This controversial technique, also known as piggyback credit, has been used for years to quickly raise credit scores using someone else's good credit but recently tabooed by the same companies that made it possible. This process involves a person going on a "good credit investor's" prime seasoned trade lines credit account as an authorized user, but only with a creditor that reports the account holder's authorized users to the credit bureaus. The credit bureaus and the credit scoring "powers that be" quickly caught on to the technique of adding seasoned trade lines through authorized user credit, and as a result have now made it tougher than ever for someone to add seasoned trade lines or piggyback someone's prime credit account and get credit for the account on their credit reports. People were reporting credit score jumps of 100+ points in 30 days by adding these seasoned trade lines and obtaining mortgages, personal and business loans, and other kinds of financing at the lowest interest rates possible and boy did that make the banks mad. We all know, the lower the interest rate for a borrower, the higher the profit margin for the lenders and vice versa.

Would be borrowers were adding seasoned trade lines to their credit reports left and right, and as a result lenders allegedly lost a boat load of potential profit due to higher credit scores. They blamed credit scores for being unreliable (not their aggressive lending techniques) due to the ability of borrowers to so easily manipulate their credit scores. Now FICO(tm) announces the newest scoring model which will negatively affect millions of people. The banks could be on to something...

The fact that good personal credit scores ARE NOT NECESSARY to get approved literally makes the credit scoring "granddaddy" cringe. What took the finest scientists years to develop can be compromised with one phone call to a credit card or loan company, and as a result lenders everywhere are using alternate bureaus to make their lending decisions.

All of our lives we fight to keep our credit scores high. We need it for virtually everything from the car we drive to get to work to the house we need to need to house our cars. A simple three digit number will control our financial status for our generation and generations to come, and the powers that be would have us believe that we have no other choice but to let that three digit number control our future.

Yet what they DON'T tell you is that a simple act of adding someone to an established credit card (seasoned trade line or piggyback credit as some people call it) can add 100 or more points to credit scores almost overnight. Most of the hard work you had believed to be necessary to establish prime person credit in fact is not necessary at all and is just the rhetoric recommended by the big banks who keep the credit scoring companies in business. Good credit scores ARE NOT NECESSARY to get approved for the financing you need.

FACT: FICO(tm) will release a new scoring model that will potentially lower the credit scores of millions of people across the country as it will in effect eliminate any scoring affect of the authorized user notation on someone's credit report. One credit bureau will be affect sometime in September 2007, with the other two bureaus to be affected sometime in 2008. Millions of people are authorized users on someone's cards as a result, millions of credit scores will tank.

FACT: Credit scores were created for lenders to determine risk. The higher the risk, the higher the interest rate. Lenders have a vested interest in lowering the credit scores of those that will be affected by the new scoring model as their rates will rise and the lenders will profit big time. Remember the sub prime "crash"? This move will suddenly revitalize the sub prime market and allow the very same banks who went bankrupt over the last few years to continue to purchase their scoring products...