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Got Bad Credit?? Need It Fixed??

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 Got Bad Credit?? Need It Fixed??
Unread 8 years agoclass of '06 - away - #161
Jesse James  space
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Senior Member
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$567 | 1379579
The Savage Truth: Seasoned Credit Lines


By Terry Savage
TheStreet.com Contributor
3/11/2007 9:19 AM EDT
Click here for more stories by Terry Savage

This has to be the first great scam of the new millennium. It's called Seasoned Trade Lines. The premise is simple. You have great credit. Others have lousy credit. If they could just "borrow" your good credit for 60 days -- by becoming an authorized user on your credit card -- then they could apply for a mortgage and pay a lower rate, based on your good credit.

This column should end right here. The risks are obvious. You would rightly hesitate to add your own son or daughter as a co-signer on your credit card. After all, if their credit is good, they can easily get their own low-interest-rate card. And if their credit is bad, then they probably shouldn't be borrowing at all. Why on earth would you add a complete stranger as a co-signer on your credit?

The companies that promote this concept of "seasoned trade lines" call it an "honest credit boost." For a fee, they'll match you up with someone else's credit. Of course the deadbeat never personally meets the sterling credit risk. It's not really like a dating service. Rather, it's sort of a "credit sperm bank" -- a brief, impersonal encounter with long-lasting results!

The appeal to the person with terrible credit is obvious. The Web sites of the companies that promote this dubious product proclaim that they can, in less than 90 days, raise your credit score by more than 200 points! That will allow you to easily "buy a new home or take the vacation of your dreams." All of these "lines" are guaranteed to come from people with credit scores above the 700 level. They promise that once your credit score has been "improved" because you've borrowed someone else's good credit history, "you'll pay lower rates and can borrow more."

I can see how desperate people with bad credit would be willing to try this gambit -- even though it comes at a steep cost. Oh yes, to get attached to someone with good seasoned credit, it will cost Mr. Desperate anywhere from $700 to $2,000 -- up front -- depending on the size of the credit line you access. Then again, as one Web site claims: "A higher credit score is priceless!"

But what could possibly be the appeal to someone with good credit -- and thus presumably with a working set of brains? As P.T. Barnum said, "There's a sucker born every minute!"

The online advertisements promise that people with good credit can "Earn up to $10,000 a month or MORE." For each additional authorized user on your card, you'll be paid about $100 to $150. They won't tell you exactly how much until they "see your credit."

In case the math escapes you, if you decide to sign up for this insane idea of "sharing your good credit," you're not getting paid nearly as much as the company collects from the deadbeat who wants to borrow your credit. The difference is the huge profit these matchmakers get.

Matching desperate borrowers and greedy cardholders could be a big business. One site brags that it has over $1 million in "aged credit accounts" -- just waiting to add you as a user. Click on the link for "credit investors" (those with credit to spare) and they remind you that many cards will let you have at least 10 additional signers, and some card issuer allow 99 people to be authorized users.

But what happens if the deadbeat actually charges on your credit card and then doesn't make the payments? The first salesperson I spoke with told me that they never give the deadbeat your full credit card number. Sure, but what happens when it shows up on their credit report, now that they're an "authorized user"? What's to keep them from calling the card issuer and asking for a replacement card?

Steven deJesus, the president of one of companies whose ads are the most ubiquitous, concedes that "you bear all the risk of any unauthorized charges." Since his Montana-registered, Florida-based company started offering this "investment opportunity" in October 2005, it has attracted 38 "investors" (credit sharers) and more than 300 people who have been added as additional authorized users. He says he's had no complaints -- so far.

Of course, deJesus declares, if something goes wrong, you could always sue him. He continually uses the term "credit investors" for those who offer use of their credit, but he says he doesn't have to be registered in any way to conduct his business. And he and others with the same concept pay to have their ads pop up frequently on Google and Yahoo!.

At the bottom of one these Web sites, in huge bold type, it says : "We Want You to Achieve the American Dream." What these companies are really creating is the American Nightmare for those who use their good credit to "help" a desperate stranger. And that's The Savage Truth.
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Unread 8 years agoclass of '04 - away - #162
DJWho  space
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Super Villain
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$1,302 | 3025041
Jesse James said:
The Savage Truth: Seasoned Credit Lines


By Terry Savage
TheStreet.com Contributor
3/11/2007 9:19 AM EDT
Click here for more stories by Terry Savage

This has to be the first great scam of the new millennium. It's called Seasoned Trade Lines. The premise is simple. You have great credit. Others have lousy credit. If they could just "borrow" your good credit for 60 days -- by becoming an authorized user on your credit card -- then they could apply for a mortgage and pay a lower rate, based on your good credit.

