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Adding seasoned credit?

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Subject: Adding seasoned credit?

Sun Dec 31, 2006 3:16 am

I have found a company that promises to raise your credit score by adding seasoned credit accounts to your credit file. Has this been proven to work or is it a scam?

george

george

Joined: 06 Jul 2006
george's page
Posts: 71

2859 Magic Points

Mon Jan 01, 2007 9:36 am

There are some companies who promise to raise the credit scores of customers within 2 to 3 months. This process is known as "seasoned credit". But it is better not to go after such services as it is considered as illegal.

mark007
Guest

Subject: not illegal

Mon Sep 10, 2007 2:52 am

Never tried seasoned credit but know it isnt illegal. There is no law to say that a person can not add you on to a credit account. A more legal name in the corporate world that has been going on for years is called a shelf corporation.

Laura

Joined: 21 Jun 2007
Laura's page
Posts: 1334

35466 Magic Points

Mon Sep 10, 2007 3:47 am

Well mark I think generally we know this as piggybacking. Tell me if I am wrong. Piggybacking is ofcourse not illegal but the agencies do not consider it as a legitimate service and now since September Fair Isaac has changed its scoring basis and will not consider seasoned credit anymore so one way or the other it has to be shunned.

There has been more discussion on this...you might be interested...
http://www.creditmagic.org/piggybacking/piggybacking-functions.html
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Regards,
Laura.

sdchargers_63

Joined: 13 Aug 2007
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Posts: 1889

1356 Magic Points

Subject: credit

Tue Sep 11, 2007 10:04 am

There are alot of companies, out there, that say they CAN raise your credit score, by doing this. But......if this is done, doesn't this 'mess up' the OTHER person's credit, as well?? I mean bring the OTHER person's Credit score down, as well???? i would think, too, if this OTHER person starts acquiring some 'major' debts, YOU would 'acquire' it, just as well.

Morningstar

Joined: 17 Apr 2007
Morningstar's page
Posts: 582

11 Magic Points

Thu Sep 13, 2007 12:44 am

I think only the "authorized user" accounts are shared...but that's practically a thing of the past.
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I don't dream since I quit sleeping

Laura

Joined: 21 Jun 2007
Laura's page
Posts: 1334

35466 Magic Points

Thu Sep 13, 2007 3:51 am

I am still pretty confused. Can somebody please explain the concept of an authorised account once again?
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Regards,
Laura.

cajunbulldog

Joined: 30 Aug 2007
cajunbulldog's page
Posts: 35
Location: Louisiana

-10 Magic Points

Fri Sep 14, 2007 12:09 am

Laura an authorized user is like me giving a card to my wife and the account is solely my responsibility. She gets the credit on her report but I am obligated to pay the account.
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Cajunbulldog
Keeping an eye out for consumers.

sdchargers_63

Joined: 13 Aug 2007
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Posts: 1889

1356 Magic Points

Subject: credit

Fri Sep 14, 2007 1:22 am

WOW!! Seems like that's NOT a 'fair' thing to do. People, who agree to this must be getting ALOT of money, to do this. That's like giving my ex a credit card with a zillion dollar credit limit ( of course, exaggarating) and I'm the one who has to pay for HIS spending...NO WAY!! LOL

Morningstar

Joined: 17 Apr 2007
Morningstar's page
Posts: 582

11 Magic Points

Fri Sep 14, 2007 2:59 am

Not quite...the person does not actually get a card...they just get authorized onto the account to exploit the old FICO scoring system.
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I don't dream since I quit sleeping

Laura

Joined: 21 Jun 2007
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Posts: 1334

35466 Magic Points

Fri Sep 14, 2007 4:21 am

Ok correct me please here. The process will be like...my boyfriend has a credit card and I take the responsibility to pay off the debt? or I have the card to myself authorizing him to use the card for himself and I pay the bills.
_________________
Regards,
Laura.

Morningstar

Joined: 17 Apr 2007
Morningstar's page
Posts: 582

11 Magic Points

Fri Sep 14, 2007 5:12 am

More like:

You have a good account.
You add your BF as an authorized user.
You do NOT give your BF a card, or the account number.
He can't actually use your account, but he gets the benefit of your credit history with the account on his credit report.

This is the piggybacking that is going away (or is already gone).
_________________
I don't dream since I quit sleeping

sdchargers_63

Joined: 13 Aug 2007
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Posts: 1889

1356 Magic Points

Subject: credit

Fri Sep 14, 2007 7:50 pm

That's almost like 'stealing' someone's good credit history. My goodness. I'm curious............if someone was looking at a Credit Report, and the CR has this 'piggybacking' credit on it, is it obvious? I mean...would your CR read the OTHER name, of the person, you are 'piggybacking' from??

cajunbulldog

Joined: 30 Aug 2007
cajunbulldog's page
Posts: 35
Location: Louisiana

-10 Magic Points

Fri Sep 14, 2007 8:30 pm

On a credit report all it would have is the account details and usually a notation that person is an authorized user. I use this process a lot for any account I have so wife gets the credit history as well as me. She has a card to go with mine and being in a community property state,I feel she should benefit from my individual accounts as well as our joint. Now selling au accounts I am against it because it soils what au accounts were originally designed for,wife,girl friend or family.
_________________
Cajunbulldog
Keeping an eye out for consumers.

sdchargers_63

Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1889

1356 Magic Points

Subject: credit

Sat Sep 15, 2007 5:30 pm

Ok...I understand the concept now. I'm divorced now...but, I DO have a question. The accounts that my ex and I had, when we were married....would they STILL stay on my credit?

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* Disclosures:

Your personal details (name, email address and phone number) will be delivered to the company advertised on the Creditmagic after ve agreed to go for the counseling session by filling out the no-obligation form. However, it is your discretion to accept or reject their services.
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