Author Topic: Renting credit history by adding Authorized User  (Read 3576 times)

Offline pixi

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jan 2015
  • Posts: 1970
  • Total likes: 13
  • DansDeals.com Hat Tips 1
    • View Profile
Re: Renting credit history by adding Authorized User
« Reply #20 on: June 23, 2016, 07:41:25 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.
You can freeze your AU card.
money doesn't talk......      it SCREAMS !

Offline JTZ

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Apr 2016
  • Posts: 1903
  • Total likes: 228
  • DansDeals.com Hat Tips 1
    • View Profile
Re: Renting credit history by adding Authorized User
« Reply #21 on: June 23, 2016, 07:50:54 AM »
You can freeze your AU card.
...and what if you have bank accounts at the same FI?
"LESS IS MORE" It is the cumulative effect that kills deals!!! How many times do I have to say this?  >:(

Online ExGingi

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: Nov 2015
  • Posts: 11028
  • Total likes: 3510
  • DansDeals.com Hat Tips 14
    • View Profile
  • Location: 770
Re: Renting credit history by adding Authorized User
« Reply #22 on: June 23, 2016, 08:12:28 AM »
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.
-1

I am not a lawyer, but this seems way too far removed to be implicated.

For starters, when one applies for credit, they can be held accountable only for what they represent (or misrepresent) on the application. No one puts their credit report or score on the application.

It is the grantor of credit that chooses to do their own research, and rely on credit bureaus.

Some will only look at the score, while others might dig deeper into details.

The defaulted creditor might try to implicate the credit bureau, but unlike the rating agencies that gave high ratings to junk mortgage backed securities using totally proprietary and highly questionable formulas, the credit bureaus license FICO, and the rest is just a report of information they have, not an opinion.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline danR

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Mar 2010
  • Posts: 347
  • Total likes: 24
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Renting credit history by adding Authorized User
« Reply #23 on: June 23, 2016, 10:13:40 AM »
I know of people getting lifetime ban from Chase for doing this so be careful

Online sruly

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Feb 2011
  • Posts: 2074
  • Total likes: 56
  • DansDeals.com Hat Tips 5
    • View Profile
Re: Renting credit history by adding Authorized User
« Reply #24 on: June 23, 2016, 10:28:05 AM »
You can make Thousands a month by selling Joint accounts not AU.

Offline JTZ

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Apr 2016
  • Posts: 1903
  • Total likes: 228
  • DansDeals.com Hat Tips 1
    • View Profile
Re: Renting credit history by adding Authorized User
« Reply #25 on: June 23, 2016, 10:42:46 AM »
You can make Thousands a month by selling Joint accounts not AU.
AU's you can make thousands.
"LESS IS MORE" It is the cumulative effect that kills deals!!! How many times do I have to say this?  >:(

Offline Mendelssohn

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: Sep 2015
  • Posts: 672
  • Total likes: 11
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: North Texas
Re: Renting credit history by adding Authorized User
« Reply #26 on: June 23, 2016, 11:47:43 AM »
I would certainly not do this with any issuer I care about, and I personally would not do it. 

Offline Ydad

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: Nov 2014
  • Posts: 689
  • Total likes: 13
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Renting credit history by adding Authorized User
« Reply #27 on: June 23, 2016, 12:19:01 PM »
and I personally would not do it.
Reason being?

Offline Mendelssohn

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: Sep 2015
  • Posts: 672
  • Total likes: 11
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: North Texas
Re: Renting credit history by adding Authorized User
« Reply #28 on: June 23, 2016, 12:21:53 PM »
Because I value my credit too much to do it.  Any risk, no matter how small, is not worth it to me.

