Are you tired of getting turned down for loans and credit cards because of a poor credit score? It’s time to consider credit piggybacking!
But first, let’s review some basics. Your credit report is a record of your credit history, including loans, credit cards, and payment history. Your credit score is a number that summarizes your creditworthiness based on your credit report.
Credit Piggybacking
Now, let’s talk about credit piggybacking. This is the process of becoming an authorized user on someone else’s credit card to improve your own credit score. By piggybacking on their good credit, you can boost your own score and increase your chances of getting approved for loans and credit cards.
The idea behind credit piggybacking is that credit scores are not just based on your own credit history, but also on the credit history of those around you. By adding a tradeline (an account on your credit report) from someone else’s credit card, you can benefit from their excellent payment history and credit utilization rate.
However, it’s important to note that not all tradelines are created equal. You want to make sure that the person you are piggybacking on has a good credit history, a low credit utilization rate, and a long credit history. This will help ensure that their tradeline has a positive impact on your credit score.
So, how do you become an authorized user on someone else’s credit card? It’s actually quite simple. You just need to ask the person if they are willing to add you as an authorized user. Once they agree, they will contact their credit card issuer and request to add you as a user. You will receive your own card with your name on it, but you won’t be responsible for making payments or managing the account.
It’s important to remember that credit piggybacking is not a quick fix for bad credit. It can take several months for the tradeline to show up on your credit report and have an impact on your score. Additionally, you want to make sure that you are still managing your own credit responsibly by paying your bills on time and keeping your credit utilization rate low.
Resources
If you can’t find a friend or family member willing to add you as an authorized user you can buy a tradeline. In this case, you pay someone else to be added to their credit cards as an authorized user but you don’t get the card to use it. You will rather get a good and long credit history, high credit limit, and low utilization rate.
The following is a list of resources to start learning about tradelines. We have a list of tradelines for sale, and a tradelines FAQ. Also various posts about tradelines, and a chart of tradeline prices from competitor sites. Finally, a contact form to ask further questions.
Please feel welcome to ask any questions below.
Summary
Credit piggybacking can be a helpful tool for improving your credit score, but it’s not a substitute for responsible credit management. By adding a tradeline from someone else’s credit card, you can benefit from their good credit history and increase your chances of getting approved for loans and credit cards. So, if you’re struggling with bad credit, consider piggybacking on someone else’s good credit to give your score a boost!
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