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Hi All I'd Like To Ask 1. If Anyone Know If You Can Add SomEoneElses Credit To Your File AS YOURS See My Sister Has Good Credit And Is Willing To Sign And Certify That I Paid Some Months Or Even The Whole Of A Few Of Her Tradelines And If Anyone Knows Of How It's Done Could You Please Post Or Link Me Sample Letters Of This,
2. And I've Been Seeing All These New Companies Online Promising To Add Rent And Utility Credit To Your File I Have An A And B Question For Ya'll A. How Is It Done And B. Shouldn't We Be Able To Do This Ourselves Without Getting InTO A Situation Where We May Hurt Our Credit By Putting Ourselves In A Vulnerable Situation Letting SomeoneELSE Be In Control Of Any Aspect Of Our Credit?
Thanks For Any And All Help
Angel, let me know if I understand this right. You are saying that your sister is willing to take your accounts in bad shape and you will take on her good credit by showing some of her trade lines paid in full by you.
Individual credits cannot be exchanged with other person, debts can. Your sister can take your debts and do the payments after signing it. But this will not let her good credit reported in your file. She can pay your debts and it will be reported in her file. With regular payments, she will be able to make her file better. Did you get what I am trying to say?
I will not advise you signing with any company for credit repair packages. Creditors can only report negative or positive accounts. No company can create fictitious accounts in your file and show it in good way. There are all kinds of scams that will charge an upfront fee for such services, but ultimately you will end up paying the money for nothing.
IF your sister is willing to place you on her good accounts as an "Authorized User" you could legitamately pick up her trade lines and her "good credit" on those specific accounts. Also would you entrust your personal credit data to a firm that is operating on the "fringes" of the law?????
ADDING CREDIT TO YOUR FILE
thanks for the replies.
Let me explain what i mean my sister is willing to add me yo some of her accounts that she has already opened and in good standing to help me to build my credit but my concern is would it affect hers? we're not trading any credit it's more like the piggy back method
credit cards
I have a few credit cards.....both for 'bad credit'. I have an Imagine card and an Orchard Bank card. The limit for these cards is $300.00 each. The Imagine Card takes a $20.00 monthly payment, out of your account. The Orchard Bank card takes $25.00..however, with Orchard Bank you have to set up paymnets via the net. They send you a 'reminder' that your payment will soon be due. As you pay on them, they give you higher credit limits. Hope this helps you.
Imagine is good. I had bad credit t that time. But now I am fine, my credit limit has gone up and my score as well. :)
Anthony
Whatever your credit limit is, always try to keep your expenditure low say about 25% of the limit. This helps you keep a check on your budget, helps you in maintaining a credit balance which is good for your credit score and the report as well.
credit
Sooo.....you're taling about 'merging credit' with someone. A person giving you their' good' credit, so you 'look better'. Couldn't that ,ALSO. bring the other person's Credit score down?
I am sure they have a work around for that, and I'm guessing that:
a) the person with good credit either owns, is an employee of the company
or
b) is highly compensated for the trouble.
Piggybacking is usually done by a member of the family. It is mainly done to help a younger member start on with a new credit file. The authorized user is permitted by a proper credit account holder to use the account. The payment responsibility thus remains on the account holder and not the authorized user. Thus all the adversities if any, has to be faced by the account holder.
Fair Isaac is introducing a new scoring model possibly starting from September which will not consider authorized user accounts. This is to make things simpler for the lender's to judge scores and to maintain the reliability and accuracy of the scores. FICO 08 scores therefore would not consider piggybacking anymore.
Is that a bad news or a good news?????
piggybacking
Sounds almost like a 'signer/co-signer' thing. Never heard of Piggybacking before.
What is piggybacking?
Yes it is similar.
but in this case people either do it voluntarily for a member of a family like son or daughter, or they get paid to take the risk. It wont be for long because by September scenario is going to change. Fair Isaac is taking necessary steps.