Paying for Trade Line / Authorized User

[fused]

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FICO_Focused wrote:

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HappyDays wrote:

From what I hear some CRAs have already stopped reporting AU...not sure which one started it.

Everything on this forun is legal. Buying an AU is concidered unsavory.

Welcome Heidi!

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New FICO model is being adopted by on CRA in SEPT. 07 others following suit sometime in 2008.

Best guess is EQ as they already have affiliate programs with Fair Issac for example: SW offered by EQ is a FI product also offered here by MyFICO.

The legalities of Paid AU contracts are in question in multiple states and has been identified as fraud in a couple of markets. This is a big reason why AUs are being excluded from new model scoring. RE Lenders feel like it is a contributing factor to BKs and Mortgage defaults.

While I don't necessarily agree with the contribution to failing economies, we nonetheless should be focusing on legal mthods to rebuilding our credit.

Not a MOD, just familiar with the rules.

Rob

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I don't think it will matter much to the companies that are selling these TLs. What will prevent them from selling seasoned joint accounts. The only way to prevent this is for CCCs and others lenders to require applicants be related to the primary card holder. In fact, they can say only spouses and children of the primary card holder are eligible to apply for joint accounts and demand marriage licenses and/or birth certificates or adoption papers.

[Anonymous]

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fused111 wrote:

I don't think it will matter much to the companies that are selling these TLs. What will prevent them from selling seasoned joint accounts. The only way to prevent this is for CCCs and others lenders to require applicants be related to the primary card holder. In fact, they can say only spouses and children of the primary card holder are eligible to apply for joint accounts and demand marriage licenses and/or birth certificates or adoption papers.

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I'm in ABSOLUTE agreement here... We've added my son and my cousin to nearly all of our accounts... Some wouldn't allow more than 1 AU so there are some that only our TA son are on. Joint accounts are not a solution for our kids on existing accounts, but we will prob do something like that when the time comes for new accounts.  

And you're right Joint accounts will soon be on the ala carte menus at these places. My bet is they are already talking to their pool of card holders seeking those that are willing to open NEW accounts with joint applicants.

Rob

[MidnightVoice]

I have a wife and daughter on a Chase cards as AUs.  Chase were quite happy to make my wife a co-signer, but not my daughter

[Anonymous]

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MidnightVoice wrote:

I have a wife and daughter on a Chase cards as AUs.  Chase were quite happy to make my wife a co-signer, but not my daughter

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We have recently received Chase Freedom and wife requested JOINT agreement. Just got the paperwork in the mail this afternoon!

Rob

[fused]

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FICO_Focused wrote:

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MidnightVoice wrote:

I have a wife and daughter on a Chase cards as AUs.  Chase were quite happy to make my wife a co-signer, but not my daughter

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We have recently received Chase Freedom and wife requested JOINT agreement. Just got the paperwork in the mail this afternoon!

Rob

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Just got approved for joint on my DW's Chase Visa Plat. I didn't get much of a bump in my FICO scores.