What Can Consumers Do to Raise Their FICO Score?

Nov. 15, 2009 - PRLog -- Denver, CO  Recently, Fair Isaac Corporation - the company who determines your FICO score and sells it to banks, released a new credit scoring model called FICO® 08. Many American consumers are wondering how the changes will affect them, how soon those changes will take place, and they can raise their credit score in the future.
A company located in Denver, BoostMyScore.NET, whose business is helping consumers raise their FICO score, has been working diligently to answer the questions not being revealed by the score's makers. Namely, how will the new scoring system will affect a consumers ability to raise their FICO score.
Firstly, while this new scoring model was released a few months ago, it won't likely affect any of us for several years. It will take time for it to permeate the entire financial industry in America. Every bank, car dealership, credit card issuer, and mortgage company will be on the hook for a costly “upgrade”, should they choose to use FICO® 08. William Airy, Founder and CEO of BoostMyScore.NET, states, “Simply because Microsoft® just released Windows 7® doesn't mean that everyone in America is going to buy and install it tomorrow morning.” Airy continues, “In fact, a large majority of banks and lending institutions are still using the FICO Classic® model, which is nearly a decade old.”
However, once FICO® 08 is in effect, credit score declines are predicted nationwide. While leniency will be practiced on small items, like a missed payment, most people will see a reduction in their score as a result of the tighter restrictions against those of us who owe too much money on our credit cards. The result? A large number of consumers looking for an answer on how to raise their credit ratings and save their FICO score.
So, how do you raise your credit score now and in the future? Is a poor FICO score inevitable? The answer is simpler than you may think, and it is far easier than being a good credit steward and merely paying your bills on time. While that is certainly the best method to practice, it may not be enough for you to achieve the loan you need. Credit piggybacking is another solution to help raise a credit score.
One of the original intentions behind the new credit score model was an attempt to eliminate an effective and legal credit score boosting strategy called “piggybacking”.
Piggybacking is when one person with good credit rents out an Authorized User spot on their credit card to another person for a small fee. Once the renter is added as an AU, the account history - payments, limit, and balance - for the cardholder's account appears in the renter's credit file within a few weeks, thereby immediately raising the renter's credit score.
Fair Isaac Corporation permanently approved the piggybacking benefit in the FICO 08 model in July 2008 during a Congressional Subcommittee summit on Credit Education. The confirmation of the piggybacking benefit followed legal concerns presented by BoostMyScore.NET to the Federal Reserve and the Federal Trade Commission earlier that year.
In the end, pay your bills on time, every time. And if you need a quick boost to raise your credit score, piggybacking looks like a good option.

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BoostMyScore.NET is a trusted credit score advisory company assisting hundreds of consumers with proven boosts to their FICO scores.