A friend mentioned to me what they called credit-info-sharing (maybe known by another term) used to jack their credit score up after they accumulated numerous charge-offs. Said that if a relative or friend would place my name on one or more of their cc accounts that were several years old, then that payment history would appear on my credit report and would jack my credit score up significantly. Anyone know if this works?
i can tell you that I have been on my parents amex for years... given the number of derogs I still have on my credit report, my score really is decent. So I am pretty sure this helps...
This can help, but there are risks involved. Such as, if you are the AU on someone's card, but they do end up being late, your report will show the negative history, or even if they just want to carry a balance for awhile, this will lower your utilization. I have heard it is easy to 'get off' the report if needed though. Also, if you are the person that is allowing someone to be the AU, make sure they will not run up your card!
Just make sure if you throw your name on someone else's accounts they keep the payment history clean. As easily as they can boost your score, they can drag it down. Always reccomend adding your kid to the car loan (But not the title), that way he/she already has car credit when they go out into the real world and need their first car. They'll get a much better interest rate. GT
