Piggybacking credit is an option, but use it with caution

/2010-05-10/


Boost your credit score wisely

Assuming that your credit score "donor" has a solid credit history with strong records of on time-payments you definitely can benefit from being added to his/her credit card as an authorized user. However, earlier versions of piggyback scoring model that are still used by many lenders might currently not work right for you.

FICO's latest scoring model make difference between authorized account sharing and an another a bit unsafe form of credit score piggybacking where people pay to become authorized users of a completely strange credit card holder.


More Articles
News Headlines
Understand How Late Student Loan Paymen...
Published:Wed, 08 Oct 2014 07:00:00 -0700
Declining student loan default rates is good news, but many student loan borrowers are still struggling. Estimates show 22 percent of borrowers haven't yet defaulted but are b......
How to Make Sure Your Kids Grow Up to H...
Published:Wed, 08 Oct 2014 05:17:50 -0700
NEW YORK ( MainStreet ) β€” How would you like your kids to graduate from college with a 700 credit score ? Sound too good to be true? It’s not. In fact, if you start teaching y......
Wells Fargo Is Now Offering a Free Cred...
Published:Wed, 08 Oct 2014 04:30:19 -0700
Wells Fargo will offer customers a free credit score and credit report through Nov. 16.......
Will More Credit Cards Help Me Build Cr...
Published:Wed, 08 Oct 2014 02:00:20 -0700
If you're trying to build credit, you probably wish it were a quicker process. Readers wonder if more plastic might help.......
Credit score vs. credit report: What...
Published:Tue, 07 Oct 2014 04:46:36 -0700
If you can't tell the difference between a credit report and credit score, think back to your school days. The relationship between the pair is much like a report card is to a......