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Making someone w/ poor credit a cardholder?

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Kellysaves

Joined: 09 Mar 2009
Kellysaves's page
Posts: 1

22 Magic Points

Subject: Making someone w/ poor credit a cardholder?

Mon Mar 09, 2009 5:44 am

Can making someone with poor credit a card holder on an account in good standing increase their credit?

ensurepune

Joined: 17 Feb 2009
ensurepune's page
Posts: 102

510 Magic Points

Mon Mar 09, 2009 12:18 pm

it would be tricky question. as most people can do some trick in connection with the person who is having good credit record. it can be done but not advisable as it is a Grey hat method.

carol

Joined: 27 Jun 2006
carol's page
Posts: 1307
Location: Los Angeles, California

29555 Magic Points

Tue Mar 10, 2009 6:28 am

Hi Kellysaves
The FICO 08 scoring model has put an end to piggybacking to improve the credit score of a person just by becoming an authorized user of an account with good credit history. So it is not possible now to build up a good credit score by this method. If a person with poor credit wants to build up a good history, all he need to do is to get a secured credit card, make purchases with the card and repay it back within the due date. This will help him build up a good history and therefore a good credit score.
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Carol

sdchargers_63

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

1356 Magic Points

Subject: CC

Thu Mar 12, 2009 9:42 am

I was looking at a website that has Secured CC's. I'm very surprised to see that some of the CC's, on this site, state that they are "not obligated to report to the CB's." Isn't THIS the reason why you get a Secured CC,..to re-build your credit? Can someone please explain what the difference is between Pre-Paid CC's and Secured CC's?

ensurepune

Joined: 17 Feb 2009
ensurepune's page
Posts: 102

510 Magic Points

Fri Mar 27, 2009 7:26 am

Quote:

I'm very surprised to see that some of the CC's, on this site, state that they are "not obligated to report to the CB's."

can you specifically tell the name of those CC which you are referring? it will be a great way to have the discussion on this topic. Idea

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