Financial Analysis

PIGGYBACK CREDIT

When you say the phrase “piggybacking” you immediately think of someone riding on someone else’s back to get to the same destination. The process of piggyback credit scores to improve a credit rating has been going on for a long time (over 40 years to be exact).

The simple definition of piggyback credit is the increasing of someone’s credit score by making that person an authorized user of a credit account in good standing with the credit bureaus. The positive credit history of the piggyback credit account post on the authorized user’s credit report within 30 to 60 days of addition.

Some credit card companies make piggybacking easier than others. American Express allows up to 99 authorized users per card and makes it very easy to put authorized users on an account. Bank of America only allows two or three authorized users per account and will often reject authorized users that are not immediate family members.Credit repair companies began offering a service that allowed people to buy authorized accounts on the credit cards of complete strangers.

​ Anyone looking to get a temporary boost to his or her credit score can pay money to a credit leasing company, and then the credit leasing company would purchase an authorized account on someone else’s credit card.The individual selling the authorized user account would get a card in the mail for each authorized account that was opened. The one thing that protects the main account holder in this relationship is that the extra card goes to the home address on the account and not the address of the authorized account.The business has become so lucrative that people with good credit are getting credit cards specifically to sell authorized accounts. They maintain a small balance on the card so their credit score remains high, and then sells the account to someone seeking to improve their credit score through a credit leasing company.

When you purchase trade lines from us, we add you as an authorized user to our revolving credit accounts which have years of PERFECT payment history and tremendously low utilization ratios. Each month the creditor reports this history not only for the primary cardholder, but also for the authorized users on the account. This is known as credit ”piggybacking“. Seem to good to be true? It’s not…It’s real, it works and it’s completely legitimate. About 35% of credit reports contain at least one authorized user account, so their presence is not unusual.
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NO CREDIT HISTORY?
We Can help! Trade lines are just as effective at establishing new credit as they are for rebuilding poor credit simply because the payment history on our authorized user accounts is based on when the account was originally opened rather then when you were added. Combine that with the added drop in your credit utilization ratio and you can see why credit scores can increase so much by simply adding a positive trade line to your credit report. There is no deception, there is no fraud…these trade lines show up on your credit report. Most importantly, there are no restrictions on who can add you as an authorized user.