Repair Credit Report Help
anyone know if companies that claim to improve your credit by adding credit lines to your credit work???
anyone heard of these companies that place one or more accounts on your credit report that have like 10 years of positive credit history or more and have platinum credit lines and they say by doing this it will improve your credit score over 200 points in days and is a alternative to costly credit repair that they say takes forever. Has anyone ever done this and it worked and if it does do you know any companies that are inexpensive?
Public Comments
- I,ve heard of some companies like that but I don't think they are legal. I know some people who use people in their own families who have a good credit profile to add them as a user on a major credit line so that the same information can show on their credit history as well.
- Sorry, but it's a scam. If you want to improve your credit, get a small loan for 24 months and pay it back in 12.
- This is a old scam that was used years ago to help people qualify for home loans and helped bring about the problems we are seeing now. There was a company called Instentcredit.com that sold seasoned trade lines for credit cards, the buyers were listed as authorized users and get the history of the original card holder but never actually got the card. FICO has changed the way they calculate credit scores so authorized users are no longer taken in account so it no longer works.
- Yes, I have seen it firsthand. A relative had a credit card that told her what her credit score was each month. After being added to a Bank of America card as an authorized user, her score jumped 51 points and has remained there. The other poster was actually referring to instantcreditbuilders.com and they are still in business. My mother used www.totaldebtsolutionsllc.com and their free evaluation form. What you need to know however, is that it is accomplished in 30-60 days, not years. Some call it a questionable process but there is currently nothing illegal about it. Just the facts.
- billyjterry, I recommend you try calling a local credit rebuilding service. http://www.tipstoimprovecredit.com They should have some programs for you.
