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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 or government-imposed penalty.

That’s the legal reason why adding an AU tradeline to your credit report can 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. What, are the banks going to ignore all those children and recently divorced single moms who never bothered with their credit but now have to because their marital situation changed? I’d like to see Chase Bank or Wells Fargo defend THAT!

BoostMyScore? Yes, please.

Your credit score contains vital information that will affect your financial well-being for the rest of your life. Educating yourself about your FICO® score and your credit report and working with BoostMyScore is an amazing way to empower yourself and improve your financial standing.

Call BoostMyScore today at 1-800-531-1472 and take the first steps on the road to improving your credit score.

Bill Airy

About the Author:

Bill Airy is the CEO and Founder of BoostMyScore. For over 12 years he has helped American consumers get a second chance at a better financial life by helping them to improve their credit score. He regularly publishes helpful content on this Blog to educate others about Credit Scores and best practices when trying to improve them.

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Related Frequently Asked Questions:

How long does it take for the tradelines to appear on my credit report?

BoostMyScore guarantees that our tradelines will appear on at least one of your three credit reports in less than 60 days from the First Estimated Monthly Reporting Date, or we will give you all your money back. Typically, tradelines appear in your credit report in less than 30 days; most of the time it takes just a week or two after the First Estimated Monthly Reporting Date.

More specifically, tradelines usually take a couple days to pop up on Experian®, and then a couple more for Transunion®. Equifax® is typically the slowest to report the tradeline, but you should see it appear on all three of your credit reports within 7 days of the First Estimated Monthly Reporting Date. Be sure to write down that date, because if the tradelines you buy are not on your credit reports within 7 days of the First Estimated Monthly Reporting Date, then you need to let us know right away so we can correct whatever error was made by the primary cardholder when they first added you as an Authorized User to their card.

No matter what, though, we guarantee this tradeline will post to your credit report within the promised time frame. If not, we will give you all your money back.

If you need more clarification, then simply call us at 1-800-531-1472. We are here to help.

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.

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.

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BoostMyScore Team