Cashing in on your good credit

Forums: Finance
Email this Topic • Print this Page

This is from a story yesterday on NPR.

I'd never heard of such a thing, and would be scared to death to do it.

Topic Stats
Top Replies
Link to this Topic

Type: Discussion • Score: 1 • Views: 2,280 • Replies: 35

No top replies

um.

wow

0 Replies

So......um... Hey, chai..

ya got a second?
I need a new car.. Cool

0 Replies

I haven't seen or heard that one before. I wouldn't rent out my credit history to anyone not even for profit.

0 Replies

I did not work that hard for my credit to loan it out.

0 Replies

I heard the same story and, to be honest, I think it's perfectly fair. We're just playing by the rules they gave us when they started consolidating our personal information and charging us to look at it.

0 Replies

But they're just "authorized users" on your credit card, so that your credit card will show on their bureau? And they can't possibly use your card? What's the risk to the credit card holder?

I can't believe someone would pay hundreds of dollars to have a good credit card rating on their report. Loans I can understand. You'd think they'd pay hundreds of dollars to, I don't know...PAY THEIR F'N BILLS?

0 Replies

But, doesn't this mean that your credit history is tied to their SS # as well? How does it help one without hurting the other?

0 Replies

No, it doesn't. You're not on any of their loans or credit cards so they're stuff won't show on yours. But your card will show up on their report and boost their score.

0 Replies

FreeDuck wrote:

I heard the same story and, to be honest, I think it's perfectly fair. We're just playing by the rules they gave us when they started consolidating our personal information and charging us to look at it.

I don't have to pay to see my credit report. You must live in a state that doesn't have that law then.

0 Replies

No, we have the one (or two) free ones a year law, but if you remember, it wasn't always that way.

0 Replies

Wow...they charge people about $1000 per "line of credit," or credit card to show on their report.

As an A2K special, I will allow you to piggyback my two credit cards at a discounted rate of $900 each.

Here's what I don't understand: according to the site, most client's credit scores are in the 600's. I'm guessing in the 600-640 range, which can be very borderline credit(can be decent credit in some cases though). So these people are dropping a couple grand to have extra revolving credit show on their report to bump them to "A" credit, which is typically 670+. Wouldn't that money they're spending be better off paying off their debt? There was an example where the client put the fee of a couple grand....on his credit card. Smart move buddy.

0 Replies

FreeDuck wrote:

No, we have the one (or two) free ones a year law, but if you remember, it wasn't always that way.

No, it wasn't always that way and yes I do remember.

0 Replies

FreeDuck wrote:

I heard the same story and, to be honest, I think it's perfectly fair. We're just playing by the rules they gave us when they started consolidating our personal information and charging us to look at it.

I just think it's risky. Like slappy said, they don't get your credit card number or anything, but still....it seems like someone might be able to get additional info on you that way.

Yeah, what Bella said about not wanting to "loan" your credit out. Sure, $2500 a month sounds inviting, but I think somehow it could end up biting you.

As far as fair, well, it's legal (at this time). I wouldn't want to be a lender who gets stuck with a band payor because they were able to get the loan on false pretenses, by using a complete strangers credit history.

I don't know how the credit card industry could stop you from making someone an authorized user though.

0 Replies

FreeDuck wrote:

No, we have the one (or two) free ones a year law, but if you remember, it wasn't always that way.

One a year.

0 Replies

I think I just created another source of income for Slappy.

0 Replies

Chai wrote:

I think I just created another source of income for Slappy.

Eh...it does kind of make sense, but I know from experience how quickly my credit can get f*cked up, how long it takes to fix it, and now how valuable my 7xx score is.

I could see helping out friends this way...for a small fee of course.

But I like money. I'll keep researching it, then I'll decide not to do it.

0 Replies

Chai wrote:

Yeah, what Bella said about not wanting to "loan" your credit out. Sure, $2500 a month sounds inviting, but I think somehow it could end up biting you.

I'm just greedy and stuffy that way. I EARNED my credit and don't want you using it! Laughing

0 Replies

Re: Cashing in on your good credit

Chai wrote:

In September, Fair Isaac, the company that created the FICO credit rating score, will stop considering authorized user accounts as a factor in its credit scoring.

Officials from Fair Isaac say they hope that the change will curb credit-for-rent transactions.[/i]

You'd better hurry, Slappy, you've only got a few months left.

0 Replies

I, too, heard that story on NPR. I couldn't believe that this is actually legal. I think it's a loophole in the law which will be fixed in due time.

0 Replies

Cashing in on your good credit

Related Topics

Quick Links

My Account

able2know