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Can you really buy aged credit to improve your FICO score? |
A friend told me you can buy old aged credit lines on the Internet to improve your FICO scores. You never actually get the cards in the mail. It's usually a broker that has clients that have old American Express cards from 1970 in perfect standing and they add you as a user so you inherit their good credit. Is there any truth to this? I'm sure the pitfalls are what if the person stops paying? Then you're out of luck I guess. The practice is called 'piggybacking', and did not involve 'aged credit', but rather good quality current credit cards. Unfortunately for the thousands who paid to have this done, FICO caught on and is changing its computerization systems to no longer give an uptick in a credit score for being an authorized user on a good account. The system will be retroactive, such that anyone who got an improvement from the practice in the past will now lose said improvement. I once read a book called "Life After Debt", and yes, it's true. Apparently, when a person adds you to their account, their credit, becomes your credit. No, it's bogus - run for the hills. This is identity theft!!! Do you really want someone else responsible for your good credit? If it sound too good to be true then it is |
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