Which institutions and/or credit cards allow for piggybacking?
I know a few people with good credit who will let me "piggyback" on thier a few of their high balance accounts for a few months to help me bump up my credit. What I want to know is exactly which banking institutions and/or credit cards work - at least for now - (in actually impoving ones credit) for this practice known as piggybacking.
Public Comments
- All major credit cards do this, Visa, Discover, MasterCard and American Express. The thing you have to understand is that this is going to be very short lived. In September the way credit scores are calculated is going to change and authorized users accounts will not help at all. It will also be retroactive so it will wipe out any points you have been given between now and September. This is due to a company selling trade lines to people so they could raise their score and qualify for mortgage loans that they otherwise would not qualify for. This has resulted in thousands of foreclosures all over the nation simply because someone was trying to cheat the system.
- Piggybacking used to be a common practice. But just recently, Fair Issac Corp (the company that issues credit scores) announced they will no longer take into account activity as an 'authorized user'. Here's an article that covers the details: http://www.asapcreditcard.com/blog/creditnews/no-authorized-user-piggybacking The changes aren't scheduled to take place until September. So you don't have much time to take advantage of this loophole. Hope this helps. GOOD LUCK!
