We discovered a way to add positive history to your credit report. We do this by adding you as an authorized user to existing credit card accounts that have a long, perfect payment history, high credit limit, and little or no balance. When we add you as an authorized user to the credit card account, the credit card company will report the entire history for that credit account to your credit report. It looks like it has been there since the card was first opened. This can drastically and immediately improve your credit score.
Despite fear and anxiety to the contrary, Authorized User trade lines continue to report to the credit bureaus and impact millions of credit reports. Nothing has changed, even though many people may try to claim otherwise.
According to the study completed by the Federal Reserve Bank, “…creditors may have to consider all authorized user accounts on an individual’s credit record, regardless of whether they reflect a spousal relationship to an account holder. For this reason, credit history scores, such as the FICO score®, have traditionally accorded authorized user accounts equal weight to the other accounts on an individual’s credit record. If the account has desirable characteristics (such as a low utilization rate or a good payment history), this may improve the authorized user’s credit risk profile and credit scores. The result may be enhanced access to credit and reduced borrowing costs.”
Additionally, the Fair Isaac Corporation (FICO®) also confirmed in Congressional testimony, “After consulting with the Federal Reserve Board and the Federal Trade Commission earlier this year, Fair Isaac has decided to include consideration of authorized user tradelines present on the credit report in the FICO 08 model.”
What is in a credit score and how is it calculated?
Your credit score is a number usually between 350 and 850 designed to help lenders predict the likelihood you will repay future debt obligations based on the performance of previous and current loans.
To learn more about your credit score and how it is calculated, click here.
What is My Real Credit Score?
How do I Get My Real Credit Score?
The short answer is: there’s no such thing as a “real credit score”, except for the one being used by the lender you want to borrow money from because there are literally hundreds of different versions of your credit score.
Now more than ever consumers are proactively monitoring their credit. Not only can you easily get a copy of your credit report on the internet, you can also view your credit score. Companies like Credit Karma, MyFICO.com and Experian.com make it easy to access that information so you can take the necessary steps to improve your score before making significant purchases, potentially saving you thousands. There’s just one problem: many consumers are finding the score provided to them by companies like Credit Karma, Experian.com, and MyFICO.com may not be the same score their financial institution uses when they consider extending credit.
What Happens to My Credit Score if I Max Out My Credit Cards?
Is it Worse to Max Out Your Credit Cards or Pay Late?
A while back we were playing with a credit score simulator on CreditKarma.com and found some interesting things.
What Happens to My Credit Score if I Miss a Credit Card Payment?
First, we did a simulation of “if I were to pay EVERY account on my credit report late by 1 month” and the results are below:
Ouch…160 points lost in 1 single month. Honestly, not as bad as we were expecting. Don’t get me wrong, 160 points is a big drop, but we honestly expected to see worse results for being late on EVERY account on our credit report.
What Happens if I Max Out All My Credit Cards?
Now, we ran the simulator for a comparison to see what would happen if, instead of going late, we maxed out all our credit cards to 100% utilization….drum roll……
DOWN 271 POINTS!!!!!!!!! Obviously maxing out credit cards is far worse than paying late in terms of the negative results to your credit score. However, you must keep in mind that the late payments are going to negatively affect your credit score for several years, whereas the maxed-out cards, once paid down, will be like they never existed to the credit scoring model.
What Happens When you Carry a Balance on Your Credit Cards at Different Levels?
The reason for this experiment was really to see what maxing out cards can do to a score.
We decided to see what effect the utilization ratio has on the credit score at 10% intervals. We did 90%, 80, 70… all the way to 5% and the results are VERY interesting! Take a look:
90% = down 235 points… going from 100% to 90% increased the score 36 points:
80% = down 167 points…dropping it down to just 80% was 104 points difference versus 100% utilization:
70% = down 163 points…4 point gain
60% = down 160 points…3 point gain
50% = down 152 points…8 point gain
40% = down 93 points…turns out that dropping below 50% is a real big turning point.
30% = down 82 points
20% = down 69 points
10% = down 32 points
5% = down 7 points
Improve your credit almost instantly with a tradeline from BoostMyScore.
