Is it true that "piggybacking" will be no more, as of next month?
I have a fico of around 620. My dad has agreed to add me to some of his accounts to "piggyback" (is that the term for it)? Piggybacking is what I've read to be when someone adds you as an authorized user to their account. It shows on your credit report as yours.. so their good credit is added to your credit report.
Public Comments
- I have no idea what your even talking about....
- yea i heard that too and it is true so you better tell you dad and fast
- your confused. when your daddy said "piggybacking" he was talking about a game that only he and mommy can play
- You're talking about accounts... bank accounts I'm assuming... as far as I know "piggybacking" is giving a child a ride on your back....
- Yes, I have been reading up on this as well. Talk to the bank to see if it has already happened. If it has, then your dad can't help you. If it hasn't, then hurry up to take advantage!
- Yes, it is soon to end. Apparently, you could purchase via certain websites piggybacking on someone's credit. Cost you about $3000 to raise your score by about 150 points. Not bad considering it could save you hundreds of thousands of dollars
- I have not heard of it ending anytime soon. That means that I do not know the answer to that part of your question. I run errands for my elderly parents. I have two credit cards as an authorized user. Both credit cards DO appear on my credit report and impact my credit score. My Mom has one of my credit cards in case I need something from the place she is shopping. ( i.e printer ink for a great price.) The same applies to her credit report. My one card that she has as an authorized user reflects on her credit report. What drives me batty is the credit bureaus often list my home address to be the same as theirs. Right now my credit report rotates about 4 mailing addresses depending on which credit card company made a report last.
- New FICO scoring changes will be implemented by one of the credit bureaus in September. There is speculation it will be Experian. The other two bureaus will implement the change in early 2008. You can still become an authorized user (AU) and still benefit from it on 2 of your 3 credit reports before 2008. You need to ensure the lender will report your AU status to the credit bureaus. If they will, you can benefit from it for a few months, and if you then apply for a credit card in your name that will continue to help you after the AU benefit "expires".
- If you're an authorized user on an account, it may show up on your credit report, but it is not supposed to affect your credit score since it's not technically your account.
- I own a credit repair agency and sadly the good old days are gone. Can you increase your credit score from piggy backing?That used to be the case. The Fair Issac Corporation is putting a stop to the benefits of piggy backing on someone else's credit. In about a month, your FICO score will not benefit from being an authorize user on another's person's account. Including mom and dad. Mortgage fraud and credit card fraud is what influenced The Fair Issac Corporation when it came to making this decision. To answer your question, you would have benefited a few months ago, but not anymore. And yes, as of next month piggy backing is no more. Oh, by the way, Experian, TransUnion, and Equifax will all be changing at the same time since Fair Issac is the owner of the entire system that is used to calculate your score you are going to see the effect with all the bureaus, not just one out of the three. Sorry, but according to some research I did today, the whole piggyback- y2k is suppose to be in affect as of Sept. 1 across the board.
