General Discussion

bluesbassman

(20,378 posts)

14. Back when I was in the mortgage business I had a client that was waiting for his house to be built.

Fri Dec 19, 2014, 10:56 AM

Dec 2014

I had pre-qualified him and his credit score put him in the top tier for best rates. Although I advised him not do anything credit wise until after his home had closed, he apparently had been listening to the advice of Suze Orman and cancelled all of his existing credit cards except one. The problem surfaced when I had to re-pull his credit and his score had dropped due to the good standing accounts no longer being active. The result was a .5% higher rate than he should have received. He was pretty upset, but as we had to close his sale there was no time to correct the mistake.

Edit history

Please sign in to view edit histories.

Recommendations

0 members have recommended this reply (displayed in chronological order):

58 replies

= new reply since forum marked as read

Highlight:

Everything You Thought You Knew About Personal Finance Is Dead Wrong—Here's the Truth: [View all] HughBeaumont Dec 2014 OP

I have watched the Suze Orman show - I sure hope folks are not taking her DrDan Dec 2014 #1

Well put. Snarkoleptic Dec 2014 #7

Always Reminded Me Of An Early Steve Marting Routine ProfessorGAC Dec 2014 #11

She was homeless for a number of years. yeoman6987 Dec 2014 #53

I'm an accounting major and I've found the advice Suze Orman gives is laughable at best. Initech Dec 2014 #13

And most Americans never took those classes... So if that where they get that basic advice. Agschmid Dec 2014 #18

I don't think her advice comes close to the elementary economics and accounting courses DrDan Dec 2014 #24

Most of what she says applies to 99% of the population joeglow3 Dec 2014 #42

As a 15 year CPA, I find her advice great, joeglow3 Dec 2014 #41

Her advice in sum: Give ALL of your money to Wall Street Yavin4 Dec 2014 #25

Suzy can be very harmful 4Q2u2 Dec 2014 #28

those are excellent links for anyone considering advice from Suze DrDan Dec 2014 #30

So let me see if I've got this right ... 1StrongBlackMan Dec 2014 #52

Great article Orrex Dec 2014 #2

It is like everything else right now TBF Dec 2014 #3

Wage theft affects all of us, especially our futures. HughBeaumont Dec 2014 #8

+++ marions ghost Dec 2014 #9

Exactly. Because we don't have capitalism. We have inverted socialism. raouldukelives Dec 2014 #21

+1000. HughBeaumont Dec 2014 #23

No, we DO have Capitalism, REAL Capitalism, not the fantasy capitalism of Capitalist Propaganda. Odin2005 Dec 2014 #35

I don't think we are living in Adam Smith's fantasy. raouldukelives Dec 2014 #58

While I don't think anyone has the.. sendero Dec 2014 #4

Absolutely true - but the fact is that you are focusing TBF Dec 2014 #17

Nobody.. sendero Dec 2014 #48

The Federal Reserve huh? TBF Dec 2014 #49

Bravo!!!! forthemiddle Dec 2014 #27

My financial decisions are based on one simple question. hobbit709 Dec 2014 #5

You may be spending too much. yeoman6987 Dec 2014 #54

Spending too much? That would be almost funny on $952/mo. on Social Security hobbit709 Dec 2014 #57

I think teaching some financial literacy in HS home-ec is a great idea phantom power Dec 2014 #6

Millions of people need to be schooled in the sort of "simplistic solutions" that Orman, dawg Dec 2014 #10

Yep. MissB Dec 2014 #22

Personal finance is actually fairly simple. yellowcanine Dec 2014 #12

All very good advice! MissB Dec 2014 #16

I would add (6) never lease a car. Nye Bevan Dec 2014 #31

Leasing is similar to buying a new car financially. yellowcanine Dec 2014 #44

That depends on the car tabbycat31 Dec 2014 #55

Back when I was in the mortgage business I had a client that was waiting for his house to be built. bluesbassman Dec 2014 #14

That also shows that credit rating is a bit of a scandal as well. yellowcanine Dec 2014 #15

It really is. bluesbassman Dec 2014 #34

Interesting. So his actual history was irrelevant? Mariana Dec 2014 #19

Well it is for part of the credit history. bluesbassman Dec 2014 #29

This is where I agree with Ramsey: don't worship at the altar of the FICO score joeglow3 Dec 2014 #39

Yes, except it can affect other financial areas of ones life too. bluesbassman Dec 2014 #40

Teaching people about the power of unions, general strikes, comfortable minimum wages, etc.? hunter Dec 2014 #20

Encouraguing people to "invest" is a way to bind them to Capitalist explotation. Odin2005 Dec 2014 #36

hmmmmm, most people's single biggest capital gain in their lifetime will be the sale of a home. Is kelly1mm Dec 2014 #51

I'm talking about stocks and bonds, not land. Odin2005 Dec 2014 #56

This personal finance thing is a trap nichomachus Dec 2014 #26

It's a world that the average person has no idea about and no time to study. HughBeaumont Dec 2014 #33

This "financial literacy" stuff is just a new way to blame the poor for being poor. Odin2005 Dec 2014 #32

+100. They spend money to have a few middle class people teach financial literacy NewDeal_Dem Dec 2014 #38

K&R NewDeal_Dem Dec 2014 #37

Hey, Hugh, didn't know you were still around. K&R. nt raccoon Dec 2014 #43

Glad to have been missed! It was a busy fall/winter. HughBeaumont Dec 2014 #45

Reads a lot more like opinion than truth Township75 Dec 2014 #46

Hate to say it, but someone who offered sound financial advice to the 99% would not be Marr Dec 2014 #47

"hypnotically un-sexy".. sendero Dec 2014 #50