Piggyback Credit Cards to Boost Your FICO ’08 Credit Score
If your credit history isn’t all that long or spotless, adding a credit account with a long, positive credit history to your report will certainly boost your score but how do you all of a sudden add an old account to your credit report?
Just ask someone a friend, relative or someone you trust and who trusts you to make you an authorized user of a credit card they’ve had for a long time and handled responsibly. When you get your card with your name on it, the whole entire history from day one will show up on your credit report. That’s very beneficial because if they had the “Credit Card” for 10 years, you get that 10 years of history.
Because you are only an authorized user, you are not liable for any card balances and the original card holder doesn’t need to give you the card itself, so they can be sure you won’t rack up debt in their name.
FICO ’08 also addresses “Piggybacking,” a practice used by credit repair companies to help people improve their FICO scores — an individual pays to become an authorized user on a stranger’s account. The account holder gets paid for allowing the person to be associated with the account, and the new authorized user is able to improve his or her credit score.
Now, FICO ’08 aims to single out individuals who are named as authorized sources through deceptive means. Those people won’t see their credit scores rise as a result but the scores of legitimate authorized users will be treated as they always have been.
It’s probably best to use a family member with the same last name when using the piggyback method for boosting your credit score.