Author Topic: Renting credit history by adding Authorized User  (Read 4598 times)

Offline rs1285

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Renting credit history by adding Authorized User
« on: June 21, 2016, 11:21:27 PM »
Hi, I was wondering if anyone on here has had experience with renting out their credit history by adding an authorized user.  I was looking at a couple of sites (boostmyscore.net, shareyourcredit.com) and they offer a decent amount of money if you'll just call your bank and add a user as an authorized user.  They say there's little to no risk, (other than the credit card company shutting down your card if you do too many too quick)  because the "authorized user" never gets to see of of your details, but they get the benefit of this card showing up in their credit history.

This feels risky to me, so I'm very hesitant.  But the more I think about it, the more it seems that the absolute worst case scenario would be if the authorized user puts a charge on the card (if they'd get the number via a mortgage credit pull, that's the only kind that shows hte full cc number, and then somehow figures out your expiration/cvv).  But in that event, couldn't you just report the charge as fraudulent, and close the account? Or something like that? Also, I believe the companies (boostmyscore, shareyourcredit) would go after them too, because they sign agreements not to do it.

Sorry for a rambling post! Just want to hear people's thoughts on this.

Offline Der Deutsche Jude

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Re: Renting credit history by adding Authorized User
« Reply #1 on: June 21, 2016, 11:29:24 PM »
How much do they pay?

Offline rs1285

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Re: Renting credit history by adding Authorized User
« Reply #2 on: June 21, 2016, 11:44:32 PM »
I had a hard time getting a straight answer on that.  The one case they would finally give me was $100/authorized user/month for a capital one card that has a 10K credit limit, and a 6 year history (perfect payment record).  The amount they pay depends on the age of the card and how high the credit limit is.

Offline David Smith

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Re: Renting credit history by adding Authorized User
« Reply #3 on: June 21, 2016, 11:45:27 PM »
I'm assuming they only take cap1.
Who do you think you are fooling? You think you are going to pull a quick one on your Creator? Good luck with that.
JTZ

Offline rs1285

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Re: Renting credit history by adding Authorized User
« Reply #4 on: June 21, 2016, 11:54:43 PM »
No, each of those companies take a variety of cards.  Both take chase I know, because most of my cards are chase, so I asked about that specifically.  Can't remember offhand which others.

Offline ckmk47

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Re: Renting credit history by adding Authorized User
« Reply #5 on: June 21, 2016, 11:55:11 PM »
This sounds interesting.
I have a Freedom that's over 20 years old.
They give you the name and social to add to your account? and you don't tell them any of your account info? 
I think that there's a very small risk of the AU being able to spend on your account.
It's practically free money.



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Offline coralsnake

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Re: Renting credit history by adding Authorized User
« Reply #6 on: June 22, 2016, 12:04:52 AM »
http://forums.dansdeals.com/index.php?topic=49313.0

Anyhow, this was big in 2007-2008. But didn't many banks stop backdating because of it?
« Last Edit: June 22, 2016, 12:07:57 AM by coralsnake »
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Offline LoLo

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Re: Renting credit history by adding Authorized User
« Reply #7 on: June 22, 2016, 12:13:33 AM »
http://forums.dansdeals.com/index.php?topic=49313.0

Anyhow, this was big in 2007-2008. But didn't many banks stop backdating because of it?
Many banks? which big bank besides amex?

Offline chinagel

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Re: Renting credit history by adding Authorized User
« Reply #8 on: June 22, 2016, 12:28:28 AM »
no complaints on bbb or other scam busting sites

Offline David Smith

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Re: Renting credit history by adding Authorized User
« Reply #9 on: June 22, 2016, 01:12:05 AM »
http://forums.dansdeals.com/index.php?topic=49313.0

Anyhow, this was big in 2007-2008. But didn't many banks stop backdating because of it?
No, but they stopped granting history to others outside of primary cardholders address. That's what I'm curious about.
Who do you think you are fooling? You think you are going to pull a quick one on your Creator? Good luck with that.
JTZ

Offline regular

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Re: Renting credit history by adding Authorized User
« Reply #10 on: June 22, 2016, 01:21:44 AM »
No, but they stopped granting history to others outside of primary cardholders address. That's what I'm curious about.
What do u mean by granting history? Dosent Dan allways say how being a au is helpful to building a credit score?

