Why doesn NGF advocate other sources for the addition of Positive Credit?
There are a lot of other sources for the addition of positive credit however these other sources are not reliable and sometimes illegal. Probably the most common other source for adding positive credit is the Authorized User strategy. You find someone with a credit card with good payment history and a low balance and they add you as an authorized user on their credit card so that you obtain their credit history on this account. Here are a couple problems with this strategy: 1. Most Credit Card companies are not reporting credit on authorized users anymore unless it is negative. Think about it, you go in for a home loan you are 10 points shy of qualifying for 100% financing so the loan officer instructs you to contact a family member to add you as an authorized user. Fast forward 30 days later, your loan officer pulls your credit again and you qualify for 100% financing. You close on your loan and then your family member cancels you as an authorized user. Yes you purchased the home howe
