If you need a quick boost in your credit score for a home loan, auto loan or any other loan for that matter, it is definitely worth it to invest in purchasing seasoned primary accounts. You need to make sure they are primary accounts and not just authorized user accounts. According to the new fico '08 law, authorized user accounts are no longer being considered in factoring credit scores like they were previously. A seasoned primary account is one that is 2 years old or older and has excellent credit history. The great thing about this practice is that it saves someone who has bad credit hundreds of thousands of dollars in loan payments.
The concept is really quite simple. You pay to use an individual's account that has already established excellent credit history on the account. You are put on the account as a joint account user just before the account is closed. The previous account holder is transferred off the account and you become the primary account holder and inherits all of the excellent payment history. It then shows up on your credit report, usually within 15-30days. This is legal because federal law permits adding users to your accounts and does not prohibit the rental or sale of user designations. Mortgage brokers, lawyers and real estate agents have been using this practice for years to get their clients better rates and lower payments.
The amount of trade lines you purchase will determine the approximate increase in your credit score. Usually buying one trade line will increase your score 40-45 points. If you need a bigger increase you can just purchase more accounts. There are companies that offer up to 5 accounts that you can purchase which will give you an approximate increase of 200-225 points in your fico score. This is great for someone who has a credit score that is in the 500's and needs to quickly get to that almighty 720 to get the best interest rates.
Of course this service does not come cheap when your talking about up front costs. The going price for one primary account is around $1500. It may seem expensive but is well worth the price since boosting your score by even 40 points can make the difference of paying hundreds of thousands of dollars less in loan payments.