Offline David Smith

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Re: Renting credit history by adding Authorized User
« Reply #11 on: June 22, 2016, 02:08:10 AM »
What do u mean by granting history? Dosent Dan allways say how being a au is helpful to building a credit score?
If the account reports for you, it helps. However, not always do all accounts that you're added as an AU on show up on your report, especially if the AU resides at a different address than primary account holder. This was done in large part to eliminate piggybacking, as it's known.
Who do you think you are fooling? You think you are going to pull a quick one on your Creator? Good luck with that.
JTZ

Offline yomo

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Re: Renting credit history by adding Authorized User
« Reply #12 on: June 22, 2016, 02:45:22 AM »
Hi, I was wondering if anyone on here has had experience with renting out their credit history by adding an authorized user.  I was looking at a couple of sites (boostmyscore.net, shareyourcredit.com) and they offer a decent amount of money if you'll just call your bank and add a user as an authorized user.  They say there's little to no risk, (other than the credit card company shutting down your card if you do too many too quick)  because the "authorized user" never gets to see of of your details, but they get the benefit of this card showing up in their credit history.

This feels risky to me, so I'm very hesitant.  But the more I think about it, the more it seems that the absolute worst case scenario would be if the authorized user puts a charge on the card (if they'd get the number via a mortgage credit pull, that's the only kind that shows hte full cc number, and then somehow figures out your expiration/cvv).  But in that event, couldn't you just report the charge as fraudulent, and close the account? Or something like that? Also, I believe the companies (boostmyscore, shareyourcredit) would go after them too, because they sign agreements not to do it.

Sorry for a rambling post! Just want to hear people's thoughts on this.

I was approached by a good friend a few years ago to do this with some company in California. I was intrigued and eager to make a lot of $ each month by doing this. (I know of  someone who makes north of 100k a year doing this with very minimal work). I asked the opinion of a lawyer I trust who advised me not to do this. He said the biggest risk would be if one of the authorized user (who's goal here is to "artificially inflate" their credit score through your credit line) goes to take out a loan with their "new" positive credit and then defaults (probably for the same reason they initially needed this service and are forced to pay big $ for this service as they ARE NOT USUALLY TOO CREDIT TRUSTWORTHY AND RESPONSIBLE) the bank may go after them for fraud (misrepresentation of credit worthiness as they paid to artificially inflate their credit with the sole purpose of fooling the bank to obtain the loan) and the one who KNOWINGLY helps them by "selling their credit line" may be considered an aid in fraud which will have obvious negative ramifications for them. This concern is the biggest risk, not to mention being a/a'd by the credit card company or running into the potential problem of the authorized user gaining access and using "his" card.

Offline rs1285

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Re: Renting credit history by adding Authorized User
« Reply #13 on: June 22, 2016, 10:07:12 PM »
That's an interesting point.  However, if this service is legitimately fraud, wouldn't that make these services by definition illegal? (i.e. selling fraudulent services)  They make no secret of what they're doing, and haven't been sued, which makes me think it is not legally considered fraud.

Offline cholent

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Re: Renting credit history by adding Authorized User
« Reply #14 on: June 22, 2016, 10:13:02 PM »
I think the real risk is getting shut down by the cc issuer. I wouldn't want to burn my relationship with Chase completely
Don't ask stupid questions and you won't get stupid answers

Offline JTZ

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Re: Renting credit history by adding Authorized User
« Reply #15 on: June 23, 2016, 12:59:51 AM »
You can make thousands a month but there are risks. You are playing with fire so make sure you understand what you are getting into.
"LESS IS MORE" It is the cumulative effect that kills deals!!! How many times do I have to say this?  >:(

Offline cholent

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Re: Renting credit history by adding Authorized User
« Reply #16 on: June 23, 2016, 01:09:10 AM »
You can make thousands a month but there are risks. You are playing with fire so make sure you understand what you are getting into.
Would you do it?
Don't ask stupid questions and you won't get stupid answers

Offline yomo

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Re: Renting credit history by adding Authorized User
« Reply #17 on: June 23, 2016, 01:43:26 AM »
That's an interesting point.  However, if this service is legitimately fraud, wouldn't that make these services by definition illegal? (i.e. selling fraudulent services)  They make no secret of what they're doing, and haven't been sued, which makes me think it is not legally considered fraud.
It's definitely not necessarily illegal or outright fraud. But, if someone defrauds a bank on a loan with the help of this service then this service may be deemed as an aid in fraud..

Offline JTZ

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Re: Renting credit history by adding Authorized User
« Reply #18 on: June 23, 2016, 01:47:11 AM »
Would you do it?
On accounts I know they can't access and don't care about losing, yes.
"LESS IS MORE" It is the cumulative effect that kills deals!!! How many times do I have to say this?  >:(

Offline 3yummyboys

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Re: Renting credit history by adding Authorized User
« Reply #19 on: June 23, 2016, 06:34:06 AM »
Anyone here actually do this?