Posted by Charles_Ca on 7/4/07 4:17pm
Msg #198498

Need money? Rent out your credit card, $1500 to $2000

no I am neither crazy nor suggesting that you do it but there is a little known practice in the lending industry where a person with bad credit can rent the credit cards of someone with good credit and after 180 days voila!, the credit improves substantially. Lest you think that I have taken leave of my senses check out www.addatradeline.com or Google "tradelines". Before everyone jumps, no, it is not illegal, it is frequently done to give a realtive or child a "leg up" these people just take it a step further. Your credit card is not in danger and you can have 80 to 120 people at a time renting your card. Please don't tell me its unethical, I completely agree its not ethical but it is done just the same. So if you need money and you have pristine credit with a long credit history don't follow someone advertising an extra $1000 just rent your credit card and get the money for doin nothing other than having good credit. Beats the other money-maiking schemes hands down. Everyone have a great Independance Day!

Reply by jojo_MN on 7/4/07 4:26pm
Msg #198499

What a GREAT idea. Just think--you can rent out your credit card. They get the purchases and you get the bills when they don't pay. As far as collecting--where would that go? The credit card company might cancel your card, make you pay the bill and charge you with credit card fraud if you refuse to pay.

These are my personal opinions and sure many disagree, but with all the identity theft out there and other scams going around I wouldn't take the chance.

Reply by Lee/AR on 7/4/07 4:30pm
Msg #198501

That's not how it works. They never get your card or the ability to charge anything (theoretically, anyway). It really IS being done every day.

Reply by jojo_MN on 7/4/07 4:33pm
Msg #198502

How do you "rent it out" if they don't have access?

Reply by NCLisa on 7/4/07 7:20pm
Msg #198511

The person renting it is added to the account.

They are never told what accounts they are added to, the name of the person holding the accounts, and never given a credit card. They are on the account long enough to raise their credit score.

Reply by Lee/AR on 7/4/07 4:28pm
Msg #198500

I have seen this just recently.... and... am thinking about it. Have you done it? What kind of a FICO score do you need for this? I've got lots of unused cc's hanging around---may as well let 'em make me some money--what a nice change that would be (& piece of change, too). My understanding is that you 'rent' the same cc out to lots of people for 'not a lot'/month...or is it 6 months? I also have read that the Big 3 are going to begin 'disallowing' cc's with many 'users' to be included in their (& yours, too) credit score. They're onto this. But, gee, I do have a lot of 'em.

Reply by Loretta Reed on 7/4/07 4:33pm
Msg #198503

I don't know how safe it would be to rent the card out but it sure does beat selling items to someone. I have enough problems soliciting to title companies and attorneys for business, why would I want to make $1,000 a month asking people to buy my candy bars or trinkets for that fact. Not worth it. (Just commenting on the make extra money post earlier)

Reply by Bob_Chicago on 7/4/07 5:01pm
Msg #198505

Too late . Fair Isaac, ( the co that has to system to....

compute credit scores) has , or is about to, adjust their
system so that this no longer works toi increase a credit score
Was a good idea until they figured out what was happening.

Reply by Charles_Ca on 7/4/07 7:06pm
Msg #198509

Possibly, but there is also a move afoot to abolish FICO..

scoring. It appears that a large number of regulators believe that Fair Isaac (the FI in FICO) is inherently unfair.

Reply by Lee/AR on 7/4/07 8:05pm
Msg #198512

It is unfair.

I just paid my auto insurance & in with the bill was a notice that I did NOT receive their best rate 'because I did not have any credit record of an auto loan/lease'. (I buy low-mileage used cars; don't take the 'out the showroom door'' hit and pay cash...no interest/no payments/no payment record.)

Reply by Charles_Ca on 7/5/07 1:50pm
Msg #198563

I'm glad California doesn't rate insurance based on

whether you own or lease and if you bought on credit. I'd be screwed, I buy all my cars for cash even when new, much to the chagrin of the dealers.

Reply by NCLisa on 7/4/07 10:09pm
Msg #198518

The new FICO system will ignore ALL authorized

users on an account. Which will make it impossible to help family members with their credit.

Reply by NCLisa on 7/4/07 7:18pm
Msg #198510

I saw this on the news several weeks ago. I don't have a problem with it, since I think that "credit scores" are unethical. It should go back to just the credit report and whether you paid your bills or not.

Reply by dickb/wi on 7/5/07 1:44pm
Msg #198560

HEAR-HEAR!!....that gives a true pic if you pay or not-.. n/m