Q&A: Anyone have experience “renting out” your good credit?
Question by sal: Anyone have experience “renting out” your good credit?
I wish I understood this concept better. Saw an article in the paper about a way to make money if you have good credit and some credit cards. The company name is ICB credit investors. They hook you up with people who need better credit to buy a house. Somehow you make money at no risk by letting these people with bad credit “rent” your good credit?
Best answer:
Answer by pharmdawgz
Don’t do it. If the people “renting” your credit go bankrupt or stop paying their bills, your credit will get dinged because it’s your credit they bought their stuff on.
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Categories: Credit Score Questions Tags: anyone, Credit, experience, Good, renting
Is my credit score weak because I only have 6 months of credit experience?
Question by natashaiera: Is my credit score weak because I only have 6 months of credit experience?
I got a letter back and my credit score is only 665. I only have 6 months of credit history, but all of my credit cards do have a pretty high balance, although I pay them all on time and I just opened an account with AT&T last month. Is my credit going to stay this bad as long as I keep a high balance on my credit cards? Or is it just high because I do not have a lot of credit experience?
Best answer:
Answer by jlf
Both. High balances and a short credit history both lower your credit scores. Get the balances down (they are also costing you lots of interest). The short credit history self-corrects with time.
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Categories: Credit Score Questions Tags: because, Credit, experience, months, only, Score, weak