Authorized Users

[Junejer]

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@Anonymous wrote:

Hey guys I think that most of us at one point in our lifetime has had some help from our parents, family members,maybe even friends. Example may have been a co-signer on first car, first apartment house etc.... at the end of the day it is still some form of credit help which in turn involves your credit history and scores. IMHO if you accept the help and it is used in good faith I do not see anything wrong in that.Ideally after that first bit of help if the person is responsible he or she would be able to aquire and build their credit and scores on their own from that point. Just MHO.

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Agree 100%.

[RobertEG]

LOL!

Byrd, I was not suggesting that everyone in America would put his or her son or daughter under an AU! 

I was simply making an absurd point in opposition to an equally absurd hypothesis that we who have no inclination to prodigy subsidy should bankroll those who have such inclinations.

From each according to his ability, and to each according to his means.........

When I was wandering through the fields of Vietnam, I did not like unwanted leeches on my legs.

I still dont like them.

[Junejer]

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@RobertEG wrote:

LOL!

Byrd, I was not suggesting that everyone in America would put his or her son or daughter under an AU!

I was simply making an absurd point in opposition to an equally absurd hypothesis that we who have no inclination to prodigy subsidy should bankroll those who have such inclinations.

From each according to his ability, and to each according to his means.........

When I was wandering through the fields of Vietnam, I did not like unwanted leeches on my legs.

I still dont like them.

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Robert, I know somewhere in there is a point, I am just not able to find it (j/k). However, that still doesn't answer the question on how this is different than any of the other analogies, where people are given an advantage that they didn't earn.

Do you feel that people who receive nice monetary gifts from their parents are leeches as well? If not, will you change your mind, if, someday, some pimply faced 23 year old, becomes your neighbor, in your nice neighborhood (that you have worked hard to get into), because his parents gave him a nice gift of a down-payment?

[Anonymous]

"You gotta love this Guy" WTG Byrdman

[marty56]

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credit08 wrote:

Hey guys I think that most of us at one point in our lifetime has had some help from our parents, family members,maybe even friends. Example may have been a co-signer on first car, first apartment house  etc.... at the end of the day it is still some form of credit help which in turn involves your credit history and scores. IMHO if you accept the help and it is used in good faith I do not see anything wrong in that.Ideally after that first bit of help if the person is responsible he or she would be able to aquire and build their credit and scores on their own from that point. Just MHO.

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While I agree about using family and friends to help say with yourt first auto or an apartment or even a down payment on a home, I doubt being an AU would do anyting for you under a manual review.  I think this would be true especialy if you had a short credit history or recent derog on your CR.

The argument of using AU to help build your credit history is the same logic that sport figures use when the use perfomance enhancements drugs legal or not.

[Junejer]

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@marty56 wrote:

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@Anonymous wrote:

Hey guys I think that most of us at one point in our lifetime has had some help from our parents, family members,maybe even friends. Example may have been a co-signer on first car, first apartment house etc.... at the end of the day it is still some form of credit help which in turn involves your credit history and scores. IMHO if you accept the help and it is used in good faith I do not see anything wrong in that.Ideally after that first bit of help if the person is responsible he or she would be able to aquire and build their credit and scores on their own from that point. Just MHO.

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While I agree about using family and friends to help say with yourt first auto or an apartment or even a down payment on a home, I doubt being an AU would do anyting for you under a manual review. I think this would be true especialy if you had a short credit history or recent derog on your CR.

The argument of using AU to help build your credit history is the same logic that sport figures use when the use perfomance enhancements drugs legal or not.

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Marty, I have to disagree with you on that last analogy. Last I checked, using performance enhancing drugs is a felony.

[marty56]

Yes but the intent of  those drugs was to produce rapid results and increase performance

[Junejer]

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@marty56 wrote:

Yes but the intent of those drugs was to produce rapid results and increase performance

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True, yet illegal. AU is not illegal. What is the intent of helping family members and friends out monetarily? I would submit to produce rapid results and increase performance, no?

[marty56]

I see cosign and a loan/gift of money more as the guy who is spotting you in the gym.  You are still doing all the work.  They cosigner still makes you do all the work.

Also a cosigner once they do it, cannot change or be revoked.

Anyway this all may be a mute point when FICO08 comes around.

[RobertEG]

I see a big difference between private gifts from one person to another and the public lending of credit history.  The first affects only the private parties.  The second affects the whole scoring system The FICO system, but its very nature and construction, grades on a curve, so it affects me.