2007-07-19 05:59:52 · 2 answers · asked by The RayVolution! 2 in Business & Finance ➔ Credit
The concept was based upon a flaw in the FICO scoring system, in which a person looking to improve his credit score needed only to be signed onto someone else's credit card (a person with a good score) as an authorized user, and that caused an increase in the score for the person who was the authorized user.
As of September 2007, the system of scoring will be changed to eliminate this authorized user improvement. Those who have paid thousands of dollars in the past to see their scores improved will now lose the advantage, since the system is being designed to cover any incorrect increase in score retroactively.
2007-07-19 06:06:20 · answer #1 · answered by acermill 7 · 2⤊ 0⤋
You get some one with x-lent credt to add you a authorized user. So you get their great credit history over night (just about.)
My mom did this for my sister when she needed to buy a car. My sister had no credit so my mom added her to a credit card that had a limit of 10k, she owed maybe 2k, and had the card for about 6 years.
About a month later, when my sister got her car she was told she had a 730 FICO score. Go figure???
2007-07-19 07:00:56 · answer #2 · answered by Cali Girl 3 · 0⤊ 0⤋