I have been painstakingly improving my credit. Slowly raised it from 550 to 690 legaly, on my own over a year and a half. My question to the knowledgable ones here is what is wrong with buying someones credit line to boost your score. Maaaan, 100+ points would sound perfect on my score. I have a website example if you need, just didnt want to advertise it here. Don't know how legal it is. But money is not my problem, so i could easily buy some credit. Should i do it? this is where i first read about it. It's an easy read for laman like me. http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=266783
I personally think it is a waste of money. At a FICO of 690 you are moving into the higher score range on your own. Be aware at this score, the effect of a perfect payment aged account will most likely NOT increase your score 100 points. This is a "hype" (I won't call it a scam), so be wary of their advertising. Also, since you are dealing with people who will literally sell their character, what happens if the account holder decides to "tank" the account? You score drops, and how do you remove the account? In the investment business we used to have a saying: "Bears make money, Bulls make money, and Pigs get slaughtered"- the moral: don't get greedy, whether it's money or credit scores.
i really do appreciate the feedback. And i am not hat far off from having a better score. Maybe i should just wait, who knows maybe they will hit all the clients that buy this service with some sort of fraud, after they use it to their advantage. Thanks, thats the chat i needed.
A hundred points would be somewhat of a miracle. Especially the 100 points that live between 690 and 790. Just statistically, those points get increasingly difficult to gain as you get closer and closer to 800. I could maybe believe 100 points from 400 to 500 (e.g adding several great trade lines to a report with all bad entries) but from 690, you could spend all that money on a "rented" trade line and only see a bump of 10 points which wouldn't make much difference for anything.
