CREDIT PIGGYBACK
Is it legal to piggyback off someones credit, and if so will someone explain the process. Also, how do you go about finding someone to piggyback off?
I was told this could improve your credit score and couldn't hurt the person whom you are piggybacking off.
Quote:
On 2004-09-18 04:13, MDELOATCH wrote:
Is it legal to piggyback off someones credit, and if so will someone explain the process. Also, how do you go about finding someone to piggyback off?
I was told this could improve your credit score and couldn't hurt the person whom you are piggybacking off.
I've never heard it called "piggy backing" but the thing that my fiance and I do is this:
Since she started getting credit late (after age 19), her age of accounts is very low as she just turned 20. While mine aren't much better (oldest established card 18 months, newest around 8) with no bad marks, I added her as an authorized user on some of them. This adds the information to her credit report (usually.. and yes even if you don't specify a SSN when adding) and thus gives her a bit better of a record.
Case in point. If someone adds you as an Authorized User to their card, usually that card reports this to the CRA's and it shows on your report as if you were the owner. AND... you are NOT responsible for paying the balance as you are not cosign on it. Bad part: you are at the will of the primary user. If they fail to pay, your credit history will be marred.
The person "piggybacking" from does not see any ill effect of you being an Authorized User...... except if you make purchases (since only the piggybackee would be liable).
Don't confused Authorized User with Cosigner.