This column should end right here. The risks are obvious. You would rightly hesitate to add your own son or daughter as a co-signer on your credit card. After all, if their credit is good, they can easily get their own low-interest-rate card. And if their credit is bad, then they probably shouldn't be borrowing at all. Why on earth would you add a complete stranger as a co-signer on your credit?

The companies that promote this concept of "seasoned trade lines" call it an "honest credit boost." For a fee, they'll match you up with someone else's credit. Of course the deadbeat never personally meets the sterling credit risk. It's not really like a dating service. Rather, it's sort of a "credit sperm bank" -- a brief, impersonal encounter with long-lasting results!

The appeal to the person with terrible credit is obvious. The Web sites of the companies that promote this dubious product proclaim that they can, in less than 90 days, raise your credit score by more than 200 points! That will allow you to easily "buy a new home or take the vacation of your dreams." All of these "lines" are guaranteed to come from people with credit scores above the 700 level. They promise that once your credit score has been "improved" because you've borrowed someone else's good credit history, "you'll pay lower rates and can borrow more."

I can see how desperate people with bad credit would be willing to try this gambit -- even though it comes at a steep cost. Oh yes, to get attached to someone with good seasoned credit, it will cost Mr. Desperate anywhere from $700 to $2,000 -- up front -- depending on the size of the credit line you access. Then again, as one Web site claims: "A higher credit score is priceless!"

But what could possibly be the appeal to someone with good credit -- and thus presumably with a working set of brains? As P.T. Barnum said, "There's a sucker born every minute!"

The online advertisements promise that people with good credit can "Earn up to $10,000 a month or MORE." For each additional authorized user on your card, you'll be paid about $100 to $150. They won't tell you exactly how much until they "see your credit."

In case the math escapes you, if you decide to sign up for this insane idea of "sharing your good credit," you're not getting paid nearly as much as the company collects from the deadbeat who wants to borrow your credit. The difference is the huge profit these matchmakers get.

Matching desperate borrowers and greedy cardholders could be a big business. One site brags that it has over $1 million in "aged credit accounts" -- just waiting to add you as a user. Click on the link for "credit investors" (those with credit to spare) and they remind you that many cards will let you have at least 10 additional signers, and some card issuer allow 99 people to be authorized users.

But what happens if the deadbeat actually charges on your credit card and then doesn't make the payments? The first salesperson I spoke with told me that they never give the deadbeat your full credit card number. Sure, but what happens when it shows up on their credit report, now that they're an "authorized user"? What's to keep them from calling the card issuer and asking for a replacement card?

Steven deJesus, the president of one of companies whose ads are the most ubiquitous, concedes that "you bear all the risk of any unauthorized charges." Since his Montana-registered, Florida-based company started offering this "investment opportunity" in October 2005, it has attracted 38 "investors" (credit sharers) and more than 300 people who have been added as additional authorized users. He says he's had no complaints -- so far.

Of course, deJesus declares, if something goes wrong, you could always sue him. He continually uses the term "credit investors" for those who offer use of their credit, but he says he doesn't have to be registered in any way to conduct his business. And he and others with the same concept pay to have their ads pop up frequently on Google and Yahoo!.

At the bottom of one these Web sites, in huge bold type, it says : "We Want You to Achieve the American Dream." What these companies are really creating is the American Nightmare for those who use their good credit to "help" a desperate stranger. And that's The Savage Truth.




so i can bw put on my pops sh*t and it will help my score
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Unread 8 years agoclass of '04 - on now - #163
Shizz|M  space
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I'm Even SICK in PINK!!!
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$7,059 | 12777725

Of course, deJesus declares, if something goes wrong, you could always sue him.
THATS WHY their credit i fu*ked in the first place????? !!!!!
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Unread 8 years agoclass of '06 - away - #164
JB18Cert  space
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C-E-R-T u do da rest
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$292 | 1204810
i luv boxden. it's so educational. mad props
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Unread 8 years agoclass of '07 - away - #165
wiseguy  space
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I love me some me
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$366 | 1117245
Ok seeing this thread is going to allow me to get a good night sleep. Its late and dont have the time to read it all but have got half way thru and this is the first time in a long time I feel there is hope for me. I just turned 22 and my credit is atrocious. I have never even owned a credit card. Most of my negative credit history was in result to delinquent accounts. Like 2 closed bank accounts because of negative balances both under $100.00 I have been real irresponsible the last 3-4 years and it isnt until now that Im trying to make a change.

Im at the point where now Im looking to get a car and apartment (would get condo if I knew it was possible) but with my credit would need a co-signer which I dont have or have ridiculous interest rates. Just today I was on the phone with those credit a.ssistance companies and planned on paying them $ soon to do what I'm hearing you all discuss here. If I hadnt decided to come to this section I would have gone through with that.

