Has anyone tried instant credit builders? Has it worked for you, what exactly is it?

Answer 1

I have not used it but it is a method of building one's credit by using other individual's credit tradelines to build up there own credit. You will basically borrow another person's tradeline(s), credit history and payment history for the account(s) you are using of theirs. You will pay a hefty fee for this but it truly can increase your score very quickly. This is a method that has been used for years but is now in the limelight because of the "subprime" mortgage fallout. You can accomplish the same thing however by simply asking a family member to add you to 1 or more of their established credit cards with a great pay history. This way it costs you nothing. The family member or friend never needs to provide you with a card to use or any access to the account. Simply adding you as an authorized user however can give you an instant credit boost.

Answer 2

Instant Credit Builders

Answer 3

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The service can increase people's credit scores. A friend of mine was added to an account as an authorized user (the method used by this service) and his credit score increased 40 points. This service, and others like it, will likely be out of business by the end of 2008, or significantly changed, unless they have a revenue source that is not tied to consumer credit scoring. Fair, Isaac Corp (FICO) announced a couple of weeks ago that they would start excluding authorized user information from their consumer credit scoring models beginning in September, and would complete the rewrite of all their models in 2008, so the loophole used by Instant Credit Builders will disappear soon.

Answer 4

Beware of companies that promise to help you re-establish your credit for a fee. Their ability to change the information that appears in your credit file is no different than anyone else! Only your creditors are able to alter this information. Therefore you do not need to pay a third party to obtain, discuss, review or make changes to your credit report. You have the right to access your information and make changes to your file if there is an inaccuracy or if you want to include a comment.

Answer 5

Sorry this isn't an answer but wondering if anyone know s what happens if any of the piggybacked credit lines defaults later on. Would they hurt my credit score?

Answer 6

if you have bad credit, you would be better off using your money to payoff any old debts. this shows that you are a person of your word--that you pay what you owe, even if it is late, and is a better investment than those schemes to repair your credit

Answer 7

It's a scam. Stay away from it. You won't be sorry you did.

Answer 8

Instant credit builders uses whats called "piggybacking" to build your credit score. This is where you pay for someone to add you as a authorized user to one of their good credit cards with a good long pay history and the next time the credit bureaus update their information this good long pay history shows on your credit.

The mortgage industry is pushing th FTC as we speak to make this illegal because they have loaned massive amounts of money to people that have raised their scores by doing this.