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Spiking your credit score

Established Contributor

Spiking your credit score

I wanted to post this message to everyone because being dishonest in spiking a fico score is a serious problem. In other words you are added as an authorized user to another individual's account. Instead of the company stating the account was just added it shows as being opn for 3-5 years. Folks do not do it. First of all you know have a inaccurate account being reported. In the State of Utah it is a CLASS B MISDEMEANOR for tampering with your scredit report. The credit bureaus are going to make changes so the so called loop hole is closed out for good. I know that it is frustrating when you can not get the credit that you would like to get because of yout credit score being in the low rating (500-650). Be patient and in time, as long as you are responsible the score will go up. Even if you do not want to use your revolving credit cards make sure that you charge each one once every 6 months so the account is kept active. Even if you charge only a candy bar or a few dollars that is fine. Do not have your account go inactive. If your creditor does not report you as being inactive visa or the other card companies will.
12 REPLIES
Regular Contributor

Re: Spiking your credit score

Well, they do some really wierd things in Utah anyway. The rest of us will be just fine.
Valued Member

Re: Spiking your credit score

 
 
                        ROFLMAOSmiley Very Happy
New Contributor

Re: Spiking your credit score

It is not illegal to be listed as an authorized user on someone's account.  It's not a loophole either, because the CRA's set it up that way!  However, when they do discontinue reporting AU's, then none of us will get a "spike" in our credit reports and there won't be a "loophole" to get it done either. While it's true that some might say that it is "not right" that someone can do that, that simply doesn't make it illegal.  There are pros and cons to AU's, as well as situations when it is VERY appropriate. 
New Contributor

Re: Spiking your credit score



thatgrri3 wrote:
It is not illegal to be listed as an authorized user on someone's account.  It's not a loophole either, because the CRA's set it up that way!  However, when they do discontinue reporting AU's, then none of us will get a "spike" in our credit reports and there won't be a "loophole" to get it done either. While it's true that some might say that it is "not right" that someone can do that, that simply doesn't make it illegal.  There are pros and cons to AU's, as well as situations when it is VERY appropriate. 


Very well spoken. I commend you on your statement for the OP. While I am not sure what the laws are in Utah, I do agree that while it might not be right to do it for a higher score, it doesn't make it illegal. Yes, you are correct in stating that there are pros and cons to AU's, as well as situations when it is very appropriate. In my situation, I am a AU on a Bank of America CC. It is in my ex Fiecees' name. The account is closed now. It had a 10k limit. He opened the account for me to use while I was waiting on my disability to start. I charged up to like $9900 on it. The pros are proven in this situation. In good faith I had access to credit to pay bills and etc. At the time, I did not know that AU's get credit for that. I am very glad because he has helped rebuild my credit after ch 13 BK. Without the cc, I would not have made it until my SSD started. Even though we agreed it would be best to close the account when we spilt up, I have in good faith made every payment on it from the first payment due until now. I am down to $3400.00 and never late. This a legitimate TL credit report for me.
 
The cons are now...when Eq stops counting the AU's in scores then I will lose points on it. Then the other two CRA's will soon follow suit. So while I have in good faith paid this account with never a late payment, I lose credit for it.
 
While it may or may not be right to do it with family members or friends to help raise their scores, I see nothing wrong with it personality, but it is none of my business.
 
However, IMO I do think it is wrong, and should be illegal to pay a CCCS to add someone as a AU's on someone's report, as that is definitely false information. With that being said, I would say that this is the very reason why CRA's are going to stop giving points for AU's.
 
It's one of those catch 20 20's....those of us who don't shoplift, pay the price for those who do shoplift. Smiley Happy
Moderator Emeritus

Re: Spiking your credit score

"The cons are now...when Eq stops counting the AU's in scores then I will lose points on it. Then the other two CRA's will soon follow suit."
___________________________________________________________________________________
 
 
Has EQ publicly confirmed they will be the first CRA to implement the new FICO scoring changes?  This is news to me
 


Message Edited by fused111 on 06-24-2007 10:57 AM
Established Contributor

Re: Spiking your credit score

Well if its ilegal I don't know why AMEX promotes it as a benefit to their service.Smiley Happy

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9/18/08 TU=707 EQ=706 EX=702
Super Contributor

Re: Spiking your credit score

People may not believe it, but some cardholders make members of their family AUs for reasons OTHER than fiddling with credit scores  Smiley Very Happy
 
For example, my daughter carries one of my cards as an AU, so if she ever gets into real trouble (car breaks down, stuck in an airport, starving etc) she had a bunch of credit available.  She has not yet used it, and I hope she never has to.  But we are all happier knowing she has it


Message Edited by MidnightVoice on 06-24-2007 04:30 PM
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Established Contributor

Re: Spiking your credit score

Well said..... midnightvoice!!!
9/18/08 TU=707 EQ=706 EX=702
Established Contributor

Re: Spiking your credit score



MidnightVoice wrote:
People may not believe it, but some cardholders make members of their family AUs for reasons OTHER than fiddling with credit scores  Smiley Very Happy
 
For example, my daughter carries one of my cards as an AU, so if she ever gets into real trouble (car breaks down, stuck in an airport, starving etc) she had a bunch of credit available.  She has not yet used it, and I hope she never has to.  But we are all happier knowing she has it


Message Edited by MidnightVoice on 06-24-2007 04:30 PM

i concur, my first credit card was a FirstUSA that my Grandpa (RIP...I love you) gave me.  It was his and he added me as an authorized user when I was going off to college. 
 
And personally, I feel like, with the hundreds of ways creditors, and dare I say it CRA's, stick it to people, if you can use this to your advantage, why the heck not?! I see nothing wrong with it.  Well...... people making money off of adding strange people to their accounts is bad business, but family..... nothing wrong with that.