Offline JTZ

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Apr 2016
  • Posts: 1903
  • Total likes: 228
  • DansDeals.com Hat Tips 1
    • View Profile
Re: Renting credit history by adding Authorized User
« Reply #29 on: June 23, 2016, 04:45:18 PM »
I have been banned by more creditors than I care to remember. I have no problem getting credit. This is all about risk v rewards. If the risk is to great then of course don't do it. Even if you do decide this is for you make sure you fully understand what you are getting into. This is one of those deals it is so easy to get burned on especially when you see $$$.
"LESS IS MORE" It is the cumulative effect that kills deals!!! How many times do I have to say this?  >:(

Offline 3yummyboys

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Apr 2013
  • Posts: 1735
  • Total likes: 24
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Renting credit history by adding Authorized User
« Reply #30 on: June 27, 2016, 01:47:01 PM »
Is there any additional protection from AUs on business cards?

Online Iz

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2014
  • Posts: 6571
  • Total likes: 415
  • DansDeals.com Hat Tips 13
    • View Profile
Re: Renting credit history by adding Authorized User
« Reply #31 on: June 02, 2017, 12:22:11 AM »
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.
-1

I am not a lawyer, but this seems way too far removed to be implicated.

For starters, when one applies for credit, they can be held accountable only for what they represent (or misrepresent) on the application. No one puts their credit report or score on the application.

It is the grantor of credit that chooses to do their own research, and rely on credit bureaus.

Some will only look at the score, while others might dig deeper into details.

The defaulted creditor might try to implicate the credit bureau, but unlike the rating agencies that gave high ratings to junk mortgage backed securities using totally proprietary and highly questionable formulas, the credit bureaus license FICO, and the rest is just a report of information they have, not an opinion.
What do y'all think about this?

Offline S209

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jun 2016
  • Posts: 5694
  • Total likes: 2038
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
    • Gowns By Shevy
  • Location: Lakewood, NJ
  • Programs: Marriott Gold, SPG Gold, Ritz Carlton Gold, *G, Hyatt Explorist, Hertz PC, National EE, Rock Royalty Wild Card, Wyndham Diamond, MLife Gold, Total Rewards Diamond, Hilton Diamond, Uber VIP, IHG Platinum Elite, DDF Prez Platinum Elite, AmEx Platinum
Re: Renting credit history by adding Authorized User
« Reply #32 on: June 02, 2017, 12:42:37 PM »
Lol. I know what triggered this.
Gowns By Shevy
732-806-1136
info@gownsbyshevy.com

Online Iz

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2014
  • Posts: 6571
  • Total likes: 415
  • DansDeals.com Hat Tips 13
    • View Profile
Re: Renting credit history by adding Authorized User
« Reply #33 on: June 02, 2017, 12:53:08 PM »
Lol. I know what triggered this.
I'm just "piggybacking" on you.  ;)

Offline ADG

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Apr 2015
  • Posts: 1477
  • Total likes: 75
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: BK
Re: Renting credit history by adding Authorized User
« Reply #34 on: June 02, 2017, 01:02:56 PM »
care to elaborate why you bubmped this?

Online Iz

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2014
  • Posts: 6571
  • Total likes: 415
  • DansDeals.com Hat Tips 13
    • View Profile
Re: Renting credit history by adding Authorized User
« Reply #35 on: June 02, 2017, 01:13:01 PM »
care to elaborate why you bubmped this?
Because I am interested what DDFers have to say about it. :)

Offline User6669

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Mar 2015
  • Posts: 3491
  • Total likes: 201
  • DansDeals.com Hat Tips 3
  • Gender: Male
    • View Profile
Re: Renting credit history by adding Authorized User
« Reply #36 on: June 13, 2017, 08:00:53 PM »
Because I am interested what DDFers have to say about it. :)

Read the thread then.  ::)

Similar thread.
".איזהו חכם, הלומד מכל אדם"

Online Iz

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2014
  • Posts: 6571
  • Total likes: 415
  • DansDeals.com Hat Tips 13
    • View Profile
Re: Renting credit history by adding Authorized User
« Reply #37 on: June 13, 2017, 08:18:26 PM »
Read the thread then.  ::)
I did, obviously. I was looking for some more info/opinions. But apparently this one is staying under the radar. ;)