Thousands of people enjoy the benefits of a lower credit utilization ratio with the help of a tradeline account form BoostMyScore. The results are almost immediate, and our services are guaranteed. If you are tired of paying higher interest rates and are ready to see what life is like with good credit, call one of the highly trained specialists at BoostMyScore today at 1-800-531-1472.
How big of a boost can I expect from piggybacking tradelines?
The boost is different for everyone. It all depends on what is currently in your credit report and what you choose to purchase from us. The easiest way to answer this question is to say that there are three “Truths” to boosting your credit score through this method.
The more credit cards we add to your credit report, the bigger the boost will be.
The fewer the number of credit cards that you currently have in your credit report showing as open, the bigger the boost will be.
The higher the limit, and the longer the history for the card(s) you choose to add to your credit report, the bigger the boost will be.
How long does it take for the tradelines to appear on my credit report?
We guarantee that our credit card(s) will appear on at least one of your three credit reports in less than 60 days from the first expected monthly reporting date, or we will give you all your money back. Typically they will appear in less than 30 days; most of the time it takes just a week or two after the first expected monthly reporting date.
How long do piggybacking trade lines remain on my credit report?
Our Primary Cardholders are required by contract to keep you listed as an Authorized User on their credit card for no less than 60 days. As a result, we guarantee the history of the card you have chosen will remain on your credit report for at least 60 days. In the unexpected event that the card(s) falls off your credit sooner than 60 days, we will either issue a pro-rated refund of your money, or re-add you to the card for an additional reporting cycle, at no additional cost to you. If the card does fall off your credit report after the 60-day lease term expires, and you are still in need of a boosted credit score, we can always renew your lease under the same terms.
Will the bank change my interest rates if and when the Authorized User credit cards fall off my credit report?
Once you close on a loan, the bank is contractually bound to hold those loan terms and conditions as agreed in your contract. They cannot change the terms solely because your status as an Authorized User has been removed after closing. You will likely continue to qualify for the lower rates, as long as your loan closes before, and if, the tradelines fall off your credit report.
What happens after I am removed from the Authorized User Tradelines?
Based on our experience, once your status as an Authorized User with the credit card company has been removed, one of three things can happen:
the authorized user tradeline that appeared on your credit report can disappear, completely removing any benefit you may have had previously.
the tradeline will remain on your credit report, but the status of the account as it appears in your credit report will change from “Open” to “Terminated” or “Closed”, which removes the benefit you had from the available credit limit. The credit score benefit you were previously receiving from the tradeline’s payment history may remain in this case.
the tradeline will sit stagnant on your credit report with no new information reported. In this case you may continue to benefit from both the credit limit, as well as the payment history. But as time goes on without any new information reported, that positive history may likely be reduced in value to the credit score.
If you need the credit boost for longer than our minimum 60-day time period, be sure to ask us for a lease extension.
Do you repair or correct negative or incorrect information in my credit report?
No, we do not. We can, however, refer you to someone who does.
Will FICO® 08 affect my ability to receive a credit score boost?
No. We believe FICO® 08 was really just a propaganda scare tactic used by the Fair Isaac Corp to make all of us confused and uncertain. Based on our experience, the piggybacking boosting strategy still works just like it always has; nothing has changed. If by some stretch of the imagination FICO decided to assist banks in violating the Equal Credit Opportunity Act by making illegal adjustments to their credit scoring model, it would take years, if ever, for the new version to effectively permeate the financial industry. For example, simply because Microsoft released Windows 11 doesn’t mean that everyone in the country is going to the store tomorrow to buy the software, install it on their computer system, get it to work effectively, and then start using it. This is a very similar process that would have to be taken by every bank, credit union, credit card company, mortgage broker, car dealership, etc. in the entire country. Now knowing how it all works, you can imagine how much time you have to enjoy the benefits of our “credit renting” services…just in case.
In addition, as you can see in Regulation B of the Equal Credit Opportunity Act, and in our 2008 Press Release, it is unlawful for any lending institution to ignore credit history present in a credit report, regardless of authorized user status, or otherwise. If a bank were to reject your loan application or artificially reduce your credit score as a result of the presence of an authorized user tradeline, they would likely be in violation of ECOA and liable to pay out damages through a civil claim.
