Building a good FICO credit score isn’t tough; all you need to do is settle your bills on time. But if you own a poor credit score, developing and raising your score to a plane where you can get competitive loan prices can take time; maybe years of handling your bills on time to boost your score. Most consumers, would preferably not wait tat long, and there is no shortage of businesses agreeable to fixing credit fast.
Several organizations are proposing exciting improvements in credit scores of upward of 200 points in as quick as 60 days utilizing something identified as “seasoned credit.” The theory is straightforward – if you are joined to the credit account of somebody with sufficient credit as a cosigner, their credit will add to your credit score. What these groups do, for payments extending up to $5000, is to add your name as a cosigner to the reports of responsible participants who have sufficient credit.
Adding a cosigner to an account isn’t prohibited; husbands and wives add each other to their statements often. What is criminal about this scheme is making a conscious effort to share credit reports and credit scores. If performed in hopes of qualifying for a loan for which the borrower otherwise couldn’t obtain, such as a mortgage, fraud is perpetrated.
Increasing your credit score by 200 or more points in 60 days’ time sounds like a great idea. But the perils of paying someone thousands of dollars to do it for you are numerous. It is better to develop your credit the old fashioned way by taking your time.