🗣 Credit Tip Of The Day 📊📈

Here is a way to instantly boost your credit score - Piggybacking!!

What is Credit Card Piggybacking?

Credit card piggybacking is much like the childhood game of being carried around on someone else’s back, but instead of a back, you’re carried on someone else’s credit card account. A credit cardholder adds another person as an authorized user on their credit card account. Then, the entire history of that credit card account appears on the authorized user’s credit report and included in their credit score. None of the cardholder’s other cards or loans will appear on the authorized user’s credit history, just the one card.

Being an authorized user on a credit card with a positive payment history would boost your score (granted the credit scoring calculation includes authorized user accounts in credit scores). On the other hand, late payments and high credit card balances for the authorized user account could lower your score depending on the other information on your credit report.

Note that not all credit card companies report authorized user accounts to credit bureaus, partly because of the cost and partly because of the way the practice has been abused. #credit #credittips #creditrichtee #newlevels #creditbuilding