I have found a company that promises to raise your credit score by adding seasoned credit accounts to your credit file. Has this been proven to work or is it a scam?
There are some companies who promise to raise the credit scores of customers within 2 to 3 months. This process is known as "seasoned credit". But it is better not to go after such services as it is considered as illegal.
Never tried seasoned credit but know it isnt illegal. There is no law to say that a person can not add you on to a credit account. A more legal name in the corporate world that has been going on for years is called a shelf corporation.
Well mark I think generally we know this as piggybacking. Tell me if I am wrong. Piggybacking is ofcourse not illegal but the agencies do not consider it as a legitimate service and now since September Fair Isaac has changed its scoring basis and will not consider seasoned credit anymore so one way or the other it has to be shunned.
There are alot of companies, out there, that say they CAN raise your credit score, by doing this. But......if this is done, doesn't this 'mess up' the OTHER person's credit, as well?? I mean bring the OTHER person's Credit score down, as well???? i would think, too, if this OTHER person starts acquiring some 'major' debts, YOU would 'acquire' it, just as well.
Laura an authorized user is like me giving a card to my wife and the account is solely my responsibility. She gets the credit on her report but I am obligated to pay the account.
WOW!! Seems like that's NOT a 'fair' thing to do. People, who agree to this must be getting ALOT of money, to do this. That's like giving my ex a credit card with a zillion dollar credit limit ( of course, exaggarating) and I'm the one who has to pay for HIS spending...NO WAY!! LOL
Ok correct me please here. The process will be like...my boyfriend has a credit card and I take the responsibility to pay off the debt? or I have the card to myself authorizing him to use the card for himself and I pay the bills.
You have a good account.
You add your BF as an authorized user.
You do NOT give your BF a card, or the account number.
He can't actually use your account, but he gets the benefit of your credit history with the account on his credit report.
This is the piggybacking that is going away (or is already gone).
That's almost like 'stealing' someone's good credit history. My goodness. I'm curious............if someone was looking at a Credit Report, and the CR has this 'piggybacking' credit on it, is it obvious? I mean...would your CR read the OTHER name, of the person, you are 'piggybacking' from??
On a credit report all it would have is the account details and usually a notation that person is an authorized user. I use this process a lot for any account I have so wife gets the credit history as well as me. She has a card to go with mine and being in a community property state,I feel she should benefit from my individual accounts as well as our joint. Now selling au accounts I am against it because it soils what au accounts were originally designed for,wife,girl friend or family.
Ok...I understand the concept now. I'm divorced now...but, I DO have a question. The accounts that my ex and I had, when we were married....would they STILL stay on my credit?
Any joint accounts you have would remain on your reports. If you are an authorized user on any of her accounts it would stay until you were removed from the account.
Ok...I have a question. If, God forbid, I hve to go overseas again, and I put my POA ( Power of Attorney), on my credit cards, etc, as an 'authorized user', ...if hey someone inquiries about MY credit report, does it show that my POA is my 'authorized user? Would HER credit 'merge' with mine? Or..the other way around?
Power of attorney has nothing to do with credit reporting and would not show up on report. If you go overseas as a soldier you are allowed to insert a active duty alert to notify creditors to verify new credit apps. The power of attorney is used so that person can legally represent you and do business with your creditors.
I catch'ya!! My POA took care of everything while I was gone!! Gotta hand it to her!! One of my best friends, too!! But..I din't know if the 'piggybacking thing' applied, with her, being my POA. Thanks for the response, Cajun.
Hi all!, When I first got my credit 3 yrs ago, my Mom put me on on of her visa accounts as a joint cardholder. I benefitted just a smidge from this because she has exccelent credit and I was able to be a joint card hoder on a major card. It has show that I can keep the credit as a responsible party. My mom and I worked out a mutual understanding whereas I agreed to not spend unless I notified her first and vise versa. I made sure I always stuck to this so she knew I valued and apprecited what she did for me in helping me start my credit. On the other hand... I had been an Auth user on her accounts since I was 16, because she would let me purchase my school clothes etc.. with my cards as long as I was respomsible, kept my grades up and help my job. Even though I had these accts on my credit since the age of 16, creditors and the bureaus don't look at them as any help to your credit because it shows on your credit that you are only an Auth User, not responsible for the acct. But by having a joint cct. with my mom it helped start me on the right foot. Hope this helps. : )
Sounds like a 'good deal', Kimmie. I have 2 credit cards, in my name. They are both only $300.00 credit limit. This way, have a 'limit' on both cards. I can't go over the amount. I am wondering, however.....a friend of mine ( who has a better credit score than I do) applied for one of these cards...an Orchard Bank Card. She was denied. However....i have one. That kind of doesn't make sense...HER score better than mine and SHE was denied? Any suggestions??
There are some companies who promise to raise the credit scores of customers within 2 to 3 months. This process is known as "seasoned credit". But it is better not to go after such services as it is considered as illegal.
not illegal
Never tried seasoned credit but know it isnt illegal. There is no law to say that a person can not add you on to a credit account. A more legal name in the corporate world that has been going on for years is called a shelf corporation.
