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| *Loan,banking and credit>>>credit line |
I heard you can raise credit score if someone add you to their credit line? |
I heard you can raise credit score if someone add you to their credit line, does that person need to have a good credit score in order for your credit score to go up? Not only do you need to be added as an "authorized user" it needs to note your social security number. I can add "Joe Smith" to my Visa card and the credit agencies won't know Joe T. Smith from Joe W. Smith. Now, if I add Joe Smith with SS# 999-888-7777 to my acct it will link up with his credit report. My parents did this for me when I just started out. It gave my credit a big boost since they ahd the card for a long time, always made their payments on time, had a high limit and a low balance. I would just pay for whatever I charged and it worked out fine. Make sure though, that if you are going to BORROW someone's credit that you treat it well. Also, if you are going to LEND your credit to anyone wether it be adding an authorized user or co-signing please make sure that you trust the person and that they are good for the loan! whether that person has good credit or not, it does not affect your score. If you get added to the line of credit and the line is maxed out, yes, that could hurt your credit because you are carrying a high balance-to-limit ratio, and that is not a good thing to have under your belt. The positive side is that if there is no balance, it looks good when you have unused available credit; there's less of a chance that you'll default when there is no other payment to compete with. Either way, until the credit line is open for a few years, it won't do much of anything. Payments need to be made on time----basically the only way to boost your credit consistently. In other words -- say you are young - and you have no credit history - and you want to get some - I just called the credit company on this subject. My son - just out of college needs a score... I can add him to my credit card - but he has to sign for it to be put on it - and he will also be liable for the charges -- this is the way that it will also affect his credit history. I could not just simply add him as an extra person on my credit card - because then it wouldn't go to his credit.. Yes, this is called "Piggybacking" and there was a very good article on Yahoo this morning about how it's impacting the mortgage industry right now. The person doe's need to have a good long payment history and then add you as a authorized user. This history shows up on your credit the next time the credit bureaus update and your score can raise greatly. The FTC is looking into this right now at the request of the mortgage industry and it may be illegal in the near future. It's under "Most popular" named "Piggybacking" roils credit industry. Finance Manager for over 7-years. / Authorized user for over 20-years. Yes, but they working on changing the law now to stop the practice. I'll try to find the web site I saw it on today. It costs about $900 for one card and less for additional cards to about $2000 which is average. I think you could find better ways. Ok, try below: http://ap.lancasteronline.com/4/cash_for... |
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