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Unread 10-22-2009, 08:03 AM
 
Location: Deep in the heart of Texas
1,897 posts, read 3,999,318 times
Reputation: 1782
Default Guaranteed 700 score?

Every day after work I pass by this huge billboard advertising 700 score guaranteed! How can they do this? Is this legal? I have never seen this type of ad before so everyday I wonder if it's legit
I understand that if someone is trying to buy a house, they need an pretty good score, but how can this be done? Don't the banks check to see what the score is and what is bumping it up?

Just curious...
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Unread 10-22-2009, 09:02 AM
 
Location: Roselle, IL
215 posts, read 426,630 times
Reputation: 68
Most likely what they are doing is adding them to other peoples credit card accounts (for a fee of course) as joint account holders

see this

How to Improve Your Spouse's Credit by Adding Them to Your Credit Accounts | eHow.com
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Unread 10-22-2009, 09:18 AM
 
Location: Deep in the heart of Texas
1,897 posts, read 3,999,318 times
Reputation: 1782
Hmmmm...even if they don't know that person? That seems very risky to me.
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Unread 10-22-2009, 09:45 AM
 
19,638 posts, read 29,472,611 times
Reputation: 9066
I rather doubt they would find anyone with good credit to piggy back random folks. I suspect the "truth" behind their advertising is supported by taking the odd situation where there is a married couple that has a situation that MIGHT work out or maybe parents / inlaws.

The kinds of people that take out those billboards are not especially concerned with being 'helpful' to the broadest number of people so much as being able to SELL their system / services to as many people as call their 800 number / put their credit card number on a web site.

Decades ago I met a person that was certainly not the most evil man in the world. He ran what he called a "publishing company". He would get info, lots from legitimate sources like the US Government printing office, and run low cost ads in magazines / tabloids. His volume and low costs of photocopying/mailing meant he could be pretty profitable selling info he got for free for $5 or $10. Now he probably uses websites. In many ways the bill boards are a variation on that. They offer a gullible people an appealing message and at least partially deliver.

In reality most folks married for more than a very short time tend have very similar credit scores, and I suspect that there are few parents / in-laws that have good credit that would allow their deadbeat offspring/relationship access to credit history.

One of those billboards costs around $2000 a month. If you can snag $500/wk you break even. If that means you only need to get two people a day to agree to let you charge $50 for "an initial consultation" it would not take a whole lot of effort to cover your costs...
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Unread 10-22-2009, 10:59 AM
 
39,262 posts, read 38,683,801 times
Reputation: 11414
Why not that billboard just down the street that say you'll be a milliomaire by just buying the voideo tape;that wat you can skip the credit and just pay cash.

Last edited by texdav; 10-22-2009 at 11:15 AM..
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Unread 10-22-2009, 12:44 PM
 
Location: Portland, Oregon
7,094 posts, read 6,389,776 times
Reputation: 4002
It's not really legal, the only real way to get a good boost is to really co-sign with some one. I won't even co-sign with my own family honestly, because if they stop paying the creditors will come after me. Would you really trust a stranger to care about stopping paying if it screwed the one with a better credit score?

More likely they are just stealing people's identities.
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Unread 10-23-2009, 04:47 PM
 
Location: East Valley, AZ
3,751 posts, read 4,365,249 times
Reputation: 3662
HEY, I know a way to get a guaranteed 700+ score!

Make good on your loans, make extra payments, pay on time, don't have too much unsecured debt, and PRESTO = a 700+ credit score!

No system or company can guarantee a good credit rating but YOURSELF.

Trust me. I had a 710 credit score by the time I was 19
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Unread 10-23-2009, 07:21 PM
 
19,638 posts, read 29,472,611 times
Reputation: 9066
Default Where'd you learn you good habits like that?

Quote:
Originally Posted by MAtheBanker View Post
HEY, I know a way to get a guaranteed 700+ score!

Make good on your loans, make extra payments, pay on time, don't have too much unsecured debt, and PRESTO = a 700+ credit score!

No system or company can guarantee a good credit rating but YOURSELF.

Trust me. I had a 710 credit score by the time I was 19
I am not of the phony that has written those books about having a "rich father figure to mentor him". I can, however, totally relate to the FACT that parents can do a lot of good or harm in helping their kids navigate the world or managing one's money. My grandparents survived the depression by making almost unbelievably hard choices. They had come to Chicago from "the old country" and prior to the depression managed to get a actual business going that was related to basically tearing down houses and reselling the stuff they found to whoever they could. Hard dangerous work with lots of risks. After what would have been one of the my oldest aunts died during the early part of the depression they loaded everything they owned and all their kids and moved, along with cousins to Iowa where they farmed for almost a decade. As business came back to life in Chicago they moved back and used their connections to restart a proper construction products company. My dad went off to WWII and came home to help out in the family business. One older brother pretty much worked himself to death. Another brother went off to Florida to start over and my dad eventually bought out the rest of the family and made a go of things for about 20 years until health issues nearly killed him to. He made some decent contacts and learned the power of using financing to build a business. He was in many ways overly cautious, but that certainly beat reckless. He taught me a lot that I rely on about evaluating the upside of borrowing and the downside too. His banker was an ally that made it possible for him to plan for my mom who has not had to work a day in her life for the many decades since he passed away. I was not easy to be 'expert' in every aspect of finance, and he was not, so he taught me how to evaluate when to pay some one for a skill or service that they were better at then you could learn to be...

Some how I suspect Ma the banker has someone similar in her background.
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Unread 10-24-2009, 06:40 PM
 
16,311 posts, read 12,090,675 times
Reputation: 7877
If it sounds too good to be true ..................

hopefully I don't have to finish that statement
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Unread 10-24-2009, 07:13 PM
 
Location: DFW - Coppell / Las Colinas
16,617 posts, read 13,830,338 times
Reputation: 14748
Quote:
Originally Posted by MAtheBanker View Post
HEY, I know a way to get a guaranteed 700+ score!

Make good on your loans, make extra payments, pay on time, don't have too much unsecured debt, and PRESTO = a 700+ credit score!

No system or company can guarantee a good credit rating but YOURSELF.

Trust me. I had a 710 credit score by the time I was 19
Or send me your credit report and $20. I have a bottle of white out and can guarantee you at least a 720 score.
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