whole bunch? And don't tell me, sure, if they paid all their debt; because 1. those traits usually do not co-occur, and 2. when they do, the money is sometimes ill-gotten gains (like Daddy has been paying the bills up til now).

[olyclimber]

My work here is done.

[Ireneo_Funes]

The bank should really be more like Daddy.

[archenemy]

http://www.entrepreneur.com/article/0,4621,289257,00.html

 

Here's a pretty good article.

I get this magazine every month. I have stopped reading it b/c it is mostly full of blow-smoke-up-yer-ass happy horseshit.

Not to say you didn't point out a good article--I haven't looked at it.

 

PS I also get the WSJ, Business Week, the Puget Sound Business Journal, and other bus mags that I do think are good--so I am not trying to be a big old sourpuss here.

[ryland_moore]

Sobo, I will disagree with you that keeping CC open with zero balances will hurt your credit score. As long as you don't have 5 or 6 cards open with zero balances, leaving a cc or 2 open while carrying a zero balance proves to a lender that you have the ability to manage credit and will reflect positively on your score. For example, my parents opened a credit card in my name when I was 10 years old to build my credit so that by the time I was responsible enough to have my own credit card, I would be blessed with a higher credit score and lower interest. They carried a zero balance on it the entire time and my credit score increased during that period of time.

[archenemy]

Sobo, I will disagree with you that keeping CC open with zero balances will hurt your credit score. As long as you don't have 5 or 6 cards open with zero balances, leaving a cc or 2 open while carrying a zero balance proves to a lender that you have the ability to manage credit and will reflect positively on your score. For example, my parents opened a credit card in my name when I was 10 years old to build my credit so that by the time I was responsible enough to have my own credit card, I would be blessed with a higher credit score and lower interest. They carried a zero balance on it the entire time and my credit score increased during that period of time.

Actually, Sobo is right.

And you parents essentially committed fraud.

[Squid]

The mountain might catch him, but the law never will.

[Ireneo_Funes]

Hot pursuit, Flash. Hot pursuit!

[sobo]

Sobo, I will disagree with you that keeping CC open with zero balances will hurt your credit score. As long as you don't have 5 or 6 cards open with zero balances, leaving a cc or 2 open while carrying a zero balance proves to a lender that you have the ability to manage credit and will reflect positively on your score. For example, my parents opened a credit card in my name when I was 10 years old to build my credit so that by the time I was responsible enough to have my own credit card, I would be blessed with a higher credit score and lower interest. They carried a zero balance on it the entire time and my credit score increased during that period of time.

 

Yes, ryland, you're entirely correct. I wasn't clear in my recommendation about closing accounts with $0 balances. I was putting it out there for Marie and others who do not have the benefit of extended credit experience/histories. It is good to have a couple accounts with $0 balances that are open. You have a "safety net" to fall back upon in an emergency. I have 2 such accounts (make sure that there are no "maintenance" fees that automatically get billed to the account that you might overlook paying in a timely manner) that provide about 3 months of gross salary coverage. But as you say, 5 or more such accounts is not good, as banks will look at you as if you're living off your credit cards and not within your means. It goes back to my earlier comment about Utilization/Obligation ratio.

 

And closing accounts and then opening new ones also doesn't look good for the debtor, either.

[Winter]

Guys did you know that the credit companies keep a detailed sexual history of you and your spouse and give you negative points for gettin your dick wet in the wrong place. Seriously. RBW had his score knocked down about 75% from what I hear.

[Ireneo_Funes]