Seasoned Credit Lines!

[stikkee]

Thank you boostscores for that priceless information.  I'm so glad that people can actually go read information about this at a government site.  This should shut down the skeptics and non-believers.  The problem when it comes to the topic of credit is "lack of knowledge!"  Your right motomech
Posted by: motomech10     Posted on: Wed. Jan 24, 2007, 07:01 PM
Please do.  Knowledge is power

Knowledge is definitely power when it comes to this subject.  People immediately have something negative to say before they understand how it works and what the purpose of seasoned tradelines truly is.  Trust me...if the government didn't like it, they would not allow it and would shut anyone who sells seasoned tradelines down and/or slap them with fines.  This is a great program for people who want to be proactive in their financial future.  

[Rich_in_CT]

I have an excellent credit score obtained by paying my bills on time......maybe everyone should try that? If you can't pay your credit card or personal mortgage on time what makes you think you can own and manage peices of real estate? ???  

[motomech10]

I have an excellent credit score obtained by paying my bills on time......maybe everyone should try that?

God forbid some tragic incident should happen to you or a family member causing you to fall behind.

Everyone is only 1 heartbeat and breath away from not being able to pay their bills on time. Could be a car accident on your way home tonight. Cancer, heart attack, stroke, your house burns down, you lose your job, hurricane, tornado or some other natural disaster.  The point is just because bad things happen to people should not automatically mean they are a bad risk. Does the system take into account how hard people work to recover from such incidents? They get caught up on their obligations and are ready to resume where they left off, only to find out they can’t get a loan, or get charged higher rates, because they were late on a few payments.

If you can't pay your credit card or personal mortgage on time what makes you think you can own and manage peices of real estate? ???  

You gotta love people who are holier than tho’ and are so quick to pass judgment on others without knowing a thing about them. Such is the case when lenders only look at a number to determine worthiness.

It’s well known that lenders use predatory lending practices and take advantage of people who have fallen on tough times. Hopefully congress will do more to level the playing field.

http://abcnews.go.com/Politics/wireStory?id=2822510

In the mean time it’s nice to know there are legal and legitimate tools at my disposal which can help me get back to where I deserve to be.

[Rich_in_CT]

And many people that have lousy credit have lousy credit because they can't manage their finances, in many cases its not related to bad luck, disease or tradgedy.

[motomech10]

Yes, I accept that. Which proves my point, the system is not fair. Why should everyone else be lumped in with them? Is that truely fair? Is that what you would want after paying all your debts on time?

[Rich_in_CT]

Any people wonder why I will NEVER use a property management company.....

[71tr]

No problem. I have a ton of articles supporting the FACTS. While some people may think its unethical or immoral the fact remains that it is 100% legal and the FTC and the Credit Bureas recognize it.

The fact that the FTC and the Credit Bureaus recognize that our spouses or children might be designated as authorized users to our credit accounts can hardly be construed as an approval of the seasoned credit line concept.  The business model sells good credit history to unrelated parties with poor credit history in an attempt to mislead future credit grantors.  That hardly meets the definition of ethical.

[motomech10]

But isn’t it a fact that anyone has the legal right to add anyone they like as AU to their account? If so, then lenders know this. If they don’t, they should. If they do know, then they are not being mislead.

Again, we didn’t invent this system, it has been imposed on us. If lenders choose of their own free will to look only at numbers, then they are the ones not doing their due diligence.

[boostscores.com]

Here we go again. This is not a topic about ethics. It's about the law and the law says it is legal.
If it was about ethics than don't you think that should be up to the purchaser of the tradelines. Who cares what anybody else thinks. Ethical huh... what about the credit bureas selling your information to anyone who wants it. Who told them they could add me to their database anyway?  Just a few thoughts of what some people might be thinking.

"Are you going to pay my bills" "
"Are you going to help me with seed money for a new business"

[Rich_in_CT]

I think everyone has made their points, no need to drag this out further.

/lock