I have excellent credit and my family want to take advantage of me!

Discussion in 'General Credit Card Discussion' started by Tiplady, Dec 30, 2019.

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  1. Tiplady

    Tiplady Newbie

    Back in 2008, during the credit crisis, my credit score went from Excellent to Poor. This happened because I lost my job and was unable to service my payments to credit cards. Up until then I had managed my credit score well and was approved for most card. I think back then the approval process was much more relaxed and they started you off with a really high credit limit.

    After I lost my job, I couldn't make any payments to my credit card and eventually I defaulted on all my credit obligation.

    Fast forward 11 years and I have managed to get my credit score back to Excellent again. It was a long and laborious process which included rebuilding my credit, calling credit card companies to have my defaults removed and disputing every negative information on my report. It just goes to show that with a little patience and perseverance you can turn your situation around.

    My credit started improving from 2017, and since then I've been able to apply for several credit cards with one offering $15,000 credit limit. I've also managed to purchase property which I rent out. Over the last 3 years I've managed to expand my portfolio to 5 properties which I rent out. I am really grateful for this and it shows just how important a credit score is along with having a long term plan.

    My newfound success has also had it's problem. A lot of my friends and family no longer treat me the same. I don't really get invited to their places like I use to so before, and on the rare occasion when I am invited I am given the cold shoulder which really get me down.

    To compound matters my brother and sister are now wanted me to buy property in my name for them. They are willing to put up the deposit for the property but they don't want to use their name as they are on welfare benefits. They are hinting that such a kind action would help me reintegrate back into the family whom believe I have shunned them.

    Basically, to cut a long story short, my brother and sister want me to buy them property so they can rent it out and make money. I really want to help but can't help but feel they are taking advantage of me. I also feel annoyed they are bullying me for my success.

    Can someone advise me on what to do, need some impartial advice.

    Thanks in advance...
    Simrin, Sadia, Alistair and 2 others like this.
  2. admin

    admin Administrator Staff Member

    Admin Post
    Hi Tiplady,

    Thanks for your message, first off all, congratulations on turning your credit score around and subsequently turning your financial fortunes around. It must have been a very hard 10 years and I know from personal experience that many others experienced similar fates during the 2008 financial crisis.

    I'm sorry to hear about your current situation, I'm sorry you've been shunned by your family and are now being asked to buy property in your name because you have better a better credit status.

    To be honest with you, and with all due respect, I think your family are jealous of you and want to use your credit score to take advantage of you.

    No matter how much success you have had you should not be forced into doing something you think is wrong. The bottom line is they want to take advantage.

    The best thing to do is to talk to them and explain how you are feeling towards them. Then ask them to share their feelings on you and your circumstances. You also need to set boundaries on the types of requests they make.

    I'm sure others will chime in with more information, I've also shared this post on Reddit anonymously so you can get some more advice from Personal Finance Experts.

    I wish you all the best with this situation and I am sure you will do the right thing.
    Simrin, Sadia, Alistair and 1 other person like this.
  3. Miles

    Miles Newbie

    I think your family feel that you have left them behind in terms of your financial success, that does not give them the right to do what they are doing. Under no circumstances should you give into the request.

    No doubt you have worked hard to bounce back from 2008, everyone had the opportunity to work hard, it was not like you held them back. It feels as though they want to piggy-bank on your success.

    If I was you I would refuse the request and instead tell them that you will offer advice and mentoring on how they too can improve their credit score which will enable them to make progress with their finances.

    Hope this helps...
    Simrin, Sadia and Alistair like this.
  4. Alistair

    Alistair Newbie

    This story really made me angry. what right does anyone have to make such as request. They are definitely bullying you, and as @Miles said, they want to piggy-bank on your success.

    You need to really think things over before you make a decision. If you do end up buying property for them I don't think it will be their last request. I've seen things like this where more and more obnoxious requests are made to take advantage of the situation.

    You need to be strong and set boundaries which they must respect. If they shun you even further there is not much more you can do. Eventually, they will see the error of their ways and change, it might take time though.

    Also, I agree with @Miles, giving them advice and mentoring on how to improve their credit score may help improve relations.

    Like the others, I wish you all the best.
    Simrin and Sadia like this.
  5. Sadia

    Sadia Administrator

    I would tell them to go take a hike, seriously, people like these really annoy me, no offence.

    You work hard, you make progress and as you become successful you get shunned because you didn't share your success. That's just pants.

    I would just refuse and say it's not your responsibility to buy property or anything in your name. They are trying to take advantage of you by using your credit score.

    Set clear boundaries, if they don't respect that they don't deserve to be around you and you need to find a better circle of people to be around.

    It really disappoints me when you get penalised for success.
    Simrin likes this.
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