Hello, My name is Nat and I am a new user. I am currently a College student and I need to be approved for a one time student loan. I applied for it once in the past and I was denied due to not having enough credit history and a low credit score. I paid all of the outstanding bills on my report, and most of them were removed. I was told that I could piggy back on someone's good credit, and that their good history would show up on my report. I need 2 years of good credit history in order to be approved for this student loan, because I don't know anyone who would co-sign for me. I currently have one credit card with a low interest rate and a car loan. I have been paying those bills in advance instead of on time. I need someone to tell me if the credit piggy back works! What do I have to do? What is the process? How long does it take? I appreciate all helpful responses.... -Nat
Yes, despite Fair Isaac's jibbering it works (please reference http://www.apexcreditservices.com and click "FICO O8' Explained" . . . Mods delete if inappropriate). With that said, it is a rather crude and rudimentary process wherein you are simply adding to another persons revolving accounts; i.e., credit card accounts. It does produce rather surprising increases and gasp, it is legal (as opposed to these jokers offering "joint" and "primary" accounts). What you need to do is ask everyone you know if they will add you to their accounts. Make sure the accounts are at least one year old, have perfect payment histories, and are below 30% utilization. Ensure that the accounts are underwritten by a major creditor such as Chase, Citi, Bank of America, Discover, etc. If this isn't avaliable, there are companies which do this. Make sure they're legit and comply with the Credit Repair Organizations Act. It is a bonus if they're bonded and a member of the Better Business Bureau.