Shizz MOD if you have an email address or something I can contact so I can ask you private questions I would so greatly appreciate it.

I am really clueless to this credit game. At 22 with horrible credit I didnt know what to do. Kept telling myself I have no way out. Applied for credit cards got denied. Thought how can I improve my credit if no one will give me a credit card to make payments.

You guys are a lifesaver and I look forward to doing alot of work in this thread. I hope it works out for me as it is for some of you.

Last edited by wiseguy; 07-26-2007 at 01:06 AM..
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Unread 8 years agoclass of '04 - on now - #166
Shizz|M  space
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I'm Even SICK in PINK!!!
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$7,059 | 12777725
Yeah hit me up on aim-eckoblaze72 or on my email (Shizzx@gmail.com) i got you kidd... i acutally working on that Seasons Tradeline stuff that dude was talking about.. ive done a lot of reserach but this one way i will make out better even if a little.
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Unread 8 years agoclass of '06 - away - #167
Manny05 1 heat pts space
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PSN - TheOpportunist08
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$17,331 | POWERFUL
I have a question on credit cards..
if i was to go over the limit of how much money i have on the credit card, how long does the bank give me to pay that money back? a month? or what..
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Unread 8 years agoclass of '06 - away - #168
kat717 5 heat pts space
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Talk Of the Streets
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$2,462 | 7776756
I think it's usually 30 days grace period is average.
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Unread 8 years agoclass of '05 - away - #169
Super-C 25 heat pts25 space
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Crime Dog
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those "pre-written" letters are down.....the site they are on the account has been closed....can someone repost them please
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Unread 8 years agoclass of '04 - away - #170
Georgia4ever  space
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Senior Member
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$445 | 512427
Hey folks join this credit site... for all letters and credit repair information free...
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Unread 8 years agoclass of '06 - away - #171
kat717 5 heat pts space
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Talk Of the Streets
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I still have them on my drive at home. I'm upload them when I get in.
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Unread 8 years agoclass of '06 - away - #172
kat717 5 heat pts space
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Talk Of the Streets
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Here you man I put all of them in 1 folder along w/ some other stuff along my journey to good credit.

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Unread 8 years agoclass of '05 - away - #173
Super-C 25 heat pts25 space
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Crime Dog
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kat717 said:
Here you man I put all of them in 1 folder along w/ some other stuff along my journey to good credit.



good looks man.......may god look over thee
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Unread 8 years agoclass of '06 - away - #174
kat717 5 heat pts space
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Talk Of the Streets
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$2,462 | 7776756
I am just passing down the information given to me from the BX
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Unread 8 years agoclass of '05 - away - #175
sdotty313  space
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props for that reup of the links im bout to start getting my credit together, anyone know how i go about getting old addresses removed from my credit reports? is there a letter i have to send to the CRa's or something and do i have my old addresses removed before or after starting a dispute.
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Unread 8 years agoclass of '06 - away - #176
kat717 5 heat pts space
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Talk Of the Streets
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You would have to ask Shiz for confirmation, but I think it's best to remove your old address before you dispute. Also you can send a letter stating a change of address and you can also do it online.
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Unread 8 years agoclass of '05 - away - #177
Super-C 25 heat pts25 space
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Is This sh*t Forreal? or is it just b.s.???......anyone have into further into this?

Government Grants For Debt Relief
Filed Under (government grants for debt relief) by Sophia on 07-07-2007


Youíve just ordered your credit report and youíve found that itís a little less than satisfactory. Or maybe itís a lot less than satisfactory, and you want to fix it fast so that people and institutions will trust you once more with their money. After all, if you have bad credit, you canít buy a house, a car, get a cell phone, or anything else that involves a contract or risk. You need good credit in order to obtain some of lifeís luxuries and for that reason, the government is offering government grants for debt relief.

Grants, Not Loans

The difference between a grant and a loan is that a grant doesnít need to be paid back. Itís sort of like a gift from Uncle Sam, a donation to help you get back on track. Why would the government want to help you with your debt? The answer is that, without good credit, the economy suffers because you are no longer purchasing the big ticket items that require good credit. If you arenít buying cars, houses, and such, then there becomes a trickle effect all throughout the economy, and this is bad for business and our nation as a whole. So, now that you know why there are government grants for debt relief, the next step is finding out how to get one of those grants for yourself.

