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It's just a calculated risk you'd take to have AU on his accounts

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Laura

Laura

Joined: 21 Jun 2007
Laura's page
Posts: 1327



36459 Magic Points

 
Posted on Fri Oct 26, 2007 6:18 am  

If the authorised users account will be ignored what is the use going for it? Say if I go for a piggybacking on my fathers account and I get the good credit history tagged to mine, wont he be responsible for the items recorded in my report? If I am not able to pay my bills will he not have to do the same on my behalf?
What after another year? The auth accounts will be ignored. That means all the history of my fathers account will be ignored? Then why go for an authorised account?
I need the clarifications please Smile. any help will be appreciated.
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Laura.
Morningstar

Morningstar

Joined: 17 Apr 2007
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Posts: 576



11 Magic Points

 
Posted on Fri Oct 26, 2007 9:17 am  

Quote:
Say if I go for a piggybacking on my fathers account and I get the good credit history tagged to mine, wont he be responsible for the items recorded in my report?


No. He's responsible for his bills. It's just a calculated risk you'd take to have AU on his accounts.

Quote:
If I am not able to pay my bills will he not have to do the same on my behalf?


No. You'd be an AU on his accounts. For your credit to affect him, he'd have to be AU on your accounts.

Quote:
What after another year? The auth accounts will be ignored. That means all the history of my fathers account will be ignored?


Yes, but I thought FICO was ignoring AU's beginning this year.
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Laura

Laura

Joined: 21 Jun 2007
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Posts: 1327



36459 Magic Points

 
Posted on Sat Oct 27, 2007 6:19 am  

Thanks a lot for the information. A lot is clear to me now regarding an AU. FICO has been ignoring AU since September I think.
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Laura.
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Subject: piggyback
 
Posted on Fri May 01, 2009 1:49 am  

when I get added to an account how does it help me will they ask for my ss#
carol

carol

Joined: 27 Jun 2006
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Posts: 1299
Location: Los Angeles, California


30065 Magic Points

 
Posted on Fri May 01, 2009 8:21 am  

The creditor asks for your social security number whenever you apply for a new line of credit. Now when, the account is opened, the creditor reports the new account to the credit bureaus along with your social security number and so the new account gets automatically listed in your credit report and your credit history starts building up from there.
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Carol
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Subject: piggybacking
 
Posted on Sat Nov 14, 2009 3:29 am  

there is a site that does this it is boost my score . net have never used them but remember if they stop paying your responsible for the debt
www.BoostMyScore.NET
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Subject: piggybacking
 
Posted on Wed Apr 21, 2010 10:34 pm  

I just came across this thread and noticed my company, BoostMyScore.net was mentioned. There are several myths regarding Authorized User tradelines, many of which appear here. I would like to address each and every one, but I don't even know where to begin. The primary point that needs to be addressed is that piggybacking does continue to exist in much of the same way that it always has, regardless of what the Fair Isaac Corporation's PR department has tried to force us all to believe. Their credit scoring model, FICO08 is still not in use by any lenders, even though it is now mid-2010. Even if it were in use, we have tested our piggybacking system against their prototype, and it still works the exact same way that it always has. The information referred to within this thread was derived from intentionally misleading press release statements made by FICO to salvage their credibility - no pun intended - with their clients, the banks. In all actuality, Regulation B of the Equal Credit Opportunity Act expressly prohibits banks from ignoring any credit lines present in a credit report held by an applicant for which they are authorized to use, regardless of their definition of "legitimate." I hope this addresses most of your concerns. If not, please know that I am always available to answer any questions you might have.
– Bill Airy 1-800-531-1472
http://www.BoostMyScore.N
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Subject: Piggybacking
 
Posted on Wed Apr 21, 2010 11:18 pm  

...and, oh yeah, by definition, an authorized user is never responsible for any debts owed on someone else's account they are attached to. Remember, an AU never signs a contract with the credit card company...
shintao

shintao

Joined: 04 Apr 2010
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Posts: 7



147 Magic Points

Subject: And we care about Ethical??
 
Posted on Fri Apr 23, 2010 6:29 am  

Let me get this right. The method of credit reporting is ethical?? And the owner of the debt can sell your debt to someone else in order to make a profit off you and harrass you with collections, and hold this over your head for 7-10 years in a public credit agency, and that is ethical??

But when the debtor reverses this process into their favor by buying some elses credit, and that is viewed unethical?? LMAO!! Sorry, I am not buying it.

What is good for the goose is also good for the gander. If I pay to better my credit score in some scoundral credit reporting agencies, so I can get lower interest rates and be able to put a roof over my familys head, I say what is fair in love and war. It is not illegal, and it surely is not unethical IMO.
crorkz
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Subject: pQimDteNhAQ
 
Posted on Tue Aug 05, 2014 10:45 pm  

ZnV7BZ Really enjoyed this post.Really looking forward to read more. Much obliged.

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