Dilemma: Apply for another card or piggyback on my (soon-to-be) wife's card(s)?

[Anonymous]

Hi all,

I am in the process of rebuilding my credit.  I feel that I am doing a good job (keeping my utilization on my secured card under 10%, completed student loan rehab last October, paid off my car), but I am concerned that it won't be enough when I need it.  Soon I will be married (September 19th, woohoo!) and my wife and I are going to need a bigger house soon.  Now obviously a lot depends on this (i.e. selling the current one!) but it got me worried that my score is going to negatively affect us.  My score is 650 now and hers is around 750. 

Does anyone know if this whole piggybacking thing is still a viable option?  My understanding is that it is if you are married.  And if that is the case, are there procedural issues that I need to be aware of?  Maybe she needs to change her name on her cards before adding me as a user?  And if I am added to her card as a user, do you think that I can close my piddly little $300 limit secured card without it negatively affecting my score too much? 

And if piggybacking doesn't work, does anyone have any other recommendations as to what I can do?  I tried to get my secured card upgraded and the bank declined me.  Let me tell you, that felt terrific! 

I thank you for your time and I apologize if this is disjointed.  I have been so intent on fixing my credit myself.  I never wanted to even explore this option of piggybacking, but I truly am worried that I am going to be the cause of us not getting approved for a new house or something when the time comes. 

[Anonymous]

It would help your scores if she added you as an AU on any or all CCs.  You want a CC that has age and no late payments. You also do not want a CC that has high UTIL.

To me piggybacking is when you pay someone that you do not know for use of the CC on your CR. IMO this would be fraud.  You also run the risk that they will charge the CC to the max and that would hurt your scores.

A secured CC gives you the same benefit as a non secured and reportd the same.

If you have any baddies I would work to get them deleted before trying for any credit.

[MarineVietVet]

Does anyone know if this whole piggybacking thing is still a viable option?  My understanding is that it is if you are married.

You don't have to be married to add someone or be added as an AU.

[tullz85]

I would advise against piggybanking if possible. Numerous reasons to go against it.

- You may get an excellent score very quickly, but not have the means to pay for the credit limits you will receive.

- Positive things take time to do well. Eating healthy, paying bills, working out, going to school, you can't cheat the positive things in life. I'd take the time to fix the credit.

[Anonymous]

If you are at the same address (living together), share finances to some degree and planning on marriage, then BOTH are a good idea.

1.  First have your self added as an AU on a couple of her OLDEST (clean, low balance) accounts.  Wait for them to report on your CR.

2.  Once the AU's are reported, then you can then choose a couple accounts to apply for personally.

3.  Do not have yourself added as a "JOINT" or "CO-Applicant" on any of her accounts and do not apply with her as a joint or co-sign on your new accounts.

[Anonymous]

I am curious about #3.   Are you saying that by doing that I would be negatively impacting her score?

[Anonymous]

IMO only a mortgage should be held as *joint*. Even married couples should have their own seperate accounts  (never joint) CCs.

If at some time you can not afford to make payments then you would pick 1 person and be sure that everything is paid on time. This keeps you from BOTH having lates or derogs.

Being an AU on each others account means that only the owner is responsible for payments.

Message Edited by HappyDays on 07-29-2009 11:22 AM

Message Edited by HappyDays on 07-29-2009 11:23 AM

[Anonymous]

Ah ok, thank you!