Hello, I've been looking everywhere online and can't find anything On being added as a AU or piggybacking. I see a lot of companies offering credit cards up for this which is very tempting for me but I can't find anything proving that it still works. Have anyone from this forum used such companies or friend and have it worked? 2011-present not something that happened 5 years ago. Also using a relative for me is not a option because 70% of my known relatives are not well off and have damaged credit or don't use credit at all. I really would appreciate you guys input on this. Thanks.
it really doesn't work any more. These credit card companies are making it really hard to do so. Why don't you apply for a secured credit card to start building your own credit?
It still works. I've done it myself to help boost my spouse's score. Here's a blog post I recently wrote that sheds some light on the risks of piggybacking though: The Risks of Piggybacking
joshua, I'm aware it may still work if you use a spouse or relative. I don't have that. So I may have to use a friend or credit company to get as a authorized user so I won't to know would it still work that way. I'll take a look at your link. Vburgos, I do have a secured card and a regular card but both are no more that 3 years old with low balances. Your credit is better when you have mature credit. I can't wait two years for my score to improve.
Yes, piggybacking still works and you don't have to use a family members credit card to see results. I work for a company called BoostMyScore.NET and we have been adding people as authorized users for over 4 years. Please go to our website and read the testimonials and you can see our BBB rating right on the website. You can also contact me directly at heather@boostmyscore.net with any more questions. Thanks! Heather with BoostMyScore.NET
Back in 2009 FICO said the following about its new credit-scoring model: â??FICO 08 helps lenders protect against authorized-user account â??piggybackingâ?? by incorporating new patent-pending technology that materially reduces the potential score impact associated with the abuse of authorized user accounts. By considering authorized user accounts in score calculations, FICO 08 continues to support lendersâ?? abilities to comply with federal regulations.â? The fact is AU accounts are still included in the FICO credit-scoring model today. We know that based on the statement above. In addition, we know that the ECOA (Equal Credit Opportunity Act) precludes the removal of authorized users, and it always will until the law itself is changed. The law hasn't changed, so piggybacking still works.
Thanks Joshua. That's very good news to me. Not trying to buy a home yet because I just started I new business and my business need to have 2 years of steady income to qualify, but I do want to lease a nice car and want to get the best deal as possible. My credit isn't totally tanked. I'm around 560 now. I only have $3,000 in collection that I plan to get removed and high utilization that I'm paying down by the end of this month or the beginning of next month. I also have lates that I'll beg for my lenders to remove. So hopefully within 6 months I'll be in great shape in the high 600's.
No problem, and good luck! Focus on getting your credit utilization down as fast as possible, and that should have a very positive effect on your FICO scores. Please keep us updated on your progress!
