Dangers Of Credit Line

I want to hear from people who have actually lent out their credit lines and earned money through ICB. What is the exact process you have to go through, how much do they pay, how much personal information do you have to divulge? Who has access to your info? Can you think of any risks involved in this?
I've read the article on Yahoo as well. I realize that the person who is piggybacking will not have access to my cards or any sensitive information, except for what they may see on their own credit report (basically my account number). What I really want to know is what info will Instant Credit Builders have on me? How much do I divulge to them and what they might do with that info?

The first poster simply doe's not know what they are talking about.

There was a very good article on Yahoo the other day about this and the company pays between $100.00 to $150.00 per account.

The other person doe's not have access to your account, they never even get a credit card. Your good pay history simply shows on their credit. It doe's not effect your credit at all.

The FTC is looking into making this illegal as we speak and the credit bureaus in September are going to change the way they compute scores to stop this practice.

So if you are going to use this service? You need to do it quickly.

As far as what information you must give them, it will be the same as any other credit application. They have to have access to your credit report so they can see how good your accounts are. This is how they determine how much you will be paid. The better the accounts, the more money they pay you.

They are forbidden by the Privacy act to give out any of your personal information.

2007-06-19 07:32:25 by Troy Colts Rock

Before taking out a reverse mortgage speak to a lawyer or family member and be sure you understand exactly what theyre offering you. A reverse ...

Is there any danger to me and my home if they go bankrupt? Should I consider getting an equity line with another bank and closing this one down? Though I don't think my credit will hold up to get a new line. I have my first with Countrywide

That is the last thing you should worry about! Your property will be perfectly safe even if your lender goes bankrupt. Because banks use the funds in their deposit base to fund loans then they turn around and sell them to Wall Street for a small profit and to replenish their funds. Then they repeat the process again and again and again...Afterwards, for a small monthly fee the banks collect the monthly mortgage payments on behalf of their investors whom they have sold their loans to. So, E*Trade is just the middleman between you and Wall St. If E*Trade goes bankrupt you probably wont be able to draw any available credit that you may have left on your line of credit, but you still owe the balance to the "Holder of the note" who will find someone else to collect payments on their behalf.

2008-06-16 22:57:44 by crow331

I am going through a tough time right now. I'm currently a student at a culinary school and am currently seeking employment (I have a few interviews later this week, hopefully that works out). I have been working on and off for a few months babysitting, and working for my mom. When I first left for college 2 years ago I got a credit card and spent up to my credit limit quickly and was paying the minimum payment or sometimes a little more. A year later I got a second card in order to purchase an ipod and only used it for that one purchase and again only made minimum payments. Then My first credit cards limit doubled without me applying or anything I just got a letter saying my credit line had increased. I had a consistent job back then, but was a stupid college kid and only made minimum payments even though I knew better and had the ability to pay more. When I switched from a 4 year institution to culinary school my college fund ran out and I had to pay for the rest of school, it ate away at my savings very quickly and soon I went from tons of money saved up and plenty of money form my parents for school to I had no job and no money, and lots of debt And then lastly I went to victorias secret and after my purchase the lady behind the counter asked me if I wanted to join the rewards program and had no idea that I just signed up for another credit card until much later. I haven't made any payments on these cards in a while because I have absolutely no money to pay them off with... I've been selling things on craigslist and applying for jobs because I know I need the money. I also have an unpaid speeding ticket, and probably a warrant out for my arrest because of it. I am in debt and I have no idea what is going to happen if i don't pay them because I own nothing, there is nothing of mine that anyone can reposes and I'm afraid that I'm going to end up in jail or something. I'm in a situation right now that I feel like I'm trapped and that there is nothing I can do to help myself. I am thinking of taking out a loan so I can pay off my ticket and 1 or 2 or my cards and begin to manage my debt realistically, however I have bad credit and no one to co-sign for me and I dont' know where to get one. I don't care if it takes me years to pay it off or if its a high interest I don't think my situation could get much worse. I am going to get a job, but I don't think i can pay rent, make payments on my cards and pay a speeding ticket without a loan or something. I see commercials all the time for debt solution and stuff like that but they all seem to be for people with over 5000 of debt or more. I feel like the biggest idiot ever because I was raised to save money and I knew of all the dangers of credit cards and how everything worked, I just put off paying them because I thought I'd have a higher paying job, or something. Please if anyone can give me any advice I feel like i'm about to jump out of a 20 story building or something. and please don't tell me that I should make all my payments on time, or that I should have planned better or anything like that.
My student loans are for $3,500 but they I won't start paying those off until April of 2009 (they first payment isn't due until 6 months after I graduate). 2,000$ in credit card debt, and I owe 500 for my ticket.

To find a legitimate Credit Counselor, contact the National Foundation for Credit Counseling, at www.nfcc.org or call 1-800-388-2227.

Do this ASAP

2008-08-25 14:20:42 by intothedark728

they say that u 'll earn $ just doing some easy work on-line.but at first u have to fill in ur personal details,and one of which is ur credit card.is there any danger in this?

Never give your credit card number to anyone, they are scamming you. There is no "easy" way to make money, otherwise we'd all be doing it...

2005-12-29 13:51:32 by say_cheese95

Ex- opened a line of cridit against house we own together.(we will sell when kids grow up and splid 50/50) He spend the money of the line of credit and in big debt. Now kids and I may be in danger of vacate from the house by lender. What are my rights? I have no idea of the line of credit , never signed anything. I'm thinking if the bank or the lender follow their rules, ex won't ever get a credit line against the house. I'm so bothered by this matter. Advice please. But other than find a lawyer... I know that. what elses? Have you experienced somehting samilar? If I sue, who should I sue? What is the punishment? How much $ I should sure?

It sounds to me as if you have a case against both, your ex and the financial institution that granted the line of credit, they may provide information to get out of their part of responsibility based on whatever info your ex supplied , if he lied on the application applying for credit.
I know you said not to advise about attourney, but I do want to say, you can normally find a few that offer free consultation, so you can get an idea where you stand, since laws very state to state, country to country. If he or the institution is found liable you may also be able to recover attourney fees in your suit. You may also want to take a look at your final divorce decree to see if he is in breech of contract. You may be able to file suit for fraud, I'm not sure of what damages you would sue for, seems as though you haven't suffered any financial damages at this point, that doesn't mean you wont in the future if you are required to move / vacate, and you may have damage to your credit down the line depending on how this all plays out, if your state is a community property state.

2008-06-13 13:38:47 by realchineseprincess