Authorized User Account Scams – Unsecured Lines of Credit

Authorized User Accounts Scam – Authorized User accounts did a lot of good things to your FICO score and exploited a big loophole in the credit scoring system that millions of people used to build their credit.  It was known as “Piggybacking”.  You could “piggyback” your social security number onto someone else’s credit card, as long as the creditor allowed it and agreed to report the new information (social security number) to the bureaus every month.  Once reported the “authorized user” would inherit the primary users credit history. The end result, Instant Credit.  You were then able to qualify for major purchases due to the artificially increased credit scores.

This loophole was closed by the development of a new credit scoring system known as FICO 08.  This new scoring module would no longer take into account “authorized user” accounts.  However, the release of FICO 08 has been delayed by a lawsuit and the scoring model hasn’t been implemented.

This does not mean you should still use this strategy as an effective means of increasing FICO scores.

Even though the credit bureaus haven’t eliminated the loophole, the lenders have. You must understand that the lenders read the newspapers also, and as soon as this loophole was made into public knowledge their underwriting guidelines changed to specifically address credit reports that have multiple authorized user accounts listed. This means that even if you were to add authorized user accounts and see large credit score increases you would still get denied for your loan. Unfortunately, many people are still selling this type of tradeline. They are even sometimes calling them “joint” accounts or “seasoned primary accounts”.

Although the loophole remains open, the lenders have identified and effectively closed it.  Lenders have been hit hard with fraudulent loans by clients artificially inflating their credit scores, so lenders have changed their underwriting guidelines to exclude authorized user accounts from their lending decision process.  It’s unfortunate, but it’s a fact.

Still people are falling for these types of scam tradelines everyday.  They are being dressed up and sold as “Joint” and or “Seasoned” or “Primary Seasoned Accounts”.

The only tradelines that are legitimate and can stand the test of time are primary tradelines that are not artificially aged.

It can be difficult to get a car loan or credit card if you’ve never had credit in your own name and having bad credit is the same or worse having no credit.

So what do you do???

Here’s the solution!

Now you can get $5,000.00 or $10,000.00 unsecured line of credit reported monthly on your credit file!

This immediate positive new credit with high credit limits reporting to your credit profile will do wonders to your credit score!

Due to the different scoring modules with the FICO® formula some customers have experienced higher credit score increases than others, but nonetheless a positive increase in credit scores is better than no increase at all.

These tradelines are not artificially aged, and will ultimately help your credit. This is the only real solution to increasing your credit scores.  And to keep boosting those credit scores is to keep an on-time payment history and to keep the account active for at least 2 (two) years so you can reap the full benefits of the merchant store card.

In the United States credit is part of life and it’s very important to know how to establish, reestablish, and or repair your credit.  And once we have it, protect it.  At Attractive Credit Secrets we show you the ins and outs about credit repair and restoration they never taught you in school or anywhere else.  For a limited time only we are offering a FREE credit e-course to get you started. 

As with all credit cards and loans, financial responsibility relies on YOU.  Developing responsible spending habits and timely repayment schedules are an essential part of establishing and maintaining rock solid credit scores.