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.
BoostMyScore can help improve your credit score fast by adding tradelines to your credit report. To learn more, give us a call today: 1-800-531-1472
Despite fear and anxiety to the contrary, Authorized User tradelines continue to report to the credit bureaus and impact millions of credit reports.
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.”
Thousands of people enjoy the benefits of a lower credit utilization ratio with the help of a tradeline account from 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.
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.
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.