Raising credit score quickly

[Adebisi]

[ QUOTE ]
[ QUOTE ]
What about those services that say they can raise your credit instantly, are they all [censored]?

[/ QUOTE ]

Yes.

[/ QUOTE ]

I'm not so sure about this. I've seen a few stories in the news over the past couple of months about "piggybacking". Basically you pay the company a fee and they put you on as authorized user on the credit cards on a person with a long and stellar payment history for a month or two. Their entire credit history will stay with you. Apparently, it works well enough that lenders/credit reporting agencies are trying to ban the practice.

[SpaceAce]

[ QUOTE ]
350?? This can't be an actual FICO score, lol.. I think real FICO is, like above poster said, 450 or so..

[/ QUOTE ]

FICO scores go as low as 300.

I don't think the piggybacking method someone else mentioned works, anymore. The newest rules, which I think are being introduced this month, are supposed to exclude authorized users. Not only that, the rules are supposed to be retroactive, so people who have already piggybacked will lose points.

SpaceAce

[five4suited]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
What about those services that say they can raise your credit instantly, are they all [censored]?

[/ QUOTE ]

Yes.

[/ QUOTE ]

I'm not so sure about this. I've seen a few stories in the news over the past couple of months about "piggybacking". Basically you pay the company a fee and they put you on as authorized user on the credit cards on a person with a long and stellar payment history for a month or two. Their entire credit history will stay with you. Apparently, it works well enough that lenders/credit reporting agencies are trying to ban the practice.

[/ QUOTE ]

I was gonna mention this. If you're on a card with someone with rock star credit, your score is averaged with theirs, every three months. Barring screwups with your current payment obligations, your score will increase quickly.

[KUJustin]

[ QUOTE ]
[ QUOTE ]
350?? This can't be an actual FICO score, lol.. I think real FICO is, like above poster said, 450 or so..

[/ QUOTE ]

FICO scores go as low as 300.

I don't think the piggybacking method someone else mentioned works, anymore. The newest rules, which I think are being introduced this month, are supposed to exclude authorized users. Not only that, the rules are supposed to be retroactive, so people who have already piggybacked will lose points.

SpaceAce

[/ QUOTE ]

Is this true? My mom added me to some cards not knowing it would affect my credit and actually lowered my score significantly.

[SpaceAce]

[ QUOTE ]


Is this true? My mom added me to some cards not knowing it would affect my credit and actually lowered my score significantly.

[/ QUOTE ]

I believe the FICO rules are being amended so that people who are listed as authorized users on someone else's card will not receive point boosts from their authorized user status. From what I've read, those new rules are supposed to be retroactive, causing people who have used this method recently to lose the points they got from piggybacking.

If the above actually goes through (I think this month is the month it is supposed to happen), I imagine you would also be retroactively freed of any bad effects, too, as long as you are not the primary account holder on the items that dragged you down.

Please Google this stuff, though, because I haven't looked into it in a while and it's possible that something has changed. I kind of doubt it, though, because lenders were getting pretty antsy about the piggybacking issue.

SpaceAce

[jackblack73]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
What about those services that say they can raise your credit instantly, are they all [censored]?

[/ QUOTE ]

Yes.

[/ QUOTE ]

I'm not so sure about this. I've seen a few stories in the news over the past couple of months about "piggybacking". Basically you pay the company a fee and they put you on as authorized user on the credit cards on a person with a long and stellar payment history for a month or two. Their entire credit history will stay with you. Apparently, it works well enough that lenders/credit reporting agencies are trying to ban the practice.

[/ QUOTE ]
Not true. The loophole has been closed, though it may take time for all the changes to go into effect.

[mindstatez]

I'm not in debt but only have one credit card. I really don't need several like some people, I always pay on time and more than the minimum if there's a balance. What should my score be?

[RacersEdge]

They factor in time pretty well in these reports - i.e. - it might take 6 months or a year for a missed car payment to weighted out. I would guess you could get from 350 to about 600 prtty fast (1 year), but slower after that.

[cwsiggy]

[ QUOTE ]
I'm not in debt but only have one credit card. I really don't need several like some people, I always pay on time and more than the minimum if there's a balance. What should my score be?

[/ QUOTE ]

I would go to annualcreditreport.com and order a free report from each of the three majors once every 4 months as opposed to all three once a year - YOu can also pay for your score - I just paid $8 to see my score -

[SpaceAce]

[ QUOTE ]
I would go to annualcreditreport.com and order a free report from each of the three majors once every 4 months as opposed to all three once a year - YOu can also pay for your score - I just paid $8 to see my score -

[/ QUOTE ]

You must have used TransUnion. Next time, try Experian, they only charge $5.95.

SpaceAce