Hacking Your FICO Score
Posted by Frugal on June 6th, 2007
Thanks to the latest genius or scammers (whichever you choose), now you can improve your FICO score by renting other people’s credit. Some people even get a monthly income of a couple of thousand dollar by renting out their credit cards. Boy, that’s some 10X than I am making from my blog.
In fact, I have never really fully caught up with the idea of FICO score. Scoring your credit worthiness based on your past payment history? To me, the capacity to repay is equally if not more important than the past payment history. Without considering the capacity to repay is simply asking for trouble. These days I can’t believe the credit lines that credit card companies are giving out. It is almost an invitation to convert your FICO score to junk by running up tremendous debt. If I simply add up all the credit lines that I have, it probably amounts to more than $50,000 dollars. But I don’t think my income level can afford such a high debt.
In any case, you can rent out your credit cards at www.addatradeline.com and www.seasonedtradelines.com if you are interested. But I won’t be renting out mine for sure.
A coincidence on the location of addatradeline.com and many other major subprime lenders all in Orange county, California?? Looks to me that it’s the perfect combination to scam the bank legally.
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June 7th, 2007 at 11:22 am
Did you hear the news that FICO has changed their algorithm (which they never do) to stop this hack? Basically, they’re not going to give people credit for authorized user accounts anymore. While this will end the “piggybacking” practice, it will also bring down about 30% of the population’s credit scores. A major change!
Our FICO score insider, John Ulzheimer, has posted more information about the change online – http://www.creditbloggers.com/2007/06/what_does_the_f.html
June 10th, 2007 at 6:37 am
Wonder how this affects services like Prosper.com, where credit score is everything. I’ve always looked at those top tier “AA” grades that are asking for the max $25,000 loan with huge skepticism.
September 13th, 2007 at 1:43 pm
Can someone help me?
My name is William Nesselrotte, I live in Forest City, NC. My ss# is 276847696, birth date is 10-26-87.
I need someone to remove a medical bill from my credit file.
Thanks,
Willy.
November 17th, 2009 at 3:02 pm
If someone could advise me on how I can improve my credit score I would greatly appreciate it. My credit score is 400 something. Sucks. I have raised three children by myself and at times found it very difficult to feed them. Because of my financial difficulties, my credit score sucks. I want to buy a house but unless I have the full amount of the house I am shit out of luck. Can someone help me?