I have been in the market to purchase tradelines to addd to my credit report since there is nothing on it. And I have been looking and doing research. I have found some are scams and im just wondering if anyone purchased them before. Just trying to find a honest company to buy them from.
let me know your ideas and thoughts thanks
I have no open accounts on my credit report.
Im trying to buy a tradeline or 2 with a year or more credit history to build my credit. (boost).
These are contradictory statements above. So you’re looking for the most honest dishonest company out there? Do you really think qualifying like this is honest?
I don’t recommend purchaing seasoned tradelines for a number of reasons and I won’t bore you with them now.
Why not ask your mother/father/brother/best friend that has both good credit and established credit history to add you on as an authorized user?
Regards,
Scott Miller
INMO…This is still trying to manipulate the underwriting of a file. We have to be responsible as mortgage professionals to let our clients know when they just don’t qualify. I see this as part of the foreclosre problem within the housing industry.
Not to mention that I’ve noticed that ‘unauthorized’ user accounts are restricted on several programs.
I couldn’t disagree with you more—I have helped many young homebuyers and recent college grads using the authorized user approach “legitmately” that wouldn’t have had a chance if not for their parents or loved ones. These were “credit worthy” folks that weren’t quite “credit ready”—in all cases, the lender was aware and even suggested the authorized user approach.
The authorized user approach serves a purpose and when used properly, it is beneficial to both the borrower and the lender.
It’s no different than using a non-owner occupied co-borrower to qualify—I assume by your definition, you find this misleading as well?
This might all be for not anyway—there is talk amoungst the bureaus about discontinuing the use of authorized users (thanks to the unsavory seasoned tradeline sellers).
Regards,
Scott Miller
Who’s defining credit worthy, you or Fannie Mae? Try going back to the lenders rep if the loan defaults and get them to admit that they told you to do this. I’ve run across all kinds of lender’s account executives and underwriters who’ve trie to convince me how to ‘structure’ a deal. We have to use our own sound judgment sometimes.
Not really in the mood for a squabble there Ben—using tools that are lawful, ethical and beneficial to the borrower and servicing lender is what seperates a “good” broker from a “better” broker.
I don’t advocate the purchase of seasoned tradelines and that’s what you should have a problem with (not the correct use of the authorized user allowance) and where the deciet orginates from.
Regards,
Scott Miller
[quote author=Investment Loans link=topic=29059.msg135769#msg135769 date=1182735713]
I believe Fair Isaac (FICO) is reworking their algorithms this year to squelch the use of purchased credit.
You are correct, there is an article somewhere on this site regarding it.
Investyoung,
Instead of paying a bunch of money to borrow other peoples trade lines, if I were you I’d start learning everything you can about how credit scores are determined (I’d start with MyFICO.com) and get started. I’ve heard suggestions about getting a secured credit card, maybe even going to two local banks and borrowing a small amt money on a personal loan from each and vigilantly paying them off with timely (if not early) monthly payments. There is no substitute for doing it right from the start!!!
The seasoned trade line approach looks to have been short lived. I admit I was tempted, as it's been a long slow process of rebuilding my credit post-divorce.
Ben, I absolutely see where you are comming from (and have learned alot from your posts here and elsewhere), and you can probably see where someone like me might be tempted by this apparent "quick fix". Not out of the desire to be dishonest, but out of the frustration of being reduced to a number, nothing more nothing less. When life got tough for me, my credit score unavoidably took a beating (though even while living in an motel room, never missed paying a mortgage payment for a house I wasn't living in). I just had to come to terms with the fact that none of the why's matter, just the number. So I've slowly raised it legitimately (about 580 last year at this time, 654 as of today) and have to be ok with the fact that I'm the only one who realizes I'm a much better credit risk than my score indicates.