Seasoned Credit Lines!

[stikkee]

Absolutely not...our clients never get access to these credit cards.  The cards are sent to the account holder and they usually shred them.  Our clients never know the account number, 3 digit code, expiration date, billing address, or the name of the account holder.  They simply benefit from having this information on their credit.  Very simple!

[thailanddave]

So let me get this straight. Your company puts me on other peoples credit cards so I can show a history. I never meet the people and I have never used the card, made a payment and can never use it but I show up as an authorized user.

You or your customers are not intending to defraud the credit bureau or the lenders who make credit decisions based on their reliance on the information. You and your company are just being good guys helping people out who don't or can't pay their bills and have gotten a bad credit rating. And you only charge $1000 for this?

Sorry I misunderstood. Im sure the credit bureaus and the lenders that pay them for accurate information would welcome a program like this. Everyone seems to win, except the pension fund that ends up with half million dollar bad loan in their member's retirement account portfolio. But 2 out of 3 is a winning percentage.

And I was so hoping that I could use the accounts I am an authorized user for. I'd pay a lot more than $1000 for that. Do you have a suggestion box?

[wealthrx]

The sad fact is that even W/O services like the credit line program that lenders are
so desperate to fund loans that 100% financing with a 580 fico score & 1 day out of bk
is possible!!

The credit line program does not guarantee that someone can qualify for a loan, any
underwriter (with 1/2 a brain) can see on the credit report that these accounts are listed
as Authorized User.

Isn't there a such thing as credit depth, collection/judgement payoffs? If a lender is Strictly
score driven, then they are leaving theselves vulnerable to loopholes in the credit system.
These programs are No Secret & lenders should do more due dilligence on the loans that
they fund if they have knowledge of these credit line services.

There are many other factors that determine whether or not someone gets approved for
financing. I have had clients w/ 750 scores (no authorized users) get denied for loans &
credit cards (lowes/menards) even with high fico score.

So the credit program in and of itself in not a real solution for most people, chances
are that they will have to and should clean-up other aspects of their credit profile in
conjunction with the program, if they decide to sign on.

I don't think that anyone here (maybe other than thaidave) truly believes that this service
will lead to a massive increase in the foreclosure market. And even if it does - that means more
business for the rest of us.

Sorry, but I can't complain about that...

[stikkee]

Well one thing is for sure, I get about 200 phone calls per day from loan officers who need this service.  So obviously it's working, and working well.  Some loan officers are even footing the bill for their clients and then putting it on the HUD1 statement at closing.  If that is not proof of confidence in this program then I don't know what is.  My clients are not complaining, the loan officers are not complaining..everyone seems to be satisfied.  The only people who complain or make negative comments are the people who truly just do not understand how this program works.  But that is okay because this is something that seems to good to be true.  I can accept that.  I just like when people ask questions and take the time to really listen to the answers.  I don't like when people try to mix in their own disbelief which completely is the opposite of the facts, and yet they choose to ignore it.  But I hope everyone who has read this learned something and walked away with a little more knowledge than before they got in on this convo.   Have a happy holiday everyone!

[thailanddave]

I am not saying this program will cause major foreclosures. I am saying it is fraudulent. Just because people buy it or pay for it for others to make a loan commission that may run several thousand dollars does not mean its legitimate.

Loan officers are paid to produce on a straight commission basis. There is more fraud now than ever as their commissions drop through a slowing market. 2 years ago everyone was trying to be a loan officer. My letter carrier for the post office even claimed she was a loan officer part time.

People have bad credit, usually for a reason. They don't pay their bills. Lenders look for people who do pay their bills to give loans to. If they don't pay their bills (as evidenced by their credit report) they don't want to lend them any money. Seems pretty simple to me.

Any program that puts info on their report in an attempt to specifically mislead someone, in this case the underwriter who is trying to make a decision for the lender, is committing fraud.

fraud is defined as:
*intentional deception resulting in injury to another person
*imposter: a person who makes deceitful pretenses
*something intended to deceive; deliberate trickery intended to gain an advantage

Just because people want it and are willing to pay for it does not change the situtation. Stikkee claims to get 200 calls per day. That's 25 calls per hour which tells me he works in a boiler room. Typical.

