Improving a credit score through piggybacking

Discussion in 'Credit Talk' started by cap1sucks, Dec 22, 2008.

  1. cap1sucks

    cap1sucks Well-Known Member

    Piggybacking (the practice of being an â??authorized userâ? on someone elseâ??s account) is also being affected by the new FICO score formula. It will look at who is piggybacking (children, spouses), and also make it harder to improve oneâ??s credit score through piggybacking. This, according to, is most likely to affect a large amount of women, whose credit scores are partially dependent on their husbandsâ?? scores.

    What do you think of the changes to the FICO score?

    Further clarification on FICO and the piggybacking issue
  2. greg1045

    greg1045 Well-Known Member

    That might be true IF the authorized user is actually known to be the wife or child of the actual card holder. There are no provisions in the authorized user signup process to reveal if the other person is the wife, or the cardholder's child.
  3. mavrik2747

    mavrik2747 Well-Known Member

    I thought the new Fico model was scrapping the plans on chaning their policy on AU's???
  4. cap1sucks

    cap1sucks Well-Known Member

    According to the article they are proceeding to do what they threatened to do a few months ago. Personally, I don't know a thing about it. That is why I provided the link to the article so people know where I got the information.
  5. apexcrsrv

    apexcrsrv Well-Known Member

    AU's will be scored as always because the ECOA prohibits anything otherwise in essence. That's why they never pushed forward with FICO 08'.
  6. TampaLu

    TampaLu Member

    Thanks for the update on this - very informational...
  7. hegemony.

    hegemony. Banned

    Definitely not.

    AU's will be included in the scoring only if there is at least one other non-AU tradeline.

    And the law requires the reporting of certain AUs - it does not specify whether those AUs must be included in the scoring algorithm. Reporting and scoring - two different things.

    Hope it doesn't affect your business too much.
  8. oilman23

    oilman23 Member

    My mom was calling in today (2-2-09) to piggyback me on too 2 of her 10 year old accounts. Whats gonna happen? When does the new FICO crap come into affect?
  9. apexcrsrv

    apexcrsrv Well-Known Member

    Hmmm . . . another one. Re-read the ECOA and see if you find authority that supports my position or yours. In addition, provide some authority for your first sentence.

    Please bear in mind that Fair Isaac has been hailing a change for two years . . . who wants it? Banks that can't approve anyone or a failing economy with no cash flow. Makes perfect sense to enact this now and make lending even more difficult.

    However, feel free to blame that on us and ignore lenders that would give no-doc, 100% financing to people with 580 mid-scores at 60% DTI. We are too blame, not them . . .

    And, just for your info, it wouldn't hurt our business even presuming what you said was even remotely accurate (which it isn't). We typically sell two per client and Fair Isaac has never said that AU's wouldn't be scored after scrapping FICO 08'.
  10. hegemony.

    hegemony. Banned

    You've spammed every site you can with your interpretation of the ECOA so most any results found on the web are biased by your posts. You aren't helping people with your self serving interpretation, only your business. They are patently false. Why do you think so many people are disagreeing with you? It's unbelievable how many sites you have fooled into believing and repeating this wrong information. I understand your motivation/desperation.
  11. greg1045

    greg1045 Well-Known Member

    No need to get testy/hostile. This is a discussion board.
  12. apexcrsrv

    apexcrsrv Well-Known Member

    Well, if spamming is DIRECTLY QUOTING FEDERAL LAW; THEN, CONGRESS IS A BUNCH OF SPAMMERS AS ARE ALL LAWYERS. Fair Isaac directly said they would do this b/c of their discussion with the feds. What do you think that meant?

    You know, you could just answer my questions. However, you can't because I am correct and thus, you must revert back to childish tactics such as calling me a spammer.
  13. jjgross

    jjgross Well-Known Member

    How yu doing fred i hope the the new year finds you to stan,beth and corky
  14. apexcrsrv

    apexcrsrv Well-Known Member

    Pretty transparent isn't it . . .
  15. hegemony.

    hegemony. Banned

    To quote one of your shill blog entries promoting your tradelines:

    "The Equal Credit Opportunity Act prescribes that all accounts upon a consumers credit reports which that consumer is permitted to use must be scored under any scoring model. Otherwise, itÂfs an invalid model and any creditor which would use it would be subject to the civil penalties of the Equal Credit Opportunity Act. As such, no one is using FICO 08ÂÅ? and by extension, authorized user accounts are still effective as ever."

    What you fail to mention is that the consumers who paid money for one or more of your shill tradelines is NOT actually permitted to use them. FICO has figured this out and will act accordingly, regardless of your rambling. You are desperately trying to get consumers to buy into your rhetoric for monetary gain. All I want is consumers to know the truth. Time will tell as these changes are implemented. Until then, save your money.
  16. jjgross

    jjgross Well-Known Member

    He's not selling credit cards or other offer of credit.So you know what you get.If you want the truth to come out just cut the crap and tell us any evidance of wrong doing dates,places,people.We don't need need anymore bull!
  17. hegemony.

    hegemony. Banned

    Are you slow or just naive?
  18. apexcrsrv

    apexcrsrv Well-Known Member

    Actually, it wasn't a shill posting that. It was me, Jason Barnette, owner of Apex Credit Services, LLC and a licensed attorney. It wasn't a shill blog either. It was and is mine. And, in theory, our clients "could" use the accounts if we so chose. Again, you cannot delineate Mom and Dad doing this for Son and Daughter under the auspices that is fine and then make it illegal for those that don't have those resources. Fortunately, the ECOA will not let this happen so, Fair Isaac is just out of luck. Take it up with Congress if you don't like it.

    Again, and for the last time, they not shill tradelines. We simply add people to credit card accounts. It is legal and people have done it foreover. We're not selling anything fictious. Don't like it, take it up with the credit card companies who report them.

    In any event, please provide some authority for exactly how it is someone from Fair Isaac could plausibly tell the difference from someone who is "permitted" to use the account from one who isn't? Am I rambling . . . seems it is you who have the issue and won't provide any evidence of what you're saying is true.

    Why can't you just answer my questions rather than resort to name calling?
  19. Creditnet

    Creditnet Administrator

    Once again, there is no place for personal attacks in this forum. Please keep the responses civil, and let's keep this a place where everyone feels welcome. Thanks!
  20. hegemony.

    hegemony. Banned

    Here is proof: From consumeristdotcom 6 Ways Your Credit Score Changes This Thursday
    I quote " A new system for determining your credit-worthiness, FICO '08, rolls out this Thursday, and there's nothing you can to do stop it. By these 6 changes, ye shall be judged:
    1.Spouses and children can improve their credit score by being an authorized user on a credit card account, but that's it. No more piggybacking off strangers."

    I don't have enough posts to add the actual link to the story. Hopefully somebody else can so people stop wasting their money.
    No more fraudulent aged tradelines. Finally. Bye Bye.

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