Credit Piggybacking - What Will They Think Of Next?

RE:Credit Piggybacking - What Will They Think Of Next?

John anonymous — Fri, 18 Jul 2008 11:00:00 GMT

I agree that the "piggybacking" sounds wrong, but would have still done it a couple years ago if I had knew about it. I have a couple of old "negatives" from 6 years ago. I think two years should be the max it stays on your history. There is definitely a painful cause/effect that occurs here. My Sears credit limit just dropped from $1,040 to $250. I have paid flawless for the past 46 months to them. I called today and they said it was because of the general credit review and credit score. Not my loyalty to Sears for 20+ years now and my excellent history with them. Now my ratio of credit used will get hosed up and cause my overall score to go down I am quite sure. I could ramble for quite some time but I also think that medical bills should NOT be allowed. They do NOT fit the description of "poorly managed finances". One more thing,...give this whole economic situation about 6 more months and watch everything begin to unfold. It is only going to get worse. Dollars are being stretched in too many directions. There should be a legal max on interest rates that credit card companies should be able to charge. I have heard of some charging up to 25%. Honestly, if we were starting this society from scratch, I cannot imagine it would be allowed.

RE:Credit Piggybacking - What Will They Think Of Next?

katie — Mon, 30 Jun 2008 11:00:00 GMT

Shame on the Credit Bureaus for allowing this to happen. An authorized user is just that authorized to use the account, they're not oblagated to make any payments when the model was made for the credit score it should've exculded the authorized user code which would've avoided this piticutlar scam. I think if credit bureaus were fined for these types of oversites those fines could be used bo help pay back the institutions that lose millions. (it's like credit bureau malpractice if you will) Creditors provide them with a model of what type of criteria they want and the credit bureau comes up with a credit score for that company model for consumer credit worth not authorized user worth.

RE:Credit Piggybacking - What Will They Think Of Next?

Jackman — Sun, 01 Jun 2008 11:00:00 GMT

It is never going to get better, but only worse. The more people try to manipulate the system, the more it will get regulated. Therefore, they are only making it more difficulty by creating piggy backing. The only way to change the system is to go out Fight Club style and blow up the worlds credit history all to hell.

RE:Credit Piggybacking - What Will They Think Of Next?

anonymous — Mon, 24 Sep 2007 11:00:00 GMT

yes, I believe that because of life's circumstances, losing job etc is some of the major causes of bad credit. But for the majority of people, I think it is their lack of responsibillity. I met more students who had bad credit at age 22 due to their own lack of judgement. they wanted nice things and bought them then couldn't pay for them. That's not my fault. There are some situations (becoming disabled) that have caused people to have bad credit but marjority is lack of being responsible.

RE:Credit Piggybacking - What Will They Think Of Next?

ORLANDO — Fri, 17 Aug 2007 11:00:00 GMT

The only reason the mortgage or "Banking industry " is upset is because they are not making as much money as they would like. Lets face it if everyone had good credit Banks, and America would go out of business. Let people use the loopholes to get ahead. If you use it to defraud then you should be prosecuted. People have been lying to banks for 30 years to get loans let them get over it.

RE:Credit Piggybacking - What Will They Think Of Next?

Troy — Tue, 07 Aug 2007 11:00:00 GMT

Stop blaming others and man up!

RE:Credit Piggybacking - What Will They Think Of Next?

alan greenspan — Wed, 01 Aug 2007 11:00:00 GMT

Piggybacking is a wonderful concept, very creative.

RE:Credit Piggybacking - What Will They Think Of Next?

D.Burgess — Mon, 23 Jul 2007 11:00:00 GMT

It is not fair that you have to suffer 7 years for a mistake you made when you were 18. They're trying to do away with piggy backing because they arent't making all of the money they can off of people who do not have perfect credit! The mistakes you make should be removed from your credit earlier than 7 years. To me thats UNETHICAL! If someone allows their credit to be piggy backed, then they should have no say. If you make another mistake it'll be on your credit again. So who's defrauding who?

RE:Credit Piggybacking - What Will They Think Of Next?

Michael — Fri, 13 Jul 2007 11:00:00 GMT

I became disabled and had now income for two years. This TOTALLY ruined my credit! Through no fault of mine(Besides the disability), I have a bad credit score. Now that I'm on Social Security Disability, I can finally pay my REGULAR bills, but when my wife and I tried to buy a home, we had a VERY hard time due to our scores. Mistakes? Not really. What about people like me who have bad scores due to Social Security? Is it still wrong to "piggy-back" to put my score back where it was? NO!!

RE:Credit Piggybacking - What Will They Think Of Next?

G$ — Tue, 10 Jul 2007 11:00:00 GMT

Keep the scoring model "as is" regarding authorized users. They're going after a minute segment that is tweaking the system. We still live in a capitalistic society, praise Jesus, that encourages competition. When competing, we expose advantages over our competition by manipulating systems. Everyone does it! Some play by the rules, some don't. The suggested change is a tactic straight out of the mortgage bankers play book. It's easier to legislate competition out than compete head to head.

RE:Credit Piggybacking - What Will They Think Of Next?

peterm — Thu, 05 Jul 2007 11:00:00 GMT

So, since all of our lines are shared between my wife and I, she'll take a credit hit? This is a load of nonsense.

RE:Credit Piggybacking - What Will They Think Of Next?

Anonymous — Tue, 26 Jun 2007 11:00:00 GMT

Folks, the more you tell the naysayers, the harder it's going to be for you to find ways to live..Think about it.

RE:Credit Piggybacking - What Will They Think Of Next?

Bobby — Thu, 21 Jun 2007 11:00:00 GMT

How can I trust FICO when they are selling your information to the highest bidder? Anyone heard of trigger leads? Apply for a mortgage and see who starts calling you! Is this legal? What if you borrow money from a friend/family/whoever to pay down your credit cards to get a higher score before applying for a mortgage and then charge them back up to pay the borrowed money back? I have no pity for poor FICO. By the way, How much money did they make last year?

RE:Credit Piggybacking - What Will They Think Of Next?

The Garrett — Thu, 21 Jun 2007 11:00:00 GMT

If the FICO formula is changed such that first time home buyers, who currently constitute the bulk of the customer base for new and starter homes, who generally have lower than average credit scores, and who are already experiencing great difficulty with multiple new mortgage qualification processes, are discouraged even further due to a harsher/draconian FICO, then the housing market will quickly implode. Think that the current housing sales are poor? You ain't neen nothing yet.

RE:Credit Piggybacking - What Will They Think Of Next?

The Garrett — Thu, 21 Jun 2007 11:00:00 GMT

These will primarily be young professionals, newlyweds, divorced/widowed/separated individuals who had no prior credit of their own, etc. Third...due to the sub-prime meltdown, fewer first time home buyers can qualify for a mortgage, now. New home sales are high due to discounts, incentives, and closing-table kickbacks. (Another questionable but legal financial "trick" that only works with unfinished or partly finished new properties.) (see next post)