Does becoming an authorized user on someones account really raise your credit score? if so, by how many points

Deal Score0

Does anyone know any good sites?

4 Comments
  1. Reply
    Mountain Top
    November 10, 2011 at 11:45 am

    Nope – it’s not your credit.

    Don’t confuse with being a co-signer on an account – then yes, as long as the payments are made on time.

    The initial rise is very little, and after that it’s based on the ratio of credit in use divided by the available credit line. Keeping the ratio below 15% will raise your score up to 10 points. If the ratio goes above 50%, it will lower your score by about 20 points.

  2. Reply
    SCH
    November 10, 2011 at 12:39 pm

    This is called credit piggybacking and for the time being it works. The laws will be changed soon so that it will not work.

    The person needs to have really good credit history on the card they add you on and they need to leave you on for on average 3 to 6 months so that the info is update with all 3 credit bureaus.

    If you do this thru a service it can be VERY expensive…but one company is

    Instantcreditbuilders.com

  3. Reply
    David L
    November 10, 2011 at 1:38 pm

    First, you have to be a user on an account owned by someone with a high credit score. This can quickly raise your own score. People have done this a lot. I read about one guy who charged $ 200 a month to put authorized users on his account so their credit score could be raised. Once their score got to a respectable level, they were removed from his account, and they continued on their own.
    Laws will soon be changed to prevent additional users from benefitting from an owners account.
    the only way to get and keep good credit is to make all of your payments and make them on time. There is no such thing as credit repair and do not fall for offers to “help” get you out of debt. You get out of debt by paying off your bills when the payments are due.

  4. Reply
    spifiman1
    November 10, 2011 at 2:00 pm

    And now for the correct answer.

    “Piggybacking” used to be a really east way to increase your credit score. Bu due to the recent changes in the way credit scores are going to be calculated starting in September it will no longer work.

    Some companies were selling trade lines to people to raise their scores so they could qualify for mortgage loans. This caused the mortgage industry to make thousands of loans to people at rates that they really did not qualify for and this has resulted in thousands of foreclosures all over the nation.

    They lobbied the FTC to make this practice illegal so after the new scoring system goes into effect in September not only will authorized users not get any additional points but people that have raised their scores using this system will lose their point as well because it’s going to retroactive.

    All because some people were trying to cheat the system

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