FAQs about Boosting Your Credit
Will FICO® 08 affect my ability to receive a credit score boost?
ANo. FICO® 08 was really just a propaganda scare tactic used by the Fair Isaac Corp to make all of us confused and uncertain. The piggybacking boosting strategy still works just like it always has; nothing has changed, nor will it ever. If by some stretch of the imagination they did in fact violate the Equal Credit Opportunity Act, and made illegal adjustments to their model, it would take years for the new version to effectively permeate the financial industry. For example, simply because Microsoft recently released Windows 7 doesn’t mean that everyone in the country is going to the store tomorrow to buy the software, install it on their computer system, get it to work effectively, and then start using it. This is the same exact process that would have to be taken by every bank, credit union, credit card company, mortgage broker, car dealership, etc in the entire country. Now knowing how it all works, you can imagine how much time you have to enjoy the benefits of our “credit renting” services...just in case.
In addition, as you can see in Regulation B of the Equal Credit Opportunity Act, and in our recent Press Release, it is unlawful for any lending institution to ignore credit history present in a credit report, regardless of authorized user status, or otherwise. If a bank were to reject your loan application as a result of the presence of an authorized user tradeline, they will be in violation of ECOA and liable to pay out damages to you through a civil claim.
That’s the legal reason why adding an AU tradeline to your credit report will help and why the Fair Isaac Corporation (FICO) can't stop us. The logical reason is that over 40 million people in the United States are listed as Authorized Users on someone else's credit card. Simply because you have one – or several – on your credit report will not raise any “red flags.” Even if the bank underwriter chose to violate the law and ignore your AU tradelines, it is literally impossible for them to change your credit score. Being that most every loan approval is based on credit scores, you would still be in a good position to acquire an approval, as long as the rest of your application meets the underwriting requirements (income, job history, etc).
How big of a boost can I expect?
The boost is different for everyone. It all depends on what is currently in your credit report and what you choose to purchase from us.
The easiest way to answer this question is to say that there are three "Truths" to boosting your credit score through this method.
- The more tradelines we add to your credit report, the bigger the boost will be.
- The fewer the number of credit cards that you currently have in your credit report showing as open, the bigger the boost will be.
- The higher the card(s) you choose from the list - higher limit and older age - the bigger the boost will be.
How long does it take to appear on my credit report?
We guarantee that our tradelines will appear on your credit report in less than 60 days, or we will give you all your money back. Typically they will appear in less than 30 days; most of the time it takes just a week or two. You can actually view the posting dates.
How long does the credit card remain on my credit report?
Our Primary Card Holders are required by contract to keep you listed as an Authorized User on their credit card for no less than 60 days. As a result, we guarantee the history of the card you have chosen will remain on your credit report for at least 60 days. In the unexpected event that the card(s) falls off your credit sooner than 60 days, we will either issue a pro-rated refund of your money, or re-add you to the card for an additional reporting cycle, at no additional cost to you. If the card does fall off your credit report after the 60-day lease term expires, and you are still in need of its help, please contact us so we can help you.
What happens after I am removed from the card?
Once your status as an Authorized User with the credit card company has been removed, the card companies tend to leave the account history on your credit report anywhere from 6 months to 7 years; more than enough time for you to go out and get approved for the loan you need. This long lasting benefit will also grant you the time necessary to continue to build your credit score the traditional way, only with lower interest rates. However, do not procrastinate with your plan as it is still possible for the card to fall off immediately after the 60 days expires. At this point, it is completely outside of our control.
Do you repair or correct negative or incorrect information?
Yes we have a 30 day Clean Slate Credit Revovery Program. Complete the Clean Slate Credit Recovery form that appears on the Home page upper right corner and we can get you on the way credit freedom.
Do you work on business credit?
All of the cards we lease are personal credit cards. If you are looking to better your business credit, visit our Affiliate by clicking on the Business Credit button at the top of this page.
Keep in mind that business accounts report to the business reporting agency, Dunn & Bradstreet, and not to Experian, TransUnion, and Equifax, therefore do not help your personal FICO score,
Are these primary tradelines, or authorized user tradelines?
The Federal Trade Commission considers the addition of seasoned primary tradelines to be bank fraud; get caught buying or attempting to buy them and you could be breaking the law. New primary tradelines will most likely cause a drop in your credit score until they season for more than 12 months.
We specialize in the addition of seasoned authorized user tradelines, which continue to deliver the same benefits as primary tradelines have to your FICO(R) Score as they always have, no matter what "Not-So-Fair-Isaac" wants you to believe.
Now that my credit score is boosted, what do I do?
Go out and apply for your loan, apply for the job you wanted, or for premium car or home owners' insurance! Start your own business! But whatever you do, remember one thing, this is not a ticket for a shopping spree. Be responsible with your new credit score. Be smart. Plan ahead and stick to your plan. It is very easy to succumb to the temptations of the credit world, but it is those of us who can manage our emotions with self control and logical reasoning who will become masters of our financial future.
Remember, a good credit customer is one who can pay off their ENTIRE balance in full every month. Practice this and it will repay you for the rest of your life.
Will the bank change my mortgage when the credit cards fall off?
Once you close on a mortgage, the mortgage company is contractually bound to hold those loan terms and conditions as agreed in your mortgage. They cannot change the terms solely because your status as an Authorized User has been removed after closing. You will likely continue to qualify for the lower rates, as long as your loan closes before the lines are removed from your credit report (6 months - 7 years), and the bank does not adjust their qualifications for loan approval.
FICO Testifies: Piggybacking Here to Stay - February 4, 2010 -
"Fair Isaac has decided to include consideration of authorized user tradelines present on the credit report in the… Read More
Is Piggybacking Legal? A Short History of Credit Renting and Lending in America - April 30, 2010 -