Has Anyone tried credit building such as seasoned credit lines, or piggybacking?

I dont have any credit and am looking to build my score, let me no if this is the way to go, costs, and other possible ways to build my score Thanks

Public Comments

1. Best way would be to have utilities in your name and one or two credit cards. Pay the utilities on time, and pay off the credit cards in full each month. If you can't do that, you should carefully consider any more debt and pay as much as you can to the credit cards. Piggybacking is coming under more scrutiny due to abuses of late. Any firm offering to build or fix your credit rating is likely trying to make money off of you, not help you. The simple steps above should start your credit score heading up quickly.
2. This loophole will be closed very soon. Do not waste your money. Just start off with a credit card with a low credit limit. Use it once or twice a month and pay your bill in full on time. This will establish good credit history for you.
3. "Piggybacking" used to be a very good way to build credit but due to some companies selling trade lines to people to raise their credit scores so they could qualify for mortgage loans this will not work as of September. The mortgage industry took a huge hit because of people getting these loans that they really did not qualify for and it has caused thousands of foreclosures all over the nation. Due to this, they lobbied the FTC to make this illegal, because of this the way credit scores are calculated will change in September and authorized users will no longer get additional points on their credit scores. Not only that it will be retroactive so anyone who has had their score increased because of this will lose the points when the credit bureaus report in October. Your best bet is to use credit cards for every day things like gas and food, never exceed 30% of your credit limit in any given month and pay them off in full before the due dates. I have done this over the last two years and raised my score over 150-points. And do not worry about utilities, they do not report to the credit bureaus, neither do cell phones unless you do not pay them.
4. 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 are scheduled to take place in September. So you don't have much time to take advantage of this loophole. Hope this helps. GOOD LUCK!