Restrictions

There are restrictions on government grants for debt relief, and not everyone qualifies. First of all, the government is going to want to know that you canít pay the debt off yourself. If you make good money, for instance, then they are going to be hesitant to send you a grant if they know that itís not necessary. You have to have a low income to qualify for one of these grants. To find out about grant programs, visit your Social Services office, or other government agency and ask for details. You can even apply online. They are going to want to know a little bit about you to determine if you qualify for a government grant for debt relief, so you should have all of your information handy, such as your income, your debt, as well as your monthly bill payments.

If you are deemed to qualify for one of these government grants for debt relief, you will receive the grant in order to pay off your debt. This is much better than filing for bankruptcy, which can take seven years to come off your report, and itís much better than living with bad credit. Receiving a gift from the government may seem like itís too good to be true for many people, but these government grants for debt relief are in fact gifts. They are tools to help people get back on track so that our economy can improve and so that the quality of life can improve for many Americans.
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Unread 8 years agoclass of '04 - on now - #178
Shizz|M  space
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I'm Even SICK in PINK!!!
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$7,059 | 12777725
kat717 said:
You would have to ask Shiz for confirmation, but I think it's best to remove your old address before you dispute. Also you can send a letter stating a change of address and you can also do it online.
Yes, it is much better for you to dispute if the address isnt on your report.
I dont have the exact letter but i will see if i can find it again on my computer but if your have them remove everythign but your current address then you can dispute the inaccuracy of the information. it work most of the time but its based on if the system they got updates and get your new address automatically.

BUT, make sure that you dont remove an address that is active and current or revolving.. this will mess up your report. but if you have more baddies than goodies on your report better for you to get the address removed.. * DOnt state that you changed your address this will allow them to update the information across the board and you will dig your self a bigger whole.
just send in a letter saying that this is incorrect address or the information for this address was not your, or it incorrect altogher



Super-C said:
Is This sh*t Forreal? or is it just b.s.???......anyone have into further into this?

Government Grants For Debt Relief
Filed Under (government grants for debt relief) by Sophia on 07-07-2007


Youíve just ordered your credit report and youíve found that itís a little less than satisfactory. Or maybe itís a lot less than satisfactory, and you want to fix it fast so that people and institutions will trust you once more with their money. After all, if you have bad credit, you canít buy a house, a car, get a cell phone, or anything else that involves a contract or risk. You need good credit in order to obtain some of lifeís luxuries and for that reason, the government is offering government grants for debt relief.

Grants, Not Loans

The difference between a grant and a loan is that a grant doesnít need to be paid back. Itís sort of like a gift from Uncle Sam, a donation to help you get back on track. Why would the government want to help you with your debt? The answer is that, without good credit, the economy suffers because you are no longer purchasing the big ticket items that require good credit. If you arenít buying cars, houses, and such, then there becomes a trickle effect all throughout the economy, and this is bad for business and our nation as a whole. So, now that you know why there are government grants for debt relief, the next step is finding out how to get one of those grants for yourself.

Restrictions

There are restrictions on government grants for debt relief, and not everyone qualifies. First of all, the government is going to want to know that you canít pay the debt off yourself. If you make good money, for instance, then they are going to be hesitant to send you a grant if they know that itís not necessary. You have to have a low income to qualify for one of these grants. To find out about grant programs, visit your Social Services office, or other government agency and ask for details. You can even apply online. They are going to want to know a little bit about you to determine if you qualify for a government grant for debt relief, so you should have all of your information handy, such as your income, your debt, as well as your monthly bill payments.

If you are deemed to qualify for one of these government grants for debt relief, you will receive the grant in order to pay off your debt. This is much better than filing for bankruptcy, which can take seven years to come off your report, and itís much better than living with bad credit. Receiving a gift from the government may seem like itís too good to be true for many people, but these government grants for debt relief are in fact gifts. They are tools to help people get back on track so that our economy can improve and so that the quality of life can improve for many Americans.
i have yet to see anything on this... I doubt they will give us money to get out of debt... America has been in debt since day1.. how the hell would they give us money they will put them more in debt... we are in debt TRILLIONS and TRILLIONS and TRILLIONS of dollars....

in other words.... WERE fu*kED!!!
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Unread 8 years agoclass of '04 - on now - #179
Shizz|M  space
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I'm Even SICK in PINK!!!
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$7,059 | 12777725
I'm working on compiling a bunch of stuff off of ebay...

so if you can/want to donate a few bucks. (IM spending money on some FICO STuff) it would be greatly appricated.

Donate to my paypal (mindlabs@gmail.com)
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Unread 8 years agoclass of '06 - away - #180
kat717 5 heat pts space
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Talk Of the Streets
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I'm working on compiling a bunch of stuff off of ebay...

so if you can/want to donate a few bucks. (IM spending money on some FICO STuff) it would be greatly appricated.

Donate to my paypal (mindlabs@gmail.com)
Can you explain a little more what your doing?
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