If your parents had great credit growing up, you may have heard of piggyback credit before. It refers to adding a different user to your credit card so that you can help them boost their score. Many adults do it with their children to start them out with good credit right off the bat.
Piggybacking is one of the best ways to boost your credit score quickly! Piggybacking can be done in many ways. People can use it to artificially boost their credit scores, purchasing things they truly cannot afford. Others, however, have figured out the right way to use piggybacking to bring their credit to a good place. So you might be asking,
“What is the legitimate way to use piggybacking?”
Let’s dig in and find out.
How Does It Work?
Credit card piggybacking works by someone carrying their credit on somebody else’s account. A credit card holder will add another user on their account so that that person can make purchases. This person is known as an “authorized user”.
Could Piggybacking Work For Me?
Once that authorized user is on the account, the credit card history will show up on their credit report and score. Only that card will show up, no other loans or credit cards. If you are an authorized user on someone else’s account and that person is making payments on time, you might see a boost in your score. On the other hand, any negative or late payments could hurt your score.
With that all said, there are many people that will resort to piggybacking to try and raise their credit scores. Alongside piggybacking, remember to pay off your debts on time, purchase legitimate and positive tradelines, and keep all of your accounts in good standing.