That’s the legal reason why adding an AU tradeline to your credit report will help and why the Fair Isaac Corporation (FICO®) can’t stop us. The logical reason is that over 40 million people in the United States are listed as Authorized Users on someone else’s credit card. Simply because you have one – or several – on your credit report should not raise any “red flags.” Even if the bank underwriter chose to violate the law and ignore your AU tradelines, it is nearly impossible for them to physically change your credit score, because the FICO® score is a highly secretive formula that underwriters have no access to. Being that most every loan approval is based on credit scores, you would still be in a good position to acquire an approval, as long as the rest of your application meets the underwriting requirements (income, job history, etc).
Primary or Authorized User Tradelines?
Years ago, several online companies advertised the ability to add “Seasoned Primary Tradelines” to your credit report. These tradelines could look better on your credit report to a mortgage underwriter than a “Seasoned Authorized User Tradeline”. Since the account would appear in a credit report as being individually managed by the borrower (Primary), and because it showed several years of credit history (Seasoned), it had the potential to boost the credit score AND trick underwriters into believing it belonged to the applicant. As you can imagine, the “Seasoned Primary Tradeline” practice appeared to be fraudulent to many in the law enforcement community. Several businesses advertising that service were quickly sought out and shut down.
Bear in mind that, as opposed to a “Seasoned Primary Tradeline”, a “New Primary Tradeline” (a new credit card account, for example) will most likely cause a drop in your credit score. Your score will typically recover, once the New Primary Tradeline has aged for a couple years.
For these reasons, BoostMyScore does not assist clients with adding “Seasoned PrimaryTradelines” to their credit report. We also do not assist our clients in applying for “New PrimaryTradelines.”
To be clear, BoostMyScore specializes in the addition of “Seasoned Authorized User Tradelines,” which continue to deliver an astonishing boost to your credit report, just as they always have.
Now that my credit score is boosted, what do I do?
Go out and apply for your loan, apply for the job you wanted, or for premium car or home owners’ insurance! Start your own business! But whatever you do, remember one thing, this is not a ticket for a shopping spree. Be responsible with your new credit score. Be smart. Plan ahead and stick to your plan. It is very easy to succumb to the temptations of the credit world, but it is those of us who can manage our emotions with self-control and logical reasoning who will become masters of our financial future.
Remember, a good credit customer is one who can pay off their ENTIRE balance in full every month. Practice this and it will repay you for the rest of your life.
Do you work on business credit?
All our Authorized User trade lines are personal credit cards. While we cannot help build your business credit profile, building your personal credit first can be a huge help in obtaining business credit.
Also, keep in mind that business accounts typically only report to the business reporting agencies, Dunn & Bradstreet, Experian Business, and Equifax Business, and not to the personal credit reporting agencies (Experian, TransUnion, and Equifax), and therefore do not help your personal FICO® score.
Through a method known as “credit piggybacking,” BoostMyScore adds you as an Authorized User (AU) to one or more high limit, low balance, seasoned credit cards, which drastically improves your credit score rapidly! While you do not receive the physical card or ability to use the credit line, you will receive the amazing benefit of having that particular credit card “copied and pasted” on to your credit report. This extreme increase in the limit to balance (utilization) ratio and overall average age of the revolving accounts on your credit report gives you the biggest possible FICO® score boost in 60 days or less, guaranteed! To learn more about how your credit works, and how piggybacking can boost your credit score, click the button below.
While BoostMyScore does not offer legal advice or opinions to determine if tradelines are legal, we have located extensive evidence to show it is not illegal. In an effort to better educate the FTC and the Colorado Attorney General, BoostMyScore has provided information about our business practices. We also have sought the opinions of several lawyers, none of whom found the tradeline piggybacking practice to violate the law.
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"I entered into a real estate contract thinking my credit score was fine but was stunned when the bank denied my loan. My scores were in the 630s because I do not keep any credit cards, so I signed up for three AU accounts from BoostMyScore. The first card hit..."
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