Rent A Credit Score

[pv34pv3p]

Gotta wonder...has anybody here actually done this???

http://www.star-telegram.com/news/story/124570.html

pv34pv3p

[poorme]

Yes, lots of posters here have either been added as an AU on another's account(s) or have added someone else to theirs. Usually a family member or close friend. How many have gone to mortgage - hard to say.

Sadly, it's the negative publicity that articles like this cause which will probably shut down this avenue for bk'd credit rebuilders before long. As to the quoted person who thinks this is "mortgage fraud" - I maintain that the processes by which a mortgage banker 'helps' people raise their scores by guiding them to pay off collections, lower utilization, etc. is nothing more than the same kind of fraud. By that I mean, the applicant's score is what it is on the day you apply. If it needs work to qualify, the applicant may not have known or been willing to undertake that if the mort. banker didn't suggest/require it. Becoming an AU is simply another means of raising one's score to qualify. The fact that it's initiated by someone other than 'the banker' should be irrelevant.

"Life's a game - PLAY IT!"

[pv34pv3p]

I understand the concept and agree that "life's a game" and this is just another card to be played.

What I didn't realize is the amount of $$ to be made from it...

pv34pv3p(Sure could have used 2500 a month when my credit was 810)

[poorme]

Well, you could become a broker...seek out folks with solid scores and offer to bring them 'clients' to rent for a month or two for a small fee.. The cardholder gets something and you get a finders/'admin' fee....

[DeadManCrawling]

I can see both sides of this debate.

On one hand, you CAN make your score shoot higher, faster.

But, why would you WANT to?

This could put a lot of people right back into bk in a few years.

Imagine: Come out of bk and have a score over 700 in less than a year. How many people are really prepared for the responsibility? If we were all so responsible, we would not be here in the first place (me included).

On the other hand-

Maybe we HAVE learned to handle things better, and perhaps the lower interest rates attainable with higher scores would serve to help us become even better at avoiding financial problems. That's what did me in. Skyrocketing interest charges after one late payment on a small debt. Suddenly all the big debts became HUGE debts.

I suppose this is like anything else. Used in moderation, with care, it could be appropriate.

I just don't see it as a viable solution for so many reasons. Not the least of which is the idea that, already in the financial dumps, we would PAY someone to get us access to more credit? Credit we could conceivably use to hang ourselves with a SECOND time, well before the safety net of BK is again available?

I will not be doing anything like this, but I certainly would not condemn those who consider it.

Just, for the sake of your sanity and your family, be damned careful.

As unlikely as it seems, I would hate to see anyone back here in a few years-most of all myself.


best wishes,

-dmc

[pv34pv3p]

Very interesting...

I too see both sides...

For the sake of the individual against the machine...I sort of applaud the free enterprise solution...

On the other hand...things being what they are...and considering this forum...I have to think that most folks here are a little more aware of the ramifications than the General Public...and would tend to discourage the practice...

And on my third hand......I could see where being the benefactor of such a mutual agreement might prevent one from finding this forum in the first place...

I guess for every itch there's a scratch...

pv34pv3p(Shoulda paid more attention to what was really going on, when I was playing Monopoly as a kid...)

[kags1969]

I just asked my mother (Fico 803) to add me to one of her cards as an authorized user, we'll see how this effects my score....