A low credit score or rating can definitely lead to higher interest rates or possibly being denied in case you are shopping around for a loan or a mortgage. But there has been a loophole and buying better credit can help boost your existing low credit score. It actually works in such a manner where you are made an authorized user of someone else's credit. This would appear in your credit report and if that particular account has a good credit history then it could definitely pull up your score. Several of such accounts being added to your credit report will increase your chances of being approved for a loan or getting a better interest rate.
Companies on the internet have been sprouting offering such services wherein you pay a certain fee in order for you to "borrow" another individual's credit info to be included in your very own credit report. The fee can range from a few hundred dollars to a couple of thousand dollars all depending on how many accounts you wish to be included in your credit report. You will be asked for information like your name and social security number after which the company will then look for people with good credit accounts on which you will be added as an authorized user. You are then removed from such accounts only after the credit company has reported such information from the credit bureaus. The account information will then be reflected on your credit report for several years and will be reflected as part of your credit score.
While for now it is legal, this is practically dishonest since you are misleading lenders and creditors with someone else's credit standing and passing them off as your own. If you do get approved under such circumstances, you did it but under false pretenses. The credit score is there for the purpose of helping creditors and lenders make sound decisions as to whether to grant credit to a particular individual. With the spending habits you have, you are likely to default payment again and significantly affect your credit score for which you have paid a significant amount of money to improve.
You also have to consider the privacy and security issue involved here. You need to give out your social security number and there is always the risk of your identity being stolen. Your security number will be known to an unknown person who adds you as an authorized user to one of his or her accounts and you cannot be too sure if he or she will keep your personal information private.
For now you may be able to buy good credit but it is way better to be able to spend that money on improving your own credit in a different way. Have an inventory of all your debts and create a plan on how to pay them off one by one. Gaining the discipline and the habits to pay on time will benefit you in the long run rather than buying someone else's good credit.
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