Frequently Asked Questions
As you might imagine, we get a lot of questions from people just like you who want to know more about what we do and how we do it. At BoostMyScore, we have been the industry leader in the credit piggybacking trade line renting world for over a decade. In that time, we have learned the right way, and the wrong way to do things by helping to boost over 100,000 credit scores safely and legally. Below are the answers to some of the most common questions that we receive. If you have a question that is not answered here, then just give us a call at 1-800-531-1472 , or go to the top of this page and fill out a contact form and one of our credit specialists will give you a call.
Do Authorize User Tradelines Boost Your Credit Scores?
Do AU Trade Lines Impact Credit Scores?
Despite fear and anxiety to the contrary, Authorized User trade lines continue to report to the credit bureaus and impact credit scores. 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.”
How big of a boost can I expect?
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 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 does the credit card 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 card?
Once your status as an Authorized User with the credit card company has been removed, the card companies tend to leave the account history on your credit report anywhere from 6 months to several years; more than enough time for you to go out and get approved for the loan you need. This long lasting benefit will also grant you the time necessary to continue to build your credit score the traditional way, only with lower interest rates. However, do not procrastinate with your plan as it is still possible for the card to fall off immediately after the 60 days expires. At this point, it is completely outside of our control.
Do you repair or correct negative or incorrect information?
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. FICO® 08 was really just a propaganda scare tactic used by the Fair Isaac Corp to make all of us confused and uncertain. The piggybacking boosting strategy still works just like it always has; nothing has changed, nor will it ever. If by some stretch of the imagination they did in fact violate the Equal Credit Opportunity Act, and made illegal adjustments to their 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 the same exact 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 be in violation of ECOA and liable to pay out damages to you 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 will not raise any “red flags.” Even if the bank underwriter chose to violate the law and ignore your AU tradelines, it is literally 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 Primary Tradelines” to their credit report. We also do not assist our clients in applying for “New Primary Tradelines.”
To be clear, BoostMyScore specializes in the addition of “Seasoned Authorized User Tradelines,” which continue to deliver an astonishing boost to your FICO® Score, just as they always have. Guaranteed!
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 of the cards we lease are personal credit cards, we do not and cannot help build your business credit profile. However, building your personal credit first can be a huge help in obtaining business credit.
Also, keep in mind that business accounts 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.
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