Hello, I am sorry that I have been posting so many questions, please don't be too mad! I was denied a car loan, and I have someone that is willing to co-sign. I was wondering, if I have them add me as an AU on a tradeline with 15+ years of good history, would that maybe let me qualify? I think that would be much less risk for them. What do you guys think? I only have one bad dent, a CAP1 CO for 1200.00 from 6 years ago. Here are my current scores: TU:628 EQ:603 EX:591
Well, I guess we won't be able to do this for much longer? I thought I heard something about that. I'm wondering how much it would boost my score, and if it would get me qualified. My father is willing to do it.
At this point in time nobody I can think of can accurately predict what the outcome of the new software revisions to credit scores will be or how people such as yourself will be affected. I think that most people would like to see things remain as they are for people doing what you are contemplating. The last names are the same so one would like to think that would still be an acceptable means of trying to establish or build credit but who knows what the future will hold for such AUs. I see that some of the snake oil salesmen who were or still are promoting the authorized user game are now moving on to bigger and better things such as stealing and selling the credit ratings of the dearly departed and selling bogus loans in large amounts. You pay them maybe $500 to $1000 or more and they ostensibly loan you money and report you to the credit bureaus as making big payments every month and never late. Of course, they never actually loan you anything and you never make any payments. One I know of sells fake auto loans, fake construction loans and several other types of loans for varying amounts of money. Then they report you to the credit bureaus as never late. Of course you were never late because you never made any payments. The one I am speaking of has a $5,000,000 lawsuit going against Experian. LOL
What you mention Cap is fraud. I usually speak out against people stating everything under the sun is fraud but, under the circumstances you describe it is. That type of activity meets the elements and knowingly engaging it; i.e. purchasing a tradeline like that, would probably be criminal conspiracy and accessory.
You could be right about what it amounts to but a private party such as a bank or other creditor could not bring charges of criminal conspiracy or accessory either before or after the fact because only a U.S. or state prosecutor could bring criminal charges. Same with defrauding a creditor or providing false and misleading information to a creditor. All of them criminal charges. Creditors who became aware of such activities could only file complaint with the appropriate authorities and let them take care of it from there. All that we can do is be aware of such goings on and steer clear of them. As I have said many times before I don't get into credit repair but today I learned of a software company who sells a program that writes or helps write good credit repair letters and does all of the bookwork for keeping track of what you sent and when as well as doing some other neat stuff. I just might go for selling that software. There are free or nearly free demo versions available now but the real software for the end user apparently isn't going to be available for another couple of weeks or so. It is by a 6 year old company who originally developed the software for bankruptcy attorneys and other professionals but not for home use. That looks like a pretty good deal at this time. I'll just have to see what happens in a few weeks or so.
