Whoops - sorry! I heard it's like purchasing an aged loan or something (for say, $10,000) and making like $20 payments on it for 12 months. At the end of the 12 mos, it's reported to the CRAs as a paid $10,000 loan. Has anyone else heard about this, and is it legal? Just curious. I'm new here an just thought I'd ask! Thanks.
Oh ok, I've actually tried to find some detail on this concept before. Although it's an interesting idea, it seems to me that it would be difficult to pull off. A furnisher needs to be a subscriber to the bureaus. I don't think it would take them very long to figure out what's going on and put a stop to it. Further, it's illegal to use a number, other than your true SSN, for the purpose of obtaining credit by surpassing the credit reporting system. I don't think it would be much of a stretch to infer that this concept might be illegal too. I'd be delighted to help you look into it tho. If you want to share your info. with me. BB was the last guy I knew that was contemplating this idea. .
Oh ok, I've actually tried to find some detail on this concept before. Although it's an interesting idea, it seems to me that it would be difficult to pull off. A furnisher needs to be a subscriber to the bureaus. I don't think it would take them very long to figure out what's going on and put a stop to it. Further, it's illegal to use a number, other than your true SSN, for the purpose of obtaining credit by surpassing the credit reporting system. I don't think it would be much of a stretch to infer that this concept might be illegal too. I'd be delighted to help you look into it tho. If you want to share your info. with me. BB was the last guy I knew that was contemplating this idea. .
I must I wouldnt mind knowing someone that worked at Capital One and Household Bank where they could change my opening dates and back them up ten years for stronger credit.
Yes it is possilbe to add seasoned credit. I had a vechile added to my reports seasoned from 98 25k auto loan along with a 3 year credit card added to all 3 bureau's. It can be costly depending on what you want. You can email me for further info kjunior@t4.com, aim kay81976
I'm not sure this answers your question; but there are markets in the financial world for purchasing "seasoned loans". This is similar to your example. In other words you are buying a loan which is "older", and already paid down. I think you are talking about "assuming" an already "seasoned loan". This would be like taking over an older mortgage or auto loan which is years old, and paying it off. In theory it would appear to be reportable as having "seasoned history", but most likely it will report as of the date you "assume" the loan in your name.
I have added for example my moms joint Wells Fargo Visa card to my credit. If her account is 5 years old it would appear I have 5 years worth of credit. Not from the date I added the account to my credit.
