Credit….?
Wednesday, September 16th, 2009 at
5:38 am
Does anyone know how to raise your credit score? For instance, if someone adds you to their credit account but you are not an authorized user… Basically looking to clean up credit?
Tagged with: how to raise your credit score
Filed under: Debt
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Yes and No.
The current system allows that if you are an authorized user it will be included in your credit score. However, that person with the original card had to have a perfect and long history for it to do the most good.
But this loophole is being closed. As of September, Fair Issac who does the FICO Score will use new calculations that will not include authorized users. Even if you were to be added today, it takes about 30 days to be reported to the credit reporting agencies. So by the time they do report it, FICO scores will be using the new calculations and it won’t do you any good.
That won’t help you in the slightest way.
Being added to someones account as a user does not help, as you are not obligated to pay the loans.
I suggest getting a credit card yourself. Using it only for things you need, and pay it in full monthly.
You may have to get a secured credit card.
Another option is to have someone co-sign a loan for you.
http://www.thecreditcardtorebuildcredit.com/categories/bad_credit_credit_cards
The only way this would do you any good would be if you were added as either a joint signer or a co-signer.
Even then the person adding you would have to have good credit with along payment history on the credit card to do you any good.
I found interesting information about your answer Here:
debt consolidation loans:
http://all-debt-consolidation-loan.blogspot.com/2007/07/debt-consolidation.html
credit cards:
http://all-debt-consolidation-loan.blogspot.com/2007/07/chase-credit-cards.html
Good Luck!