[wealthrx]

What kind of marketing are you doing to get those 200 calls?
(P.M:-X)

[wealthrx]

I think that fraud is at an all time high in the mortgage business because lenders are
over saturating the market by making high risk subprime loans. Someone with a 580
fico, 3-$ 500.00 trade lines, and 1 day out of B.K. should not get a mortgage loan. Period...
Especially not at 100%.....But guess what, it happens everyday.  

What are the %'s of subprime loans vs. the %'s of A paper that go into foreclosure?
Lenders are taking alot more risk right now- more so than ever before - with crazy loan
products being issued in the subprime market. Higher risk =  Higher delinquencies..

Lenders know that less than 5% of their loans will go into foreclosure so they will more
than make up for their lossess with the 95% of people who Do pay on time each month.
They are borrowing money at the same rate, no matter what the risk level of the borrower
they lend to is.

What if a hotel runs at 95% occupancy each and every month would'nt that be considered
amazing accomplishment? What about landlords? 9.5 out of every 10 tenants that pay you
every month!! You can't lose.

I would think that someone who pays for this type of service will try much harder to keep their
scores at a high level by continuing to follow the blueprint that the new tradelines have put in
place for them. It shows that they have taken a proactive approach to maintaining a better
credit history then they ever have before.

Can anyone produce "real evidence" that these programs aren't legit??

[Rich_in_CT]

Stikkee claims to get 200 calls per day. That's 25 calls per hour which tells me he works in a boiler room. Typical.

That's a call every 2.4 minutes, how can anything this intense be done in 2.4 minutes?  Something leads me to believe his figures are inflated.....

[wealthrx]

That's a call every 2.4 minutes, how can anything this intense be done in 2.4 minutes?  Something leads me to believe his figures are inflated.....

Maybe She meant that the company She works for gets 200 a day!!
Either way I want to know the marketing approach they use

[Rich_in_CT]

Maybe She meant that the company She works for gets 200 a day!!
Either way I want to know the marketing approach they use

They probably add a line to the bottom of porn and viagra spam.

[gwest101]

Stikke,
I noticed another poster mentioned something about the good credit score disappearing after a short period of time.  Is this correct?  How long can one expect to maintain the "bought" score?

Thanks

[wealthrx]

I should try that (the marketing that is).

[stikkee]

GWEST...you can expect the seasoned tradelines to remain on your credit for about 6 months.  Sometimes longer depending on how quick the bureaus take to remove it.  But the average time is about 6 months.  After 6 months our account sellers take you off.  But sometimes it lingers!

[stikkee]

Yes..I myself get roughly an average of 200 calls per day.  I do not advertise.  Well...every now and then I throw and ad on craigslist..but that's it.  My business comes primarily from Loan officers who need to quickly boost a prospects score.  I get faxed credit reports all day long to review.  This program has spread through word of mouth.  The best people to advertise for me are the people who have had their scores increase.  They tell all their friends all their family and have the proof to show them.  Plus it does not hurt that I pay a $100 referral fee to anyone who referrs customers to me.  Some people are making $1000 a month extra just by sending people to ASR.  

[Rich_in_CT]

Yes..I myself get roughly an average of 200 calls per day.  I do not advertise.  Well...every now and then I throw and ad on craigslist..but that's it.  My business comes primarily from Loan officers who need to quickly boost a prospects score.  I get faxed credit reports all day long to review.  This program has spread through word of mouth.  The best people to advertise for me are the people who have had their scores increase.  They tell all their friends all their family and have the proof to show them.  Plus it does not hurt that I pay a $100 referral fee to anyone who referrs customers to me.  Some people are making $1000 a month extra just by sending people to ASR.  

Sounds like BS to me.  Even if you were working 10 hrs a day with no break you would need to take a call every 3 mins.  Sounds to me it would be hard to explain this program and sign someone up in just 3 mins of time.  And then when would you have time to respond to the mountain of faxes you cliam to get "all day long?"  Yeah, I'm throwing the yellow BS flag on this play.