Franchisees? Anyone here own one?

[Squid]

history

[sobo]

Holy shit! I guess they haven't caught up with us yet, then! Whew! Good thing we got into the house when we did!

[ChrisT]

thanks for the advice sobo I actually ordered my credit reports (all 3) last week via mail - let them do the work downloading, printing, etc. I naively assumed the reports would also yield a score but I suppose there are some lenders I can ask...

[thelawgoddess]

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.

i don't think they really care how many zero balance open accounts you have. i think are more interested in how much available credit (i.e., potential debt) you have.

[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.

Actually, Sobo is right.

And you parents essentially committed fraud.

 

Arch,

To hell they committed fraud! Any minor can obtain a credit card with a parent's consent. They did not use the card for their own benefit, just got me a card, which I signed for and applied legally for. I hope you are not a financial advisor or in finance! Go back and get a real MBA. Phoenix online does not count......

[sobo]

thanks for the advice sobo I actually ordered my credit reports (all 3) last week via mail - let them do the work downloading, printing, etc. I naively assumed the reports would also yield a score but I suppose there are some lenders I can ask...

 

The Big Three sites that you went to will try to SELL you a package for about $20 or so to give you your SCORE periodically, but like I said, you don't really need to know your score unless you're going to buy something big, and then, the lender will tell you your score anyway. Ask if he/she doesn't come right out with it, if you're interested in knowing what it is.

[sobo]

Actually, Sobo is right.

And you parents essentially committed fraud.

 

It's not fraud if the parents are acting as the "guardian" of the account. We have two accounts set up for our boy Nicholas, and he turned 3 years old last Sunday. We are the "responsible party" for any "debt" that he may incur.

[Dru]

Shouldn't they be called Freedomises now?

[sobo]

i don't think they really care how many zero balance open accounts you have. i think are more interested in how much available credit (i.e., potential debt) you have.

 

In my research of the Big Three credit reporting agencies, and on-line research about credit/debt, it was my conclusion that the actual number of $0 balance accounts open was every bit of interest to the potential creditor as was the amount of available (unused) credit on those same accounts.

[olyclimber]

The Big Three Killed My Baby

[ryland_moore]

Actually, Sobo is right.

And you parents essentially committed fraud.

 

It's not fraud if the parents are acting as the "guardian" of the account. We have two accounts set up for our boy Nicholas, and he turned 3 years old last Sunday. We are the "responsible party" for any "debt" that he may incur.

 

Sobo is right. Since a minor cannot legally sign a contract, they could simply incur the debt and then refuse to pay it, so a guardian is required for this. Plus, I had to have a savings account, which I opened with lawn mowing money and other funds held in trust.

[sobo]

OK everyone, it's now been four pages since we high-jacked willstrickland's thread. Can we give it back to him?

 

O_W, timmay:, minx, someone, can this thread be split? I would love to continue this discussion, as it has merit in its own right, but not at Will's expense and angst. TIA

[rbw1966]

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.

 

Actually, my credit score has improved once I started telling all the other women I fuck that my name is Chris Winter.

 

[sobo]

[Roger]

Apologies to Will, but just for the record I've probably got 9 credit cards that have had a zero balance for the last 7-8 years, and it has had no apparent impact on my credit. If the balances remain at zero, why is that bad?

 

oh yeah, and franchises rock!

[archenemy]

Actually, Sobo is right.

And you parents essentially committed fraud.

 

It's not fraud if the parents are acting as the "guardian" of the account. We have two accounts set up for our boy Nicholas, and he turned 3 years old last Sunday. We are the "responsible party" for any "debt" that he may incur.

 

Sobo is right. Since a minor cannot legally sign a contract, they could simply incur the debt and then refuse to pay it, so a guardian is required for this. Plus, I had to have a savings account, which I opened with lawn mowing money and other funds held in trust.

Bad joke--I was fucking with you.

My parents did the same thing for me when I was 14 or 15.

I think they were just in a hurry to get me out of the house.

[cj001f]

Returning this post to it's original topic, franchises, if you look at recent history it'll show that most franchises don't pay good salaries, require long hours, and produce only equity in the end, assuming it's a sustainable franchise model (not Krispy Kreme). In short, I sincerely doubt Marie's story.

[Harry_Pi]

Returning this post to it's original topic, franchises, if you look at recent history it'll show that most franchises don't pay good salaries, require long hours, and produce only equity in the end, assuming it's a sustainable franchise model (not Krispy Kreme). In short, I sincerely doubt Marie's story.

 

Hello capitalist!

Why is it that small companies and individuals will put up 100,000s or even millions of dollars to purchase a McDonalds or Dennys franchise, etc? Some even sign a contract to purchase several at the same time. I guess people with money are less cerebral than a few know it alls at cc.com.

Thank you for allow me to post.

[cj001f]

I guess people with money are less cerebral than a few know it alls at cc.com.

Thank you for allow me to post.

This CC.com know it all work with several Koreans who all want to own own business. They buy franchise, work, when wife see numbers, she and husband go back to real jobs!

 

If more asians like HarryPi, US have nothing to worry about!

[EWolfe]

Any pharmaceutical franchises out there?

[archenemy]

Any pharmaceutical franchises out there?

Yes, they are called crackdealers

[lummox]

two words: doh nuts.

[fear_and_greed]

Having been an entrepreneur for most of my life and starting businesses with me as the sole employee to one that had 30 employees, I can tell you that the best business is the one I've done for the past 5 yrs., daytrading in the stockmarket.

No employees, no products, no inventory, no advertising/marketing, no licenses, no leases to sign, no payroll taxes, no accounts receivables. All these things are a hassle and you will be held captive to them at some point.

I can work from home in my underwear if I want and the profits dwarf anything a small business can generate. I can go on vacation whenenver I want and it'll still be there when I return.If you can control your fear and greed it's the perfect way of life.

[archenemy]

My best job has been selling Amway.

 

Who needs some toilet bowl cleaner?

 

(I am also working in my underwear)

[Kitergal]

I haven't worn underwear in years...