Hey you guys I recently found your forum and know that this is usually a 'hot topic' amongst various credit boards. However, I am curious. I am currently working with a repair service, primarily because I work SO much and know that with my 16 hour days, I would miss deadlines for things. Nonetheless, I was also offered in this package the option to 'add tradelines' that would further boost my score. They've done a great job in helping get things deleted from my reports. He said that I wouldnt have access to the accounts that were added but they would be added to 'boost' my score. I would like to hear you guys' thoughts on this...I tried doing a search for this but I came up with one thread. Also, if any of you have done this, please PM me your experience (if you dont want to post here) and who you used...costs, etc. It seems somewhat expensive but I guess that you 'get what you pay for.' I dont plan on purchasing anything with credit (like a car, getting a loan or even a credit card) but it'd be nice to raise it in addition to the deletions that are being done. Just in case you'd like to know, my score is (or was) anywhere from 499 to 521, depending on the bureau.
The addition of a quality tradeline as an authorized user can significantly increase your FICO score, but like any major purchase, shop around. I do recommend visiting Apex's website, or contact him for full information.
Yes, check everyone out by all means. We may not have the lowest prices insofar as I haven't checked in a while. However, our record speaks for itself.
How is it you can be added as a user to someone's CC and not be able to use it? It seems that these accounts you would be added to are dummy accounts-is that correct? So is this legal and ethical? How long would you remain on it? And wouldn't your score tank when you were taken off?
They aren't dummy accounts. They are real accounts. An Authorized User is someone the account holder "allows" to use the account with no financial liability for the debt. The person added can be issued, or not issued a card at the sole discretion of the owner of the account. Once you are taken off, the furnishers do not go to the expense of ordering a deletion of the account from the bureaus. They just stop reporting to it. I know this as Hubby got stuck with some of my negative AU's a long time ago. They never updated to the final status but were stuck at a point the accts were closed (they were easy to remove though!). Is it legal? Yes. Is it ethical? Depends on who you ask.
Is the credit scoring model ethical? I guess that depends on ones perception. Is credit repair ethical? Same applies.
AU will no longer be figured into FICO scores soon so this is not a good option. The best option is to bring down your utilization % as it counts the largest portion of your FICO score.
Negative effect With regards to being added as an AU , how bad is the effect of being added as an AU to an account that has had 1 or 2 lates over a 36months period? For a person who has no score or no history would being added to a file like this immediately pose you as a risk?
If you have no score and no history, it will likely cause a score to generate, but who knows if it will be a score that will *help* you. Or if you are still stuck with the same limited options of those with no credit. I wouldn't add derogatory information to a report.
Good lord . . . will this non-sense ever end? Just Google "FICO 08' - ECOA". Hell, Equifax has already said they won't allow it. Where are people getting this garbage.