Well mark I think generally we know this as piggybacking. Tell me if I am wrong. Piggybacking is ofcourse not illegal but the agencies do not consider it as a legitimate service and now since September Fair Isaac has changed its scoring basis and will not consider seasoned credit anymore so one way or the other it has to be shunned.
There has been more discussion on this...you might be interested...
http://www.creditmagic.org/piggybacking/piggybacking-functions.html
credit
There are alot of companies, out there, that say they CAN raise your credit score, by doing this. But......if this is done, doesn't this 'mess up' the OTHER person's credit, as well?? I mean bring the OTHER person's Credit score down, as well???? i would think, too, if this OTHER person starts acquiring some 'major' debts, YOU would 'acquire' it, just as well.
I think only the "authorized user" accounts are shared...but that's practically a thing of the past.
I am still pretty confused. Can somebody please explain the concept of an authorised account once again?
Laura an authorized user is like me giving a card to my wife and the account is solely my responsibility. She gets the credit on her report but I am obligated to pay the account.
credit
WOW!! Seems like that's NOT a 'fair' thing to do. People, who agree to this must be getting ALOT of money, to do this. That's like giving my ex a credit card with a zillion dollar credit limit ( of course, exaggarating) and I'm the one who has to pay for HIS spending...NO WAY!! LOL
Not quite...the person does not actually get a card...they just get authorized onto the account to exploit the old FICO scoring system.
Ok correct me please here. The process will be like...my boyfriend has a credit card and I take the responsibility to pay off the debt? or I have the card to myself authorizing him to use the card for himself and I pay the bills.
More like:
You have a good account.
You add your BF as an authorized user.
You do NOT give your BF a card, or the account number.
He can't actually use your account, but he gets the benefit of your credit history with the account on his credit report.
This is the piggybacking that is going away (or is already gone).
credit
That's almost like 'stealing' someone's good credit history. My goodness. I'm curious............if someone was looking at a Credit Report, and the CR has this 'piggybacking' credit on it, is it obvious? I mean...would your CR read the OTHER name, of the person, you are 'piggybacking' from??
On a credit report all it would have is the account details and usually a notation that person is an authorized user. I use this process a lot for any account I have so wife gets the credit history as well as me. She has a card to go with mine and being in a community property state,I feel she should benefit from my individual accounts as well as our joint. Now selling au accounts I am against it because it soils what au accounts were originally designed for,wife,girl friend or family.
credit
Ok...I understand the concept now. I'm divorced now...but, I DO have a question. The accounts that my ex and I had, when we were married....would they STILL stay on my credit?
Any joint accounts you have would remain on your reports. If you are an authorized user on any of her accounts it would stay until you were removed from the account.
credit
Ok...I have a question. If, God forbid, I hve to go overseas again, and I put my POA ( Power of Attorney), on my credit cards, etc, as an 'authorized user', ...if hey someone inquiries about MY credit report, does it show that my POA is my 'authorized user? Would HER credit 'merge' with mine? Or..the other way around?
Power of attorney has nothing to do with credit reporting and would not show up on report. If you go overseas as a soldier you are allowed to insert a active duty alert to notify creditors to verify new credit apps. The power of attorney is used so that person can legally represent you and do business with your creditors.
credit
I catch'ya!! My POA took care of everything while I was gone!! Gotta hand it to her!! One of my best friends, too!! But..I din't know if the 'piggybacking thing' applied, with her, being my POA. Thanks for the response, Cajun.
piggybacking, Auth User & joint cardholder
Hi all!, When I first got my credit 3 yrs ago, my Mom put me on on of her visa accounts as a joint cardholder. I benefitted just a smidge from this because she has exccelent credit and I was able to be a joint card hoder on a major card. It has show that I can keep the credit as a responsible party. My mom and I worked out a mutual understanding whereas I agreed to not spend unless I notified her first and vise versa. I made sure I always stuck to this so she knew I valued and apprecited what she did for me in helping me start my credit. On the other hand... I had been an Auth user on her accounts since I was 16, because she would let me purchase my school clothes etc.. with my cards as long as I was respomsible, kept my grades up and help my job. Even though I had these accts on my credit since the age of 16, creditors and the bureaus don't look at them as any help to your credit because it shows on your credit that you are only an Auth User, not responsible for the acct. But by having a joint cct. with my mom it helped start me on the right foot. Hope this helps. : )
credit card
Sounds like a 'good deal', Kimmie. I have 2 credit cards, in my name. They are both only $300.00 credit limit. This way, have a 'limit' on both cards. I can't go over the amount. I am wondering, however.....a friend of mine ( who has a better credit score than I do) applied for one of these cards...an Orchard Bank Card. She was denied. However....i have one. That kind of doesn't make sense...HER score better than mine and SHE was denied? Any suggestions??
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gXBwDf Really enjoyed this blog. Awesome.