Piggybacking credit cards

[Anonymous]

 Does anyone know the current state on Piggybacking? I used a company to try and boost my scores this way and checking on Experian and Equifax it has yet to boost my score. Also, even though the cards were older than 2 years, it would only add 2 years worth of payment history, but did report the open date on the card. I was under the impression that if you were added to one with a long history, that entire history would be added to your credit report? I have been diligently working on my rebuild, wondering if anyone else out there had any knowledge or experience to add.

[azguy13]

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@Anonymous wrote:

 Does anyone know the current state on Piggybacking? I used a company to try and boost my scores this way and checking on Experian and Equifax it has yet to boost my score. Also, even though the cards were older than 2 years, it would only add 2 years worth of payment history, but did report the open date on the card. I was under the impression that if you were added to one with a long history, that entire history would be added to your credit report? I have been diligently working on my rebuild, wondering if anyone else out there had any knowledge or experience to add.

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Hello Stakknchpz

Piggybacking is just another interchangeable term for AU (Authorized User). When the FICO 8 model came out they actually excluded an AU of being calculated in scores but then reinstated it, albeit calculating into your score much less than primary account holders. 

If I remember correctly, when I added DW as an AU the account had the same info as mine, backdated to when I opened the TL. I would be very hesitent using an outside company to find people you have no previous relationship with to add you as an AU. Their future payments or non-payments will be reflected on your report and it is almost like a false score for you. I will not get into the morality of the process but just be careful paying anyone to work on your report in general. 

Just about everything a fee-based company can do for your report can be done for free by you with just a little bit of knowledge. In fact, you can do far more than any outside company can. If you need any help learning what you can do to help your report, just search the forum or ask folks for help. That's how just about every one of us started on this forum  

Good luck!

[Anonymous]

The reason AU accounts were excluded from FICO scoring in the first place is because of the process of piggybacking, not when a DH adds DW as an AU on a TL but instead the process where individuals pay companies to find people willing to add random people to their TL's to hopefully improve their credit.

The promary reason it was reinstated was due to situations where it is a partner/spouse/etc. added, excluding them would violate Federal equality laws so it's only because of that that AU's in general are weighted.

I would be extremely headstant about hiring a company to get someone to add you as an AU what if they miss a payment or file BK you never know. Maybe get a friend or family member to add you and even allow them to shred the card for their peace of mind.

[Anonymous]

 I hear exactly what you are saying, and yes it would be a big risk not knowing if the original creditor is going to run up the card or pay late. It's only a 2 month contract, then you are removed.

[Anonymous]

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@Anonymous wrote:

 I hear exactly what you are saying, and yes it would be a big risk not knowing if the original creditor is going to run up the card or pay late. It's only a 2 month contract, then you are removed.

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Hi stakknchpz,

Do you by chance not have a family who can add you as a AU on one of their cards?  You would not need the card.  There have been cases of the folks doing this actually having their respecitve accounts closed out due to fraud.  As others have state be very careful/weary of this.  I would not want for  your credit to be adversely affected if things were to take a turn for the worse.

[gdale6]

Lets keep the discussion of this as it relates to an AU by a person you know and not a company that sells AU as discussion of this would be a credit repair guideline violation it cannot be discussed in any forum of myFico.

[Anonymous]

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@Anonymous wrote:

 Does anyone know the current state on Piggybacking? I used a company to try and boost my scores this way and checking on Experian and Equifax it has yet to boost my score. Also, even though the cards were older than 2 years, it would only add 2 years worth of payment history, but did report the open date on the card. I was under the impression that if you were added to one with a long history, that entire history would be added to your credit report? I have been diligently working on my rebuild, wondering if anyone else out there had any knowledge or experience to add.

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"Buying" credit lines this way is illegal. Don't do it.

Adding lines that are only two years old is going to have a negligible effect on your credit scores anyway.

[Anonymous]

The possible DANGERS of this type of situation are so great... I am AMAZED at how more ppl aren't totally ALARMED at the possibilities.

Ok, becoming an AU of a loved one is one thing... piggybacking Mommy or Daddy's credit profile (I helped my kids😃) even perhaps Auntie or Uncle Joe

But sending YOUR correct information to a 3rd party, who HAS TO send it to some schmuck who is willing to get PAID to add a stranger to their credit should IMO sound the oh ish alarm

Again, they took $$ to 'job' one system for a buck...but somehow you'd TRUST these ppl to now have your info forever!
Did I just say, they got PAID to play loose and free already know they have your info?

A person rebuilding credit huh? Sounds like a volunteer for future B.S. if you ask me.

How can a hustler IGNORE that they have 'merchandise' that can be reused later.

I'm sorry there is IMO no way a sane person if they are really THINKING about it would agree to send their info to be SHARED among money-hungry opportunist,
in our identity theft laden world... absolutely NOT

Way to dangerous ppl, just build your file it doesn't take THAT long!
AU accounts= family only (and that could come back to bite some, but sending it to company A so they can send it to guy B or C c'mon man)

You see ads for ppl to make $ renting out their credit but they must RECEIVE your info to add you to their files...of course you generally will have NO IDEA who has your info (for their protection) good luck with that.

[Anonymous]

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@Anonymous wrote:
The possible DANGERS of this type of situation are so great... I am AMAZED at how more ppl aren't totally ALARMED at the possibilities.

Ok, becoming an AU of a loved one is one thing... piggybacking Mommy or Daddy's credit profile (I helped my kids😃) even perhaps Auntie or Uncle Joe

But sending YOUR correct information to a 3rd party, who HAS TO send it to some schmuck who is willing to get PAID to add a stranger to their credit should IMO sound the oh ish alarm

Again, they took $$ to 'job' one system for a buck...but somehow you'd TRUST these ppl to now have your info forever!
Did I just say, they got PAID to play loose and free already know they have your info?

A person rebuilding credit huh? Sounds like a volunteer for future B.S. if you ask me.

How can a hustler IGNORE that they have 'merchandise' that can be reused later.

I'm sorry there is IMO no way a sane person if they are really THINKING about it would agree to send their info to be SHARED among money-hungry opportunist,
in our identity theft laden world... absolutely NOT

Way to dangerous ppl, just build your file it doesn't take THAT long!
AU accounts= family only (and that could come back to bite some, but sending it to company A so they can send it to guy B or C c'mon man)

You see ads for ppl to make $ renting out their credit but they must RECEIVE your info to add you to their files...of course you generally will have NO IDEA who has your info (for their protection) good luck with that.

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Agreed - not only is it illegal as I said above, its incredibly risky.